MG408 Graduate Challenge: Business Functions Importance Report

This report examines the crucial roles of various business functions, including marketing, human resources, operations, and finance, in driving organizational success. It defines each function, highlighting its specific contributions to the overall performance of a business. The report emphasizes the significance of these functions working in coordination and effective communication for smooth workflow and achieving organizational goals. Using Tesco as a case study, the report illustrates how these business functions integrate and contribute to the company's success. The report underscores the necessity of following established procedures across all functions to ensure that the business delivers goods and services effectively. The management's role in managing activities, including planning, organizing, controlling, and leading, is also emphasized. The report concludes that effective collaboration among all business functions is essential for achieving profitability and revenue generation.

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Business functions

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Importance of different business functions for the success of the organization
In an organization, it is important to demonstrate the different business functions effectively. The
different business functions help in ensuring to provide the proper functioning of the business.
Core business functions help in generating incomes and drive the value of the enterprise. The
various business functions are marketing, Human resources, operations, finance, and accounting.
The role of marketing in business is the process of goods and services for the consumers to
satisfy the needs and wants of the producers as well as consumers. The marketing function
creates a process through which producers and consumers can establish exchange relationships
and transfer ownership (Farndale, et al., 2010).
Human resources are the main department for organizations with a large number of employees
and they are responsible for attracting talent and screen potential candidates and manage the
relations with employees. HR is considered as important aspect and asset of the organization
which is responsible to recruit the right candidate to fulfill the position and providing the training
to the employees for success and development (Morgan, 2012).
Finance and accounting function includes the collection, recording, presenting and analyzing the
financial data. In the finance function, the management of money is required for the operations
of the business and making the decisions related to sources of finance, cash flows, and credit
control. Operation function is responsible for the new product development, R&D, production
planning as well as distribution and purchasing of the stock. Operations play a major role in
contributing to the success of the organization. It includes the day to day activities which helps in
creating unique value and achieving the core objectives. In the process of operations, the
resources are required to be managed which is the responsibility of the purchasing department
and for payment accounting department is responsible (Rothaemel, 2016). All the departments
are required to work with coordination and effective communication is required in the entire
department for the smooth workflow.
It is important for the organization that all the business functions to work together for the success
and achieving the goals and objectives of the organization. The process and procedure are
required to be followed by the organization which includes all the functions to work together.

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Every function of business is important and it helps in contributing to earn profits and revenue
for the organization.
All the functions are required to work together for managing the process for distributing the
goods and services at the right place and time. Management of the organization is responsible for
managing the activities which require planning, organizing, controlling and leading. All the
business function includes the set of activities which are required to be performed by the
different functions for the output. It is analyzed that all the business functions are required to
work together effectively for the success of the business (Brannen, et al., 2017).
In UK, Tesco is successfully running the business in retailing of groceries and its operations is in
more than 11 countries. The core business functions of Tesco are finance, administration, human
resource, marketing and research and development which works together for the success of the
organization. Their aim is to become a leading supermarket and deliver the quality products.
They are successfully serving the customers globally with the help of processing the business
functions all together. The main purpose of all the business functions is for the growth and
development of the organization which requires achieving the objectives.

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Reference
Brannen, M. Y., Piekkari, R., & Tietze, S. 2017. The multifaceted role of language in
international business: Unpacking the forms, functions and features of a critical challenge to
MNC theory and performance. In Language in international business (pp. 139-162). Palgrave
Macmillan, Cham.\
Farndale, E., Scullion, H. and Sparrow, P., 2010. The role of the corporate HR function in global
talent management. Journal of world business, 45(2), pp.161-168.
Morgan, N.A., 2012. Marketing and business performance. Journal of the Academy of Marketing
Science, 40(1), pp.102-119.
Rothaermel, F.T., 2016. Strategic management: concepts (Vol. 2). McGraw-Hill Education.