Business Functions: Importance and Impact on Organizational Goals

This business report examines the significance of various business functions within an organization, with a specific focus on Tesco. It defines business functions as the operational processes that contribute to achieving collective goals. The report delves into key functions such as management, which handles resource allocation and adapts to internal and external environmental changes, emphasizing its role in efficiency and effectiveness. The finance function is highlighted for its role in fund management, including activities like auditing and investor relations. The marketing function is discussed in terms of identifying and fulfilling consumer needs, with examples of Tesco's marketing strategies. Finally, the human resource function is presented as crucial for employee recruitment, management, and development, ensuring the sustainability of operations. The report references academic sources and online resources to support its analysis.

Business Report

Contents
The Importance of different Business functions..........................................................................................3
References...................................................................................................................................................5

The Importance of different Business functions
Business functions are referred to operations and processes which are carried out in an
organisation for the purpose of attaining collective goals (Worthington and Britton, 2009). For
instance: A large corporation carries specialized department which are known to perform their
assigned responsibilities so that goals of business are fulfilled. Below mentioned are some of the
important business functions which are performed in an organisation with special reference to
Tesco.
Management: This has been one of the primary role offered to managers working for
Tesco. This function is responsible for procuring, maintaining and allocation of resources to
different section of the business. This function is dynamic as it responsible to meet with the
unfavorable circumstances in the internal as well as external environment. Considering the
complexities of business environment this department is responsible to predict the future
uncertainties and allocating resources so that appropriate implementation of strategies is being
carried out. The appropriate functioning of this department contributes to the efficiency and
effectiveness of the business (The Role of Management, 2020). The justification for the same is
that right use of resources minimizes wastage which further contributes to efficiency and
effectiveness is achieved when a business is able to produce the desired results.
Finance Function: It is referred to be one of the crucial department for an organisation
which is responsible for planning, obtaining and allocation of funds for the achievement of
business goals. At Tesco the major functions performed under this department are Audit, product
and finance analysis, investor relation and treasury (Tesco Careers, 2020). This department also
known to devise short and long term budgets for different department working in an
organisation. A marketing department when looking to conduct a promotional event of program
have to get their funds approved from the finance section.
Marketing Function: This functions focuses on identifying the needs and expectation of
the consumers and ultimately fulfilling them with production and services of the business. This
department is also responsible for conducting frequent market research and working with
operations department to design a product that fits the requirements of the consumers. The
marketing department with Tesco assure their presence over online and offline channels so that
better sales revenue could be achieved. Tesco have been very upfront with its marketing tactics
which is attempting to resolve customer queries and positioning itself as a value retailer which
promotes higher customer satisfaction (What can you Learn from Tesco’s New Marketing
Approach, 2017).
Human Resource Function: This department working within Tesco is responsible for
appropriate recruitment and management of employees working for the company. This role is
crucial as employees ultimately determine the manner in which goals are achieved. There is a
very good integration of Human resources and other department as HR is responsible to fulfill
requirements of the workforce and assure that sustainability in the operations is retained.

Additionally, HR’s are assigned to offer suitable compensation and offer monetary and non-
monetary benefits so that overall development for an employee could be achieved (Benefits,
2020).

References
Books and Journal
Worthington, I. and Britton, C., 2009. Business environment. Pearson education.
Online
The Role of Management. 2020. [Online]. Available through:
<https://opentextbc.ca/businessopenstax/chapter/the-role-of-management/>.
Tesco Careers. 2020. [Online]. Available through: <
https://www.tesco-careers.com/office/professional-services/finance/>.
What can you Learn from Tesco’s New Marketing Approach? 2017. [Online]. Available
through: < https://digitalmarketingmagazine.co.uk/digital-marketing-features/what-can-you-
learn-from-tesco-s-new-marketing-approach/4348>.