Report on Business Functions: Types, Importance, and Interlinking

This report provides an overview of business functions, emphasizing their crucial role in organizational success. It identifies four primary functions: finance, marketing, operations, and human resources, detailing their individual importance and how they contribute to achieving organizational goals. The report highlights how the finance function secures and allocates financial resources, the marketing function promotes goods and services and establishes customer relationships, the operations function transforms raw materials into finished products, and the human resources function manages and develops employees. Furthermore, it explains the interdependencies between these functions, illustrating how finance informs marketing activities, fund allocation influences operations, and HR is shaped by the needs of the other three, ultimately driving operational efficiency and goal attainment. The report concludes that effective planning and implementation across these interconnected functions are essential for organizational success. Desklib provides access to a wide range of study resources, including past papers and solved assignments.

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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Business Function........................................................................................................................3
Different types of Business Function and their Importance........................................................3
How they are linked together.......................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................1

INTRODUCTION
Business Function is an operation or process performed on routine basis in order to
accomplish the mission of the organization.
The report will reflect the different types of business function and their importance. It
will present the importance and how they are interlinked with each other.
MAIN BODY
Business Function
Business Function is set of activity performed by number of department with an aim of
attaining the organizational goal (Gošnik, 2019).
Different types of Business Function and their Importance
There are several types of business function. Organization regardless to its size or type,
they all consist of four basic function; Finance, Operation, Marketing and Human Resource
(What Is Function in Business: Everything You Need to Know, 2021).
 Finance Function: Finance Function of business unit is concern about securing the
financial resources in the best possible way. It engaged in allocation of financial
resources to different functional unit of the organization.
Finance plays a major role in success of business organization. The most important role of
finance function is to ensure that financial records are kept accurately and up to date. It provides
the brief idea about the financial health of the organization.
 Marketing Function: Marketing Function of business unit is majorly engaged in
promotion of goods and services. It ensures the availability of customers for the
business unit. Major task of marketing function is to form the strategy in reference to
increase in awareness of organization product and service into society (Wind, 2018).
Marketing function plays a vital role in establishing the relationship between customers and
organization. Its activities help in sell of product and services. Critical activity like marketing
research is performed by marketing department.
 Operation Function: Operation function is the key functional unit of business
organization. It is terms which describe how core operations of organization are
designed and function. It majors task is to turn raw material into finished product
(Helmold and Terry, 2021).

It is important because it is engaged in basic functioning of organization. It plays a vital
important role in the organization as it is only the department who has responsibility of
producing products and delivering the services.
 Human Resource: HR is business functional unit which is engaged in the management
and development of employee in an organization. They are focused on hiring, firing and
ultimately in increasing the employee performance.
It is important functional unit of business organization, as it helps in bridging the gap between
the employee performance and organization strategic objective. Moreover, an effective HR team
can give firm an advantage over their competition.
How they are linked together
Above discussed all four functional areas of business are important. Finance, marketing,
operations and human resource are interlinked with each other. Finance gives the wide idea
about the availability of finance, according to that marketing department plans for promotional
and marketing activities. Allocation of funds for production and raw material defines the
operation function. And overall the requirement and termination of current employee is governed
by above three and performed by human resource department. Coordination among all drive the
ease in operations and result in attain the business goal (Holtz and et.al, 2020).
CONCLUSION
Above discussion reflect that business function plays vital role in success of organization.
There are number of business function but majorly the Finance, operations, marketing and
human resource are more important in order to attain the business goal. All four are interlinked
with each other and any mistake in anyone can reflect in huge losses. So successful planning and
their implementation is very important.

REFERENCES
Books and journals
Gošnik, D., 2019. Core Business Process Management and Company Performance. Management
(18544223). 14(1).
Helmold, M. and Terry, B., 2021. New Competencies and Skills in Operations and Supply.
In Operations and Supply Management 4.0 (pp. 115-123). Springer, Cham.
Wind, Y., 2018. Marketing and the other business functions. Wharton School, University of
Pennsylvania, Marketing Department.
Holtz, D., Zhao, and et.al, 2020. Interdependence of business function. Proceedings of the
National Academy of Sciences. 117(33). pp.19837-19843.
Online references
What Is Function in Business: Everything You Need to Know, 2021, [Online]. Available through
<https://www.upcounsel.com/what-is-function-in-business>
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