MG408 Report: Exploring the Interlinkage of Business Functions

This report provides an overview of key business functions and their importance for organizational growth. It differentiates between core and support functions, highlighting the roles of marketing, human resources, finance, and production departments. Each function is exemplified with real-world companies like Deloitte Digital, Facebook, JP Morgan, and Iceland Manufacturing LTD. The report emphasizes the interconnectedness of these functions, using the example of HR's dependence on finance for budget approval in hiring processes. It concludes that understanding and effectively managing these functions are crucial for achieving a firm's objectives. Desklib offers a wide range of study resources, including solved assignments and past papers, for students seeking to enhance their understanding of business concepts.

MG408 The Graduate
Challenge

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business functions are important for the growth of the business in the long run and therefore
must be carried out carefully. The present report will focus on importance of each business
functions along with certain examples. Further, interlink of various business functions to be
successful in future will also be covered under this report.
MAIN BODY.
There are different types of business functions that are essential to carry out the business in
the best manner. There are various activities that are carried out by the firm that is classified into
core functions and support functions. Core functions are the primary activities that firm carries
out to generate revenues for the firm while support activities are the one that support the primary
activities (Vyakina, 2019).
Further, these functions can be dived into various sub departments such as marketing
department in the business is responsible for defining and managing the brand image of the
company so that better and smooth operations could be conducted by the firm. Moreover, various
marketing campaigns are also conducted by this department so that better brand image could be
established in the market. Further, this department is also responsible for monitoring all the
social media so that to look out how well the company is performing in comparison to its
competitors (Abdeen and Sandanayake, 2018). Also, this part of the company helps in
conducting effective market research so that target customers could be identified. For
example :Deloitte Digital in New York is best known for all its digital marketing techniques
against its competitors.
Human resource department in the company is responsible for the handling all the issues that
are related with the workforce. It includes responsibilities such as hiring, staffing and recruiting
various employees so that goals could be achieved in the effective manner. Also, it is helpful in
developing competencies and flexibility so that certain challenges could be overcome by the
employees in the better way (Kaatz , Jacobs and Wasley, 2018). For example : Facebook is best
example that is concern with the welfare of the employees through developing innovative
methods for work culture.
Finance function in business is related to provide financial information for all the
stakeholders of the company. The various activities that are related to this department is that

bookkeeping that records daily activities of the firm. Also, it is responsible for managing all the
cash flows of the company so that expenses and revenues could be recorded in systematic
manner. Moreover, this department is also responsible for making budgets for the overall
company so that there are no losses in the future and also the management could be advised for
all the long term sources of finances. For example: JP Morgan company that is best known for
carrying out the best reports currently in UK.
Production department in the firm is responsible for having full control over the methods that
are essential for looking the manufacturing process that is related to amount of raw materials,
cost and time involved and labour required (Fernandez De La Mora Hernandez, 2021). For
example: Iceland manufacturing LTD that is the biggest British food retailer known for best
export units (Gorbunov and Lvov, 2021).
Hence, it can be said that all the business activities are interlinked and dependent in any firm
as without it there would be losses of the firm revenues and resources. For example : for hiring a
staff of 10 people in any company the HR department is dependent upon the approval from the
finance department to confirm the required budget for carrying out the selection process.
CONCLUSION
From the above report it can be concluded that all the business functions of the business
are very important to achieve the desired objectives of the firm. Further the study ad identified
the importance of each function with specific business example.

REFERENCES
Books and journals.
Abdeen, F. N. and Sandanayake, Y. G., 2018. Facilities Management Supply Chain: Functions,
Flows and Relationships. Procedia Manufacturing. 17. pp.1104-1111.
Fernandez De La Mora Hernandez, A., 2021. Trade Mark Functions in Business Practice:
Mapping the Law Through the Search for Economic Content. International Review of
Intellectual Property and Competition Law.
Gorbunov, V. and Lvov, A. G., 2021. Analysis of small and medium business: Constructing
production functions with estimating effective funds. Ekonomika i matematicheskie metody.
57(3). pp.45-56.
Kaatz, L., Jacobs, K. and Wasley, E., 2018, December. Mapping Climate Exposure and Climate
Information Needs to Water Utility Business Functions. In AGU Fall Meeting Abstracts (Vol.
2018, pp. PA33F-1198).
Vyakina, I., 2019. Security of business operations and supervisory functions of the state as
characteristics of the business environment. Journal of Advanced Research in Law and
Economics (JARLE). 10(44). pp.1696-1705.