Analysis of Business Functions in Next Plc: A Business Report

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BUSINESS REPORT
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Contents
Introduction................................................................................................................................3
Main Body..................................................................................................................................3
Conclusion..................................................................................................................................5
References..................................................................................................................................6
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Introduction
Business functions are the processes or operations which perform by managers routinely in
order to carry out a part of the firm's mission. These functions are directly linked from the
production process to the selling process as well as also help in achieving the firm's goals
(Hitt, et. al., 2016). Effective completion of all functions, i.e. marketing, human resources,
finance and operations ensure potential growth and success of the company.
This essay is about disclosing the importance of various functions in Next Plc; the
organisation is British multinational footwear, clothing and home products company. Next
Plc has 700 stores over the world as well as employee range of 50000 employees
approximately.
Main Body
Marketing – This is one of the most imperative functions of every business organisation
which intends with determining, forestalling and satisfying buyers' needs in such a manner to
ensure the firm's profitability. For business associations, marketing is to making higher
selling by knowing customers' properly; it also builds up healthy and positive customers’
relationship. According to Gnizy and Shoham, (2014) marketing is a societal process which
allows obtaining individuals and group needs and wants by offerings or creating them values.
It executes a brand's messages to target audiences.
Next Plc is a leading business organisation operating across the world, thus to interact with its
international customers, the organisation makes the best use of its marketing functions
(Cascio, 2015). It helps the company to promote its new offerings or goods in a large group
of customers which develops a strong client for Next Plc.
Finance – Financial management entails with planning and controlling funds or finance of
the organisation. It is concerned with enhancing financial resources and making their optimal
utilization by focusing on reducing cost. According to Akgün, et. al., (2014) financial
management deals with planning and controlling financial resources; it also deals with
decision making, harmonising staff motives and enterprise’s mission.
In Next Plc, effective and efficient financial management helps managers to know the
estimated cost required in product development (Natte, 2019). For this, managers prepare a
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budget and find areas where costs can be reduced; this leads to strengthening capital and
financial availability of Next Plc (Purce, 2014).
Human Resource management – HRM is an ongoing approach of managing people by
ensuing employee-employer relationship. It aims is to put the right people at the right place at
right time; hence, all tasks or activities can be accomplished in the required manner.
According to Cascio, (2015) Human resource management is a process of planning,
organising, directing and controlling the procurement, development, integration, separation
and maintenance of human resources to the end so that individuals and organisations
objectives are attained.
The function of human resource management has a vital role in making Next Plc a global
brand. It involves recruiting and selecting well-qualified and skilled employees, provide the
necessary training and development assistance as well as at the same time motiving
workforce for improving their performance level (Sherman, 2019).
Operations management – This function intends with administration or management of
working practices so as to create maximum possible efficiency (Murphy, 2014). In corporate
associations, operations management team attempts to balance costs with revenues; it leads to
achieving utmost net operating profits. Shingal, (2018) stated that operations management is
the part of management which is associated with overseeing, planning, controlling and
monitoring the process of manufacturing as well as restructuring working activities involved
in the production phase.
In the context of Next Plc, OM encompasses maximum utilization of available resources, i.e.
employees, equipment, materials and technology. This function emphasis to adopt, develop
and deliver goods on the ground of client needs; it helps the company to achieve higher sales
and profit margins (Woodruff, 2019). OM also understands domestic and global market
trends, consumers' demand and availability of resources for the production process.
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Conclusion
From this above-mentioned report, it gets comprehend that Next Plc performs various
business functions, i.e. marketing, human resource, finance and operations management. It
helps the organisation to perform all activities or tasks in such a manner which ensures its
long-term growth and viability. Likewise, the prime role of human resource management is to
implement a productive and thriving workforce at the workplace.
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References
 Akgün, A.E., Ince, H., Imamoglu, S.Z., Keskin, H. and Kocoglu, İ., 2014. The
mediator role of learning capability and business innovativeness between total quality
management and financial performance. International Journal of Production
Research, 52(3), pp.888-901.
 Cascio, W.F., 2015. Managing human resources. McGraw-Hill.
 Elisabeth Natte, 2019. The Role of an Operations Manager. Retrieved through:
<https://smallbusiness.chron.com/role-operations-manager-14234.html>. [Accessed
on 6 March, 2019].
 Fraser Sherman, 2019. Why Is it Important to Combine Functions in Business?.
Retrieved through: https://smallbusiness.chron.com/important-combine-functions-
business-39866.html. [Accessed on 6 March, 2019].
 Gnizy, I. and Shoham, A., 2014. Uncovering the influence of the international
marketing function in international firms. International Marketing Review, 31(1),
pp.51-78.
 Hitt, M.A., Xu, K. and Carnes, C.M., 2016. Resource based theory in operations
management research. Journal of Operations Management, 41, pp.77-94.
 Jim Woodruff, 2019. Why Is Financial Management So Important in Business?.
Retrieved through: https://smallbusiness.chron.com/financial-management-important-
business-57073.html. [Accessed on 6 March, 2019].
 Patrick Murphy, 2014. The Role of Marketing. Retrieved through:
https://www.business2community.com/marketing/role-marketing-0797941. [Accessed
on 6 March, 2019].
 Purce, J., 2014. The impact of corporate strategy on human resource
management. New Perspectives on Human Resource Management (Routledge
Revivals), 67.
 Tonmoy Shingal, 2018. Importance of Human Resource Management. Retrieved
through: <https://blog.mettl.com/talent-hub/importance-of-human-resource-
management>. [Accessed on 6 March, 2019].
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