Analysis of Key Business Functions: A Comprehensive Report

This report provides an overview of the core functions within a business, including marketing, human resources, finance, and production. It begins with an introduction to business and its various types, followed by an explanation of the importance of each function. The marketing function is highlighted for its role in building customer relationships and brand image, emphasizing its impact on economic growth and employment. The human resource function is discussed in terms of managing the employee lifecycle, providing training, and selecting the right candidates. The finance function is presented as crucial for managing funds and making financial decisions. The production function is described as responsible for manufacturing products efficiently. The report emphasizes the interconnectedness of these functions, concluding that their collaborative efforts are essential for achieving company goals and objectives. References to academic journals and books support the analysis.

Business Function

Table of Contents
Introduction .....................................................................................................................................3
Importance of Business function ................................................................................................3
Conclusion.......................................................................................................................................4
REFERENCES................................................................................................................................5

Introduction
Business is a process of making money by buying and selling goods and services to
customers. There are various types of business they are Sole proprietorship, Partnership,
Corporation, cooperatives, Limited liability companies, etc. The Functions of Business are
Human resource, Marketing, Finance, Production, IT, Research and development, etc.
Importance of Business function
Business refers to an organisation where goods are produced or sell in respect of earning
profit. The importance of business functions are as follows-
Marketing-
The main role of Marketing department is to build a relationship between Organisation
and customers by offering them a product which fulfil their needs and wants. They increase
brand image of company by increasing the demand of products or services in Market. The
importance of Marketing is that they help in raising and maintaining the standard of living of
people by making available goods at affordable price (Sozuer and et. al., 2020). They also plays
an important role in developing the economy by generating employment and increasing growth
of business. For example, H&M uses marketing tools and technique to promote their products to
customers.
Human resource-
Human resource is another function of business, they are responsible for managing life
cycle of employees from recruiting, on boarding, firing, hiring and training. They also provides
benefits to employees by improving their skills and knowledge which helps in giving better
results while achieving goals and objective of Company (Davenport, 2019). Human resource
department is important for Business as they recruit and select right candidate for job and
provide training to employees. For example, Eileen Fisher selects a right candidate and provides
rewards to their employees for performing well in organisation.
Finance-
The role of finance department is to ensure that there must be enough fund to operate the
activities of company. They acquire the fund, manage it and plan in systematic way how to
expend the fund on various assets. The importance of Finance in business is that they help in
making smart Financial decision related to long term funding strategies and cash flow of

Organisation. For example, banking sector needs to maintain proper finance for their customers
(Weffer and Luxembourg, 2020).
Production-
Production is one of the function of Business which is responsible for manufacturing of
products. In production process they turn input into finished output. The role of production
department is to supervise, manage technical issues and control production process. They
produce goods in right quality with right quantity at particular time with minimum price.
Production department helps in increasing competitiveness by delivering the right product at
right time through which they gain customer loyalty. For example, Tesco must manage their
production process for delivering goods to Customers.
These all functions of business work together such as marketing department works with
human resource and finance department. Human resource department make sure that employees
in marketing department are well trained. Marketing department depends on finance department
for running successful marketing campaigns.
Conclusion
From the above information it is been concluded that there are various functions of
business which are correlated with each other and perform task collectively to achieve the goals
and objectives of Company.

REFERENCES
Books and Journals
Davenport, T. H., 2019. Is HR the most-analytics driven function. Harvard Business Review
(Digital Article, April 2019). Retrieved on 19 April 2019.
Sozuer, S and et. al., 2020. The past, present, and future of marketing strategy. Marketing
Letters. 31(2). pp.163-174.
Weffer, A. A. and Luxembourg, B. M., 2020. Reconsidering the finance function of digital
companies. International Tax Review.