The Graduate Challenge: Role & Importance of Business Functions

This report explores the essential business functions within an organization, focusing on marketing, finance, operations, and human resources. It details the role and importance of each function, emphasizing how they contribute to achieving organizational objectives. The report highlights the necessity of interdepartmental collaboration, illustrating how marketing, finance, production, and human resources must work together to ensure the company's overall growth and success. It concludes that a strong interrelationship between these departments is crucial for delivering qualitative services to customers and maintaining a competitive advantage.

THE GRADUATE
CHALLENGE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Business Function and its type.....................................................................................................3
Role and Importance of Business Functions................................................................................3
Importance of working together ..................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................1

INTRODUCTION
Business functions refers to the set of activity performed by the business organisation.
These functions are performed in order to meet the day-to-day challenges with use of four
business functions include; Marketing, Finance, Operations and Human Resource.
The report covers the importance of different business function and how they link and
support each other in order to attain the organisation objective.
MAIN BODY
Business Function and its type
Business functions provide the framework to perform the business activities and help to
identify the main activities of the organisation. The main essential business functions include;
Finance, Marketing, Operations and Human Resource. The brief idea of all is as below:
 Marketing: Marketing functions performs the function like service and product
management, market identification, pricing, promotion and selling. It starts from
identifying the needs of consumer and end with fulfilling those needs.
 Finance: Finance function perform or take the decision related to investment of funds. At
large, it is concerned about the allocation of firms capital expenditure such as financing
investment and dividend distribution (Urbach, Drews and Ross, 2017).
 Operation/Production: It is responsible for converting the raw material into finished
goods. It produces goods and deliver the service. Operation function is the important
function in the business organisation.
 Human Resource: Human Resource is assigned with maximizing the employee
productivity. It is responsible for compensation, benefits, hiring as well as firing and
keeping up to date with changing laws which can affect the company or its employees.
Role and Importance of Business Functions
Business function play a vital important role in organisation. They help in ensuring that
the organisation operates properly and do well for its customers, leader, employee and
shareholders. Such as marketing function is responsible for promoting products and services to
customers so that they are motivated to be part of the organisation. Furthermore, finance
department takes care that company have sufficient finance in order to run its business
operations, meet different expense and stay ahead in competition (Oduma, 2021). Whereas the

HR hire necessary workforce required to complete task in the firm so that products and services
can be delivered to customers without much wastage of time and energy.
Importance of working together
Various business function of organisation needs to work together because marketing
department needs to coordinate with Finance department in order to know budget of company for
marketing. The same Marketing department has to work with production department to know
what type of products and services in which company is dealing and the way it can make use of
the same to attract customers within the firm (Davenport, 2019). At the same time, working of
Human resources and marketing department together is also necessary because human resources
hire individuals that are required for marketing of company so that it can gain competitive
advantages in external environment.
CONCLUSION
From the above analysis, it can be concluded that business function play important role
in business as they help in delivering qualitative services to customers in limited time frame. At
last, interrelationship between different department such as human resources, finance and
production is necessary for overall growth and development of business.

REFERENCES
Books and journals
Urbach, N., Drews, P. and Ross, J., 2017. Digital business transformation and the changing role
of the IT function. MIS Quarterly Executive, 16(2). pp.1-4.
Oduma, C. A., 2021. Organizing and Managing Business Education in Nigeria. Nigerian Journal
of Business Education (NIGJBED), 8(1). pp.1-16.
Davenport, T. H., 2019. Is HR the most-analytics driven function. Harvard Business Review,
https://hbr. org/2019/04/is-hr-the-most-analytics-driven-function.
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