Tesla Business Report: Significance of Different Business Departments

This report provides an overview of the significance of various business departments within Tesla. It begins with a table of contents and then delves into the importance of the marketing department, highlighting its role in product development and sales through promotional activities. The report then discusses the human resource department's crucial role in recruitment, training, and ensuring employee well-being and compliance with labor laws. The finance department's responsibilities, including fund management, budgeting, and financial reporting, are also examined. The R&D function, which drives innovation and strategic decision-making, is also discussed. Finally, the report covers the production function, emphasizing its importance in creating goods and services and meeting customer demands. The report concludes with a list of references including books and journal articles.

Tesla Business Report

Table of Content
Significance of different business departments in organization..................................................3
REFERENCES................................................................................................................................5

Significance of different business departments in organization
Marketing Department- The marketing function is basically concerned with the
development and selling of products/ services by identifying the needs and wants of consumers.
It is an imperative function for every company as it helps in promoting the products/ services
towards the targeted audience in an effective manner to maximise the revenue for the business.
Major functions of marketing include product, price, place and promotion and all these functions
collectively help in developing a product. The marketing department drives the sale for the
business through promotional activities like advertisement, rebates, discounts, and publicity.
Human Resource Department- The Human Resource department plays a crucial role in
the growth and success of the organisation as it mainly involves recruiting, selecting and training
& development of candidates in the company (Sopta and Slavica, 2017). It is the duty of HR
department to select right people at right time at place for the right job to ensure maximum
productivity within the workplace. It not only takes care of the working environment but also
ensures timely payroll and benefits, an excellent relationship between the employee- employer
and checks that there is full compliance with labour laws and regulations.
Finance Department- The finance department is a part of an organisation that is mainly
responsible for acquiring and managing funds for the business, and planning for the expenditure
on such assets. The main roles and responsibilities of finance department includes bookkeeping,
day-to-day recording and interpretation of firm’s financial transactions, managing the cash
inflow- outflow, forecasting budgets, securing long term financing, timely payment of taxes and
other legal fees, management of enterprise’s investment, financial reporting and analysis, and
assist top level executives in making strategic decisions effectively and efficiently. These duties
not only help in the financial management of the business but also help in sustainable growth of
the company in the long run.
R&D function- This function helps in directing future of business concern as it facilitates
important information & ideas which supports the strategic decision making. By way of making
investment in the technology, future capabilities, transforming these into the new type of
processes, services or the products, company could be able to develop its line of product or
enhancing the processes (Çera, Belás and Strnad, 2019). At basic level, it is the tool but it does
have potential to be as enormously effective. The major role of R&D function is to enable the
firm in maintaining its rivalry. This means as keeping eye in developing the trends and regarding

the assessment & sound understanding of the present conditions within a particular market or
segment.
Production function- It is the creation of the goods & services with help of certain
procedure. Production of the good mainly depends on organization of different operational
function. It acts as the most crucial department in ensuing the smooth functioning of the business
operations and fulfilling quantity related requirements (Sopta and Slavica, 2017). It also helps in
making optimum use of the resources and in meeting the target or delivery dates so that need and
desire customers can be met on time.

REFERENCES
Books and journal
Çera, G., Belás, J. and Strnad, Z., 2019. Important factors which predict entrepreneur's
perception in business risk. Problems and Perspectives in Management.
Fareri, S. and et.al., 2018. Workers 4.0: skills, profiles and jobs in different business
functions. Economy, employment and skills: European, regional and global perspectives
in an age of uncertainty. p.95.
Sopta, M. and Slavica, A., 2017. Importance of cost function in business decision
making. Economic and Social Development: Book of Proceedings. p.208.