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Importance Of Different Business Functions - Business Report

University: Bucks New University

  • Unit No: 10
  • Level: Post Graduate/University
  • Pages: 3 / Words 739
  • Paper Type: Assignment
  • Course Code: MG408
  • Downloads: 51
Question :

This assessment will cover:

  • What are the ways and the importance of effective business functions.
Answer :

INTRODUCTION

An organisation is consist of many business functions. These functions of the business can be describes as the activities that are carried out by various divisions of company. This assignment will help in understanding the interrelation between various functional divisions such as HR, Production, Finance, Marketing and many more (Relationship Between Marketing Department and Other Departments in Making Marketing Decisions, 2018). The assignment will also help in understanding various skills that are required in an individual to work in an organisation. For example, confidence, leadership, decision making, etc.

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Evaluate The importance of different business functions and show how the link together.

The business activities of a firm are carried out by various divisions in an organisation. These functional departments are Finance, HR, Marketing, Production, etc. The roles and responsibilities of each division is different from others. However, there is an inter relation between these departments which help them achieve maximum sales and revenues along with growth of the business. These interrelation can be understand from the following discussion.

HR and Finance are the two functional divisions of a company (Marketing and its relationship with other business activities, 2018). The HR department deals in appointing the candidate for the desired field as per the required experience and qualifications. However, the finance division is responsible for providing funds to conduct the busienss activities. Hence, the HR division can help the finance department by appointing a well experienced and skilled employee which will help in increasing the productivity of the organisation.

Similarly, the Marketing division of an organisation is responsible for promoting the products and services of the firm by conducting various activities such as advertisements, promotional activities, digital marketing, print media, etc. Hence, the marketing division of the company can help the production department by promoting the products that are produced by the firm with the help of various promotional modes (Marketing's Interaction with Other Functional Units: A Conceptual Framework and Empirical Evidence, 2018). This will help in increase in the number of sales of the company.

The Research division deals in collecting and analysing data of the market and customers by various methodologies. This helps the organisation in analysing the customers demands and latest market trends (Marketing and its relationship with other functional, 2018). Hence, the Finance department can provide the Research division adequate funds to achieve more accurate data which will help in decision making of the organisation.

The skills that are required to work in an organisation are communication, decision making, confidence,leadership qualities and many more.

Communication in an organisation is very important. It is believed that there is a string relationship between organisational communication and productivity of the company. Additionally, effective communication helps in problem solving, gaining the cooperation of other employees and managing the conflicts in a firm (Hilton and Platt, 2013).

Decision making- One of the most important quality needed in an individual working in the company is efficient decision making. As a business is comprises of many small elements where decision making is required on a very frequent basis. Hence, an individual should be capable of analysing the situations and taking effective decisions.

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CONCLUSION

From the above discussion, it can be concluded that there is an interrelation between all the departments of an organisation. Also, it is important to have a good communication between the departments which could help in increasing the productivity and profit levels of the company. Also, various personal skills such as decision making, leadership, confidence, communication skills, etc. are required to work successfully in an organisation.

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REFERENCES

  • Hilton, R.W. and Platt, D.E., 2013. Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education.
  • Online Marketing and its relationship with other business activities.2018.
  • Marketing's Interaction with Other Functional Units: A Conceptual Framework and Empirical Evidence.2018.
  • Marketing and its relationship with other functional.2018.
  • Relationship Between Marketing Department and Other Departments in Making Marketing Decisions,2018.
You may also like to read about: Oraganisational Behviour In Sociology, Psychology, Economic
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