Exploring Various Business Functions

Executive Summary

Part of an organizational growth is the creation of different functions, including business dissertation help, having specific focuses and definitive paths. These functions are structured in accordance with certain requirements of the business and they vary depending on the kind of business that is being practised. Knowing different functional aspects of a business ia regarded as a major necessity for any entrepreneur, especially at the planning stage. This paper expounds on various business functions.

Introduction

This report purposes to throw light upon 4 types of business functions, which include marketing, finance, human resource, and operations/production. Thereafter, the report will provide an account on the manner in which business functions link together. Followed, by a definitive conclusion that summarizes the provisions of the report.

Marketing

Marketing is a process of making goods and services to reach consumers with the intention of satisfying the need of consumers and producers. As such, this function creates a significant process whereby producers and consumers are easily brought together, in a bid enhance an exchange relationship and to enable transfer ownership. The marketing managers is then required to make significant judicial decisions in terms of the 4Ps (product, promotion, pricing and physical distribution). A good example is seen in Apple Company, as it is regarded as a great marketer in the electronic industry (Moorman, 2018).

Finance

Significantly, the finance business function is responsible for 3 decisions and it aids in enhancing their proper implementation. The first is investment decision, which is concerned with the financial planning and capital budgeting among others. The second is financial decisions, which is concerned with the capital structure and dividend decisions among others (Painter et al., 2019). Businesses maintain a significant relationship with various financial markets, which include institutions and shareholders and as well takes care of other important concerns such as risk management and share buybacks.

Human Resources

Human resource function is concerned with the human side of business, wherefore, it primarily focuses on increasing the productivity and effectiveness of human performance. In this regard, the human resource function obtaining and maintain a capable and also an effective workforce, motivating business employees and maximumly contributing towards the fulfilment of the business goals. In a bid to accomplishing the goals of human resource, the human resource manager is obligated to undertake various functions such as selection, training, promotion and transfers, employee compensation, involvement of the employees on welfare activities and ensuring the employees engage in industrial relations (Albertoni et al., 2017).

Operations/ Production

Production as a business function plays a major role in the implementation of either a new product, or an improved product . In this regard, production involves innovation, and it is required for the entire business function to significantly adopt it. Notably, the production function is regarded as a dominant position in any business, and it is a continuous process (Gasper et al., 2016). The cycle of production depends majorly on the marketing function, owing to the fact that production can only be justified when the results through revenues have been generated through sales.

How Business Functions link Together

It should be noted that when businesses combine various business functions, they are in a position of improving their efficiency and enhancing the satisfaction of their customers. Businesses purpose to create various functions, in order to have more autonomy. In this regard, they should be in a position of making clear, the kind of roles that different functions will undertake, and to maintain an effective and regular communication between the functions. Secondly, businesses are able to duck responsibility and also solve problems. For instance, in Nike Company, each function is placed in a position whereby it is totally accountable for any action, and in an instance where a problem emerges, overall efficiency can easily be achieved (Marketing Week, 2020).

Conclusions

It is evident that all the aforementioned business functions perform different roles in a business and are thus deemed as important towards the effectiveness and success of a businesss. It is then important for businesses to ensure that none of them lacks in a business.

References

Albertoni, F., Elia, S., & Piscitello, L. (2017). Complementing the reshoring of manufacturing activities: the relocation of business functions. In Reshoring of Manufacturing (pp. 57-75). Springer, Cham.

Gaspar, J., Kolari, J., Hise, R., Bierman, L., & Smith, L. M. (2016). Introduction to global business: Understanding the international environment & global business functions. Nelson Education.

Painter, M., Pouryousefi, S., Hibbert, S., & Russon, J. A. (2019). Sharing vocabularies: Towards horizontal alignment of values-driven business functions. Journal of Business Ethics, 155(4), 965-979.

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