The Importance of Different Business Functions

The Importance of Different Business Functions

Table of Contents
Assignment.................................................................................................................................................3
The Importance of Different Business Functions.......................................................................................3
Human Resource.....................................................................................................................................3
Finance....................................................................................................................................................3
Marketing................................................................................................................................................4
Production...............................................................................................................................................4
References..................................................................................................................................................5

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The Importance of Different Business Functions

Assignment
A 500-word essay on the importance of different business functions to demonstrate core academic skills
of evidence based writing and Harvard referencing.

The Importance of Different Business Functions

For studying the different essential business functions, the selected organization to take a close
review is Tesco. Tesco is a well-reputed multinational British merchandise and groceries
retailer. The headquarters of Tesco is based in England (Tian, 2021).

Human Resource
The human resource of Tesco is involved with strategic planning of the organization which helps
them to build brand image worldwide. The role of the HR department is to build effective
strategies that help Tesco manage expenses and reduce labor costs so that the organization can
cope up with unnecessary date acquiring. The HR department is also making sure to keep
employees perform well and stay motivated. Human resource department is also responsible
for ensuring all other departments are satisfied with employee’s performance and enough
trainings are provided to employees to make them function effectively (Storey, 2016).

Finance
The finance department undoubtedly plays a critical role in achieving Tesco’s success. The
management of the Finance department holds a significant role in the decision-making
strategies of Tesco. Finance is assisting all other departments in acquiring multiple resources
required to operate right away. Various equipment and resources are arranged by finance
according to the availability of assets (Guo, 2019). The financial functions are spread all around
the organization and investing in all the equipment and production lines, employee retention
strategies, and financing advertisement campaigns of the company. The role of the Finance
department of Tesco is to make sure to arrange enough capital, which prepares the
organization to cope up with unforeseen situations. The production department is highly
dependent on the finances allocated by the finance department to continue the process of
production (Kukreja, 2016).

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The Importance of Different Business Functions

Marketing
The market department of Tesco is providing sufficient information required for the customers
through their function of marketing for creating a clear understanding of merchandising and
groceries. Customers are provided with a description that helps them evaluate multiple
purchasing advantages of various goods. The marketing department is also playing a vital role in
educating customers about product ranges. The marketing department of Tesco is assisting
them in determining their objectives and getting successful in achieving them. They are also
implementing marketing tactics due to which the organization can uphold good name
recognition. The Other departments of human resources, finance, and production are also
connected and dependent on the marketing department since their marketing strategies are
the reason behind building brand image (Rosnizam, 2020).

Production
Fulfilling the goals of any organization everything is dependent on the quality and volume of
sound production. The responsibility of the production department is to produce a sufficient
amount of goods according to the desire and requirement of the customer. In return for these
products, the company generates revenue by marketing them. The production department is
interconnected with all other departments since production relies on human resources, finance
capital, and through effective marketing, the products are sold. The production department of
Tesco is involved in innovating and developing quality products according to the customer
needs. The production department of Tesco is utilizing human, financial, and physical capital of
the organization at full potential to generate efficient results (Hashim, 2021).

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The Importance of Different Business Functions

References
Guo, L. and Wang, Z., 2019. Ratio analysis of J Sainsbury plc financial performance between
2015 and 2018 in comparison with Tesco and Morrisons. American Journal of Industrial and
Business Management, 9(2), pp.325-341. Retrieved from:
https://www.scirp.org/journal/paperinformation.aspx?paperid=90798

Hashim, M., Nazam, M., Abrar, M., Hussain, Z., Nazim, M. and Shabbir, R., 2021. Unlocking the
Sustainable Production Indicators: A Novel TESCO based Fuzzy AHP Approach. Cogent Business
& Management, 8(1), p.1870807.Retrieved from:
https://www.tandfonline.com/doi/abs/10.1080/23311975.2020.1870807

Kukreja, G. and Gupta, S., 2016. Tesco accounting misstatements: Myopic ideologies
overshadowing larger organisational interests. SDMIMD Journal of Management, 7(1), pp.9-
18.Retrieved from:
https://www.researchgate.net/profile/Gagan-Kukreja/publication/317798411_Tesco_Accounti
ng_Misstatements_Myopic_Ideologies_Overshadowing_Larger_Organisational_Interests/
links/5b19299145851587f2987694/Tesco-Accounting-Misstatements-Myopic-Ideologies-
Overshadowing-Larger-Organisational-Interests.pdf

Rosnizam, M.R.A.B., Kee, D.M.H., Akhir, M.E.H.B.M., Shahqira, M., Yusoff, M.A.H.B.M.,
Budiman, R.S. and Alajmi, A.M., 2020. Market Opportunities and Challenges: A Case Study of
Tesco. Journal of the Community Development in Asia (JCDA), 3(2), pp.18-27.Retrieved from:
http://ejournal.aibpm.org/index.php/JCDA/article/view/807

Storey, J., 2016. Human resource management. Edward Elgar Publishing Limited.Retrieved
from: https://www.elgaronline.com/view/nlm-book/9781783475452/C153.xml

Tian, Q., 2021. Analysis on the Business Strategy of Tesco in the Chinese Market. Modern
Economics & Management Forum. 2(1).Retrieved from:
https://en.front-sci.com/index.php/memf/article/view/280/362

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