Introduction
Various business functions serve as essential components in the intricate context of company processes, each providing a unique contribution to a firm’s general well-being and expansion. The paper will define and analyze the importance of marketing, finance, operations, and Human Resources (HR) functions in successful organizations.
Defining and Different Business Functions
Marketing Function
Brassington and Pettitt (2007) argued that marketing is an ever-changing, customer-focused function that serves as a conduit between a business and its customers. This function is vital since it determines what customers want how consumers view the brand, and develops tactics to meet those requirements. Fitzsimons et al. (2008) demonstrated how Apple’s “Think Different” campaign was important to the firm by showcasing how the function offers items to customers and generates memorable interactions.
Finance Function
The finance function is the foundation for every company’s finances. The function is vital in evaluating risks, planning fiscal approaches, and controlling funds to ensure sustainability (Worthington and Bratton, 2009). For instance, Buffet’s strategic investing approach and risk evaluation techniques have led Berkshire Hathaway to unparalleled success (Greenwald et al., 2020).
Operations/Production Function
The processes that convert raw materials or inputs into observable outcomes are termed operations or production, which describe in depth the internal contexts of the organization (Worthington and Bratton, 2009). Chiarini et al. (2019) demonstrated how the lean production approach used by Toyota is an excellent example of effectiveness in these areas. Toyota raised the standards of its processes through reduced waste and continued improvement, setting a global standard for production efficiency (Chiarini et al., 2019).
HR Function
Wilton (2009) argued that HR is responsible for looking after a company’s most precious assets: its workforce. The function is important in recruiting new employees, providing an enjoyable working culture, motivating and scheduling flexibility, and talent management, all determining employee job satisfaction and increasing productivity (Ybema et al., 2020).
The Importance of These Functions Working Together Harmoniously
For a business to prosper, marketing and finance must work together harmoniously. The importance of marketing in comprehending client patterns and generating value is emphasized by Brassington and Pettitt (2007)—for instance, Apple combined promotion and financing functions to introduce the iPhone. Unprecedented revenues and revenue growth resulted from the advertising campaign’s leveraging of customer preference and clever pricing (a financial factor). Also, to establish and preserve the good image of a company, communication between the HR and marketing departments is essential. Brassington and Pettitt (2007) argued that the perception of brands is shaped by marketing.
Katiyar et al. (2018) drew attention to the close relationship between internal environments—especially operations—and financial results. When finance and operations functions collaborate, organizations can boost profitability, reduce expenses, and enhance their bottom line (Worthington and Bratton, 2009). For example, Toyota greatly improved its financial results in addition to streamlining processes, upholding the highest quality levels, and reducing manufacturing expenses. Their optimized procedures had a direct effect on profitability, demonstrating the complementary effects of finance and operational efficacy (Chiarini et al., 2019).
Also, coordination between the HR department and production significantly impacts how successful a company is (Igwe et al., 2014). Additionally, Worthington and Bratton (2009) provide evidence that highlights the significance of employee involvement and training in improving the effectiveness of operations. Organizations such as Zappos, for example, integrate HR procedures with production by cultivating an environment that upholds staff members’ ideas and innovation. This integration highlights the critical relationship between human resources approaches and operational accomplishment while improving quality and efficiency.
Conclusion
The harmonious connections of the business functions are deliberate tactics that prosperous companies use rather than random occurrences. These processes are amplified when they operate in unison, which promotes creativity, effectiveness, and long-term progress. As the scholarly literature mentions, this cooperative synergy illustrates how integrating these responsibilities is the cornerstone of a company’s success.
References
Brassington, F. and Pettitt, S., 2007. Essentials of marketing. Pearson education.
Chiarini, A., Baccarani, C. and Mascherpa, V., 2018. Lean production, Toyota Production System and Kaizen philosophy: A conceptual analysis from the perspective of Zen Buddhism. The TQM Journal, 30(4), pp.425-438.
Fitzsimons, G.M., Chartrand, T.L. and Fitzsimons, G.J., 2008. Automatic effects of brand exposure on motivated behavior: How Apple makes you “think different.” Journal of consumer research, 35(1), pp.21-35.
Igwe, A., Onwumere, J.U.J. and EGBO, O.P., 2014. Effective human resource management as a tool for organizational success. Human resource management (HRM), 6(39).
Katiyar, R., Meena, P.L., Barua, M.K., Tibrewala, R. and Kumar, G., 2018. Impact of sustainability and manufacturing practices on supply chain performance: Findings from an emerging economy. International Journal of Production Economics, 197, pp.303-316.
Wilton, N., 2019. An introduction to human resource management. An Introduction to Human Resource Management, pp.1-632.
Worthington, I. and Britton, C., 2009. The business environment. Pearson education.
Ybema, J.F., van Vuuren, T. and van Dam, K., 2020. HR practices for enhancing sustainable employability: implementation, use, and outcomes. The International Journal of Human Resource Management, 31(7), pp.886-907.
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