MG408 The Graduate Challenge Assignment Sample

Introduction To: MG408 The Graduate Challenge

For every business all the functions such as marketing, finance, operation and human resource are important in order to accomplish desired goals and objectives. All the functions helps in increase efficiency and profitability of the companies. This report will highlights the interconnectedness and collaboration of all the business functions in the context of Tesco. Emphasis on all core functions are beneficial for the companies because it helps in generate revenue, drive profitability and gain competitive advantage over competitors.

Complex Assignment Got You Stuck? UK-Based Assignment Help with Free Study Tips!

Core Business Functions

 2.1 Marketing

Marketing is defined as set of institutions and procedures for communicating, creating, swapping and delivering of goods and services that have value for customers, partners and society (Brassington and Pettitt, 2007). For example, in Tesco marketing plays various roles such as ensuring proper management of brand, establishing campaign for customers, producing marketing and advertising materials as well as producing internal connections (Marketingweek, 2024). The key aim of marketing in Tesco is to promote the products to attract the customers and fulfil their needs to increase sales and profitability.

2.2. Finance

Finance is defined as planning, organizing, administrating and controlling the activities related to finance for the growth and success of the business (Sangster and Wood, 2004). In every company finance function is playing the roles of cash flow management, accounting, financial insights and reporting, managing equity as well as risks in effective way. The key aim of finance function in Tesco is to raise money in order to manage business operations.

2.3 Operations/ production

 Operation/ production is considered as one of the critical function business. It includes effective management of various resources encompassing labor, materials and technologies in order to produce the goods and services in efficient way (Thompson, Worthington and Britton, 2023). Key aim of this function is product design, financial planning, quality control, supply chain management etc., within Tesco.

2.4 Human resource 

 Human resource is another important function that is accountable for identifying, recruiting, screening and training the job applicants as well as managing the programs related to employee benefits (Marion and Fixson, 2021). The key aim of this function in the Tesco is candidate recruitment, updating and designing policies, maintaining work environment etc.

Interconnectedness And Collaboration

A business operation is composed of various functions and all are related with each other. Companies require incorporating with the diverse business functions in order to enhance performance and increase profitability. For example, the marketing activities of the Tesco impact its sales activities to foster and encourage the customers to make purchase (BBC, 2024).

Marketing is interrelated with all functions such as operation, HR and finance. The marketing helps in determining the needs and wants of the customers. Accordingly, production & operation team ensures whether these needs are met or not. The finance department of Tesco is arranging funds and create budget for conducting marketing campaigns and advertising products. HR department can use marketing technique use to recruit and retain employees.

 Finance department plays a pivotal role in setting budgets for all the departments according to the needs or requirements. By coordinating with each department finance team of Tesco sets budget or financial plan for social media campaigns, purchase of raw materials expertise and for recruitment purpose as well (Stål, Bengtsson and Manzhynski, 2022).

The production or operation department is highly interrelated with other ones. Marketing department is advertising the products which are produced by operation or production. HR department is recruiting the skilled employees for producing innovative and unique products. Finance department provide budget to production to ensure effective resource allocation for manufacturing.

HR and marketing create an employer brand that helps in attracting and retaining top talent. Finance department arranging funds for recruit skilled employees. HR helps in aligning recruitment and conduct training and development program according to production requirements.

Along with this, cross-functional collaboration is important in the business because it helps in increase engagement of employees, enhance communication, boosting innovation, develop effective leadership and enable alignment with the business goals which positively influence on the overall operation and efficiency (Marion and Fixson, 2021). For example, the HR function of Tesco is interrelated with other functions because it helps in providing essential manpower and active employees to accomplish target goals and objectives. Apart from this, collaboration of all function leads to business success by enhancing the effectiveness and increasing the profitability through marketing of products and managing overall operation. Collaboration significant impacts the success of Tesco by increasing innovation, enhancing communication, enhance employee engagement and better strategic partnership. For example, creating the positive culture is important for the collaborative success of business which helps in motivate workers to work togeather (Oteshova et al, 2021).

CONCLUSION

 In the end, it has been concluded collaboration of all function together is beneficial for the companies because it helps in accomplish desired goals and objectives. With the help of finance, companies can conduct marketing campaigns in order to attract and retain the customers. 

REFERENCES

Books and Journals

• Boxall, P. and Purcell, J., 2022. Strategy and human resource management. Bloomsbury Publishing.
• Brassington, F. and Pettitt, S., 2007. Essentials of marketing. Pearson education.
• Marion, T.J. and Fixson, S.K., 2021. The transformation of the innovation process: How digital tools are changing work, collaboration, and organizations in new product development. Journal of Product Innovation Management, 38(1), pp.192-215.
• Sangster, A. and Wood, F., 2004. A-level accounting. PEARSON EDUCATION M..
• Thompson, E., Worthington, I. and Britton, C., 2023. The Business Environment: A Global Perspective. Pearson Higher Ed.
• Stål, H.I., Bengtsson, M. and Manzhynski, S., 2022. Cross‐sectoral collaboration in business model innovation for sustainable development: Tensions and compromises. Business Strategy and the Environment, 31(1), pp.445-463.
• Oteshova, A.K., Niyazbayeva, A.A., Prodanova, N.A., Sabirova, R.K. and Zayed, N.M., 2021. The effect of teamwork on employee productivity. Academy of Strategic Management Journal, 20, pp.1-8.

Online

•  BBC, 2024. Tesco says price pressures easing as profits soar. Online. Available through: < https://www.bbc.com/news/business-68776913 >
• Marketingweek, 2024. Marketing strategy of Tesco. Online. Available through: < https://www.marketingweek.com/tesco/ >.
• Tesco, 2024. About us. Online. Available through: < https://www.tesco.com >

Author Bio

Jordan Clarke   7 Years | Masters

I am Jordon and I am a resident of London. I have completed my master's from Imperial College. I have gold medals in bachelor's as well as master's. I have been a certified academic writer for 7 years or more. My passion is to help students write flawless assignments. I have also been a professor at two or three renowned universities in London, so I am very well aware of what the guidelines demand.