MG408: The Graduate Challenge Business Report On Identifying The Four Core Business Functions Assignment Sample

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Introduction

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The business functions of marketing, finance, operations/production, and human resources are crucial to the achievement of educational organizations like LSST by boosting excellence, credibility, and durability.

Discussion

Task 1: Defining the role of the following business functions.

Marketing

As per the view of the author Kotler, marketing is a sociable and administrative procedure. In this process, a person or a group can detect what they want and what is their demand via forming and trading creations and significances between them (Kotler, et al. 2010). 

Finance

Business finance, in the industry world, is accountable for giving resources making financial predictions, revisiting options for equity and deflect financing and different positions within an institution (Frank and Sangster, 2005).

Operations/Production

The authors Worthington and Britton discussed that Operations are basically a major work which denotes the managing capability of the inner part of a business and stimulates fluent running of the business aids in facilitating expenditures, and permits to decrease the essentiality to protect small business loans (Worthington, et al. 2018). The production function of a business represents the establishment of which input is operated and which product is simulated. While it comes with diverse types of utilization it allows the most favored amount of manufactured outcome.

Human Resources

Human resources (HR) is the unit of a company accountable for discovering, recruiting, screening, and internship job seekers (Boxall and Purcell, 2022). HR units also manage worker salaries, advantages, and terminations.

Task 2: Importance of Collaboration in Higher Education

Marketing knowledge provides guidance to the students via tuition that also assures the economic condition. For different educational activities and infrastructure finance helps to manage budgets and assets. Next operations or production helps by giving assurance of attainable curriculum delivery and holding aptitude. Lastly, human resources help students by recruiting and supporting faculty and staff, which are essential for educational quality. All these four functions encourage educational institutions to succeed and provide pupils with a very successful understanding experience.

Article 1: Primary Activities of the four business components

Renowned organizations like LSST and BNU, these business functions are very much relatable. Marketing provides the visibility of educational offerings and finance strategically attracts students and aids to increase revenue. The organization becomes more helpful when production helps to give smooth delivery of programs, enriching good experience of the students and human resources ensures skilled capability (London School of Science & Technology, 2017). With the help of business functions the quality of education enriches rapidly and helps to increase sensation, reputation and long-term sustainability in the competitive sector among these institutions like LSST and BNU.

Web-based Media Article 2: The way that the business functions work together to achieve aims and objectives

The cooperation of marketing finance operations and human resources as demonstrated in this article on the Higher Education sector is crucial in the higher educational industry. While organizations support efficient programme delivery Finance secures funds to support educational programs and marketing initiatives. Human Resources hires competent academics and personnel (BBC bitesize, 2023). These activities work in unison to enhance LSST's renowned for high-quality education and favorable results for the organization.

Web-based Media Article 3: The purpose and nature of businesses

The requirements of entrepreneurship and industry are consulted in this article. It handles the variables that affect business arrangement and accomplishment, contrasts between benefits and goods, separates desires from requirements, and emphasizes the four components of manufacturing land, labor, capital, and enterprise (BBC bitesize, 2023).

Conclusion

The achievement of these institutions and the condition of effective business functions depend on the collaborative work of these companies, which are essential to achieving the goals and purposes of higher education, assuring effective program delivery, financial backing, and qualified people.

Reference list

Website

• London School of Science & Technology (2017). Available at: https://www.lsst.ac/ (Accessed: 25 October 2023).

Article

• The roles of the main functions in a business - the interdependent nature of business - eduqas - GCSE business revision - eduqas - BBC bitesize (2023) BBC News. Available at: https://www.bbc.co.uk/bitesize/guides/zdskkmn/revision/ (Accessed: 25 October 2023).
• Dynamic nature of business - the purpose and nature of businesses - aqa - GCSE business revision - AQA - BBC Bitesize (2023) BBC News. Available at: https://www.bbc.co.uk/bitesize/guides/zvpk47h/revision/5 (Accessed: 25 October 2023).

Journals

• Kotler, P., Armstrong, G. and Armstrong, G.M., 2010. Principles of marketing. Pearson Education India.
• Frank, W. and Sangster, A., 2005. Business accounting 1. Pearson Education Limited.
• Worthington, I., Britton, C. and Thompson, E., 2018. The business environment: A global perspective. Pearson Higher Ed.
• Boxall, P. and Purcell, J., 2022. Strategy and human resource management. Bloomsbury Publishing.