Organisational Functions for Optimal Performance & Profitability - Essay Sample

Introduction

Any organisation will require a set of functions that guarantees the sustainability of the workplace and the employee (Karagouni2018). Similarly, the ultimate goal of an organisation is to ensure that the core values are entrenched in the objectives of the company while undertaking a profitable venture (Maheshwari 2017). Although often difficult to assemble, the business functions in an organization, including marketing, finance, production, and human resource, ensure that the goal of profit-making is eventually achieved.

Marketing

Marketing is the process of promoting sales. It can be done by developing adverts in support of a product or service, using visual aids to label products, or the use of events (Lam and Harker 2015). Many other strategies aid organisations in achieving product or service awareness. Most importantly, the process must be done based on a legal framework that protects consumer rights (Mahea 2014). Marketing is important as it ensures that an organization can create a brand presence in regions that may not have been aware of the given commodity (Maheshwari 2017).

Finance

Finance is a function in an organisation that represents the methods of acquiring funds, as well as how to distribute the money appropriately (Sheahan and Seidel 2019). Finance ensures that an organisation is aware of its profit-making role and that decisions made have a positive return or gain eventually (Fraser, Bhaumik, and Wright 2015). A company will probably hire a finance expert who tells them where to improve on spending, as well as the different ways to make revenue and source for funds when needed (Wartzman and Crosby 2018).

Production

An organisation often has a set of activities that lead to the eventual revenue being made. The process that ends in the final product or service is often referred to as a company operation or production (Erol, Jager, Hold, Ott, and Sihn 2016). The production or operation often costs some investment or money, including human resources (Karagouni 2018). It is thus necessary to have companies minimize production costs while ensuring that the quality of their products or services is retained.

Human Resources

Human resources include all the employees in a company, from the management to the junior workers (Nieves and Quintana 2018). Human resource is responsible for the production in the company and fills roles in departments such as finance and marketing, which play an important role in the company (Taylor, Doherty, and McGraw 2015). The role of employees in an organisation is very critical. In a hierarchy of the most critical functions in an organisation, human resources are often considered more of a priority than the consumer (Nieves and Quintana 2018).

Conclusion

Business functions are meant to ensure continuity and success in an organisation. The core business in a company is to make profits. Having a well-developed business function requires that employees be playing different roles in a company. The roles often differ based on the company, but three key roles are necessary, including marketing, finance, and administration. Getting the right human resource is thus important to ensure that the marketing and finance functions are well-coordinated and successful in a company.

References

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Fraser, S., Bhaumik, S.K., and Wright, M. (2015). 'What Do We Know About Entrepreneurial Finance And Its Relationship With Growth?' International Small Business Journal, 33(1), pp.70-88. <https://doi.org/10.1177/0266242614547827>[Accessed Dec. 17, 2019]

Karagouni, G. (2018). 'Production Technologies and Low-Technology Knowledge-Intensive Venturing.' EuroMed Journal of Business, 13(1), pp.75-85. [Online] Available at http://doi.org/ 10.1108/EMJB-11-2016-0033 [Accessed Dec. 17, 2019]

Lam, W., and Harker, M.J. (2015). 'Marketing And Entrepreneurship: An Integrated View from the Entrepreneur's Perspective.' International Small Business Journal, 33(3), pp.321-348. [Online] Available at<http://doi.org/10.1177/0266242613496443>[Accessed Dec. 17, 2019]

Maheshwari, S. (2017). 'Bowing to the Inevitable, Advertisers Embrace Advocate Role.' New York Times [Online] (Updated 2017) Available at <https://www.nytimes.com/2017/10/01/business/media/advertising-week-politics.html> [Accessed Dec. 17, 2019]

Mahea, T. (2014). 'The Role of Marketing in Organizations.' [Online] (Updated 2014) Available at < https://www.linkedin.com/pulse/20140915080650-84228363-the-role-of-marketing-in-organizations-by-timothy-mahea/> [Accessed Dec. 17, 2019]

Nieves, J., and Quintana, A. (2018). 'Human Resource Practices and Innovation in the Hotel Industry: The Mediating Role of Human Capital.' Tourism and Hospitality Research, 18(1) pp.72-83. [Online] Available at<https://journals.sagepub.com/doi/pdf/10.1177/1467358415624137> [Accessed Dec. 17, 2019]

Sheahan, K., and Seidel, M. (2019). 'The Role of Business Finance.'[Online](Updated 2019) Available at< https://bizfluent.com/about-6554261-role-business-finance.html> [Accessed Dec. 17, 2019]

Taylor, T., Doherty, A., and McGraw, P., 2015. 'Managing People in Sport Organizations: A Strategic Human Resource Management Perspective.' Routledge. [Online] Available at< https://books.google.co.ke/books?id=eHccBgAAQBAJ&printsec=frontcover&dq=human+resource+management+in+organizations&hl=en&sa=X&ved=0ahUKEwjNx4vJrL7mAhU1CWMBHQ3CAbU4ChDoAQg8MAM#v=onepage&q=human%20resource%20management%20in%20organizations&f=false>>[Accessed Dec. 17, 2019]

Wartzman, R., and Crosby, L. (2018). 'A Company's Performance Depends First of All on Its People.' Wall Street Journal. [Online](Updated 2018) Available at < https://www.wsj.com/articles/a-companys-performance-depends-first-of-all-on-its-people-1534125840> [Accessed Dec. 17, 2019]