Preface

The environment of several powerful nations, including elements outside the administration’s home environment that influence decision-making over the use of resources and capabilities, is referred to as the global business environment. It encompasses a number of elements, such as international politics, culture, geography, economic standing, and technology (Black, Morrison, and Gregersen, 2013). This report explains the usefulness and various purposes of business functions. Additionally, this project describes their relationships with the other value business operations.

Objectives of the Marketing Function

An organization’s marketing function is crucial to the interchange of its goods and services. Its primary goal is to boost revenue through product sales and customer satisfaction. The following explains the various goals of the marketing role.

  • Demand creation: Using various strategies to increase demand is one of the primary goals of the marketing function. The marketing department works to determine the needs, preferences, and tastes of the customers in order to achieve this goal (Briscoe, Tarique, and Schuler, 2012). The goal of identifying customer needs is to produce goods and services that meet their requirements.
  • Market share: Increasing one’s market share is a crucial goal for any organization. Businesses can raise their market value with the help of the marketing department. To compete with other aggressive items on the market and gain market share, they try a variety of strategies, including creative packaging, progressive advertising, encouraging sales activities, etc.
  • Customer satisfaction: One of the primary goals of marketing is to ensure that customers are happy. Before offering a customer any goods or services, the marketing manager ascertains their needs and desires. Selling things alone is no longer seen as customer satisfaction in the modern corporate world (Caligiuri and Tarique, 2012). Consumers have been the focus of marketing in recent years. Its primary goal is to completely satisfy the customer, who comes first.
  • Profit generation: A key component of any organization’s revenue generation is the marketing division. It makes the proper efforts to generate large profits by providing clients with goods and services that meet their wants. Any organization must generate revenue because it cannot survive in the market without making a profit. Revenue is therefore necessary for an organization to thrive and expand.

How Marketing Drives Growth and Value ?

Relationship building between businesses that provide goods or services, and their clients is greatly aided by marketing. Additionally, it is helpful for a variety of jobs like customer service, branding, advertising, and promotion involvement. It facilitates an organization’s product exchange, transportation, and transfer. Because goods are useful to both consumers and producers, merchants, wholesalers, and others assist in getting them to consumers. It is also significant because it contributes to the preservation and improvement of people’s quality of life by offering consumers consistent goods and services at fair rates. Furthermore, because it is a complicated mechanism that needs many people to carry out its multiple functions like selling, warehousing, financing, buying, standardization, transit, risk-taking, etc., it creates job opportunities. The role of marketing is vast in today’s commercial environment because it employs many people. Profitability and constant production are thus the results (Cavusgil and Knight, 2015). The execution of the marketing function is extremely valuable since it is the only way for a commercial organization to make money. Different marketing strategies help to control efficient manufacturing, which in turn serves as the foundation for efficient decision-making.

Integrating Marketing Across Business Functions

To achieve the organization’s overarching goals, every business function is connected to every other function. The marketing concept states that to meet and satisfy the needs and expectations of customers, many departments must collaborate. To deliver services to clients, it synchronizes internal marketing efforts with finance, sales, human resources, operations, and several other organizational areas. From their perspective, other departments identify company objectives and difficulties and try to meet them.

Organizational Function

Human Resource Management

The area of an organization that handles tasks including hiring, screening, training, and staffing is known as human resource management. It is a deliberate strategy to manage people and the organization’s culture (Ferraro and Briody, 2013). The HR division helps the organization’s employees work efficiently and achieve its goals and objectives.

Objectives of the Human Resources Department

Recruitment, selection, skill development, and inspiring people to achieve desired goals and objectives are all aspects of human resource management. Additionally, it serves a variety of organizational goals, which are detailed below.

  • Effective use of resources: Making the best use of resources is one of the primary goals of the human resources department. It gives people the right kind of training to help them develop their abilities, talents, knowledge, etc. Effective training therefore results in employees who are productive. The HR manager made sure that workers were used efficiently to accomplish organizational goals.
  • Develop Resources: It is among the key goals of human resource management as well. It creates initiatives to increase an organization’s and an individual’s effectiveness. It guarantees that workers can execute new or different tasks and then gives them possibilities like coaching, training, succession planning, development, mentorship, etc. In this manner, the organization’s resources are developed.
  • Encouraging culture: The human resource manager makes the workplace welcoming and fun for the staff. The satisfaction of those who work for the company is guaranteed. Everyone’s values, emotions, behaviors, etc. are determined by HRM, which also respects their thoughts, beliefs, and viewpoints. It fosters corporate culture in this way.
  • Relations with employees: A key element of any organization is employment relations. Maintaining positive working connections between employers and employees is the goal of human resource management (Osland, 2013). Strong employment relations motivate workers to perform better and be more productive.

Strategic Importance of Human Resource Management

An organization’s human resource management is crucial since it helps to develop a competent and professional workforce. It handles the organization’s hiring, selection, and training needs (Sassen, 2016). It conducts training programs, manages teamwork, hires people in a methodical manner, helps with scheduling, monitors, and more. Additionally, it is valuable since it keeps an eye on the company’s culture and fosters creativity and productivity to build and expand the firm.

They research, recommend, and implement employee benefits and pay plans that will draw in new hires and aid in keeping top talent. Additionally, they develop and implement strategies for the organization’s expansion and growth. Contributing to an organization and carrying out various tasks is regarded as a crucial role. By participating in employees’ activities, it also improves the working atmosphere. It also aids in the organization’s conflict reduction. In conclusion, human resource management is extremely important and crucial to a company.

Integrating HR with Other Business Functions

For a business to succeed generally and grow, relationships between human resource operations and other value chain functions must be maintained. Since they advise top managers on human resource policies, they have advisory connections. It hires staff, keeps an eye on operations, and offers training to several areas inside the company, including marketing, sales, finance, and operations. By helping the other divisions in their different operations, it is interrelated with them and value chain of business (Voegtlin, Patzer and Scherer, 2012).

Self‑Paced Learning

I’ve learned from this research that the global business environment is the setting in which different sovereign nations operate and offer their services. It encompasses several elements that impact an organization’s performance, including political, legal, social, technological, and environmental variables. I also learned more about the functions of marketing. It is a feature that aids a business in providing clients with its goods and services.

Additionally, it analyses marketplaces to determine consumer demand and produces goods and services based on their specifications. Offering goods in line with consumer preferences and tastes will increase revenue and spur business expansion. Additionally, via working with my personal instructors, I learned about the many marketing purposes. An organization’s marketing role is necessary to achieve several business goals. Through a variety of strategies, it generates demand for goods and services. Additionally, it makes every effort to give clients the best services possible. Effective customer service has the benefit of increasing customer satisfaction, enhancing brand perception, and encouraging repeat business. It also helps a business make money by providing its customers with efficient services. It boosts an organization’s market share through a variety of initiatives, the development of new products, and the creation of a competitive edge through comparison with similar items from other businesses. In carrying out its duties, it also collaborates and coordinates with other departments. I’ve also discovered that the roles played by different departments are connected to those of other organizational divisions. In addition, I have gained a great deal of expertise and information about human resource management by working with my peers. Any organization’s HRM department is essential since it handles a wide range of tasks, including hiring, training, selection, and staffing. It oversees the administration as a whole and human resources.

It makes effective and efficient use of resources. It offers workers training to enhance their abilities, aptitude, expertise, etc., to boost output and performance. One positive thing I’ve discovered is that it fosters the organization’s corporate culture. The organization’s decision-making process determines and considers the ideas, views, opinions, etc. of individuals. The human resource department collaborates and plans different tasks with other departments and is extremely valuable. It complies with rules and regulations to give workers their rights and shield them from unfair treatment. Additionally, it works to maintain and strengthen the bonds between the organization and its personnel. Finally, I would like to mention that this report has taught me a lot of new things about marketing and human resource management.

Conclusion

The project report mentioned above leads to the conclusion that business functions are essential for any organization to handle day-to-day operations in the global business environment. By determining and meeting consumer needs, marketing plays a crucial role in helping businesses sell their goods. Through a variety of tasks, it helps an organization turn a profit. Human resource management plays a significant role in the organization’s hiring, selection, and development of staff members. Since both marketing and human resources assist other departments in carrying out several tasks, they are tied to one other.

References

Books and Journals

  • Black, J.S., Morrison, A.J. and Gregersen, H.B., 2013. Global explorers: The next generation of leaders. Routledge.
  • Briscoe, D., Tarique, I. and Schuler, R., 2012. International human resource management: Policies and practices for multinational enterprises. Routledge.
  • Caligiuri, P. and Tarique, I., 2012. Dynamic cross-cultural competencies and global leadership effectiveness. Journal of World Business. 47(4). pp.612-622.
  • Cavusgil, S.T. and Knight, G., 2015. The born global firm: An entrepreneurial and capabilities perspective on early and rapid internationalization. Journal of International Business Studies.46(1). pp.3-16.
  • Crane, A., Matten, D. and Spence, L., 2013. Corporate social responsibility in a global context.
  • Ferraro, G.P. and Briody, E.K., 2013. The cultural dimension of global business. Upper Saddle River: Pearson.
  • Gligor, D.M. and Holcomb, M.C., 2012. Understanding the role of logistics capabilities in achieving supply chain agility: a systematic literature review. Supply Chain Management: An International Journal. 17(4). pp.438-453.
  • Osland, J.S., 2013. An overview of the global leadership literature. In Global Leadership 2e (pp. 52-91). Routledge.
  • Sassen, S., 2016. The Global City: Strategic Site, New Frontier. In Managing Urban Futures (pp. 89-104). Routledge.
  • Voegtlin, C., Patzer, M. and Scherer, A.G., 2012. Responsible leadership in global business: A new approach to leadership and its multi-level outcomes. Journal of Business Ethics.105(1). pp.1-16.