Aims and Objective of the Business
In this coursework, I will be describing how functional areas help to achieve the aims and objective that contributes to a successful business. To explain this I will use same aims and objectives from my M1. I will also add few more aims and objectives of my own, as I do not have enough in M1. I have chosen Manchester United Football Club (MUFC) and Tesco as an example of a business. Financial department is important to achieve all this aims and objectives. In order to make more profit, MUFC will need to build bigger stadium.
For this further investment, finance department will have to make up budget. To improve the team the human resources department will need to appoint a better coach and buy new players, in order to do that, human resources department will have to interact with finance department to set up budget. Attracting fans can be done by promoting the team as well, so marketing department will also need to interact with finance department to set budget to how much they want to spend on promoting the team. If these departments failed to contribute effectively, the team will start falling apart.
Firstly, the team’s performance will become worse because of no good coach. All the good players in the team will leave the team and start joining other team. Then the fans for team will decrease day by day. If a stadium is built and marketing department does not do their job no one will visit their stadium and the whole business will fail. Functional areas like finance department, customer service department marketing department all will have to contribute in order to achieve their aims. All functional areas will have to interact with finance department to set up the budget for other departments.
Marketing department will have to advertise their stores if they have invested on new stores and show that they are making profit to sell shares. Customer service departments will have to improve the service by adding more checkout counters and new trolleys which requires money so it also connects with finance department. If these functional areas failed to do their job then the business will be bankrupt as people will not visit Tesco even though if it’s close to them as marketing department may not have done their job. People will not buy their shares.
People who visit their store may not visit again if the customer service department has not improved the service provided to the customer. If finance department failed to give enough money to other departments then none of the department will be able to do their task. So it’s important for all the departments to contribute if not then business will be bankrupt. Conclusion From this coursework, I conclude that it is very important for all the business to contribute towards the business or else the business will go bankrupt. If they will perform well then the business will have more profit.