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Interdependence with Other Key Business Functions

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Daniel Spehar

on 23 June 2014

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Transcript of Interdependence with Other Key Business Functions

What is Interdependence?
-Interdependence refers to the mutual dependence that the key functions have on one another. The key business functions work best when they overlap, and employees work towards common goals.

-Each function area depends on the support of the others if it is to perform at capacity.
Interdependence with Other Key Business Functions

Marketing is about meeting the customers needs and wants through provision of products at prices that the market is prepared to pay.

Marketing looks at all aspects of buying and selling, including the psychological processes that people go through when thinking about purchases.
Human Resources
Human Resources deals with the people the business employs and the issues that arise from their employment. HR covers many aspects of employment resourcing that includes: Acquiring, developing, maintaining and motivation of staff.

HR Management is important as people (HR) are then recognised as the one of the most important people within the business.
Finance is the function that is most concerned about the recording and summarising the financial transactions into a series of reports that can be easily read.

Other reports such as balance sheets and budgets are also included within finance. They provide important information to decision makers both within and outside the business.

4 main business functions are:



-Human Resources

Operations refers to the business processes that involve transformation or more generally, "production".
Provision of services
Other value adding
May be domestic or global
It is how the business
The function of HR is to deal with the people the business employs and the issues arising from their employment.

Benefits of Interdependence
The main reason of interdependence is that we rely on one another in society to thrive as people. The benefit is that we are generally not alone in our efforts to grow and develop mentally, socially and spiritually. Different people take on different roles in business' that help support the company as a whole, while providing products or services and other things that people need.
Interdependence between key business functions
Interdependence refers to the manual dependence that they key business functions have on one another. Interdependence is always needed in a business through decisions being made in the implementation and monitoring of strategies. This means that the various business functions work best when they work together.
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