1 page/≈275 words
Business & Marketing
Functional Area Importance Research Assignment Paper (Essay Sample)
Which functional area (Accounting, Marketing, Finance, Research
and Development, Operations, Human Resources, I.T., etc.) is most important in the long run
success of the firm? Defend your answer.
The Most Important Functional Area
Date of submission:
The Most Important Functional Area
The long-run refers to a period in which the quantities of all inputs used in the business can be varied. Success in the long-run requires three basic rules namely choosing to improve, increase revenue and striving to follow the first and the second rules (Kester, Hultink & Griffin, 2014). These three basic rules can effectively facilitate the firm’s strategic alignment majorly because they are simple, certain and easy to apply. By considering functional areas such as Accounting, Marketing, Finance and Human Resources among others, the Human Resources constitute the most important in achieving long-run success illustrated as follows.
First, in case success of the firm in the long-run is defined as aiding the business to accomplish its mission, vision and goals then Human Resources is precisely the most important functional area to consider. According to (Evans & Karecha, 2014), the Human Resources serves as the engine that is essential since every other good thing would be derived from it. For example, it is the area that all the remaining areas such as Marketing, Research, and Development rely on. It sets policies, procedures, and programs among other things that are deemed critical for the success of the business. It all requires the Chief Human Resources personnel to develop well in advance guiding principles or the firm’s operating framework.
In addition, it is the Human Resources that identifies and hires qualified and experienced staff to take charge of other functional areas. It should have in place suitable measures to organize staff and monitor the operation of other functional areas. For example, Human Resources should develop, offer support and create an enabling workplace for the rest other functional areas (Hunger & Wheelen, 2014). Therefore, the chief human resources officer should have a strategic mindset, understand the firm and the industry in order to bring together all other functional areas to form a single unit focused on the long-run success of the firm.
Evans, R., &...
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