Role of HR, Marketing, and Finance Functions within Organization

This report discusses the role of HR, marketing, and finance functions within an organization, with a focus on Morrison's supermarket in the UK. It also explores collaborative working practices and the role of financial management and reporting.

ASSESSMENT

Table of Contents
EXECUTIVE SUMMARY.................................................................................................................................3
INTRODUCTION...........................................................................................................................................3
Role of HR, marketing and finance functions within organisation ..........................................................3
Develop understanding of collaborative working practice .....................................................................5
Demonstrate knowledge role of financial management and reporting within organisation...................5
.....................................................................................................................................................................7
.....................................................................................................................................................................7
CCONCLUSION ............................................................................................................................................8
REFERENCES................................................................................................................................................9

EXECUTIVE SUMMARY
Business studies refers the several activities of the business enterprises that helps in
gaining tge higher profits and revenues. This report is based on the Morrison's that is a leading
supermarket within the UK. It includes the several aspects that is helpful to completing the task
of the business enterprise. In this role of finance, marketing and human resources are to be
included along with collaborative working practices that helps in smooth function of the
activities without creating any conflicts. At last in inculcates the role of financial management
and reporting that helps in gaining the profitability results to the business organization.
INTRODUCTION
Business activity refers to the activity of one’s living or earning money by manufacturing
or producing the goods and services. In this business study reflects the decisions that are
beneficial for regular activities within business so that it can survive for longer period of time.
This report is based on Morrison’s that is leading supermarket in UK that deals in clothing, foods
and many more. This includes the role of finance, HR and marketing that is significant for
gaining the task and gaining competitive advantage. Further it explains the team work that helps
in smooth functioning of activity. At last it inculcates the role of financial and reporting
management so that objectives can be attained on specific manner(Ghauri, Grønhaug and
Strange, 2020) .
Role of HR, marketing and finance functions within organisation
In business there are different types of activities are performed and in this every
department can understand their role effectively and efficient. In context of Morrison’s role of
different department i.e. HR, Finance and marketing can elaborated below:
Role of HR
 Evaluate employee performance- HR play an essential role within Morrison’s by
evaluating the employee’s performance on their current and past data so that they give the
productive work to company and gain higher profits. It is also importance for enhancing

the employee’s performance and also motivates for effective working(Farooq and et. al.,
2017).
 Recruiting and selection- Another major role of HR is to recruit and select the best
candidate for the vacant position so that task can be done smoothly within Morrison’s.
This helps in enhancing the productive results by placing right candidate on right job. It is
very beneficial for enhancing brand image.
Role of Finance
 Organize the financial resources- The role of finance in Morrison’s is to manage all the
financial resources so that company has enough funds to invest in the profitable
opportunities.
 Developing Budget- Another role of finance is allocating and developing budget for
completing the task in effective way so that extra cost cannot be spend. It is beneficial for
enhancing firm profitability(De Stefano, Bagdadli and Camuffo, 2018).
Role of Marketing
 Fulfilling Customer’s demands- In Morrison’s marketing manager can play a role of
analyzing customer’s demands and fulfills it for attracting large base of customers and
gain high amount of profits.
 Promoting company brand-Department of marketing play a role of promoting there
products and services in front of large audience so that customers can effectively take
buying decisions and organisation get high revenues and sales volume.
Team work and its importance within organization
Team work refers to the group of people who work together to for attaining the common
goals in a specified period of time. It play a significant role in the profits and sustainability of
the business and also enhances the productivity of the firm. So that it will survive for a longer
period of time.
Importance of team work within organization

 The major importance of the team work is that it will bring the new ideas within the
company so that firm will get the higher success in the competitive world.
 Another major importance of team work is to ensure that the task can be attained on a
specified period of time and for this task can be allocated within the team members so
that high profits can be enjoyed.
Develop understanding of collaborative working practice
Collaboration refers to the practice of working within a group to achieve the goals in
specific time frame. In this company can develops the team of voluntary employees who work
collaborate and attain the objectives and sustainability effectively. In case of Morrison’s some of
the collaborative working practice can shown below:
 Collaborations between HR and marketing- In Morriosn’s there is effective
collaboration between HR and marketing department and due to this company can
achieve their goal in smooth way. In this marketing department attracts the new talent in
market for vacant position and HR department can select the best out of them. Both the
departments are working as a team to gain high returns(Christofi, Leonidou and Vrontis,
2017.
 Collaboration between finance and production department- In case of Morrison’s
there is effective teamwork in both the department due to this company can enjoy the
high saving and get the high returns effectively. in this finance department can allocate
the budget according to that production department can spend so that purchase can be
done in effective and efficient manner.
Demonstrate knowledge role of financial management and reporting within organisation
Reporting is very helpful for the company because it helps in enhancing the future
forecasting, marketing guide, improving decision making etc that would enhance the overall
organisation performance within their longer survival. In case of Morrison’s finance and
reporting play an essential role that can be shown below:
 Budget and forecasting- It is a role of finance department to allocate, prepare and
forecast the budget for the beneficial of company. This is finance department can

examine the current and future budget so that budget can be prepared in effective and
efficient manner(Brock and et. al., 2017). These Budgets are appropriate for archiving the
entire department and also helps in maintaining reserves.
 Book-Keeping- It is an essential role of financial management in which they keep all the
record on daily basis. In this Morrison’s financial management can keep all their records
related to expenses and profits so that further investments can be done appropriately.
 Assisting manager in strategic decision making- In this reporting manager can
provides the knowledge in all department of Morrison’s so that they can enhance their
sales and production according to that for earning higher profits and revenues) (Kaur and
Sharma, 2015).

C
CONCLUSION
From the above report it is concluded that organization study is very essential for gaining
high profits and sustainability of the Business enterprise. In inculcates the role of finance, HR ,
marketing that are essential resources of company for enhancing the revenues and gaining
competitive advantage within marketplace. In this effective teamwork is more essential because
due to this task can be done smooth manner. In this financial management play a prominent role
to forecasting budget so that high returns can be gained in effective and efficient manner.

REFERENCES
Books & Journal
Brock, S.E. and et. al., 2017. Toward more practical measurement of teamwork skills. Journal of
workplace learning.
Christofi, M., Leonidou, E. and Vrontis, D., 2017. Marketing research on mergers and
acquisitions: a systematic review and future directions. International Marketing Review.
De Stefano, F., Bagdadli, S. and Camuffo, A., 2018. The HR role in corporate social
responsibility and sustainability: A boundary‐shifting literature review. Human Resource
Management. 57(2). pp.549-566.
Farooq, M.S. and et. al., 2017. Acceptance and use of lecture capture system (LCS) in executive
business studies. Interactive Technology and Smart Education.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Kaur, J. and Sharma, S.K., 2015. Internal marketing: Scale development and
validation. Vision. 19(3). pp.236-247.