Role of Human Resource, Marketing and Finance in The Body Shop: A Business Studies Report

This report discusses the roles of human resources, finance, and marketing in The Body Shop. It also contains information about the organization's HR strategies and financial management.

Introduction to
Business studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of Human resource.........................................................................................................1
Role of Marketing...................................................................................................................2
Role of finance.......................................................................................................................2
Human resource strategy of the Body Shop...........................................................................3
Finance strategy of the Body Shop.........................................................................................3
Evaluation...............................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
A business can be defined as a process that involves an individual or a group of individuals
engaging in various commercial, industrial, and commercial activities. The major goal of the
company is to make more and more money while being competitive for a long time. The
information in the next report will discuss the roles of human resources, finance, and marketing
in an organisation (Opstad, 2018). This report also contains information about the organization's
HR strategies and financial management. The entire report revolves around The Body Shop. The
company is based in the United Kingdom and specialises in exotic cosmetics. The Body Shop's
headquarters are in London, and the company was founded by Anita Roddick in March 1967.
Following that, this study discusses which strategy is best for the organisation.
MAIN BODY
Role of Human resource
HR is the division of a department that is in charge of managing and recruiting an
organization's employees. Human resource management is critical to the efficient operation of a
company. The following are the responsibilities in the Body Shop company:
 Talent management: The HR department of an organisation is in charge of hiring,
recruiting, and supporting employees in order to promote employee retention. They
assign workers to various departments inside the company according on their needs and
demands.
 Compensation and benefits: Employees in the Human Resource department are also in
charge of an organization's rewards and benefits operations. The compensation
department is in charge of determining the remuneration structure for an organization's
employees, whereas the benefits department is in charge of employee insurance and
health coverage (Infante-Moro, Infante-Moro and Gallardo-Pérez, 2019).
 Training and development: The HR department is also in charge of establishing an
organization's training and development programme for its personnel. These programmes
not only increase employees' professional and personal skills, but also their productivity,
allowing them to achieve the stated objectives in a more efficient manner.
In the case of the Body Shop, the company's human resource personnel plays a critical part in
its success. The company's HR manager must continually focus on the department's proper
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operation so that the company's employees always feel safe, contented, and healthy. This not
only helps to boost staff retention, but it also helps to maintain a positive working environment.
Role of Marketing
The marketing department is the component of a corporation that is in charge of
promoting the company's goods and services in order to increase sales of the company's product.
The marketing department is completely responsible for the company's stability (Nicolescu and
Nicolescu, 2019). The marketing department's roles in relation to the Body Shop company are as
follows:
 The marketing department's main duty is to identify the customer's need and demand, and
their main goal is to convert the customer into a consumer (Rossier and Bühlmann,
2018). They are also in charge of maintaining long-term relationships with their clients
and other individuals.
 The organization's marketing department is always on the cutting edge, which is why
they are in charge of analysing market trends. They determine whether or not the
company's products are successful on the market.
 In addition, the marketing team works closely with the rest of the company's departments
to ensure that the company's objectives are met.
 Aside from promoting and expanding the organization's sales, the marketing department
is also responsible for building a positive or powerful corporate image in the market, as
well as in the hearts and minds of consumers (Cavazza and et. al., 2019).
 They not only deal with customers and retailers, but also with investors in order to
establish a positive and strong image of the company in the minds of investors.
In the case of the Body Shop, the marketing department's manager must concentrate on these
duties in order to create a strong market position. The marketing department's management must
continually keep an eye on market trends in order to tailor the product to the wants of the
customers. This aids them in projecting a positive image in the marketplace.
Role of finance
The finance department is the component of the firm that is in charge of generating funds
from various sources in the market. They are also in charge of keeping the company's accounting
and reports up to date. The finance department's responsibilities in the Body Shop company are
as follows:
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 Employees in the finance department are responsible for tracking daily business
transactions such as sales, purchases, payments, receivables, and so on. They are also in
charge of monitoring the financial statement and filing the annual return (Gomez-Mejia
and et. al., 2020).
 This department is in charge of monitoring the organization's cash flows and ensuring
that sufficient funds are available to pay day-to-day expenses.
 They also assist in informing the company about which projects should be pursued and
which projects will provide the biggest return in the future.
In the case of the Body Shop, the finance department manager must concentrate on the many
avenues of generating funds available in the market. This not only assists them in expanding
their business throughout the globe, but it also aids in the seamless operation of all of the
company's departments.
Human resource strategy of the Body Shop
 Recruitment strategy: The organisation has lately introduced a new approach for
attracting employees to the company. The method is known as "Open Hiring," and it
entails the corporation hiring an employee without conducting an interview, conducting a
background check, or conducting a drug test (Olsen and Solvoll, 2018).
 Training: In order to provide training to their employees and improve their training
programme, The Body Shop uses action learning as an approach that is a part of people
management essentials (PME). Employees' abilities are improved as a result of this
training, as well as their productivity in completing their jobs.
 Reward strategy: For motivating the company's personnel, the corporation employs
financial compensation systems. Employees are more productive as a result of these
techniques, and they work hard to meet all of the company's goals.
Finance strategy of the Body Shop
Profit and loss statement: This is a statement that includes the sales, costs, and expenses
incurred by the company over the course of a fiscal year (Jean and Tan, 2019). From 2016 to
2019, the company's earnings and sales climbed by six million British pounds. The body shop's
income in 2019 was estimated to be over 805 million British pounds. In 2020, the company's
total worth is estimated to be 884 million euros.
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Balance sheet: This can be defined as a financial statement that shows the company's
assets, liabilities, equity capital, and total debts. In 2019, the company's total asset was valued at
35,339.10 million dollars.
Cash flow statement: A cash flow statement, also known as a statement of cash flows, is a
financial statement in financial accounting that demonstrates how changes in balance sheet
accounts and income effect cash and cash equivalents, and divides the analysis into operating,
investing, and financing activities (Doern, Williams and Vorley, 2019). The cash flow statement
is primarily concerned with the inflow and outflow of cash in and out of the business.
Evaluation
The HR strategies are extremely ideal for the firm in order to attain a successful position in
the market, as evidenced by the aforementioned information in reference to the Body Shop Ltd.
These HR strategies not only assist the organisation in the seamless operation of all business
departments, but also in achieving its objectives (Kuntze and et. al., 2019). They provide proper
training to their staff with the help of these tactics, which increases employee and corporate
productivity. If the Body Shop company implements these techniques in their business, the entire
operation of the company will improve.
CONCLUSION
From the above report it has been concluded that the proper functioning of the various
departments of the business not only assists the company in attaining all of the organization's
objectives, but also assists the company in achieving a successful market position. The
company's various departments each have their own tasks and responsibilities, and they all work
together to achieve the company's objectives. The role of marketing, finance, and human
resource departments in relation to the Body Shop worldwide ltd is concluded in the aforesaid
report. The paper also discusses the many human resource methods employed by the Body Shop
in order to retain personnel, as well as the various financial strategies employed by the Body
Shop in order to grow and compete in the market. After that, it was determined that HR strategies
are the most important factor in the Body Shop's ability to expand globally and establish a strong
market position.
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REFERENCES
Books and Journals
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Management, 19(1-2), pp.31-54.
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business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development, 31(5-6), pp.400-412.
Gomez-Mejia, L and et. al., 2020. Family business and local development in Iberoamerica. Cross
Cultural & Strategic Management.
Infante-Moro, A., Infante-Moro, J.C. and Gallardo-Pérez, J., 2019. The importance of ICTs for
students as a competence for their future professional performance: The case of the
faculty of business studies and tourism of the University of Huelva. Journal of New
Approaches in Educational Research (NAER Journal), 8(2), pp.201-213.
Jean, R.J. and Tan, D., 2019. The effect of institutional capabilities on E-business firms’
international performance. Management International Review, 59(4), pp.593-616.
Kuntze, R and et. al., 2019. Improving financial literacy in college of business students:
modernizing delivery tools. International Journal of Bank Marketing.
Nicolescu, L. and Nicolescu, C., 2019. Using PLS-SEM to build an employability confidence
model for higher education recipients in the field of business studies. Kybernetes.
Olsen, R.K. and Solvoll, M.K., 2018. Reinventing the business model for local newspapers by
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Opstad, L., 2018. Success in business studies and mathematical background: The case of
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Rossier, T. and Bühlmann, F., 2018. The internationalisation of economics and business studies:
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