Role of HR, Marketing and Finance in Body Shop Company
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This report discusses the role of HR, Marketing and Finance functions within the Body Shop Company. It also covers collaborative working practices and the role of financial management and reporting within the organization.
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INTRODUCTION TO BUSINESS STUDIES
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Table of Contents INTRODUCTION.........................................................................................................................3 MAIN BODY..................................................................................................................................3 1.Describe the role of HR, Marketing and finance functions within organizations..................................3 2.Develop an understanding of collaborative working practices..............................................................4 3.Demonstrating knowledge of the role of financial management and reporting within the organization5 CONCLUSION..............................................................................................................................6 REFERENCES..............................................................................................................................7
INTRODUCTION Business studies are being generally regarded as the principles which helps in strengthening the leadership sills, management skills in the workplace. The BODY SHOP company is the international business concerning the successful retailer in the skin care, cosmetics designing mainly for the personal care products. The company is always known for selling and creating the natural products. This report will specify details of the body shop by describing the role of the HR, marketing and finance function related to the organization mainly the marketing mix for promotion. Also understanding various collaborative working practices of the company. Lastly demonstrating on the role of financial management and reporting within the organization. MAIN BODY 1.Describe the role of HR, Marketing and finance functions within organizations The role of human resource is mainly concerning on the with the maximizing the productivityofthecompany.TheHRofthecompanywillmainlyperformvarious responsibilities relating to providing benefits, recruiting employees, also firing the unsuitable employees which are not productive for performing the job. The HR will staff the employees for the body shop company, also provides compensation to them for performing their assigned job, and furthermore the HR manager will also build better relations with the personnel’s as for engaging them for working better towards the company. The human resource manager mainly emphasizes for the contributing the cognitive approach for the body shop company. as recruiting the most talented employees for working in the company which helps in targeting on the thoughts and ideas for supporting the products of company (Yawalkar, 2019). The HR manager of body shop will support in managing the talented personnel’s and develops the leadership which helps in improving the employees and customer’s engagement resulting in fruitful conditions for the company. The role of the marketer in the company mainly emphasizes various strategies which helpsingeneratingthesalesofthecompany’sproducts.Bodyshopcompanyisusing segmentation strategy which mainly targets the demographics segmentation (Huang, 2020). The marketisbeingsegmentedaccordingwithdifferentoccupation,workingadultsandthe housewife’s. concerning the pricing of the products the middle high income people with age group will buys the products. The company is mainly targeting women market with different
product ranges. these products are used by women’s who generally want to look attractive and preventstheirskinfirmdamaging.Alsothepositioningofthecompany’sproductsby maintaining the customer’s healthy lifestyle as it uses the manual organic ingredients for manufacturing of the products. The role of the marketer in the company helps in building the brand image of products with great quality. Also with the string advertising and marketing of the products the company uses the faux glass for positioning itself as the green company. the marketerhelpsinpromotingtheproductsbyusingvariousblogs,YouTubechannel, campaigning about the products ranges with the videos, social media channels which helps the company in creating the global impact. Finance in the business helps in assisting the formation of the cosmetics brand, it allows the company for grasping various opportunities relating to the growth. The main objective of the finance function is it aids in assessing the financial needs of the organization and assists the potential sources to raise the finance for the company. The finance functions for the body shop company is related to financial planning, forecasting, raising funds for the debts, allocating various funds in marketing and promotions and designing of the products. also making plans relating to the budgetary control. 2.Develop an understanding of collaborative working practices The collaborative working practices are generally concerned with the working jointly on a particular project and achieving the common established goals. the collaborative working practices will help the company in improving the employee’s productivity. it also aids in easy working for the common purpose and solves the existing problems for delivering the desired results. The various collaborations with other brands will help the company in marketing products better and capture potential customers (Alpenberg and Scarbrough, 2021). As the collaborations and partnerships are the important key for branding the beauty products as it scales up at high level which aids in building the e commerce capabilities and promotes growth in the dynamic changing market. The body shop has collaborated with the street artist ben EINE, by collaborating with them has raise large amount of funds for charity purpose. These funds were raised for innovative social and environmental projects. The company has also redesign their products namely the hemp hand protector by packaging it uniquely by featuring change in front
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packaging. This partnering will also solve the issues relating to the e waste and plastic to fuel technological solutions. The main beneficiary change was resulted for the company was mainly with the recycling of the products and the infrastructure this has generated various employment opportunities in various developing countries. also some amount of charity was being given for converting the plastic pollutions which is being harvested mainly from oceans and converting it into the gasoline and diesel by vaporizing it. This innovative business partnership will result in the better ethical and sustainable business (Ammon, 2018). There are various programs being launched by the company which regenerates the beauty products for the company. The community trade is being the recent practice which is being followed by the company. This program will help the body shop in fair trading with the suppliers mainly focuses on the community development, and providing the proper supply of the products at reasonable time. This practice will benefit the users trading and helps in financial resources to develop the areas for the education for younger generations (THE BODY SHOP AND EINE COLLABORATION RAISES £325,000 FOR CHARITY,2020). Also, the company has collaboration with the green pace which generally promotes the products related to jojoba oil which is being regarded as the better alternative whale concerning in the top oil cosmetics. 3.Demonstrating knowledge of the role of financial management and reporting within the organization The role of the financial management in the company is mainly associated with the forecasting of the financial strategies, planning of the finance estimating the also level of the company’s products and assessing the company’s debt. The financial department of the company plays key role for structuring various departments mainly the selling and production. Financial forecasting of the company: The financial forecasting emphasizes on the companies assessing the possibility for predicting the potential success of various investments in projects. For this restructuring various strategies which helps in successful calculating the possible furcating variants. the company is using the t-shape accounts and the percentage of sales for future forecasting for the products (Brüggen and et.al., 2021). Thus the forecasting strategies being used by the company resulted in the most successful and leads the company towards higher growth.
Estimatingthesaleslevelofcompany’sproducts:Thecompanywasalsoassessing continuously the sales level which generally helps in achieving success and in attracting the customers for generating better sales of the products. The body shop also emphasis on the various costs projections and demand of products (Jones and et.al., 2021). Thus the sales forecasting helps in assessing the current sales level which evaluates he performance of organization. Sensitivity analysis:This is regarded as the assessing the financial performance system which observesthecompanygrowthandprofitability.Withtheincreasedtheproductionand purchasing of various raw materials will be regarded as the steady growth in the sale ratio which further resulted in success position for the company and provides better opportunities for the future analysis. The role of reporting in the organization is the approach of reviewing and managing the various operations and areas related to the cosmetics company. This area will help in monitoring the performance related to sales department, finance department, human resources and stock. The body shop company will report and monitors for evaluating the performance of the enterprise as it helps in evaluating the lacking areas, and performance of company. Reporting and monitoring aids in the growth and attaining profits for future. CONCLUSION Form the above report it can be concluded that the body shop operating in the international market providing its wide range of cosmetics and skin care products mainly to the female consumers. The HR department play an important role in the body ship company for employing the competent personnel’s which helps in providing best results for the company also the marketer will promote the products by using various promotions online as well as on the offline stores of the products. Furthermore, the financial department of the body shop company arranges the financial planning also allocates finance which provide better productivity for the company. Also the company have collaborated with the green pace and the street artist ben EINE for accomplishing the common goals. moreover, the financial management role and reporting in the company plays a significant role for the company which helps in establishing the desired objectives.
REFERENCES Alpenberg, J. and Scarbrough, D. P., 2021. Practice theory in a collaborative context.Journal of Business Research.123. pp.415-422. Ammon, K. H., 2018. QUALITY IS EVERYTHING: Quality is an essential foundation for successful reporting within any organization.Strategic Finance.100(5). pp.25-27. Brüggen, A and et.al., 2021. DEMAND FORECASTS IN ORGANIZATIONAL PLANNING.Strategic Finance.102(10). pp.42-47. Huang, Y. T., 2020. Internal marketing and internal customer: A review, reconceptualization, and extension.Journal of Relationship Marketing.19(3). pp.165-181. Jones, A and et.al., 2021. Finance for a future of sustainable prosperity.Area.53(1). pp.21-29. Yawalkar, M. V. V., 2019. a Study of Artificial Intelligence and its role in Human Resource Management.International Journal of Research and Analytical Reviews (IJRAR).6. pp.20-24. Online THE BODY SHOP AND EINE COLLABORATION RAISES £325,000 FOR CHARITY. 2020. [Online]. Available Through: < https://www.globalcosmeticsnews.com/the-body-shop- and-eine-collaboration-raises-325-000-for-charity/>