Role of HR, Marketing and Finance in The Body Shop
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This report discusses the role of HR, marketing and finance in The Body Shop. It also covers collaborative working practices and financial management within the organization.
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FY021 INTRODUCTION TO BUSINESS STUDIES
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 Presenting the role of HR, marketing and finance within the firm..............................................3 Develop an understanding of collaborative working practices....................................................4 Describing the role of financial management in the organization...............................................5 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................1
INTRODUCTION Business can be defining as the commercial activity of manufacturing, buying and selling the products with the motive of earning the profit. The present report is based on The body shop which is a British company that produce and sell skin care, cosmetic and perfume to their customer.Moreover, the organization sell their services worldwide with the headquarter locate at London, UK as well as have 3000 stores (The Body Shop., 2021). Furthermore, the study will discuss onrole of HR in the finance and marketing function of the company as well as how collaborative working practice can be developed. Lastly, the organization willanalysed about the role of financial management within the firm. MAIN BODY Presenting the role of HR, marketing and finance within the firm Human resourcesplays an important role in enhancing the ability of the form in the competitive market. Moreover, it manages the whole administration of the company that contributes in increasing the performance of the firm and maintain the healthy work environment within the organization (Cvetić and et.al., 2017). There is various role that have been played by the HR manager of the Body shopthat are explained in details below: Talent management:This the fist and the most important role of the Human resources managementfor recruiting the talented people as it will contribute in accomplishing the goals of the organization within the limited frame of time. The HR ofBody Shop conduct an interview for the vacant job and only graduated and experience people are hired by them.Training and development:This is one of the integral role of the HR team for conducting various activities in order to train and develop the skills of their employees (Momin, 2018). Moreover, Body ShopHR manger conduct various activities such as mentoring, coaching, on job training for the fresherand for the internship students. Along with this, it creates direct impact on the success of the organization. Marketingfunction:Theroleofmarketingmanageristopromotetheproductsinthe competitive market in order to earn profit and building brand image of the company in the business environment (Nafisa and et.al., 2019). There are 7 functions that has been followed by
Body shop in order to advertise their products such as promotion, selling, product management, market information, pricing, budget and distribution. Moreover, the company promote their goods and services through digital marketing or direct marketing that contributes in selling also likewise online website of the firm. Along with this, Body shop maintain the quality of the products in order to meet the customer satisfaction as well as take the data of the market through online survey or traditional method that will contribute in identifying the needs and taste of the consumer. In addition to this, the pricing of the products is a complicated process and Body Shop hasmade theirpricing according to the income of their customer and premium products cost is high (Ali, Shaban and Al-Zubi, 2017). Furthermore, marketing helps in generating revenue and sales through marketing and Body shop have large sales in local and international market that contributes in earning more and more profit. Last function of marketing is distribution and Body shop sell their products through online website and local stores. Finance function:The two main function of this sector is to make appropriate budget for the organizationso that it can identify the profit and loss of the company. Moreover, it helps the company in investing in new business venture or new department so that company can more effectively and efficiently (Kalyanpur and Newman, 2017). The another important function is support the business planning and contributes in decision-making Develop an understanding of collaborative working practices Body shop is successfulBritish cosmetics company that was able toachieve the height of great success through continuous efforts andteam building. Moreover, it focuses on developing cruelty-free products that are not tested on animals. Further, while working in group improved the problem solving of the workers of body and thus it ensured that all products that aremade can be fully recycled (Burlingame, McClendon and Yang, 2018). Also, cultural awareness was also improved and thus they were able to develop those products that are according to the current needs and wants of the customers Moreover, for the quoted firm critical thinking of the group was also enhanced that help the firm to develop those marketing tools that would help incommunicating the business ideas to the world and thus helped ingaining popularity and develop better brand image of the organization against its competitors. Moreover, working in groups helped the firm to enhancethemotivation levels that would force them to deliver betterresults in short period. Body shop employees has also developed the self management skills that has helped insolving complex problems without
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much need of the superiors and also helped them to share ideas and discussions openly to large group of audiences. However, working in groups may have certain disadvantage that have to be faced by the companysuch asit may create problems of conflicts in the working styleof any individual and as such some major tasks may remain unfulfilled or may be done in inappropriate manner that may add unnecessary costs to the operations of the company (Bakker and Albrecht, 2018). However, collaborative structures in the group place helps in better work division among the body shop members as tasks are made little easier. Thus, it is affective as company is always involved in large projects and as such breaking up the responsibilitiesin small portions work can be carried out in faster and better manner. Also, due to thismorale of the employeesof body shopimproved that help the business to generategood opportunities for the future (Mathieu and et.al., 2017). Therefore, more positive relationship and trust among the body shop workers can be seen at the workplace. Also, group working helped the quoted firm to improve the delivery time of various products as each worker focused on their strengths that help to improve the quality of work. Further, more of working groups in the quoted firm may result in assumption of workers that some individuals have leadership roles and there are chances that multiple workers may feel the same. Hence, tension would be created among the individuals that would lead in disapproval orcontradictingstatementsamongthegroupmembers.Also,whengroupsareformed (frequently)than they maytend towards the idea thatis made by the strongest member of the team and thusgroup thinking is affected on large level. Also, personal interactions may be reduced if group members connections are poor or limited as lag timemay reduce the productivity of the employees. Further, some people may resist in avoiding certain tasks if lot of introvert are present in the single group, and they resist in giving suggestions. Describing the role of financial management in the organization Financial management can be describing as the process of planning, directing, organising that contributes in managing the financial activity as well as overall management of the company (Lagoarde-Segot and Paranque, 2018). Moreover, the function includes allocation of financial resources and utilization of fund in the various activity of the department and businessventure. Along with this, it contributes in the success of business by providing the organization with
profit and loss of the firm. The major role of financial management is making an appropriate budget plan for the company that includes the profit and loss of present and previous year, other expense, total sales of present and previous year. In addition to this, it helps in identifying the market position of the firm as well as maintain the financial stability of the firm in the competitive market.Another function of financial management is to manage the capital of the firm that includes day to day expense, capita structure of the firm and the sources of funding that are required for meeting the needs (KHOMUTENKO and KHOMUTENKO, 2020). It also makes sure that company has enough cash flow for meeting the emergency and distant need for smooth functioning.Furthermore, it helps in identifying the balance between the assets and liability of the firm. It also eliminates and reduce the unwanted expense that contributes in enhancing the financial health of the company in the competitive market. CONCLUSION From the above report it has been concluded that Human resource, finance function and marketing plays crucial role in improving the productivity of the firm in the external market. It has been summarizedfrom the above study that HR manages the administration of the organization by fulfilling role of hiring the talented people and developing the training programs for them. So that it can contribute in enhancing the functions of thefirm. Moreover, the marketing functions helps in advertising the business at local as well as at international market. Along with this, thefinance function contributes in maintain the budget of the firmso that it can contribute in investing. Lastly, the study has depicted on the financial management that refers to planning the overall finance of the company.
REFERENCES Books and journals Ali, N. N., Shaban, O. S. and Al-Zubi, Z., 2017. The Effect of Implementing Integrated Marketing Communication Systems on Improving Marketing Function" A case study on OFFTEC Company".International Research Journal of Applied Finance.8(4). pp.186- 194. Bakker, A. B. and Albrecht, S., 2018. Work engagement: current trends.Career Development International. Burlingame, G. M., McClendon, D. T. and Yang, C., 2018. Cohesion in group therapy: A meta- analysis.Psychotherapy.55(4). p.384. Cvetić, T. and et.al., 2017. Quality and human resources in function of business excellence in production organizations owned by women entrepreneurs.JWEE. (3-4). pp.84-93. Kalyanpur, N. and Newman, A., 2017. Form over function in finance: international institutional design by bricolage.Review of International Political Economy.24(3). pp.363-392. KHOMUTENKO, A. and KHOMUTENKO, V., 2020. Efficiency of state finance management: theoretical and methodological approaches to evaluation.World of finance. (4 (61)). pp.67-82. Lagoarde-Segot, T. and Paranque, B., 2018. Finance and sustainability: From ideology to utopia.International Review of Financial Analysis.55. pp.80-92. Mathieu,J.E.andet.al.,2017.AcenturyofworkteamsintheJournalofApplied Psychology.Journal of applied psychology.102(3). p.452. Momin, M. M., 2018. Role And Relevance Of Human Resources Management In Contemporary Profit-Centric ERA.Sinergi: Jurnal Ilmiah Ilmu Manajement.8(1). Nafisa, S. and et.al., 2019. Integrating Internal and External Marketing Function for a Services Management Marketing Model in Iran.Religación,4, pp.233-237. Poniatowicz, M., 2017. Transaction costs in the context of the requirements of effective finance management for local government units.Ekonomia i Prawo. Economics and Law.16(3). pp.325-341. Online references 1
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