Importance of Marketing, HR, and Finance Departments in an Organization

This report discusses the importance of marketing, human resources, and finance departments in an organization, using TESCO as an example. It highlights the role of team work and collaborative work practices. It also explores financial management and reporting, along with the documents used in financial reporting.

Business report about
a company

Executive Summary
Business includes various functions which aids to perform the firm's practices in more
efficacious way. Marketing, finance and human resource are main department of entities that is
helpful in performing their business operations in appropriate way for attaining the desired
objectives. Also, this have been examined that practices of team work will aids to maximise
organisational productivity and performance. In addition to this, this report is about financial
management and reporting along with its importance.

Table of Contents
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................1
Departments in an organisation...................................................................................................1
Marketing Department................................................................................................................1
Human Resources Department:...................................................................................................2
Finance Department....................................................................................................................3
The importance of team work.....................................................................................................3
Collaborative Work Practice.......................................................................................................3
What is financial management?..................................................................................................4
Reporting.....................................................................................................................................4
Documents...................................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business studies is considered as an area of study which is associated with various
activities that is undertaken into entities. This is vital aspects which have to be understood as
well as utilised through person for assuring an effective maximisation of knowledge and skills
which are related in respect of business practices (Dohand et. al., 2017). In this report the
undertaken company is TESCO which is well known groceries and general merchandiser having
headquarters is in England, UK. This report involves role of marketing, human resource and
finance department, importance of team work and understanding of collaborative work practices.
Moreover, financial management, it significance and reporting along with their purpose are also
discussed in this report.
Departments in an organisation
Organisation is considered as a group of individuals who perform together. This exists as
individuals work together may accomplish work in more effective manner as person performing
individually. In organisation, there are various departments such as research and development,
production, marketing human resource and others. Such as TESCO is an organisation that deals
into various products and providing many services. Moreover, the main department of respective
firm are marketing, human resource and finance. This is important for TESCO to have different
departments as all sections plays several roles and responsibilities as well as makes the firm's
task simple for undertaking their many and difficult activities accordingly and attain their
objectives effectively and efficiently.
Marketing Department
This department is considered as overall procedures, techniques as well as methods
which are utilised for communicating their existing product or services to targeted marketplace
and consumers (Newman, Schwarz and Ahlstrom, 2017). So, respective department of TESCO
plays some crucial role that are discussed underneath:
 Enhances profitability: This is considered as prominent role that marketing department
plays in organisation. It is so as this assists into emergence of proper appeal of company's
offerings that motivates as well as attract more number of clients for buying its goods.
Therefore, this role is played by TESCO's marketing department so that they can able to
enhance its profitability margin effective way.
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 Maximisation of consumer relationship: The marketing department plays vital role in
building relationship among clients. It is attained by doing promotion as well as publicity
of goods into competitive market areas. Therefore, marketing department of TESCO play
this role so that they can able to develop effectual relation with customers.
Importance of marketing department in an organisation.
In TESCO, it is essential to have marketing department as this aids to develop effectual
relation among clients and offerings into marketplace. Moreover, this also helpful in satisfying
its customers needs.
Human Resources Department:
Human resource department is accountable for performing effectual as well as efficacious
function of business (Quinlan and et. al., 2019). Moreover, this is related with proper
management and acquisition of personnel into entities. Within TESCO, the respective
department plays various efficacious role that is described underneath:
 Formation of workplace policies: As all entities has policies fro ensuring equality and
regularity into firm. Therefore, the crucial role which is plays by human resource
department into TESCO is formation of policies. Fro this, it identified needs for policy or
modify that, seek views on that policy, write thereafter deliver that to its workers. Thus,
this role is performed into TESCO as it assists them in formulating efficacious work
environment.
 Staffing: Entities needs person for performing work and get job performed in
organisation for negotiating the packages of salary. Therefore, it is played by TESCO's
human resource department as it assists them in gaining skilled and proficient staff so that
the task can be performed in appropriately to attain their goals.
Importance of human resource department in an organisation.
In all entities, it is important to have human resource department as this is helpful in
managing the most valuable as well as essential resources of firm (Rohlfer and Zhang, 2016).
Moreover, without appropriate functioning of respective department TESCO can not able to
attain a higher level of effectiveness as well as personnel management.
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Finance Department
Finance is define as vital part for firm that manages its funds. The function of finance
department involves planning, organising, auditing, accounting as well as controlling the firm's
finances (Roudometof 2016). Moreover, in TESCO this generally generates their firm's financial
statement. In respective organisation finance department plays various role which are discussed
underneath:
 Acquisition and usages of funds: This is considered as crucial role which is performed
through finance department into entities. This role is associated with obtaining monetary
funds as well as optimum utilisation of same in firm by delegating capital into various
practices based on its significances.
 Management of organisation's cash flow: It is regarded as a vital role which is
performed by finance department. As this is an responsibility of this is to manage overall
outflows as well as inflows of cash. Moreover, it also ensures that there are appropriate
funds which is available to meet day to day practices of company. Therefore, in TESCO
finance department plays this role to assures that its creditors and vendors are paid
effectually at certain time duration.
Importance of finance department in an organisation
In TESCO, it is important to have finance department as this aids them to plan as well as
control the financial resources. Moreover, it also aids them to formulate effective investment
decision so that a profitable outcomes can be gained.
The importance of team work
Team work is considered as a overall efforts which is essential for entities and aids firm
to attain targeted objectives. In TESCO, it is important for its workers to perform into a team so
that they can able to split complex task into easier form and then work together to accomplish it
in faster manner. Moreover, this promotes strong work relation, produce more revenue and
others all these assists into attaining organisational success.
Collaborative Work Practice
Collaborative working practices is considered as efficacious activities that person of
entities perform together for attaining the objective efficaciously. In TESCO, it is centralised fro
assuring that all person contributes towards accomplishment of objectives and fulfil the firm's
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needs. In respective organisation, various department work collaboratively so the interrelation
among different departments are discussed underneath:
Marketing and production department: Marketing department has to find and examine consumer
requirements. On other side, production department is accountable for manufacturing its goods.
So, both department work collaboratively as whole information accumulated through marketing
section will communicated to production one for producing effective quality of products.
HR and marketing department: HR department is accountable for recruiting talented staff. Where
as marketing section is responsible for developing effective promotional strategies. Both
department work collaboratively for accomplishing TESCO objectives. As human resource
department hire the talented employees for marketing area so that they effective perform to make
appropriate strategies and enhance sales.
What is financial management?
Financial management is regarded as analysing and dealing capital as well as investment
for enterprises that aids them in formulating gainful decisions (Yuliansyah, Rammal and Rose,
2016). So, this is crucial for TESCO as it assist them in determining their monetary requirements
and drives them towards doing financial planning.
Reporting
Financial reporting is considered as a disclosure of monetary results and related data to
management as well as external stakeholder like consumers, investors and many more about how
company performs over a specific time duration (Zimmerman and Blythe, 2017). So, in TESCO
this report is prepared fro delivering effective information to its stakeholder of its business so
that they can abel to formulate profitable business decision.
Documents
Some documents that is prepared through TESCO are discussed below:
 Balance Sheet: This is considered as a statement of company's liabilities, assets as well
as net worth. This utilised in TESCO as this facilitates an snapshot of its firm's accounts.
Moreover, this is also helpful determining working capital, to understand new value and
others. This is utilised through owners or finance manager.
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 Profit and Loss account: This is considered as a financial statement which summarises
expenditures, revenues as well as cost which occurs during particular period (Profit and
Loss Statement (P&L), 2020). This document is used in TESCO for obtaining knowledge
about its capability or inability to produce profitability through enhancing income,
minimising cost and others. This is utilised by both internal as well as external
stakeholders.
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CONCLUSION
From the above report, it has been concluded that business introduction is essential for
person as this permit them to develop awareness and knowledge regarding how firms perform.
Moreover, HR, marketing and finance are important department into entities which aids to
promotes product recruit effective candidates and others. Team works helps to split complex task
into easier form and then work together to accomplish it in faster manner and attain its
objectives. Also, financial management is helpful in determining their monetary requirements so
that all finances get managed appropriately. In addition to this, some document are prepared by
entity which facilitates an snapshot of its firm's accounts.
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REFERENCES
Books and journal
Doh, J. and et. al., 2017. International business responses to institutional voids.
Newman, A., Schwarz, S. and Ahlstrom, D., 2017. Microfinance and entrepreneurship: An
introduction. International Small Business Journal. 35(7). pp.787-792.
Quinlan, C. and et. al., 2019. Business research methods. South Western Cengage.
Rohlfer, S. and Zhang, Y., 2016. Culture studies in international business: paradigmatic
shifts. European Business Review.
Roudometof, V., 2016. Glocalization: A critical introduction. Routledge.
Yuliansyah, Y., Rammal, H.G. and Rose, E., 2016. Business strategy and performance in
Indonesia’s service sector. Journal of Asia Business Studies.
Zimmerman, A. and Blythe, J., 2017. Business to business marketing management: A global
perspective. Routledge.
Online
Profit and Loss Statement (P&L). 2020. [Online]. Available
Through:<https://www.investopedia.com/terms/p/plstatement.asp>
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