Introduction to Business Studies: Coursework 1 Report Analysis

This coursework report provides a detailed analysis of essential business functions, including Human Resources, Marketing, and Finance, highlighting their roles and responsibilities within an organization. The report delves into the intricacies of collaborative working practices, exploring principles crucial for effective teamwork and partnerships. Furthermore, it examines the significance of financial management and financial reporting, outlining their roles in decision-making, cash flow management, and resource allocation. The report also covers the importance of financial reports in understanding a company's current financial position. The report concludes by summarizing the key findings regarding the interplay of these functions and practices in achieving organizational goals. It offers valuable insights into the interconnectedness of various business aspects and their impact on overall performance, drawing from various books and journals.

COURSEWORK
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Different Function of Human Resource, Marketing and Finance Function...........................3
Collaborative working practice and principle........................................................................4
Role of Financial management and Financial Role................................................................5
CONCLUSISON.............................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Coursework is a practical work done by a student during a course of study. This report
highlights the different function of Human resource, marketing Function and Finance function of
an organization. After that the report highlights aspect of collaborative practices and different
principle of same in the organization. In the end the report highlights the role of financial
management and financial role in the organization.
MAIN BODY
Different Function of Human Resource, Marketing and Finance Function
Human Resource: Human resource function of an organization is known as one of the
main function of an organization. As this function of organization used to look at managing and
maintain employee or human power of company in market. HR generally used to perform three
main functions in an organization. Recruitment is first function of organization in which
organization used to create the pool of good employee, selection is another function in which
they used to select the best employee in the organization, and development is another function in
which they used to develop different skill set of employee in the organization (Capps III and
et.al., 2019). After that Another function of HR is to retain, in this function they used to perform
different activity in the organization to retain different customer in an organization. This
function of organization generally used to improve the efficiency of employee in the
organization, also to build good human employee in the organization.
Marketing function: Marketing function of the organization generally looks to promote
the product of the company in front of other in the market. Marketing function of organization
generally rooms around product development and providing same to target customer. Primary
function of marketing is to gather different information from the market about need and
preference of customer in the market. On the basis of same another function of marketing take
place that is product development. After that marketing of company used to promote the product
of the company in front of different consumer in the market so that all the consumer are having
idea about same in the organization (Clay and Norris-Tirrell, 2017). After that marketing
function of organization used to select the different distribution channel which will be used by
the organization to provide the product of company very efficiently to all consumers in the
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market. This function generally looks to improve the level of customer satisfaction of customer
in the market.
Finance Function: Finance function of organization is the function of the organization
which used to make sure that the organization is having adequate amount of finance in the
organization to carry out different operation of the business in the organization. Finance function
of organization look at fixing up of different budget in the organization for different department
and on the basis of the same different department used to perform different activity in the
organization. Another function of finance is that they used to forecast about the variety of
finance which will be require by the organization to carry out different operation in the
organization. On the basis of the same organization used to plan different procurement of fund
activity in the organization. Also finance department used to perform variety of different
supportive function in the organization as well. As finance function of an organization used to
provide support to variety of organizational activity such as planning, coordinating, organizing
and controlling (Kirsten, 2018)
Collaborative working practice and principle
Collaborative working practice in the organization is also define as joint or partnership
working in the organization. This type of practices generally covers variety of ways through
which two more organization can work together. This can be done in variety of was looking at
formal way than it can be merger or acquisition. At the same time looking at informal way
mutual understanding between two organizations is best way through which it can be done in the
organization. There are many principles which has to be followed by both the organization to
build a good collaborative working environment in the organization. Some of principles of
collaborative working are as follows:
Create a Clear and compelling cause: This is the first principle in which organization has
to makes sure that both the team are very clear about the reason of collaborative and their is
good relation between all of them in the market. Not only that both the organization in the
callobration has to make sure that there is clear vision which is pass on to all the employee in
both the organization as employee are the one in organization who are most uncertain about
different activity which need to be carry out by them in the organization. Also, organization has
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to promote more compelling message to different employee so that they feel more interested
toward carrying out different operation of business.
Communicate expectation: It is another principle of planning successful callobration
working in the organization. As they have to make sure that they used to showcase the clear
expectation that both the company is having from the callobration. In the organization context
organization has to make sure that they used to communicate clearly what organization used to
expect from different employee in the organization. This will eventually promote good clarity
among different employee in the organization. This will eventually help the company in getting
good support from different employee at the time of bringing any sort of changes in the function
of the organization.
Team working: It is another important principle which need to be look by the organization
when decided to work in group in the organization. At the time of collaborative working it may
happen that different employee used to face many different type of issue in the organization.
This eventually will create the situation of uncertaininty in the organization. So if organization
will be working in the team environment than all the team member will get the support of other
team member in the organization when any sort of issue will be faced by the employee in
carrying out different operation in the organization. As team generally used to includes the
employee with different skill set and multidimensional skill set employee in an organization
(Zéman, 2017).
Role of Financial management and Financial Role
Financial management is the function of the organization in which organization used to
check the financial health of the company and used to forecast the different requirement of
finance in the organization. Financial report at the the same time is the different type of report
which are prepared in the organization which used to help the company in analysing the
financial position of the business. Role of Financial management and Financial report are as
follows:
Role of Financial Management:
Decision making: Financial management used to help the company in making variety of
different type of decision making in the organization. As with the help of financial management
in the organization, company in able to understand what is the situation through organization is
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going through and on the basis of the same can make different decision in the organization very
efficiently (Sprung and Harness, 2017).
Cash Flow management: Financial management in the organization used to play the
role of cash flow management, as with the help of organization used to forecast the different
need of finance in the organization on the basis of the same in the organization. Financial
manager of the organization used to plan different cash flow activity of the organization.
Role of Financial report
Help in understanding current position; financial reporting in the organization used to
help the organization in understanding the financial position of the business. Financial reporting
used to show the different assets and liability of the business in the market. Also It used to show
the different debtor and creditor of the business in the market.
Allocation and optimum utilization of different resources: Financial reporting in the
organization used to help the company in allocating and optimum utilization of different
resources in the organization. As with the help of financial report one in the organization is able
to understand the number of the resources which are working in the organization and the real
amount of resources require in the organization. On the basis of the same in the organization
used to allocate different resources of the organization, this eventually used to help the company
in optimum utilization of resources in the organization and also help company in reducing the
wastage of different resources into the organization (Shortell, Rundall, and Blodgett, 2019).
CONCLUSISON
After going the report it has concluded that HR, marketing and finance function of
organization used to perform different activity. After that the report concludes there are many
different principle of collaborative function in the organization. Some of them are classified in
the report. In the end the report concludes the role of financial management and financial report
in the organization.
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REFERENCES
Books and Journals
Shortell, S. M., Rundall, T. G. and Blodgett, J. C., 2019. Assessing the relationship of the human
resource, finance, and information technology functions on reported performance in
hospitals using the Lean management system. Health care management review.
Capps III and et.al., 2019. EXPANDING THE COMPETITIVE PROFILE MATRIX:
INTRODUCING THE PRODUCTION/OPERATIONS MANAGEMENT,
MARKETING, HUMAN RESOURCE MANAGEMENT,
FINANCE/ACCOUNTING, RESEARCH AND DEVELOPMENT, AND
INFORMATION SYSTEMS COMPETITIVE PROFILE MATRICES. Journal of
Business Strategies, 36(1).
Clay, J. A. and Norris-Tirrell, D., 2017. The Mastery of Strategic Collaboration Practice.
In Strategic Collaboration in Public and Nonprofit Administration (pp. 313-326).
Routledge.
Sprung, S. and Harness, S., 2017. Collaborative working: benefits and barriers. In A Textbook of
Community Nursing (pp. 200-218). Routledge.
Zéman, Z., 2017. The risk-mitigating role of financial controlling at local government
entities. Public Finance Quarterly. 3. pp.294-310.
Kirsten, C. L., 2018. The role of financial management training in developing skills and
financial self-efficacy. The Southern African Journal of Entrepreneurship and Small
Business Management. 10(1). pp.1-8.
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