Role of Different Functional Units in Aldi Company
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This report discusses the role of different functional units in Aldi company, including human resource management, marketing, and finance. It also explores collaborative working practices and the role of financial management and reporting within the organization.
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1...........................................................................................................................................3 Covered in PPT...........................................................................................................................3 TASK 2............................................................................................................................................3 Covered in Poster.........................................................................................................................3 TASK 3............................................................................................................................................3 Role of different functional unit..................................................................................................3 Understanding of collaborative working practices......................................................................4 Role of financial management as well as reporting within an organisation................................5 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................8
INTRODUCTION Business studies is the essential part of the management that is responsible to carry out the functioning and design the offerings in order to serve the customer effectively. It basically helps the society to engage in various activities that are associated to cater the need and problem of individual as well as community. This involve the services that are rendered to human in order to satisfy their need and cover the immense market significantly. For the better understanding of report Aldi company has been selected which is the discounted store and has strong supermarket chains that relatively satisfy the necessities of people. The headquarter of company is in Germany and suitably deals in the offerings like grocery as well as household items. This report cover topics like application of internal as well as external factors that can impact the functioning of business. Along with that it include the role of marketing mix to understand the market situation and satisfy the need as well as requirement of people. Explanation of the role of different functions like HR of an organisation. Further, determine they collaborative working practicesandknowledgethatisrelatedtotheroleoffinancialmanagementwithinan organisation are covered in report. TASK 1 Covered in PPT TASK 2 Covered in Poster TASK 3 Role of different functional unit Human resource, marketing as well as finance are the core functions of an organisation that have diverse roles and responsibilities but function together with the perspective to attain the particular objective(Bailey and et. al., 2018). This leads to the interrelation and coordination amongst the different functional head to offer the comprehensive platform where group efforts maximises the effort and gain overall success. Thus, the explanation of diverse roles are responsibility in context to Aldi company are illustrated below: Human Resource Management:This function is responsible to manage the internal functioning of business by carrying out the whole recruitment and training procedure effectively.
Aldi company intensively focuses in their manpower as they deal with the customer due to which they needto haveupdatedknowledgeand skillregardingthe productso thatthey can successively enhances the footfall of company. The HR Manager of company is responsible to hire the desirable personnel on the basis of vacant position and train them to carry out their task potential. Along with that appraisal takes place on constant basis that leads to the growth and development of an employee through salary hike, promotion and so on. This further reduces the chances of turnover rate and maintain adequate relationship between employer and employee. Marketing function:It encompasses various function like identifying the changing pattern of customer, planning out to introduce the innovative product and promote the offering to target market effectively. This helps the business to survive in the intense competition and carry out functioning in order to manage the profitability and productivity wisely. So the marketing manager of Aldi company analyse the preferences of customer with the help of centralised database. This effective assist the manager to cater the upcoming requirement like respected company has the huge availability of organic and healthy food stuff so that the customers who are health freak can avail the services(Chukwu and Peter, 2018). Therefore, this helps to manage the long term customer relationship with electronic devices. Finance function: This department is responsible to manage all the monetary transaction that are related to funds so that the capital of firm is judicially used to mange the operations of company. For better functioning the budget are prepared for monthly, quarterly and annually basis as it helps to restrict the over or unnecessary utilisation of funds that act as hindrance while carry out operations. The functional head of each department gets the appropriate fund that they need to utilise for a particular time being which helps to reduce the chances of deviation and mismanagement. Thus, all the functions plays significant role within an organisation as the collective efforts leads to the synergy and help the employee to participate with the perspective to attain the particular objective. Such constant performance effectively help the firm to gain the edge over rivalry and perform functioning systematically. Understanding of collaborative working practices Collaborative working practices involve the role of both the employer and employee that collective carry out the functioning with the perspective to address specific issues of firm. It leads to the comprehensive relation that is shared among the workforce in order to formulate
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informal agreement(Gunasekaran and et. al., 2018). Such arrangementleads to the intensive share of information where internal member and different department integrate with one other effectively. This is an effective procedure that enhances the commitment and help to produce the desirable outcome by mitigating the chances of risk. Additionally, this retain the existing employees and attract potential ones because they are considered as a n essential part of an organisation with whom effective relationship is shared. The essential advantages associated with collaborative working practices for Aldi company are stated below: Enhances creativity:Collaboration leads to the diverse thinking ability that leads to the innovation as it involve the practices like brainstorming method. It is an effective way for Aldi organisation to get the opportunity to use new and advance technique that help to maintain the position of company by gaining the sole advantage of fast mover. Most of the successful organisation that is based on unique concept uses this element to appeal the customers. Maintain shareholder relationship:The essence of collaborative practices leads the better team member where everyone gets opportunity to put their viewpoint forward for the adequate functioning of firm(Hoang and et. al., 2018). This maintain they balance between internal and external stakeholders where everyone wants to become the part of customer due to its loyal operational and quality offerings. In order to gain success Aldi company too intervene sustainable relationship for effective functioning of firm. Enhances employee productivity:Collective collaboration sustain the employment bond which helps to share the adequate relationship between employee and employer. This leads to the productivity by overcoming the chances of high turnover or absenteeism rate which retain the current talent of an organisation. Application of such practices within Aldi company help to develop the employee which finally work to flourish the operations and avioid the chances of conflict of interest. Adopt the chances:This practice immense help the organisation to cope up with the dynamic environment as the challenging pool of employees adopts the desirable changes. The employer on the continuous basis understand the relevance of changes which is favourably adopted by whole organisation as their perspective is to sustain the brand image of company. Role of financial management as well as reporting within an organisation Financial management and reporting both are the part of an organisation that help to identify the performance within stipulated performance. Based on this the company set the
standard and carry out the functioning effectively as well as effectively. The Role of both functions are explained below: Role of financial management: Prepare financial decisions: The financial management is responsible to make all the essential decision related to the use and expenditure of funds(Kharadze and et. al., 2019). It generally helps organisation to carry out the basic functioning and maintain the balance between inflow and outflow of cash. This can preferable assist the firm to achieve the overall objective effectively. Financialplanning:Itinvolvetheactivitieslikemakingbudgetthatinvolve predetermined plan required to carry out future activities. This manages the financial issue and maintain liquidity of firm in order to meet out and overcome the unforeseen situation. Capital management:The capital is the investment made by the owner of firm so it is the responsibility of financial manager of respected company to make obvious use of the resources. This promote meet the planned activities within confined duration and carry out the routine operations suitably. Role of reporting Managethefinancialrecord:thefinancialdecisioncanneitherbe plannednor implement until the recording department suitable manage the immense transaction of company in form of record(Olson and et. al., 2018). Aldi being the large company need to effectively cater this function in order to manage the performance and overcome chances of hindrances. Prepare financial statement:There are certain statements such as profit and loss as well as balance sheet which is significant not only for internal stakeholder in order to determine the expected and actual growth(Palmer and Truong,2019). But it is vital for external staff as well because on the basis of this statement they makes the decision whether to invest or withdrawal funds from company. Aldi company always try to compare their performance with the help of these statement due to which it need to be effectively designed by reporting manager. CONCLUSION From the above report it has been concluded that Business studies is the core component of an organisation as it describe various processes by which internal functioning takes place and help to gain significant result by address target market needs. So the internal management with the help of SWOT can strengthen its internal capabilities by working on the weakness and gain
core competencies. This can further helps to attain the possible opportunity by setting off the negative implications of threat. Marketing mix is the framework that leads to the specialisation in term,s of serving the right audience at right place within right time and by using appropriate promotional tool. An organisation comprises of various function that work together to gain the favourable result which leads to success. Further, the role of financial management is the beneficial practice that manage the monetary transaction and help to make optimum use of the available resources in order to attain long term objective.
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REFERENCES Books and Journals Bailey, D. H., and et. al., 2018. Risky business: Correlation and causation in longitudinal studies of skill development. American Psychologist. 73(1). p.81. Chukwu, C. and Peter, A., 2018. The Role of Sensory Marketing in Achieving Customer Patronage in Fast Food Restaurants in Awka. Ifeanyichukwu, C., &Peter, A.(2018). The Role of Sensory Marketing in Achieving Customer Patronagein FastFood Restaurants in Awka. International Research Journal Of Management, IT & Social Sciences. 5(2). pp.155-163. Gunasekaran, A., and et. al., 2018. Agile manufacturing practices: the role of big data and businessanalyticswithmultiplecasestudies.InternationalJournalofProduction Research. 56(1-2). pp.385-397. Hoang,H.T.,andet.al.,2018.Driversofserviceclimate:anemergingmarket perspective.Journal of Services Marketing. 32(4). pp.476-492. Kharadze, N., and et. al., 2019. January. General trends of business career management. In 17th International Conference on Social Sciences Murcia, 8-9 March 2019 (p. 253). Olson, E.M., and et. al., 2018. The application of human resource management policies within themarketingorganization:Theimpactonbusinessandmarketingstrategy implementation. Industrial Marketing Management. 69. pp.62-73. Palmer, M. and Truong, Y., 2019. Introduction to the special issue on the nature of industrial marketing work. Industrial Marketing Management. Online ALDISWOTAnalysis,Competitors&USP.2018.[Online].Availablethrough: <https://www.mbaskool.com/brandguide/lifestyle-and-retail/2041-aldi.html>