Role of HR, Finance, and Marketing Functions within Companies

HR, MARKETING AND
FINANCE

Table of Contents
INTRODUCTION...........................................................................................................................3
Role of human resource, finance and marketing functions within companies............................3
Comprehension of collaborative working practices....................................................................4
Role of financial management and reporting within company....................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Human resource, finance and marketing function plays the most essential role within
companies. They are responsible to increase profit margin, strengthen brand image and enhance
the performance much better than before. All the functions of business are working together in
order to gain competitive advantages. The present report is based on different function of
companies, it defines the role of finance, marketing and HR functions within organizations and
justifies collaborative working practices. Furthermore, this study clarified role of reporting &
financial management within firm and its importance in context of business.
MAIN BODY
Role of human resource, finance and marketing functions within companies
Business is one of the essential human activity, it plays significance role in economic
development of UK and for upliftment of living standard of citizen effectively. Organizations
within retail sector operating day to day functions, that helps to run its businesses efficiently.
There are some following functions and their role within firms-
Finance function-
Finance means capital which is lifeblood of any company, a successful organization
needs competent capital to obtain several factors of production (Andjelic and Vesic, 2017).
Financing function includes proper estimation of required budget, its role is to find out correct
source of finance, providing fixed & working capital. In firms, finance function plays vital role,
it includes utilization and obtaining of funds essential for effective operations. The role of
finance function in companies is to make profit planning and cost controls. The base of
businesses is to make profit, it only creates sense that finance would play major role in
evaluating ways to improve profitability. It includes determining profit margin of goods and
weeding out losers as well as promoting winners. The team member of finance department point
out methods to improve productivity in production and find inexpensive sources of materials.
Investment decisions, financing, dividend and liquidity decisions are taken by the finance
division of companies, in order to increase profit margin.
Marketing function-
Atypically, marketing functions forms within businesses include product development,
conducting market research, strategically overseeing promotion, consumer services, developing
marketing plan and making public relations (Cortez and Johnston, 2019). Marketing function