Roles and Functions of HR, Marketing, and Finance in an Organization

This project analyzes the roles and functions of HR, Marketing, and Finance within an organization. It also explores collaborative working practices and the impact of internal and external factors on business. Additionally, it discusses the role of financial management and reporting.

Introduction
To
Business

EXECUTIVE SUMMARY
This project is based upon Sainsbury as being second largest chain of supermarkets in
United Kingdom with its 16% share of market. The project further analyse the roles and
functions of HR through recruitment, wages and salaries, Marketing with new product
development and marketing mix whereas Finance by source of finance, cash flow and credit
control. It further describes collaborative working practices with applying trust, respect,
willingness and effective communication. This project also demonstrates internal factors with
employee retention, organisation culture and external factors with government policies and
technology that impact business either positively or negatively. Apartly, it describes the roles
of financial management and reporting with its importance for improving debt management
and trend identification for business.

Table of Contents
EXECUTIVE SUMMARY........................................................................................................2
INTRODUCTION......................................................................................................................4
MAIN BODY.............................................................................................................................4
1. Analyse the roles and functions of HR, Marketing and Finance within an organisation...4
2. Describe the collaborative working practices.....................................................................5
3. Demonstrate an understanding of both internal and external factors that impact business5
4. Describe the role of financial management and reporting within an organisation.............6
CONCLUSION..........................................................................................................................7
REFERENCES...........................................................................................................................8

INTRODUCTION
The business is described as a set of activities which usually perform its functions in
various departments such as Human Resource, Marketing, Finance, Information Technology,
etc. These sections play their role with decentralisation of work to achieve success. The
organisation selected for this project is Sainsbury as being second largest chain of
supermarkets in United Kingdom with its 16% share of market (Aithal, 2015). This project
analyse the roles and functions of HR, Marketing and Finance within an organisation. It
further describes collaborative working practices and demonstrates internal and external
factors that impact business. Additionally, it describes the roles of financial management and
reporting for an organisation.
MAIN BODY
1. Analyse the roles and functions of HR, Marketing and Finance within an
organisation
Human Resource:- It refers as the department where people are hired and selected to
increase workforce. Managers of Sainsbury implement this department as to fill the vacancy
in business by reducing the delay in goal achievement.
 Recruitment:- This is defined as the process of hiring new candidate for filling
vacancy inside the business. Managers of Sainsbury perform this by creating job
opportunities for the interested workers and recruit them in accordance with
prescribed skills, knowledge and experience.
 Wages and Salaries:- The managers of Sainsbury provide wages and salaries as per
the task done by individual within particular duration.
Marketing:- This is described as the activity of producing goods and services in
order to meet the requirements of customers. Managers of Sainsbury implement this as to
analyse the current needs and wants of buyers for producing the product to develop customer
relationship management.
 New Product Development (NPD):- The marketing department analyse and research
on the current taste and preference of their end-users. It further suggests in developing
new product with innovative idea. Managers of Sainsbury produce differentiated
goods and services for providing customers high level of satisfaction (Burns, 2016).
 Marketing Mix:- There are seven elements of marketing mix which are utilised by
producers effectively in order to use scarce resources effectively. Managers of
Sainsbury focus on this as to attract large number of customers to purchase their
product for increasing sales and profits.
(a) Product:- The managers of Sainsbury develops their product with specialised
features in order to compete with rivalries through quality management.
(b) Price:- Managers of Sainsbury focus on providing least-cost effective product
which result in high sales and profits by enlarging customers.

(c) Place:- The managers of Sainsbury supply products through direct and indirect
channel of distribution to fulfil with manufacturers, agents, wholesalers, retailers
and buyers.
(d) Promotion:- Managers of Sainsbury promotes goods and services with print and
social media, magazines, advertisements, etc., which position in the mind of end-
users.
Finance:- It is described as the proper management of money that result in high
receiving of amount as compared to expense. Managers of Sainsbury implement this as to
control the cash outflow and increase cash inflow for the organisation (Dunning, 2014).
 Sources of Finance:- Managers of Sainsbury focus on this as it analyse bad debts
which are coverable and further generates capital by taking high risk to gain high
return in future.
 Cash Flow:- The managers of Sainsbury control cash outflow by reducing unwanted
expense which might create loss for company and increase cash inflow to sustain in
global market.
 Credit Control:- Managers of Sainsbury mainly concentrates on reducing credit
transactions as it bears high cost for company in present.
2. Describe the collaborative working practices
Collaborative Working:- This is described as the business environment in which
workers perform their task by building employee relation through engagement, involvement
and collaboration among each other (Kahn, 2018). Managers of Sainsbury implement this as
to encourage workforce for completing their task within particular duration to sustain in
global market.
Principles of Effective Collaboration:-
 Applying Trust:- Managers of Sainsbury focus on developing trust and faith among
their workers which leads to share their views and information confidently.
 Respect:- The managers of Sainsbury respect their workers with ethos, norms,
beliefs, values and code of conduct which encourage them to perform task effectively.
 Willingness:- Managers of Sainsbury increase willingness as to collaborate with each
other to achieve specific target within particular duration for gaining individual and
organisational goals.
 Effective Communication:- The managers of Sainsbury develops good relation with
their workers through verbal and non-verbal communication which result in
understanding their emotions and feeling at various circumstances.
3. Demonstrate an understanding of both internal and external factors that impact
business
Business Environment:- The business environment is described as combination of
internal and external surrounding of organisation which create strength and opportunities to
control weakness and threats (Modell, 2014). Managers of Sainsbury focus on this as to

develop their competitive strategies in order to compete with its rivalries to sustain in perfect
competition market.
Internal Factor:- The internal factors of business refers as the elements which are
inside the organisation. Managers of Sainsbury focus on this as it develops strength which
increases competitive strategies to minimise weakness that are controllable risk.
 Employee Retention:- Managers of Sainsbury aims to develop good employee
relation among their workers which result in accomplishment of success efficiently. It
is favourable as co-ordination among workforce leads to sustain in global market.
 Organisation Culture:- It is a broad category of business which involves sharing
assumptions, values, beliefs etc. The managers of Sainsbury influence people within
organisation as to dress, act and perform their job effectively for achieving goals and
objectives (Santikian, 2014).
External Factor:- The external factors of business refers as the elements which are
outside the organisation. Managers of Sainsbury concentrate on this as it creates opportunities
which minimise threats that are uncontrollable risk for business.
 Government Policies:- The government policies refers as rules and regulations
imposed by political leaders which are essentially to be followed by every company.
Managers of Sainsbury are favourably affected by this factor as the government of
United Kingdom is stable which does not change its policies and procedures
repeatedly.
 Technology:- The technology adopted by companies result in manufacturing products
with quality and time management as to fulfil the desire of customers. Managers of
Sainsbury are adversely affected by implementing technology as it will be obsolete in
future which result in high expense.
4. Describe the role of financial management and reporting within an organisation
Financial Management:- The financial management refers as planning, organising,
staffing, directing and controlling the financial activities in order to reduce expense which
increase the cost of product. Managers of Sainsbury focus implement this as to minimise the
expenditure on product and proper utilise the waste disposal in effective manner. It attracts
customers to purchase goods at low price with high quality for increasing sales and
profitability ratios.
Financial Reporting:- This is defined as the disclosure of financial results and
related information of management and external stakeholders for performing its functions
over a specific period of time (Velu, 2017). Managers of Sainsbury implement this as to
provide information about various results of operations, financial position and cash flow of
business.
Importance of Financial Reporting:-
 Improve debt management:- The debt is described as a party which is bound to pay
money in future on agreed value at certain date and purchase goods in present.

Managers of Sainsbury improve debt management by establishing and executing a
strategy for acquiring the amount funded, in order to achieve risk and cost objectives.
 Trend Identification:- The trend is a general direction that formally describes or
explains the trends of financial market within a specified period. Managers of
Sainsbury implement this as to analyse the up and down of market within past period
and the expectation in upcoming year. The most common way to identify trend is
using lines, which connect a series of high or low.
CONCLUSION
From the above discussion it have been concluded that business is described as an
engine of economy which create job opportunities for workers that reduce unemployment and
improve Gross Domestic Product of country. This project analyse the roles and functions of
HR through recruitment, wages and salaries, Marketing with new product development and
marketing mix whereas Finance by source of finance, cash flow and credit control. It further
describes collaborative working practices with applying trust, respect, willingness and
effective communication. This project also demonstrates internal factors with employee
retention, organisation culture and external factors with government policies and technology
that impact business either positively or negatively. Apartly, it describes the roles of financial
management and reporting with its importance for improving debt management and trend
identification for business.

REFERENCES
Books and journal
Aithal, P. S., 2015. Concept of ideal business & its realization using e-business
model. International Journal of Science and Research (IJSR), ISSN (Online). pp.
2319-7064.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dunning, J. H., 2014. The globalization of business (routledge revivals): the challenge of the
1990s. Routledge.
Kahn, M. S., 2018. Coaching on the axis: Working with complexity in business and executive
coaching. Routledge.
Modell, S., 2014. The societal relevance of management accounting: An introduction to the
special issue. Accounting and Business Research. 44(2). pp. 83-103.
Santikian, L., 2014. The ties that bind: Bank relationships and small business
lending. Journal of Financial Intermediation. 23(2). pp. 177-213.
Velu, C., 2017. A systems perspective on business model evolution: the case of an
agricultural information service provider in India. Long Range Planning. 50(5). pp.
603-620.