Role of Marketing, HR, and Financial Function in an Organization

This report analyzes the role of marketing, HR, and financial function in an organization, with a case study of Mark & Spencer. It also discusses the importance of collaborative working practices and the role of financial management and reporting.

Introduction to Business
studies

Table of Content
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Role of marketing, HR and financial function within a firm...................................................3
Importance of collaborative working practices .........................................................................4
Role of financial management and reporting in an organization ..............................................6
CONCLUSION................................................................................................................................7
REFERENCESS..............................................................................................................................8

INTRODUCTION
An organizational or business function is a core process or set of activities
carried out within a department or areas of a company. Common functions include
operations, marketing, human resources, information technology, customer service,
finance and warehousing.
This report will over case study of Mark & Spencer which one of the top leading
company in Uk retail industry. It will briefly explain role of Human resource,
marketing and finance function of in an organization. This report will also analyses the
importance of collaborative work practices. In the end of this report will demonstrate
knowledge of the roles of financial management and reporting within the organization.
MAIN BODY
Role of marketing, HR and financial function within a firm
Human resource, Marketing and finance has huge role in a Mark & Spencer
company and these all functions have different different roles which helps to provide
smooth functioning and profitability to them (Elia, Massini and Narula., 2019). All
functions of the business are interlinked with each other, and they take help of each
other to run their day to day business activities.
Human resource
Human resource management of the Mark & Spencer company has huge roles
to pay. They make polices, and they provide skillful employees to the company who
can effectively run function of the organization. They also make polices related to the
employees, so they can get their rights (Garson., 2017). Human resource manager
run activities which helps in employees engagement and also provide training to the
employees. Training emphasis motivation and employees can do their task more
effectively and give their best to achieve objectives of the company which lead Mark
& Spencer toward the success in their business.
Marketing
Marketing is the process of advertising products of the company in a market so
people can be aware about the new product of the Mark & Spencer company. M&S
company has their own marketing team who used to advertise their product and study
about the market to understand needs of their customers so company can develop

their product according to their demand. Marketing have knowledge about the market,
and they know how they can attract customers to but their product, and they also use
social media marketing which is the best way to advertise product and attract target
customers. When company launch their new product in the market then first thing they
have to do is promotion of their product which is responsibility of the marketing team
of the Mark & Spencer company who advertise and promote their product to the
customers who can buy their products.
Finance function
Finance function is most important function of the Mark & Spencer company
because it provide funds to the company and other function of the company utilize
those funds to run organizational activities (Langston and et.al., 2017). Their roles is
to find financial resources for the company such as bank , institution and investors
etc. who can invest in their company or provide funds. This funds are used by the
company to run their activities and Finance manager control the flow of funds within
a company and make sure that resources are utilized properly or not Claims made by
the employees with respect to medical, and transport allowances have to be processed
by the finance function. Often, many organizations automate this routine activity wherein
the use of ERP (Enterprise Resource Planning) software and financial workflow
automation software make the job and the task of claims processing easier ( Leonardi,
Schiavo and Zancanaro., 2019). Having said that, it must be remembered that the
finance function has to do its due diligence on the claims being submitted to ensure that
bogus claims and suspicious activities are found out and stopped.
Importance of collaborative working practices
One of the major factor which provides contribution toward the success of the
business collaborative working practices (Madura., 2020). It can be beneficial for the
Mark & Spencer company to implement collaborative working practices at their
workplace because those practices it increase communication flow at the workplace
and employees can do their work more effectively and with perfection. In order to
improve quality and productivity in a work leaders of the company should implement
group activities at their workplace. Here are some advantages of collaborative
practices which is helpful in business success.

Pooling of Talent and Strength
When employees of the company work in a group , they are able to gain proper
knowledge, develop new skills and experience from their senior5s who are involved
in group. For instance , one of the employees may struggle with the presentation skills
but but might know about the technical aspect. Collaborative working allow
employees share their talent and skills with the other employees, and they all the find
the solution of the problem together and take decision together.
Increase flow of communication
Collaborative practices always helps to increase flow of communication in
business which is important for the organization to be successful. Employees can
understand each other and support each other in the task (Noble and et.al., 2017).
Communication also provide create good relationship within employees and they can
understand each other's culture.
Development of employees skills
Collaboration is mutually beneficial for the employees as well as the organization
because when they work together, interact and share ideas, they see and understand
how others work, think, negotiate and operate. This gives all the employees a chance to
pick up skills from their colleagues or team mates and build upon their strengths. These
newly-learned skills can then be practiced in their own field to look at things with a new
perspective and make improvements and enhancements.
Increment in efficiency
Collaborative work increase the efficiency of the employees because individual
employees take time to do any task but if they are working any task in group then
they will take very less time to complete task, and they can work more effective with
a perfection in their task. This will be helpful for the company, and they can take
competitive advantages in the market and increase their productivity through the
collaborative working practices. Employees will do their task in less time, and they can
increase the productivity of the company which can lead them toward the success in
their business ad they can show their name a successful brand.

Role of financial management and reporting in an organization
Finance is an essential and indispensable part for the Mark & Spencer
company, whether profit making or sustain themselves for the long without having
long term finance (Shapiro and Hanouna., 2019). They need finance to run their
activities, and they need to manage their finance to run their business for a long time
period. Financial management is helpful for the company to so and it refers to the
effective controlling , planning, organizing of the financial activities at the workplace.
This includes but it is limited to the fund allocation , utilization of funds, procurement
etc. Finance manage of the Mark & Spencer company manager all the flow and
management of the funds and look for the proper utilization of funds to make profit
for the organization.
Financial controls and decisions
Fiance manager of the company pay major role in making the decision related
to the companies funds and control over the finance over the organization. They are
expert of techniques such as financial forecasting, ratio analysis and loss analysis
etc . Which are helpful in controlling and decision making of the finance for the
company.
Finance planning
Finance manager of the Mark & Spencer company are responsible to plan the
financial activities and resources in the company (Sorensen and et.al., 2018). They
use the data which is available to understand that where the finance needed more
and give their priorities to that areas more than other areas of the company. They look
the overall economic situation and makes plans and budget according to the
situation in a economy.
Capital management
Finance management provide the funds to the company, and they also research
for the resources where company can get finance resources. Financial management
of the company estimate the needs of funds time to time , determines the capital
structure ad compsition and makes the choice of the sources of the funding for the
capital needs.
Cash Flow management

It is extremely important for organizations to have sufficient working capital and
cash flow to meet their operational expenses and emergencies. Financial management
tracks account payable and receivable to ensure there is sufficient cash flow available
at all times.
CONCLUSION
As per report has been covered case study of Mark & Spencer which one of the
top leading company in Uk retail industry. It has been briefly explained role of Human
resource, marketing and finance function in an organization. This report also has been
analyses the importance of collaborative work practices and this can help M&S to take
competitive advantages . In the end of this report has been demonstrated knowledge
of the role of financial management and reporting within the organization and how it
manage funds for the M&S company.

REFERENCESS
Books and journal
Elia, S., Massini, S. and Narula, R., 2019. Disintegration, modularity and entry mode
choice: Mirroring technical and organizational architectures in business functions
offshoring. Journal of Business Research.103. pp.417-431.
Garson, J., 2017. Against organizational functions. Philosophy of Science.84(5).
pp.1093-1103.
Langston, J. and et.al., 2017. Inside The Minds and Movement of America’s
Nonbelievers: Organizational Functions,(Non) Participation, and Attitudes Toward
Religion. Organized Secularism in the United States: New Directions in
Research.6. p.191.
Leonardi, C., Schiavo, G. and Zancanaro, M., 2019, June. Sharing the Office, Sharing
the Care? Designing for Digitally-mediated Collaborative Childcare in the
Workplace. In Proceedings of the 9th International Conference on Communities &
Technologies-Transforming Communities (pp. 239-249).
Madura, J., 2020. International financial management. Cengage Learning.
Noble, C. and et.al., 2017. Developing junior doctors’ prescribing practices through
collaborative practice: Sustaining and transforming the practice of
communities. Journal of interprofessional care.31(2). pp.263-272.
Shapiro, A. C. and Hanouna, P., 2019. Multinational financial management. Wiley.
Sorensen, G. and et.al., 2018. Measuring best practices for workplace safety, health
and wellbeing: The Workplace Integrated Safety and Health Assessment. Journal
of occupational and environmental medicine.60(5). p.430.