Role of Marketing, Finance, and HR Functions in Organizations
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This report discusses the role of marketing, finance, and HR functions within organizations. It also explores collaborative working practices and the role of financial management and reporting within a company.
Introduction to Business Studies
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Describing role of marketing, finance along with HR functions within organisations...............1 Developing understanding of collaborative working practices...................................................3 Demonstration of knowledge of role of financial management as well as reporting within the company.......................................................................................................................................4 CONCLUSION..............................................................................................................................5 REFERENCES................................................................................................................................6 CONCLUSION................................................................................................................................7
INTRODUCTION Business is defined as the institution that are involved in commercial, professional as well as industrial activities. Business studies is part of studying elements that are involved in company such as individuals, communities addition to enterprises (Geissdoerfer, Vladimirova and Evans,2018). With this concept, managers assess needs and problems so to generate effective solutions. Sainsbury is the considered organisation for this report which is largest supermarket chain that operate in UK. It was established in the year 1869 at Holborn, Unite Kingdom. The report highlightsrole of various functionswithin organisations. It further develops a brief understanding for collaborative working practices. At last, it demonstrates knowledge for the role played by financial management as well as reporting within the enterprise. MAIN BODY Describing role of marketing, finance along with HR functions within organisations Organisation is mentioned to formation of authority relationships for combining and coordinating work for achieving objectives (GemĂĽnden, Lehner and Kock, 2018). There are various departments that performs distinct functions for accomplishing objectives promptly. The functions are named as Human resource, finance and marketing. The main functions played by each at organisations are the followings: Role of marketing function: Marketing is a function that is concerned with identifying along with sourcing potential products within the marketplace wherein key activities are performed for promotional aspects. In present era, role played by marketing function at any company is difficult to ignore. Marketing is defined to study along with managing exchange relationships. In addition, it is process of business that aids in creating relationships for the purpose of meeting customer needs. In association to Sainsbury, marketing function role are as follows: Meeting customer wants: The one of important function of marketing within company 8is to meet wants of huge customers (Gimpel and et.al.,2018). For this, marketing helps in identifying needs, choices, preferences and requirements of audiences so that effective products are manufactured by other department that can lead in satisfying customer wants. For example, marketingatSainsbuyperformroleofidentifyingneedsandimplementingstrategies 1
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accordingly. The function influences wants and desires as these are generally shaped by cultural along with individual personalities. Moreover, the needs are met by using exchange process. Facing competition: The another role that is associated with marketing function is to face the fierce competition. Considering today's international market, competitive orientation is significant for the company (Heald, 2018). In regards to Sainsbury, marketing function plays crucial role of maintaining balance among expectations of targetted population as well as product offerings by other companies such as Tesco, Asda and Aldi through monitoring the entire market closely and implementing strategies that helps in effectively facing competition from other business concerns. To face competition, market function differentiate the selected entity through using efficient dealership and superior services. Roles of HR function Human resource function is the other function that performs workings for handling employees within company. It is majorly responsible for sourcing, hiring, training and many more activities at workplace. The major role that are played by HR function in Sainsbury are the following: Maintaining safe environment:The HR function of the entity plays role of maintaining safe environment at workplace of company (Heavin and Power, 2018). The HR function of chosen retailer supports workplace safety and maintains mandated logs for any injury as well as fatality reporting. In addition, HR function of Sainsbury performed its role by implementing safety regulations so that employs are provided a safe work place to execute operations. Handling compensation: HR function also have role to handle compensation and ensures that all the manpower are paid on time and in accurate manner by making accurate deductions. Moreover, HR function of the organisations manages all types of compensation programs which comprises pensions, fringe benefits and many more. Role of finance function Finance function is concerned with planning, arranging and allocating funds within business (Hussain and et.al., 2018). It majorly involves in acquisition and utilisation of monetary aspects which are necessary for operational effectiveness. Following are few roles which financial function plays are respective organisation: Acquisition of funds: Financial function have key role of acquiring funds from various sources ad further allocating them to different operations as per the requirements. In Sainsbury, 2
financial function performs important role of acquiring required monetary resources that are needed for operational purposes. Meeting operational expenses: The other role in context to finance function is meeting operational expenses. In all business, funds are required in various forms such as working capital in order to meet operational expenses including interest payments, remunerative payments and so on. So, at Sainsbury, finance function performs role of proper planning and maintaining cash flows that leads in meeting all types of operational expenses. Developing understanding of collaborative working practices The term collaboration in organisation refers to a teamwork where two or more group of individuals come together with an intent of accomplishing common goal within prescribed time duration (Kuzubov and et.al.,2018). Along with this, collaborative working culture enable establishment to improve the overall performance byacquiring innovative or novel ideas from different kinds of employees. Due to this, it enhance the potentiality of establishment to place its brand in a competent position among competitors in stipulated time limit. In regard of Sainsbury, implementation of collaborative working practice impose increased level of benefits which are as follows: Innovative and creative ideas:With the collaborative working culture, it empower Sainsbury to acquire different and novel ideas or content from various personnel which help them in taking best decision against emerging and current market competition in a better way (Annunziata and et.al.,2018). Moreover, it also assist firm to provide effective solution to all managerial and employees issues byencouragingmanpower to share their views regarding conflicts that build healthy and long lasting relationship among employees in a better mode. Enrich employee productivity:The aspect of collaborative working practice improves Sainsbury personnel performance in an improved manner. This is because, it empower each employees to participate in all major business activities and also motive them to express their ideas or content related to specified goal. With the implication of such working culture, it aid Sainsbury employees to enhance their productivity and can explore sales volume in an amended way among rivalries. Expand market division:Under this determinant, it states that collaborative work enable Sainsbury to adopt different innovative or technological aspect within its business functions that 3
lead them to enlarge its market share or size to several geographical boundaries. Moreover, expansion in market division benefit organisation to attain sustainable growth in an effective manner (Bidmon and Knab, 2018). However, as per the analysis of different advantages that Sainsbury can acquire with the practice of collaborative working culture, it motive them to take some actions to maintain its working environment are mentioned below; Clarity and transparency:The primal way that Sainsbury implies that they make an effort to maintaining openness and transparency in their flow of communication channel. For example,deliveringallrequiredinformationamongteammembers,updatingemployees regrading market challenges or threat, data about customer trend or demand many more. Due to this effort, it help Sainsbury to avoid the factor of arising conflicts or miscommunications and alsocanacquirehighdegreeofcollaborationandcooperationformworkforcetowards organisational pre determined goal. Recognise the accomplishment:In this, Sainsbury take an attempt to recognise each employees effort or capability and based on that provide them equal or attractive rewardsor benefits. Apart from this, assign roles or responsibilities as per each personnels capabilities which enhance employee engagement and help them to sustain with company for long term. Demonstration of knowledge of role of financial management as well as reporting within the company. Financial management The concept of financial management relates to those process which comprises planning, organising, directing, and controlling the financial activities in terms of procurement and utilisation of available funds (Freudenreich, LĂĽdeke and Schaltegger, 2019). Hence, in regard of Sainsbury, the role of financial management plays a significant role as it help managers to make financial decisions as well as assist them to control over finances of organisations. To govern and ascertain the financial statement of company, Sainsbury also make use of various tools like ratio analysis, financial forecasting, profit and loss analysis and etc. Apart from this, the function of financial management also assist Sainsbury to make use of available resources and also allocate them in proper place which drive establishment to explore its profit margin ratio in an efficient way. Financial reporting 4
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The concept of financial reporting is concerned with financial results which are released to general public by the entity. It includes information about financial statements, annual reports and so on (Masa’Deh and et.al., 2018). The essential function role that is performed by financial reporting at Sainsbury is to provide accurate information related to financial performance together with position of company which is used by wide population for devising economic decisions. Moreover, other role is to provide accurate and relevant data at prompt time in appropriate accounting format which assist investors along with other interested parties to use relevant information. CONCLUSION It has been concluded from the above discussed report that an organisation encompasses with different functional units like marketing, financing, operation and etc. who work towards theachievementofcompany'scommonobjectiveinadesiredtimeperiod.Moreover, collaborative working practice enable company to build healthy and better relationship among employees as well as can improve the capability of firm in terms of gaining competitive advantage among rivalries.Along with this, proper management of financial and reporting aspects help establishment to enlarge its proficiency and productivity ratio in an innovative style. 5
REFERENCES Books and Journals Annunziata, E and et.al.,2018. The role of organizational capabilities in attaining corporate sustainability practices and economic performance: Evidence from Italian wine industry. Journal of Cleaner Production. 171. pp.1300-1311. Bidmon, C. M. and Knab, S. F., 2018. The three roles of business models in societal transitions: Newlinkagesbetweenbusinessmodelandtransitionresearch.JournalofCleaner Production. 178. pp.903-916. Freudenreich, B., Lüdeke F. and Schaltegger, S., 2019. A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics. pp.1-16. Geissdoerfer, M., Vladimirova, D. and Evans, S., 2018. Sustainable business model innovation: A review. Journal of cleaner production. 198. pp.401-416. Gemünden, H. G., Lehner, P. and Kock, A., 2018. The project-oriented organization and its contribution to innovation. International Journal of Project Management. 36(1). pp.147- 160. Gimpel, H and et.al., 2018. Structuring digital transformation: a framework of action fields and its application at ZEISS.Journal of Information Technology Theory and Application. 19(1). pp.31-54. Heald, M., 2018. The social responsibilities of business: Company and community, 1900-1960. Routledge. Heavin, C. and Power, D. J., 2018. Challenges for digital transformation–towards a conceptual decision support guide for managers.Journal of Decision Systems. 27(sup1). pp.38-45. Hussain, S. T and et.al.,2018. Kurt Lewin's change model: A critical review of the role of leadership and employee involvement in organizational change.Journal of Innovation & Knowledge. 3(3). pp.123-127. Kuzubov, A. A and et.al., 2018. Developing a supply chain subsystem to manage the process of obstacle elimination for the innovative development of business entities.International Journal of Supply Chain Management. 7(5). pp.621-631. Mäkelä, L. and Kinnunen, U., 2018. International business travelers’ psychological well-being: the role of supportive HR practices.The International Journal of Human Resource Management. 29(7). pp.1285-1306. Masa’Deh,R.Eandet.al.,2018.Theimpactofbusinessintelligencesystemsonan organization’s effectiveness: the role of metadata quality from a developing country’s view. International Journal of Hospitality & Tourism Administration. pp.1-21. Information Technology. 33(3). pp.188-202. 6