Role of HR, Marketing, and Finance Functions in Organizations

This report discusses the role of HR, marketing, and finance functions in organizations, using Tesco as an example. It explores the importance of collaborative working practices and the impact of internal and external factors on businesses. Additionally, it provides insights into financial management and reporting in organizations.

Introduction to Business Studies
Table of Contents

Introduction......................................................................................................................................3
Illustrate role of HR, Marketing and finance functions within organisations........................3
Development of understanding with respect to collaborative working practices...................4
Internal as well as external factors that creates impact on business.......................................5
Illustrate knowledge of role of financial management as well as reporting in an organisation.
................................................................................................................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................8

Introduction
Business is regarded as an entity that is engaged within professional, commercial or
industrial practices. Within an organisation there are various departments who work in an
alignment with each other for attainment of objectives (Andersson, Cuervo-Cazurra and Nielsen,
2020). For understanding the concept of business, Tesco Plc is considered which a largest chain
of supermarket is across UK and delivers their services in multiple countries. This report is based
on development of understanding related with role of finance as well as marketing functions
along with this knowledge related with collaborative working practices will also be rendered.
Furthermore, role of finance management within firm is also included.
Illustrate role of HR, Marketing and finance functions within organisations
With respect to Tesco, they have different functions that are carried out within peculiar
department of organisation. The role of these has been specified beneath:
Role of HR: This function is accountable for entire workforce within the organisation
and takes adequate measures through which these assets can be maintained in an effective
manner (Colli and Perez, 2020). Within Tesco, they are liable for performing different roles,
some of them are specified below:
 Planning & Development: HR executive’s acts as strategic partners who participate
within identifying, developing as well as executing corporate objectives. Within Tesco,
they align their work with other business units for attainment of company goals.
Furthermore, they allow human resources for having profound understanding with
respect to activities carried out within organisation.
 Serve as leader for change: They frequently lead alteration initiative within organisation
due to this professionals within Tesco, aids stakeholders of organisation within making
connection among change initiatives along with strategic requirements by minimising
change resistance as well as employee unrest. They are also responsible for managing
satisfaction of employees, shaping organisational culture and weighing success with
initiatives that are taken.
Role of Marketing Function: This is regarded as process or role that involves all activity
from concept of products for ways in which they reach end users. Thus, this will carry out

distinct activities related with promotion of their products, delivering services and many others.
With respect to Tesco, there are several functions, some of them are:
 Meeting customers’ requirements: As per this, operations are carried out by marketing
function for understanding needs along with wants of targeted as well as desired
customers through which they can effectively formulate strategies (Ghauri, Grønhaug and
Strange, 2020). In context of Tesco, marketing department is liable for conducting market
analysis on continuous basis.
 Promoting & advertisement: This is one of the major roles that are carried out by
marketing function. In this context, creative and innovative activities for promoting and
advertising services are conducted. In context of Tesco, their functions come up with
unique methods that aid them within attracting more customers towards their services.
Role of Finance functions: This comprises of utilisations of funds which are crucial for
carrying out functions in effectual manner. Finance is regarded as critical unit of business which
aids within development of budget, rendering money as well as acquire money. With respect to
Tesco, certain aspects have been illustrated beneath:
 Cash flow management: Finance department of organisation is liable for carrying out
various activities through which they can maintain cash flow within the working premises
(Shaver, 2020). With respect to Tesco, their finance function is liable for taking care of
cash inflow as well as outflow by which they can formulate adequate decisions with
respect to attainment of goals.
 Strategic Planning & Budgeting: Finance department within firm is liable for carrying
out distinct activities associated with strategic planning along with budgeting which aids
within management of development of effectual decisions. Within Tesco, finance
function is accountable for having strategic planning and developing efficacious budget
through which there all the activities can be carried out.
Development of understanding with respect to collaborative working practices
The situation in which firm or individuals work together for attaining their goals as well
as addressing certain issues is referred to as collaboration. They are regarded as a way through
which firm can carry out their operations by delivering products as well as services in a creative
way (Andersson, Cuervo-Cazurra and Nielsen, 2020). There exist various ways that can be

adopted by firm for carrying out collaborative working practices within working premises. In
context of Tesco, they carry out various activities for promoting as well as having enhanced
collaborative practices. Some benefits with respect to collaborative practices are provided below
with reference to Tesco:
 Developing productivity: This activity aids respective firm within enhancement of overall
productivity which acts as critical aspect as this leads to increase within overall
productivity of organisation (Colli and Perez, 2020). Along with this, it will also create
an affirmative impact on motivational levels of employees of Tesco which leads to have
impelling performance.
 Attaining desired objectives: Through execution and adopting for collaborative working
within Tesco they can attain their targeted objectives. The reason behind this is that
through collaboration all the activities are carried out in an appropriate manner due to
continuous support which leads to bring in innovations within operations or tasks taht are
being carried out by employees.
Internal as well as external factors that creates impact on business
There exist different ways which influences execution as well as functioning of business
processes. This comprises of certain elements which are specified below:
Internal Factors: Employees and managers: Employees are crucial part within internal working environ of
firm. This is necessary that Tesco that they have well qualified employees who abide to
working structure (Floris, Dessì and Dettori, 2020). Along with this, management needs
to acknowledge ways in which they need to interact with lower level employees as it
creates a relevant impact on their overall performance. Money & resources: If firm do not have adequate money then it will not be possible for
firm to deliver their services as per desired standards and have profits. Money as well as
resources is required for making sure that firm have all the necessary needs that will
enable Tesco to accomplish goals of the market are possessed by them. Company culture: The internal culture of firm comprises of attitude, priorities along with
values of employees within working premises (Ghauri, Grønhaug and Strange, 2020).
Tesco ensures that they have affirmative culture within working premises as it aids within
management of efficiency as well as ways in which employees deliver their services.

External factors:
 Competition within market: This is crucial for business to have innovative services as it
will make them unique within the market. When Tesco renders their services within the
marketplace they take into consideration needs of their customers which make them their
first preference (Shaver, 2020). But as market is evolving continuously it is important to
cope up with trends. Politics and government policy: This factor creates a strong impact on ways in which
firm deliver their services as Tesco need to adhere to all the alterations made by
government to stay away from any kind of legal troubles.
Illustrate knowledge of role of financial management as well as reporting in an organisation.
There are different functions which are being carried out by financial management of firm.
With respect to Tesco, some crucial roles are specified below:
 Developing financial strategies: For each company, it is crucial to formulate financial
strategies as it enables all the departments for carrying out their all the activities as per
desired standards. With reference to Tesco, financial department conducts evaluation of
working premises through which financial strategies can be created for enhancing overall
profitability as well as market shares.
 Maintaining balance sheet & profit/loss: Financial department has critical role within
maintaining certain kind of records like balance sheets, profit and loss which have
incurred. Financial management of Tesco carry analysis and evaluate the results attained
as it assist them to acknowledge various aspects related with services they have been
delivered. According to this management of organisation can formulated decisions.
 Capital management: This is crucial aspect within finance management as according to
this firm can identify what is being required by them so that adequate measures can be
taken up by them to enhance activities related with this aspect (Floris, Dessì and Dettori,
2020). This practice has to be conducted by Tesco on regular basis so that appropriate
action plan can be developed with respect to this.

These are essential roles which are being carried out by finance management of Tesco
within their working premises and it aids them within on time attainment of their objectives as
well as goals.
Conclusion
From the above it can be concluded that, within an organisation there are different
departments who are liable for performing distinct activities for attainment of their desired goals
like operational, marketing, human resource and many others. All these departments have
different role but finance and marketing can be regarded as critical as they unable firm to
acknowledge market requirements along with their capabilities in an adequate way which will
aid them within processes of decision making. While working within a collaborative
environment, services rendered by them will be enhanced through which desired goals can be
attained as per required standards.

References
Books and journals
Andersson, U., Cuervo-Cazurra, A. and Nielsen, B.B., 2020. Explaining interaction effects
within and across levels of analysis. In Research Methods in International Business (pp.
331-349). Palgrave Macmillan, Cham.
Colli, A. and Perez, P.F., 2020. Historical methods in family business studies. In Handbook of
qualitative research methods for family business. Edward Elgar Publishing.
Floris, M., Dessì, C. and Dettori, A., 2020. Mapping narratives in family business studies: a
guideline for researchers. In Handbook of Qualitative Research Methods for Family
Business. Edward Elgar Publishing.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Shaver, J.M., 2020. Endogeneity in International Business Research: A Commentary.
In Research Methods in International Business (pp. 377-382). Palgrave Macmillan,
Cham.
Siltanen, J., 2020. Locating gender: Occupational segregation, wages and domestic
responsibilities. Routledge.
Wulff, J.N. and Villadsen, A.R., 2020. Keeping it within bounds: Regression analysis of
proportions in international business. Journal of International Business Studies, 51(2),
pp.244-262.