Role of Human Resources, Finance, and Marketing in Business Studies

This report discusses the roles of human resources, finance, and marketing within a company in the field of business studies. It explores the recruitment, training and development, and employee relationships in the human resources department. It also covers the promotion and brand management, market research, and meeting consumer needs in the marketing department. Additionally, it delves into the capital management, financial planning, and financial decision and control in the finance department. The report also highlights the importance of collaborative working practices and the knowledge of financial management and reporting within a company. The case study of Sainsbury, a UK-based supermarket chain, is used as an example throughout the report.

INTRODUCTION TO
BUSINESS STUDIES

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Role off Human resources, finance and marketing within company..........................................1
Cumulative working practices.....................................................................................................3
Knowledge of role of financial managements and reporting within company...........................3
CONCLUSION ...............................................................................................................................4
REFRENCES ..................................................................................................................................5

INTRODUCTION
Business studies is an activity that helps company to understand and carry out function
effectively for the accomplishment of organisational goal as well as consumer satisfaction. It is
vital for every business unit to understand this term in order to ensure that they can become
successful in satisfying the needs of consumers (Ghauri, Grønhaug and Strange, 2020). In which
the following report is based on Sainsbury company which was launched by John James
Sainsbury in 1869, UK . They become successful in offering innovative and creative products to
consumers at various location such as India, South Korea, UK and so on. They has second
largest chain of supermarket in UK. In present report discussion about various roles of human
resources, finance, marketing function includes within a company. The collaboration practices
with successfully elaborate knowledge and role of financial management within company is also
discussed.
MAIN BODY
Role off Human resources, finance and marketing within company
In a firm like Sainsbury, it consist numerous number of employees within company that
are performed by Human resources, marketing & finance departments of company. In which
some of the role are below mentioned:
Roles of Human resources
Recruitment : It is a primary responsibility of human resource management team within
a company as it is vital to recruit highly skilled & talented candidates for brining innovation and
carry out effective promotion sin order to increase sales and profitability of company (Alvarez,
2016). The entities of HR recruit and fill the vacant position in company. By doing this entities
of enterprise will able to accomplish their goal effectively.
Training and development: It is vital process or function that is performed by the human
resources mangers as it improves skills, enhances knowledge of an individual and gives
opportunity to improve career. In order to bring innovation in product for grabbing more
consumers it is essential to offer training and development sessions to employees. In context of
Sainsbury company they are well known and successful at marketplace which proves that they
posses highly skilled candidates in company and able to compete with competitive & dynamic
external environments.
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Employee relationships: To maintain healthy and positive workforce environment it is
important to maintain employee relation for this the entities of company can use performance
appraisal, employee consultation, award & recognition (Brannen and Mughan, 2016). By doing
all these company will able to reduce the turn over ration of company as well as able to maintain
employees relationship. In context of Sainsbury they delegates roles and responsibility to their
employees in order to engage them towards works.
Role of marketing
Promotion & managing brand: This is considered as major role that is performed by the
entities of marketing as it creates brand awareness and increases sales and profitability of
company. In context of this Sainsbury company use various techniques to carry out promotions
such as social media, direct selling digital marketing and so on. In context of Sainsbury they
adhere several techniques such as internet, TV, Websites for managing the brand values.
Conducting market and consumer research: In order to become successful in execution
of strategies it is essential to carry out effective market research. In relevance to Sainsbury firm
they ensures that they are conducting various market research from time to time so that they will
able to determines the trends and preferences of consumers. It assist them to work in favour of
company by fulfilling the various needs of consumers.
Meeting needs and wants of consumers : The main objective of any firm is to satisfy the
needs and demand of consumers in which they need to identity that. By which they will able to
accomplish the goal of company along with it, able to full fill the desired needs of customers. In
context of Sainsbury, the marketing department is responsible to understands the needs and
wants of end users.
Role of finance
Capital management : The main role that is performed by the finance team is to maintain
and control the inflow and out flow of cash within company. In which each and function
execution required specific amount of budget. For instance the production department requires
budget to buy raw material so all budget will be decide by the finance team of company.
Financial planning: In order to become successful with all market operations it is vital
that effective budget are planned by company and assigned among various departments. In
context of Sainsbury company they effectively necessarily required in order to fulfil all financial
needs and planning (Watts, Steele and Den Hartog, 2020).
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Financial decision and control : The finance department of Sainsbury company is
responsible to carry out all physical activities that are being take place in company. It is vital that
they are providing enough informations for making financial statements & budgets of company
can managed from time to time.
Cumulative working practices
More than one organisation can easily perform activities together by working
collaboratively in partnerships. Merger in Sainsbury does joint delivery of projects with help of
many informal alliances (Luo and Tung, 2018). A team ensures proper conduction of work by
cumulative efforts by making sure that all important roles of businesses are done within time.
Some of the significant working practices adopted by Sainsbury collectively are discussed below
as follows:
It promotes creativity and innovation: Dynamic changes in the organisation demands
for more innovation and creative ideas on a continuous basis. For fulfilling the wants and
requirements of the consumers, firms do collaborate with other potential organisations for more
constructive ideas.
Increased learning prospects: By efforts of working together of two or more entities is
there, it often synergize their aptitude and successfully fulfilling customer requirements. The
businesses together use multiple approaches to understand the best prospect needed to fulfil
customer needs (Gray, 2019). Teamwork alongside can also help organisation in meeting the
goals and objectives in a better stipulated time period.
More Adaptability in venture: when a selected team of Sainsbury have collective
information and gathers assortment of different attitudes, the capacity of selected company is
increased. This showcases that working together as team satisfies the consumers more than
individual working.
Knowledge of role of financial managements and reporting within company.
Financial management is an important concept in business unit that aids in gaining more
profit as well as increases productivity of company and maintain the sustainability of company at
marketplace for longer time. In context of Sainsbury company, some roles of financial
managements are mentioned below:
Financial decision & control: The financial managers of Sainsbury company is
responsible to devise and take effective decision related to the budget and finance of company as
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well ass to make decision about finance & impose control over funds within firm. They are
providing numerous different techniques like financial forecasting, profit & loss analysis, ratio
analysis, cash flow systems for becoming successful by achieving the goal of company within
time frame.
Financial planning: The financial management of company is responsible to ensure that
they are fulfilling the entire capital requirements of company from time to time. It has been
analysed that when a company wish to expand its business that time they require huge amount of
funds & capital for successful execution of operation (Dymek and Zackariasson, 2016). This
budget is funded by finance department team as they have knowledge in that specific area so
they will able to take effective decision and will able to collect required funds. Allocation of
capital among various departments & resources is carried out by financial managers which is
vital activity in order to ensure that company is developing sustainably by acquiring all external
changes.
Risk management: While working in a company there are number of various risk that
may be arises while perming task related with the finances. The marketing of products along
with activity includes high risk in investments for promotional tools & activities. It is the
responsibility of manager of Sainsbury to make sure that they are understand all risk that is vital
for business. In order to carry out this they are adopting numerous tools & criteria by which they
will able to understand all concepts & effects of various changes that are going on in business
(Casson, 2016). It is a successful activity that aid company to ensure that they are ready to face
the risk & challenges that will come while funding the required budget for managing the
dynamic changes in business environments.
CONCLUSION
From above report it can be concluded that Human resources, marketing and financial
development plays essential role in company in order to accomplish goal or objective of firm
within small time period. In which the major advantage of financial functions in business is that
it aids company in creating funds and managing whole function related with the budget. As well
as collaborative working aids business in attaining the goal of company by taking hep from other
players of marketplace.
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REFRENCES
Books & journals
Alvarez, J. L. ed., 2016. The diffusion and consumption of business knowledge. Springer.
Brannen, M. Y. and Mughan, T. eds., 2016. Language in international business: Developing a
field. Springer.
Casson, M., 2016. The theory of international business: Economic models and methods.
Springer.
Dymek, M. and Zackariasson, P. eds., 2016. The business of gamification: a critical analysis.
Taylor & Francis.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Gray, D .E., 2019. Doing research in the business world. SAGE Publications Limited.
Luo, Y. and Tung, R. L., 2018. A general theory of springboard MNEs. Journal of International
Business Studies. 49(2). pp.129-152.
Watts, L. L., Steele, L. M. and Den Hartog, D. N., 2020. Uncertainty avoidance moderates the
relationship between transformational leadership and innovation: A meta-analysis. Journal
of International Business Studies. 51(1). pp.138-145.
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