Portfolio: Aldi's Business Functions, Practices, and Financials

This portfolio provides a detailed analysis of Aldi, a discount supermarket chain, examining its business functions and practices. It covers the role of human resource management in recruitment and training, the marketing function in understanding customer preferences, and the finance function in managing monetary transactions. The portfolio also explores collaborative working practices, highlighting their benefits such as enhanced creativity and employee productivity. Furthermore, it discusses the role of financial management in decision-making, financial planning, and capital management, as well as the importance of financial reporting in managing financial records and preparing financial statements. The report concludes that business studies is a core component of an organization as it describes various processes by which internal functioning takes place and helps to gain significant results by addressing target market needs.

Portfolio

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
Covered in PPT ...........................................................................................................................3
TASK 2............................................................................................................................................3
Covered in Poster.........................................................................................................................3
TASK 3............................................................................................................................................3
Role of different functional unit..................................................................................................3
Understanding of collaborative working practices......................................................................4
Role of financial management as well as reporting within an organisation................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Business studies is the essential part of the management that is responsible to carry out
the functioning and design the offerings in order to serve the customer effectively. It basically
helps the society to engage in various activities that are associated to cater the need and problem
of individual as well as community. This involve the services that are rendered to human in order
to satisfy their need and cover the immense market significantly. For the better understanding of
report Aldi company has been selected which is the discounted store and has strong supermarket
chains that relatively satisfy the necessities of people. The headquarter of company is in
Germany and suitably deals in the offerings like grocery as well as household items. This report
cover topics like application of internal as well as external factors that can impact the functioning
of business. Along with that it include the role of marketing mix to understand the market
situation and satisfy the need as well as requirement of people. Explanation of the role of
different functions like HR of an organisation. Further, determine they collaborative working
practices and knowledge that is related to the role of financial management within an
organisation are covered in report.
TASK 1
Covered in PPT
TASK 2
Covered in Poster
TASK 3
Role of different functional unit
Human resource, marketing as well as finance are the core functions of an organisation
that have diverse roles and responsibilities but function together with the perspective to attain the
particular objective (Bailey and et. al., 2018). This leads to the interrelation and coordination
amongst the different functional head to offer the comprehensive platform where group efforts
maximises the effort and gain overall success. Thus, the explanation of diverse roles are
responsibility in context to Aldi company are illustrated below:
Human Resource Management: This function is responsible to manage the internal
functioning of business by carrying out the whole recruitment and training procedure effectively.

Aldi company intensively focuses in their manpower as they deal with the customer due to which
they need to have updated knowledge and skill regarding the product so that they can
successively enhances the footfall of company. The HR Manager of company is responsible to
hire the desirable personnel on the basis of vacant position and train them to carry out their task
potential. Along with that appraisal takes place on constant basis that leads to the growth and
development of an employee through salary hike, promotion and so on. This further reduces the
chances of turnover rate and maintain adequate relationship between employer and employee.
Marketing function: It encompasses various function like identifying the changing
pattern of customer, planning out to introduce the innovative product and promote the offering to
target market effectively. This helps the business to survive in the intense competition and carry
out functioning in order to manage the profitability and productivity wisely. So the marketing
manager of Aldi company analyse the preferences of customer with the help of centralised
database. This effective assist the manager to cater the upcoming requirement like respected
company has the huge availability of organic and healthy food stuff so that the customers who
are health freak can avail the services (Chukwu and Peter, 2018). Therefore, this helps to manage
the long term customer relationship with electronic devices.
Finance function: This department is responsible to manage all the monetary transaction
that are related to funds so that the capital of firm is judicially used to mange the operations of
company. For better functioning the budget are prepared for monthly, quarterly and annually
basis as it helps to restrict the over or unnecessary utilisation of funds that act as hindrance while
carry out operations. The functional head of each department gets the appropriate fund that they
need to utilise for a particular time being which helps to reduce the chances of deviation and
mismanagement.
Thus, all the functions plays significant role within an organisation as the collective
efforts leads to the synergy and help the employee to participate with the perspective to attain the
particular objective. Such constant performance effectively help the firm to gain the edge over
rivalry and perform functioning systematically.
Understanding of collaborative working practices
Collaborative working practices involve the role of both the employer and employee that
collective carry out the functioning with the perspective to address specific issues of firm. It
leads to the comprehensive relation that is shared among the workforce in order to formulate

informal agreement (Gunasekaran and et. al., 2018). Such arrangement leads to the intensive
share of information where internal member and different department integrate with one other
effectively. This is an effective procedure that enhances the commitment and help to produce the
desirable outcome by mitigating the chances of risk. Additionally, this retain the existing
employees and attract potential ones because they are considered as a n essential part of an
organisation with whom effective relationship is shared. The essential advantages associated
with collaborative working practices for Aldi company are stated below:
Enhances creativity: Collaboration leads to the diverse thinking ability that leads to the
innovation as it involve the practices like brainstorming method. It is an effective way for Aldi
organisation to get the opportunity to use new and advance technique that help to maintain the
position of company by gaining the sole advantage of fast mover. Most of the successful
organisation that is based on unique concept uses this element to appeal the customers.
Maintain shareholder relationship: The essence of collaborative practices leads the
better team member where everyone gets opportunity to put their viewpoint forward for the
adequate functioning of firm (Hoang and et. al., 2018). This maintain they balance between
internal and external stakeholders where everyone wants to become the part of customer due to
its loyal operational and quality offerings. In order to gain success Aldi company too intervene
sustainable relationship for effective functioning of firm.
Enhances employee productivity: Collective collaboration sustain the employment
bond which helps to share the adequate relationship between employee and employer. This leads
to the productivity by overcoming the chances of high turnover or absenteeism rate which retain
the current talent of an organisation. Application of such practices within Aldi company help to
develop the employee which finally work to flourish the operations and avioid the chances of
conflict of interest.
Adopt the chances: This practice immense help the organisation to cope up with the
dynamic environment as the challenging pool of employees adopts the desirable changes. The
employer on the continuous basis understand the relevance of changes which is favourably
adopted by whole organisation as their perspective is to sustain the brand image of company.
Role of financial management as well as reporting within an organisation
Financial management and reporting both are the part of an organisation that help to
identify the performance within stipulated performance. Based on this the company set the

standard and carry out the functioning effectively as well as effectively. The Role of both
functions are explained below:
Role of financial management:
Prepare financial decisions: The financial management is responsible to make all the
essential decision related to the use and expenditure of funds (Kharadze and et. al., 2019). It
generally helps organisation to carry out the basic functioning and maintain the balance between
inflow and outflow of cash. This can preferable assist the firm to achieve the overall objective
effectively.
Financial planning: It involve the activities like making budget that involve
predetermined plan required to carry out future activities. This manages the financial issue and
maintain liquidity of firm in order to meet out and overcome the unforeseen situation.
Capital management: The capital is the investment made by the owner of firm so it is
the responsibility of financial manager of respected company to make obvious use of the
resources. This promote meet the planned activities within confined duration and carry out the
routine operations suitably.
Role of reporting
Manage the financial record: the financial decision can neither be planned nor
implement until the recording department suitable manage the immense transaction of company
in form of record (Olson and et. al., 2018). Aldi being the large company need to effectively
cater this function in order to manage the performance and overcome chances of hindrances.
Prepare financial statement: There are certain statements such as profit and loss as well
as balance sheet which is significant not only for internal stakeholder in order to determine the
expected and actual growth (Palmer and Truong, 2019). But it is vital for external staff as well
because on the basis of this statement they makes the decision whether to invest or withdrawal
funds from company. Aldi company always try to compare their performance with the help of
these statement due to which it need to be effectively designed by reporting manager.
CONCLUSION
From the above report it has been concluded that Business studies is the core component
of an organisation as it describe various processes by which internal functioning takes place and
help to gain significant result by address target market needs. So the internal management with
the help of SWOT can strengthen its internal capabilities by working on the weakness and gain

core competencies. This can further helps to attain the possible opportunity by setting off the
negative implications of threat. Marketing mix is the framework that leads to the specialisation in
term,s of serving the right audience at right place within right time and by using appropriate
promotional tool. An organisation comprises of various function that work together to gain the
favourable result which leads to success. Further, the role of financial management is the
beneficial practice that manage the monetary transaction and help to make optimum use of the
available resources in order to attain long term objective.

REFERENCES
Books and Journals
Bailey, D. H., and et. al., 2018. Risky business: Correlation and causation in longitudinal studies
of skill development. American Psychologist. 73(1). p.81.
Chukwu, C. and Peter, A., 2018. The Role of Sensory Marketing in Achieving Customer
Patronage in Fast Food Restaurants in Awka. Ifeanyichukwu, C., &Peter, A.(2018). The
Role of Sensory Marketing in Achieving Customer Patronagein FastFood Restaurants in
Awka. International Research Journal Of Management, IT & Social Sciences. 5(2).
pp.155-163.
Gunasekaran, A., and et. al., 2018. Agile manufacturing practices: the role of big data and
business analytics with multiple case studies. International Journal of Production
Research. 56(1-2). pp.385-397.
Hoang, H. T., and et. al., 2018. Drivers of service climate: an emerging market
perspective. Journal of Services Marketing. 32(4). pp.476-492.
Kharadze, N., and et. al., 2019. January. General trends of business career management. In 17th
International Conference on Social Sciences Murcia, 8-9 March 2019 (p. 253).
Olson, E.M., and et. al., 2018. The application of human resource management policies within
the marketing organization: The impact on business and marketing strategy
implementation. Industrial Marketing Management. 69. pp.62-73.
Palmer, M. and Truong, Y., 2019. Introduction to the special issue on the nature of industrial
marketing work. Industrial Marketing Management.
Online
ALDI SWOT Analysis, Competitors & USP. 2018. [Online]. Available through:
<https://www.mbaskool.com/brandguide/lifestyle-and-retail/2041-aldi.html>