Business Functions Analysis: Asda's HR, Marketing, and Finance Roles

This report provides a detailed analysis of Asda's business operations, focusing on the roles of Human Resources, Marketing, and Finance departments. It examines the functions of each department, highlighting their contributions to the company's growth and customer satisfaction. The report also explores Asda's collaborative working practices, including partnerships with other firms for digital marketing, product promotion, and workforce recruitment. Furthermore, it delves into the role of financial management, including financial planning, capital management, allocation of resources, and cash flow management, emphasizing their importance in ensuring the company's financial stability and competitive advantage. The report concludes by summarizing the key findings and emphasizing the significance of business studies in understanding various factors that influence a firm's performance.

Introduction to Business
Studies

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Role of Human Resource, Finance and Marketing function in Asda..........................................3
LO2..................................................................................................................................................4
Collaborative working practices..................................................................................................4
LO4..................................................................................................................................................5
Role of financial management and reporting within the organisation.........................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business studies describe as a sharing and learning knowledge and hence it helps
individual at work station as well as running organisation. Asda is one of well known retail firm
in world and started its business from United Kingdom. Report emphasizes on different
departments in the firm such as HR marketing and finance. It also focuses on collaborative
working practices and financial management.
LO1
Role of Human Resource, Finance and Marketing function in Asda
Asda has divided work between various departments which help in smooth running
business and increase customer satisfaction level. Human Resource, Marketing etc. are some of
important function of firm and each of them equally contribute in growth of firm for example:
HR focuses on workforce hiring and development which increase efficiency, quality and
productivity of work.
Human Resource
Human resource plays various roles in organisation such are hiring talented and skilled
workforce which increase efficiency, quality and productivity of work and hence contribute in
growth of organisation (Price and et.al., 2018). There are number of software use by HRM of
Asda so that authentic candidate can be recruited as well as performance of workers can be
timely analysed. It also emphasizes on providing training and development programs so that
skills of workers can be improved and make them ready for changing business and able to gain
competitive advantage in changing business. HR also plays important role in building employees
relation so that talented and skilled workforce cannot migrate to another firm.
Marketing
Marketing is another important function of Asda and it plays important role in selling
product as well as services to right customers and hence enhance their experience. It analyse
demand of customer according to changing taste & trend and accordingly provide report to
Research & Development team which are responsible for innovation and creativity in product
and services. It also takes suggestion, Feedback, opinion etc. from customers and accordingly
constructs market report (Telang and Deshpande, 2016). Marketers Analyse competitor product
& services which help in providing product as well as services according to trends in market.
There are number of promotion channels use for promoting its product such as digital marketing,
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media (Newspaper, Magazine etc.) and hence able to target large number of customers in country
and increase profit share of Asda. Marketing team also plays significant role in market planning
and setting strategy so that firm will able to compete in business and increase revenue in time of
Globalization.
Finance
It is one of the important functions of Asda and all major decision taken by firm need
inclusion of financial team. Planning budget for project need amount which can only be
supported by financial team for example: if the company is in losses then it will say no for
further investment until investor will funded. It also checks regular transaction in firm so that
amount cannot be misused. Budget and forecasting also done by finance team of Asda so that
financial stability as well as growth of organisation can be achieved. There are number of
number of software updated by it so that cash flow in the company can be managed. It also
prepare report related to finance which submitted to senior management and help them
understand which project increase expenditure as well as which one giving more profit.
LO2
Collaborative working practices
It focuses on working of different company to with each other for accomplishing set
goals and increase profit. There are number of business in United Kingdom which works with
collaborated with more than work for various purposes such as outsourcing, promoting product
& services etc. Asda remain independent but work with other firm for different types of work
such as it collaborated with digital marketing firm which help in promoting its product and
influencing large number of customers in United Kingdom. Assistance to other firm for selling
goods is another collaborative working practice. There are number of small retail firm which
collaborated with Asda for selling its product & services and hence increase market share in
changing business. Firm also collaborated with other function of another firm such as Human
Resource for hiring talented and skilled workforce for organisation and hence increase
efficiency, quality and productivity of work (Wordsworth, 2018). Asda also invest in merging
and acquisition local entrepreneur which are providing best quality chocolate according to
changes taste and trend of customers and hence able to increase market share of organisation.
Firm has divided different function for better work but they collaborated in exchanging
information and hence support growth of organisation.
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LO4
Role of financial management and reporting within the organisation
Finance department is an important component of firm and it plays important role in
expansion as well as success of organisation. It become important firm to use money in right
direction for profitable project as well as on deserve employees and hence financial management
consist of all the factors that are associated with amount distribution to monitoring & controlling
(Siminica, Motoi and Dumitru, 2017). It helps organisation in gaining competitive advantage in
changing business and increase profit share of firm. Asda’s financial focuses on cash flow as
well as allocation in right way so that projects can be completed on time with greater efficiency.
Financial decisions and controls
Manager related to finance in Asda focuses on decision-making in allocation of funds to
different department as we as control their activities by proper guidelines. It also involve in
decision framing for budget as well as new project and hence it support organisation in multiple
way.
Financial Planning
Financial managers understand need of different department and accordingly finance
planning will be done by them. Budgets are sets by their inclusion and every new project
forecasting as well as investment need their assistance. It is backbone of Asda and support in
every situation by managing flow of amount as well as distributes finance in right way.
Capital Management
Financial team focuses on monitoring as well as controlling capital management such as
analyse the present requirement and the way in which has to manage. It focuses on structuring
and composition of capital as well as suggests the way in which it can be improved through
suitable funding methods.
Allocation and Utilization of financial resources
It delays with allocation of funds activities for example providing funds to different
function of firm for expanding business and increase profit share in time of globalization. There
are number of day to day activities which require support of finance team for example: paying
amount daily wage workers in firm and hence it make proper structure as well as focuses on way
in which amount can easily reach to people who are working for Asda (Shapiro and Hanouna,
2019).
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Cash Flow Management
It plays important role in transactional activities that goes in organisation and it support
firm that amount transact timely so that work can be done effective way. This all transaction
history manage and record for future reference as they also have to show government that Asda
is legally working in country.
CONCLUSION
It can be analyse from the report that business studies plays important role in knowing
different factors that affect firm. Report highlight about Asda’s different function role such as
HR focuses on recruiting and developing workforce. It also explains about collaborative
practices for example: taking help of other firm for digital marketing. In the end financial
management of Asda describes such as cash flow management.
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REFERENCES
Books and Journals
Price, M and et.al., 2018. From Asda to Kay: discourse, intertextuality and the evolution of UK
corporate governance. Accounting, Auditing & Accountability Journal.
Telang, A. and Deshpande, A., 2016. Keep calm and carry on: A crisis communication study of
Asda and McDonalds. Management & Marketing. Challenges for the Knowledge
Society.11.(1).pp.371-379.
Wordsworth, D., 2018. A history of Asda. Pen and Sword.
Siminica, M., Motoi, A.G. and Dumitru, A., 2017. Financial management as component of
tactical management. Polish Journal of Management Studies, 15.
Shapiro, A.C. and Hanouna, P., 2019. Multinational financial management. John Wiley & Sons.
Online
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