Analyzing Burberry: HR, Marketing, and Finance Functions in Business

This report provides an in-depth analysis of Burberry's business operations, focusing on the crucial roles played by the Human Resources, Marketing, and Finance departments in achieving organizational success. The report details the specific responsibilities of each function, such as staffing, compensation, advertising, fund allocation, and financial reporting. Furthermore, it emphasizes the significance of collaborative working practices within Burberry, illustrating how clear communication, goal setting, and cross-functional teams foster a positive and efficient work environment. The role of financial management and reporting is also explored, highlighting its importance in maintaining financial stability and attracting investors. The report concludes by underscoring the interdependence of these business functions and their collective contribution to Burberry's sustained market position. The report also references several academic sources to support its findings.

Introduction to
Business Studies

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................4
Role of HR, marketing and finance functions in an organisation..........................................4
Develop an understanding of collaborative working practices..............................................5
Role of financial management and reporting.........................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business organisation is defined as an institution which came into market with pre-
determined objectives such as profit maximisation, customer satisfaction, strong market image
etc. Thus, it can be achieved only if sufficient level of contribution can receive from different
business functions such as HR, Marketing, finance etc. These all departments have responsibility
to manage all business activities and execute in profitable manner so that desired objectives can
be achieved. For an instance, framing marketing plan by marketing department helps in
influencing buying behaviour of targeted customers in favourable manner. Alongside, employees
also play an important role in accomplishing business objectives within pre-determined time
period through getting work done from them by adopting collaborative working practices. The
present assignment report is based on Burberry which is UK based organisation offering
fashionable clothing products across worldwide. It was established in the year 1856 having
headquartered in London, UK. The report discusses the role of marketing, HR and finance in
growth and success of an organisation along with the importance of collaborative working
practices. The report also briefly describes the role of financial accounting and reporting in
maintaining financial stability of an organisation.

TASK
Role of HR, marketing and finance functions in an organisation
In organisation, there are various function of management that contribute in the smooth
running of the business and help in achieving the desired revenue and profitability. Human
resource play an important role in Burberry in terms of hiring the potential employees in the
organisation and Allocation of funds is done by the financial with the use of right strategy and
marketing department is responsible for promoting the goods and services of the business and
attract the potential customer. There are various roles of different function in Burberry are
follows:
Role of Human Resource department
 Staffing: Human resource is responsible for recruitment and hiring the potential
candidates in the organisation. It starts with developing staffing plan with right
approaches and developing the various policies for formulation of effective department.
Then opens the door for recruitment with the help of internal and external sources and
select the potential customer that can have the required skills and knowledge to complete
their task in appropriate manner to achieve the business goal of Burberry.
 Compensation and Benefits: These are the various strategies to motivate the employees
in the organisation. These should be fair compensation to each employee on the basis of
their performance and evaluate the right candidate for as high performance working in
the business that will help in getting the potential employees in Burberry and business
will lead to earn maximum profit with the expansion of their business.
Role of Finance department
 Raising of funds: This is the first and foremost duty of every organisation to collect the
required funds for the various operations of the business. It can be done by making joint
venture and taking bank loan with agreed interest. Bank will provide the loan by
inspecting the financial statement of the business. Sufficient funding will help Burberry
to run their business operations and helps in purchasing high investment equipment to
produce the qualitative product in the market.
 Allocation of funds: After collecting the fund for their business. It is necessary to give
required resources to each of the management function so that each function can do their

operation in an effective manner. If the organisation conducts the right allocation of the
resources in their business operation. It will help the organisation to achieve its business
goal and earn maximum revenue out of available resources.
Role of Marketing department
 Advertising and Promotion: This is the role of the marketing department to advertise
their product with the right medium of promotion so that large group of people can be
attracted toward your business and this will help in maximising the overall revenue of the
organisation. Promotion is the technique of approaching the right person to buy their
product and give positive response in the market.
 Creating useful content: Before investing in the advertising and promotional activities.
It is necessary to create the useful content that encourage the customer towards their
product and cover the large market. It should too easy to read and related to the product
that increase the value of the product.
Develop an understanding of collaborative working practices.
The collaborative working practices refers to the environment in which the members of
an organisation support each other and create the positive environment to work. In this technique
the employees and employers work together to create the positive work environment and to
achieve the organisation objective. The Burberry main aim is to create the positive workplace
environment and believes primarily in integrity. The company designs its work practices which
involve the efforts from all members of an organisation and this helps in attainment of
organisation goals. The Burberry involves the following techniques;
1- Clear communication: The Burberry core principle is open and honest communication
policy. The company involves the upward and downward communication lines to foster
the honesty and creativity in communication. This gives the employees feeling of
accomplishment when they are also heard.
2- Establishing clear goals: The Burberry establishes the clear goals and communicates it
to everyone clearly. In establishing goals, the employees’ ideas are also honoured and
taken into account. This helps in effective accomplishment of goal.
3- Creating cross teams: The Burberry creates the cross functional teams to achieve the
gaols. By creating cross teams, the ideas are brainstormed of each member and it invites

the innovative ideas of different team members. The cross functional teams are created to
leverage the collaboration and cooperation in work practices.
The collaborative work environment offers various benefits to employer and employee and helps
in following ways;
 Increased efficiency: The efficiency of overall members of organisation increase and it
results in higher productivity. The employees are gets the sense of belonging from an
organisation.
 Employee Development: By creating the cross functional teams and having
brainstorming session the employees skills are developed and build. This helps in giving
the employees the sense of personal development and the employees work towards their
full potential when they are satisfied.
 Effective Organisation Culture: When open and clear communication is being followed
the innovative organisation culture is being developed in the organisation. This
innovative culture helps in bridging the organisation and employees’ personal goals.
 Satisfied and motivated workforce: The techniques so sued by the Burberry helps in
creating the base of satisfied and motivated workforce. When the employees of the
organisation are satisfied and motivated the workforce works in an innovative way which
helps in achieving the organisation goals.
 Satisfied customers: When the employees work to their full potential they contribute
fully and effectively. When the employees work efficiently it results in pool of satisfied
workforce. When the employees’ personal needs are satisfied there all efforts are directed
towards the achievement of organisation objectives.
When the employees’ personal needs are satisfied there all actions are diverted towards
achievement of organisation gaols. The Burberry keenly works towards creating coordination
and integrity in its work practices. When employees are satisfied it help the employers also to
interact and have open communication with employees. The human assets are when satisfied the
organisation achieves the success. The Burberry success is also complemented to the efforts of
its workforce.

Role of financial management and reporting
Financial management plays an important role in the growth and success of an organisation
in terms of financial condition. As every organisation needs to achieve strong financial position
into competitive market which can be possible only if their finance manager successfully
arranges and manage funds in profitable way. For this, it is important for finance department to
maintain financial reports that contains all information related with the transaction made by
business organisation on daily basis. It must be prepared on quarterly or yearly basis which
clearly represents the actual financial position of an organisation. In the context of Burberry, it is
the responsibility of finance department to prepare various financial statements which includes
profit and loss a/c, balance sheet, cash flow statement etc. on annual basis so as to make easy for
its management to identify whether an organisation succeeded with pre-determined objectives.
Maintaining financial reporting document also helps an organisation to gain trust and loyalty of
shareholders through ensuring them to provide expected rate of return on pre-determined time
period. As funds are the basis need for any organisation without which business activities cannot
be executed properly thus raising of funds is must require to bring motivation among business
functions to implement their desired plans successfully. Thus, maintaining financial accounts and
reports helps finance manager in attracting new investors by representing company’s actual
financial position. Along with this, financial accounts and reports assist management to identify
the accuracy and reliability of any transaction so that further corrections to be made in order to
show accurate amount of profitability of business.
CONCLUSION
It can be concluded from the above report that an organisation can sustain its strong
position into market for longer duration if they can successfully receive maximum support from
its different business functions such as HR, Marketing and finance etc. These all departments
play different but significant role in the growth and success of an organisation. For example, HR
department is responsible to recruit skilled employees and retained experienced employees
through adopting different practices such as collaborative working practices, conducting training
and development programs, providing rewards and compensation etc. Thus, it is necessary for an
organisation to coordinate with these departments so as to receive expected support in order to
achieve organisational goals and objectives.

REFERENCES
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