Business Studies Report: HR, Marketing, Finance, and Collaboration

This report provides an introduction to business studies, focusing on the roles of HR, marketing, and finance within an organization, using The Body Shop as a case study. It explores the functions of each department, including product and marketing mix, recruitment, brand communication, and financial management. The report delves into collaborative working practices, emphasizing brainstorming, value provision, equal participation, and problem-solving. It also covers financial management and reporting, highlighting the importance of financial planning, capital management, cash flow management, and risk management. The conclusion summarizes the key findings, emphasizing the importance of these functions for organizational success. The report references relevant academic sources to support its analysis.

Introduction to
business studies
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Table of Contents
Introduction to business studies.......................................................................................................1
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
The role of HR, marketing and finance functions within organisation..................................3
Develop the understanding of the collaborative working practices.......................................4
Demonstrate the knowledge of financial management and reporting within the organisation5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
The introduction of the business is designed to make the interested students to do many
functions within the modern business. The topic which are related to the business environment,
management, organization as well as marketing finance as well as data process. The business is
related to any of the activity that is carried out by the business after concerning the provision of
the goods as well as services with the review of making profit of the organisation. The business
studies is related to the examination of the business activities within the societies. These are the
activities related to the production of the goods and the provision of the services (Aggarwal,
Jindal and Seth, 2019). now, in the context of the company body shop the further discussion is
about body shop company will be discussed the different aspects of collaborative working
practices as well as understanding of the main factor of both external and internal factor that
impact the business.
MAIN BODY
The role of HR, marketing and finance functions within organisation
Marketing mix;
Product- the body shop is an international company that is producing more than one
thousand products. This is the naturally hand made products towards this is creating eco-friendly
natural products and using ingredients like sesame seed oil and marula oil. This product
constitutes the different product portfolio that includes the product like for dry skin, oily skin as
well as also the combination of skin. The body shop is also offering the ginger shampoo, body
gel and treatment of hands products. These are the products is really natural and can impact the
customer in and assist the customers to resolve the problems of customers. These product
differentiations can attract them towards the product of body shop company and increase the
productivity in an appropriate manner.
Functions;
HR department-The human resources and finance functions are often related to the two
opposite ends of the world. The Human resources department within the company like Body
shop focused on recruitment, engagement and development. The human resources and marketing
is focused on recruitment, engagement as well as development (Çera and Çera 2020).The
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Human resources and marketing work together within the organisation and help to create the
brand of the organisation.
Marketing department- The marketing department helps the company body shop to do
communicate with the brand of the company to the consumers. This is related to the
collaboration of human resources department to interrelate the brand with the company to the
employees. This is using the technologies related to the tools of the companies that helps to
create the universal brand that will be applicable to the employee
Finance department- The finance department is related to the body shop organisation will
be accountable for managing the funds for the organisation and also responsible for planning the
expenditure of funds of the several assets. The organization body shop manager is responsible
for the financial operations. This department is also responsible for the profit making for sustain
the organisation without the proper finances. This department is dealing with the efficient
management resources that is important for the sustainable for the long run. However, the
financial department will also refer to the effective planning organizing as well as directing
controlling of the financial activities (Dobrucalı, 2019).
Develop the understanding of the collaborative working practices
The collaboration is said to be take place by the two individuals as well as group of the
peoples that is working together towards the achieving goals by sharing the different ideas as
well as skill. This can only happen with the traditional as well as virtual engagement. This will
be only helpful by the help of advancement within the technology. There are some other
important aspects related to the organisation body shop.
Brainstorming- the collaboration will allow the team members for come together within
the organisation and work towards the achievement by fulfilling the common goals by thinking
about the brainstorming as well as offering the several aspects to provide the solutions.
Providing value- this is related to the working towards in for the same goals that will
encourage the team member with the solid sense of the purpose. As well as the team is working
on the value together as the common goals giving the meaningful reasons for working together.
(Graafland and Noorderhaven 2020).
Equal partaking- The collaboration of the company body shop provides every teams
member by giving the various opportunities to do participate and the communicate their ideas.
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This promotes self-analysis- The collaboration challenges of the people to think about as
well as receive the clarification of the competencies. This will serve as the mirror that gives the
information to the company body shop. Because the team can better work together and mitigate
the gap from each other.
This results in problem solving- when there will be variety of knowledge and skills
within the organisation. this will create the pool of talent that is more important for the company.
The virtual collaboration is also minimizing or sometimes eliminates the need of the finances as
well as infrastructure within the organisation like body shop.
It makes look at bigger picture- within the organisation the two people are same and the
several peoples from the different background that is working for the company. The company
like body shop needs to know the leverage as well as differences to define that how they can
complement with each other.
Pooling of talent and strengths- when the team mates of the company body shop get
utilize and if they are able experience the skills. The member of the organisation will struggle
with the use of presentation skills.
Development of employee skills- the collaboration will help in giving the mutual benefits
for the employee as well as the organisation because when they work together within the
organisation they will interact and share the ideas (Schaltegger, Hörisch, and Freeman,2019).
They will help and have an opportunity to grade up the skills from the colleagues as well as team
mates. These are the newly learned skills that will help within the improvement and
enhancements of the organisations.
Demonstrate the knowledge of financial management and reporting within the organisation
Higher authorities of finances department are responsible for the financial aspect of the
concern organization body shop. it generates financial reports, direct investment activities and
develop strategy and plan for the long term financial goals of the organization. it also assists to
management make financial decisions. Finance play very crucial role in the organization. it is
very tough to maintain and making profit to sustain themselves for long without proper finance
not just that, the efficient management of these financial resources is important to sustainable
and viable in a long run. Body shop considering the importance of finance in company and full
fill the demand for the professionals with these skills has always been steady. Today is possible
for even non finance professionals and founder of business to learn finance concepts by a
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certified financial analyst course. Higher authorities of finance department perform task that are
particular to their organization. beauty care financial managers must be aware of issues and
challenges regarding beauty care finances and similarly government financial managers must be
well versed in appropriation and budgeting process. They must know the tax laws and regulation.
organization include the overall scenario such as, financial decision and controls, mangers play
very important in making financial decisions and exercising control over finances in the
organization. Demonstrate the knowledge of financial management and reporting within the
organisation. It makes use of tools and techniques like ratio analysis, financial forecasting and
loss analysis. Finance managers are responsible for the planning of financial activities and
resources in the organization. they use appropriate data to understand the needs and priorities of
the organization along with the overall situation and make plans and budgets for the same.
Capital management, it is also responsible for the financial management to estimate the capital
requirements of the organization from time to time that takes the capital structure and
composition and develop the choice of source of funding for the capital requirements. Allocation
and utilization of the financial resources of the organization is profitable, sustainable and viable
in long run. Cash flow management it is extremely essential for organization to have sufficient
works to meet their operational expenses and emergencies. Financial management tracks account
payable and receivable to ensure there is sufficient cash flow available at all times. Financial
reporting includes the all necessary reports related to the finance of the organization that uses the
database for forecasting and planning financial activities. Risk management prepares the
organization to forecast the risk put in place mitigation along with the foreseen risk. And
emergencies effectively. In the context of Body shop, organization looking forward to enhance
their productivity.
CONCLUSION
Form the above report the conclusion of the topic helps to find out the various role of human
resources departments that helps to run the organisation within the effective manner. Because
without this department organisation cannot align their work within the appropriate manners.
apart from this report consist of the understanding of collaborative working practices within the
organisation, that how this helps the organisation to gain the productivity within the organisation.
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as well as this report also comprises the different knowledge as well as role of the financial
management as well as report within the organisation. It is inferred from the above report about
findings such as, financial management play very important role in every organization, because
organization totally depends on finances. However, body shop looking forward to generate more
revenue along with the profitability which is very essential. It involves the various aspects to
cope up with the difficulty and make the efficiency in the production. So that business can
effectively and efficiently.
REFERENCES
Books and Journal
Aggarwal, R., Jindal, V. and Seth, R., 2019. Board diversity and firm performance: The role of
business group affiliation. International Business Review, 28(6), p.101600.
Çera, G. and Çera, E., 2020. Intention to start a business and entrepreneurship education
programme: a pre-and post-programme research design. Journal of Enterprising Communities:
People and Places in the Global Economy.
Dobrucalı, B., 2019. Country-of-origin effects on industrial purchase decision making: a
systematic review of research. Journal of Business & Industrial Marketing.
Graafland, J. and Noorderhaven, N., 2020. Culture and institutions: How economic freedom and
long-term orientation interactively influence corporate social responsibility. Journal of
International Business Studies, pp.1-10.
Schaltegger, S., Hörisch, J. and Freeman, R.E., 2019. Business cases for sustainability: A
stakeholder theory perspective. Organization & Environment, 32(3), pp.191-212.
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Williams Jr, R.I., Pieper, T., Kellermanns, F. and Astrachan, J., 2019. Applying an
organizational effectiveness approach to measure family business performance. Journal of
Family Business Management.
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