Business Studies Report: Collaborative Working and Financial Roles

This report provides an introduction to business studies, focusing on the roles of Human Resources, Marketing, and Finance within an organization, using Marks and Spencer as a case study. It explores the functions of each department, including recruitment, brand promotion, and budget development. The report also examines collaborative working practices between departments, emphasizing the importance of teamwork for achieving organizational goals. Furthermore, it delves into the significance of financial management and reporting, including capital management, strategic decision-making, and risk management. The conclusion summarizes the key findings, highlighting the importance of understanding business functions, collaborative practices, and financial management for business success.

INTRODUCTION TO
BUSINESS STUDIES

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
Role of HR, Marketing and Finance functions within organisation...........................................1
TASK 2............................................................................................................................................2
Understanding collaborative working practices .........................................................................2
TASK 4............................................................................................................................................3
Role of financial management and reporting within organisation..............................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business activities refers to the process that encompasses the several aspect related to
gaining and attracting the customers by properly functioning the activities in the working place.
This report covers the several functions of the various departments that are human resource,
marketing and finance so that objectives are to be attained smoothly (Ghauri,Grønhaug, and
Strange, 2020). It also explains the collaboration between the several working practices so that
friendly working environment is to be developed and at last it involves role of financial
management and reporting of the company that can helps in gaining the profitable results. For
completing this report includes the Marks and Spencer that is a leading retailing company in UK.
It deals in clothing, food, sector, financial services etc.
TASK 1
Role of HR, Marketing and Finance functions within organisation
Role of Human resource function
Within Marks and Spencer, Human resource can functions several roles that helps in
completing the assignment
 Recruitment and selection- The major role of human resource function within Marks
and Spencer is to hire and attracts the number of candidates for a vacant job position so
that functions cane be done smoothly. In this they can advertise the vacant job internally
and externally the organisation so that position can be filled. It helps in earning profitable
results (Jones, 2019).
 Maintaining records of employees- Another role of human resource function within
Marks and Spencer is to maintain the employees records so that their skills gap helps in
offering training and new hiring of the candidate that is useful for the organisation to gain
profitable results.
Role of Marketing function
In Marks and Spencer marketing department can function the several roles that can be
presented below:
 Promoting the brand in the market- It is one of the major role of Marketing
department within Marks and Spencer. In this marketing manager can promote the brand
by using their products and services that attracts the number of customers(Ferns, 2019). .
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It is vital for the business enterprise to focus on maximising the brand name so that they
can sustain for a longer period of time and also gain the competitive advantage within
same business industry.
 Fulfilling customers needs and demands- IN terms of Marks and Spencer, satisfying
the customer demands is the major role of marketing function for attracting millions of
customers in all pver the world for enhancing sales and profits. It helps to develops the
loyalty in the customers for company due to this firm will sustain for a longer period of
time (Al-Tabbaa, Ankrah, and Zahoor,2019).
Role of Finance Function
Finance is the major part for every business to regulate and manage all the financial
resources for company profits. In terms of Marks and Spencer, finance department can function
the major role that are elaborated below:
 Developing the Budget- It is one of the major role that department of finance is to be
play in the Marks and Spencer. In this finance department can manage all the monetary
resources of the company that helps in investing in the profitable task. It helps in
enhancing the market share and revenues. By properly organise the resources of
organisation business enterprise can sustain in the marketplace for a longer period of time
(Olsen, and Solvoll, 2018).
 Planning for profit- It is another major role of finance department within the Marks and
Spencer. Planning for profits are the essentialist for the longer survival in marketplace
and gaining the competitive advantage. In this finance department can focus on the
preparing the budget so that wastage of monetary resources are to be eliminates and
profits can be attained effectively.
TASK 2
Understanding collaborative working practices
Collaboration defines the process of working together within a team for attaining the goal
on a set time period (Howitt, 2019). In case of Marks and Spencer, it is very essential to
understand the collaborative working so that task can be accomplished in a set period of time and
in effective and efficient manner. In terms of concerned company, collaborative working
practices can be shown below:
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 Human resource and marketing collaboration- Within the organisation collaboration
between marketing and human resource department is very essential to effectively attain
the objectives in smooth manner. Marketing department within Marks and Spencer are
working for attracting the best candidate for a vacant job role and in this human resource
department can select the suitable one who fulfils all the requirements related to vacant
job position so that task can be attained and profitable results can be enjoyed. In this
collaboration is very essential between both the departments for smooth running the
activities related to hiring and selecting the best candidate for the organisation (Rana, and
Morgan, 2019).
 Finance and production department collaboration- The collaboration between the
finance and production department is very effective. In terms of Marks and Spencer,
finance department is working for preparing the budget related to purchasing the raw
material, equipments and other essential items that are needed to the production
department so that they can use the resources without wastage that helps in gaining the
high profitable results. This collaboration is very essential for gaining the profits and
producing the goods and services effectively and with optimum utilisation of resources
(Peterson, Arregle, and Martin, 2020) .
Importance of Collaborative working practice
It is very essential to collaborate the several function within the Marks and Spencer that
helps in gaining the profitable results. This helps in solving the several types of problems
effectively in a creative manner. Collaboration between the team members, boosting the learning
and skills that helps in gaining the profitable results. The major role of collaborative working
practices supports the employees so that they are satisfied with their work. Collaboration
between the departments helps in smooth functioning of the task so that objectives can be
attained successfully (Peterson, Arregle, and Martin, 2020).
TASK 4
Role of financial management and reporting within organisation
Reporting refers to a term that is used for run the organisation, make the decisions related
to the business enterprise, evaluating the progress of the firm so that targets can be attained
effectively and efficiently (Yeung, 2018). Financial management refers to that aspect that is
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related with the profitability, expenses, cash and credit so that company can attain their targets
effectively and optimally (Gaur,and Kumar, 2018). In terms of Marks and Spencer, both
reporting and financial management is prominent and perform the several functions that can be
presented below:
 Capital management- This is one of the major role of the financial management within
the business enterprise is to examine the capital requirements of the company. In this
financial management can examine the requirement of capital within the Marks and
Spencer so that targets related to gaining higher profits can the attained. In this they can
focus on taking the decision related to sources of funding so that capital requirements can
be fulfils effectively and firm will gain the revenues and high market growth (Panda, and
Rath,2018).
 Assisting manager in in taking strategic decision- The major role of the reporting
manager is to assist the manager of the business enterprise so that they can take the
decision for accomplishing the task in fruitful manner. In context of Marks and Spencer,
department of reporting helps the staff members to complete activities according to the
strategic plan so that high profitable results can be attained by reducing the complexity
and developing the flexibility within completing the task (Bartlett,and Burton, 2020).
 Investment opportunities- It is the major role of financial management to capture the
opportunities so that firm will invest in the right stock and also the right time. In terms of
Marks and Spencer, financial management perform the major role of providing the best
opportunities so that high profitable results can be attained.
 Satisfy the investors of the organisation- The effective role of reporting management is
emphasis on satisfying the investors so that they can invest the high amount that helps in
gaining the higher revenues. In context of Marks and Spencer, manager can focus on
convincing the stakeholders that are investors, employees, creditors etc. so that image of
the company is to be maintained (Xie, and Redding, 2018).
 Risk management- The major role of finance management within the Marks and
Spencer is to maximise the profits and revenues and reducing the risk and expenses so
that firm will sustain for a longer period of time.
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CONCLUSION
From the above report it is concluded that business studies is a prominent term for
gaining the profitable advantage and smooth functioning of the divisions. This study helps to
acknowledge the role of various functions such as human resource, financial and marketing
within the Marks and Spencer so that task can be attained smoothly and efficiently. It also helps
in understanding the collaborative working practices that develops the understanding related to
team work and objectives can be attained within specify period of time. It also helps in
enhancing the knowledge regarding role of reporting and financial management within the
business enterprise so that profitable results can be enjoyed.
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REFERENCES
Books and Journals
Al-Tabbaa, O., Ankrah, S. and Zahoor, N., 2019. Systematic literature review in management
and business studies: A case study on university–industry collaboration. SAGE
Publications Ltd.
Bartlett, S. and Burton, D., 2020. Introduction to education studies. SAGE Publications Limited.
Ferns, G., 2019. Thinking globally, teaching sustainability: Embedding sustainability in
international business studies and addressing student responses. In Incorporating
Sustainability in Management Education (pp. 83-104). Palgrave Macmillan, Cham.
Gaur, A. and Kumar, M., 2018. A systematic approach to conducting review studies: An
assessment of content analysis in 25 years of IB research. Journal of World Business .53
(2). pp.280-289.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Howitt, P., 2019. The implications of knowledge-based growth for micro-economic policies.
Routledge.
Jones, L., 2019. Introduction to business law. Oxford University Press, USA.
Olsen, R.K. and Solvoll, M.K., 2018. Reinventing the business model for local newspapers by
building walls. Journal of Media Business Studies .15 (1). pp.24-41.
Panda, S. and Rath, S.K., 2018. Strategic IT-business alignment and organizational agility: from
a developing country perspective. Journal of Asia Business Studies.
Peterson, M.F., Arregle, J.L. and Martin, X., 2020. Multilevel models in international business
research. In Research Methods in International Business (pp. 417-432). Palgrave
Macmillan, Cham.
Rana, M.B. and Morgan, G., 2019. Twenty-five years of business systems research and lessons
for international business studies. International Business Review .28 (3). pp.513-532.
Xie, E. and Redding, K.S., 2018. State-owned enterprises in the contemporary global business
scenario: introduction. International Journal of Public Sector Management.
Yeung, H.W.C., 2018. Economic geography and international business. The Routledge
Companion to the Geography of International Business, pp.177-189.
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