Introduction to Business: Marketing, Finance, and Collaboration Report

This report provides an overview of key business functions, with a particular focus on the roles of marketing and finance within an organization. It explores how these functions contribute to achieving organizational goals, using Unilever as a case study. The report delves into the significance of collaborative working practices and their impact on productivity and goal attainment. Furthermore, it examines the role of financial management, including strategic planning, budgeting, and cost control. The analysis highlights the importance of financial strategies, maintaining financial records, and capital management. The conclusion emphasizes the interconnectedness of business functions and the importance of both marketing and finance in driving business success, underscoring the value of collaboration and effective financial management in a competitive market environment.

Introduction
to
Business Studies
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
1. Describe the role of marketing and finance functions within an organization...................3
2. Develop an understanding of collaborative working practices..........................................5
4. Demonstrate knowledge of the role of financial management and report within the
organization............................................................................................................................6
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................8
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INTRODUCTION
Business is considered as a company or business entity which engaged in industrial,
commercial or professional practices. Business unit can be profitable or non profitable entity that
are offering services and products to society at marketplace. At an organisation there are several
departments who conduct work for attaining objective (Bell, Bryman and Harley, 2018).
Organisation selected for this report is Unilever which is British company operating in consumer
good industry. It is founded at 2nd September 1929 at London, United Kingdom. Respective
company offer wide range of products like food & refreshment, beauty & personal care and
cleaning products. The aim of developing this report is understand about role of finance and
marketing function as well as it also provide knowledge related to collaborative working
practices. Moreover it also include role of finance management in a company.
MAIN BODY
1. Describe the role of marketing and finance functions within an organization
At an organisation there are numbers of business function are performed. Business
functions are consider as set of activities which are carried out in a specific department of a firm.
The common functions of a company will include marketing, human resource, customers
services, information technology, finance, warehousing and many more. In respect of Unilever,
which is operating at international level in consumer good industry, there are numbers of
functions they performed. From which role of two main functions are given below:-
Role of marketing function
Marketing function is consider as role or process which comprise all activities that
include from the concept of products for the ways till it reach to final user. So this department or
function will will conduct a lot of activities related to promoting products, delivering services,
aware customers and so on. Unilever is a big firm and at there several roles are conducted by
marketing function that are given below:-
 Meets customers wants and need: According to this company marketing function
conduct activities in order to understand need as well as wants of their targeted and desire
customers so that they can develop strategies accordingly (Chrisman and et. al., 2016). In
respect of Unilever, their marketing department employees conduct market analysis on
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regular basis through which they able to know about customers wants and need. This will
help them in developing accurate products which help in increasing their sales.
 Ensure company survival, growth and reputation: Marketing members also conduct
market analysis through which they can know about several factors which leads to
company's survival, reputation and growth (Cuypers, Ertug and Hennart, 2015). In
respect of respective company marketing function they conduct analysis as well as
comparison through which they able to know its survival factors. Moreover they also help
in factors through which Unilever can grow their business and increase reputation at
marketplace.
 Adapting the right price: Prices is consider as one of the main elements of marketing
mix because it help in generating revenue. Marketing function of a company help
management in setting fair price by preparing right approach related to products and
services. In respect of respective firm their marketing function conduct several activities
related which help them in setting appropriate prices according to offering and target
customers.
 Promoting and advertisement: It is consider as one of the main role of which is
perform by marketing. According to this company marketing department conduct
creative as well as innovative activities in order to promote and advertise their product
and services. In respect of Unilever, their marketing function come up with new and
innovative promotion as well as advertisement activities which help them in attracting
more and more customers towards them that increase their sales.
Role of finance function
Finance function will include acquisition as well as utilization of funds that are essential
for conducting effective operations. Finance is consider as lifeblood of business unit which help
in developing budget, providing money and acquires the money (Decker, Kipping and
Wadhwani, 2015). They also find appropriate sources which help a company in raising them. In
respect of Unilever some of the main role of finance function are given below:-
 Cash flow management: This is main role of finance department at a company.
According to this finance conduct several activities in order to manage cash flow at the
workplace. In respect of Unilever, their finance function take care of cash inflow and
outflow because through they able to take proper decision for attaining goal. Such as if
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respective firm is tight in cash then they will conduct arrangement by using different
sources like bank credit.
 Strategic planning and budgeting: Finance department of a company conduct different
activities related to strategic planning as well as budgeting which also help management
in developing effective decision (Demil and et. al., 2015). In respect of Unilever, their
finance department conduct analysis of business activities because through it they able to
conduct strategic planning as well as it will also help them in develop effective budget.
 Profit planning and cost control: Finance department of a company conduct activities
related to planning as well as cost control so that that company's staffs can perform
activities in effective manner. In respect of respective company, their finance department
conduct planning as well as cost control activities related to the company's current
position.
These are the main role which are conducted by marketing as well as finance of Unilever
in order to increase their sales and profitability ratio in effective manner.
2. Develop an understanding of collaborative working practices
Collaboration refers to the situation at which individual or company work together in
order to attain goal or address issues. Collaboration practice is consider as way according to
which a person or company may perform in order to deliver products and services in innovative
manner (Doh, Husted and Yang, 2016). There are numbers of ways which a company may adopt
in order to conduct collaborative working at their workplace in effective manner. In respect of
Unilever, conduct several practices in order to promote as well as increase collaborative practices
at its workplace. During this there are numbers of benefits gain by respective company by
implementing collaborative working, from which some main are given below:-
 Develop productivity: Respective activity help respective company in enhancing their
productivity. This will also consider as vital aspect for them because through increase in
productivity company able to attain high profitability as well as market shares at
potential marketplace. It will also help them in improving staffs motivation level as well
as performance.
 Attain desire objectives: By adopting as well as implementing collaborative working at
workplace Unilever able to attain their desire or targeted objective. This is so because in
collaboration working all activities are performed in effective manner as well as if their
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will be any issue take place all members conduct work to resolve it. Due to this
respective company able to attain their short as well as long desired goal in successful
manner. Moreover through collaborative working activities or task are performed in
timely manner.
4. Demonstrate knowledge of the role of financial management and report within the
organization
There are numbers of role which are performed by financial management of a company.
From which some major role that are conducted in Unilever are given below:-
 Develop financial strategies: For every company it is essential to develop financial
strategies because through it all departments able to conduct their activities in properly
(Eriksson and Kovalainen 2015). In respect of Unilever, their financial department
conduct workplace evaluation that help in development of financial strategies which lead
to enhancement of profitability and market shares.
 Maintain balance sheet and profit & loss: Financial department also play role in
maintaining different types of financial record such as balance sheet as well as profit and
loss. In respect of respective firm their financial management conduct analysis and
evaluation so that they can maintain different financial record like profit and loss and
balance sheet. They conduct this because it will directly help them in conducting decision
making process in more effective as well as appropriate manner.
 Capital management: It is one of the major role of finance management, according to
which at respective company they need to conduct evaluation of financial activities as
that will help in capital management (Frynas and Stephens, 2015). It is also essential for
them to conduct this practice on regular basis so that action plan can be developed
properly.
These are the main role which are performed by finance management of Unilever at their
workplace as well as it will help them in attaining their desire goal.
CONCLUSION
By analysing above discussed point it can be summarise that in a company there are
several departments which perform activities in order to attain its desire goal such as marketing,
finance, operational, human resources. From these department all plays effective role but major
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role are played by marketing as well as finance because through these departments company able
to understand market and its capabilities in successful manner which help in decision making.
Along with this, in a company collaborative working practices are also necessary because
through it firm and employees work together in order to attain desire goal and overcoming
issues. There are also several role performed by finance management in a company such as
record balance sheet, conduct financial management and so on.
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