Report on HR, Marketing, and Finance Functions in Business - FY021

This report provides an overview of key business functions, focusing on HR, marketing, and finance, within the context of the Body Shop. It details the roles of each function, including marketing's role in meeting customer needs and ensuring company sustainability, finance's role in cash flow management and strategic planning, and HR's role in recruitment and performance management. The report also explores collaborative working practices and their impact on productivity and goal achievement. Furthermore, it examines financial management and reporting within the Body Shop, including balance sheets, profit and loss accounts, and cash flow statements. The conclusion emphasizes the importance of these functions and collaborative practices in achieving organizational goals.

Introduction to
Business studies

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Describe the role of HR, Marketing and finance functions within organisations.......................3
Role of HR..................................................................................................................................4
Develop an understanding of collaborative working practices in the Bodyshop........................5
Financial management and reporting within the BodyShop........................................................5
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................6
Books and Journal........................................................................................................................6

INTRODUCTION
The management of processed and commercialised activities is referred to as business. A
managerial unit that provides a variety of services and items to their customers in the
marketplace can be lucrative or non-profitable. As there are multiple divisions, each of which
performs a different set of tasks in order to meet the goals. Body shop worldwide cosmetic is a
factor that the administration considers in this report. Consumers are motivated by the
management's high-quality experiences and top-notch customer service. The goal of this report is
to learn more about the functions of finance and marketing. It teaches you how to work together
in a group setting. Finally, it entails the financial management position in the company.
MAIN BODY
TASK 1
Describe the role of HR, Marketing and finance functions within organisations
There are many different words for managerial activities that are used in the business world.
Business units refers to the acts that are properly controlled in a specific division. Marketing,
human resources, customer services, information technology, finance, warehousing, and other
core business operations will be involved. In order to the baby store that operates on a global
scale in the customer goods business. As a result of the various terms of process that they
represent in that role, two primary functions are as follows:
Role of marketing function
The marketing function is defined as the role or technique that encompasses all activities related
to the conception of commodities and their distribution to their eventual users. As a result, this
division or operations will present a variety of actions in terms of marketing items, providing
delivery services, keeping consumers informed, and so on. The following are the many roles that
are presented by marketing operations at a body shop.
• Meets customer wants and needs - Marketing operations, according to this management,
execute actions in order to understand the needs and wishes of their oriented targeted consumer.
As a result, they can devise tactics in accordance with it. In order for Body shop to comprehend
about client wishes and wants, its marketing divisions employees undertake market study on a

regular basis. It will assist them in developing appropriate merchandise that will help them
increase their sales.
• Ensure company sustainability, goodwill, and development - The marketing unit also
presents market analysis so that they can gain a better understanding of the various variables that
contribute to managerial sustainable development, goodwill, and development. Marketing
function will present an effective analysis and comparison in order to grasp sustainable factors in
the context of their respective businesses. As a result, they also support variables that help Body
shop grow their business and improve their reputation in the industry.
• Adapting the proper cost - Cost is a fundamental component of the marketing mix since it
generates a significant level of money. The company's marketing operations will assist the
company in sustaining fair dealing by discussing the proper approach for their goods and
services. In order to help the Baby Shop, their marketing operation will take a variety of steps to
assist them in controlling appropriate costs for their target customers.
Role of finance function
The finance function will entail the procurement and use of money that are necessary for
delivering effective services. Finance is referred to as the backbone of the organization system
since it aids in the creation of budgets, the distribution of funds, and the cost control. They also
identify appropriate sources that will assist the company in growing. Some of the most important
financial functions in relation to the Body shop are as follows:
• Cash flow management is a critical function of the finance department. According to it,
finance presents numerous measures in the sphere of management in order to preserve cash flow.
In the case of the Body shop, their financial operations will maintain cash input and outflow,
allowing them to make informed decisions in order to meet their objectives. Because the
management is capable, they will present an appropriate schedule by employing a variety of
resources, such as bank credit.
• Strategic planning and budgeting - The company's financial department will present a variety
of actions in terms of its strategic planning and financial funds, which will aid the company in
making effective decisions. In the case of the Body shop, their financial section will give a
systematic study to assist them in developing effective budgets.
These are the key functions that marketing and finance play in a Body shop's productivity
and revenue.

Role of HR
An HR department's job is to employees ’ efficiency while also protecting the
organisation from any problems that develop in the workplace. Salaries and benefits, recruiting,
dismissal, and staying up to date on any regulations that may effect the organisation and its
workers are all part of HR's obligations.
Recruitment & selection: A significant HR role is to recruit applicants and select the best ones
to come work for the organisation. People are the group's heart, and getting the appropriate fit is
a critical effort.
Performance management: Performance management become critical after staff are on board.
The second HR fundamental is performance management. It entails assisting employees in being
their best personalities at work, hence improving the business' profitability.
Develop an understanding of collaborative working practices in the Bodyshop
Collaboration is defined as a situation where a person or a group of people work together
to achieve a common goal or solve an issue. Collaboration practises are defined as the ways in
which an individual or a corporation may act in order to deliver goods and services in a creative
manner. There are a variety of phrases that a company may adopt in order to perform
collaborative performing at their business in an effective way. In the case of the Body shop,
management engages in a variety of activities in order to promote and maximise collaborative
activities at their workplace. As a result, there are a variety of benefits that businesses enjoy
when collaborating on projects, including the following.
• Improve productivity - Appropriate action will assist the company in enhancing productivity. It
will also be referred to as an important factor for them to maximise business productivity in
order to achieve higher levels of profitability share in the marketplaces. It will also assist them in
increasing employees' performance.
• Achieve desired objectives - By adapting and implementing collaborative functioning at work,
Body shop will be capable of meeting their goals. When cooperating, all actions are given in an
efficient manner, and if a problem arises, all staff professors will offer a task to resolve it.
Management would be able to achieve their short and long term goals more effectively as a result

of this. As a result, working actions or tasks that are offered on a regular basis can be
collaborated on.
Financial management and reporting within the BodyShop
The financial management of the business plays a variety of roles.
Maintaining the balance sheet and profit and loss account - The financial division is also
responsible for a variety of financial activities such as the balance sheet and profit and loss
account. In the case of the Body shop, their financial management involves consideration and
assessment tools that allow them to manage a variety of financial transactions like the balance
sheet and profit and loss account. They're presenting it because it'll help them manage their
decision-making process more effectively and efficiently.
Cash flow statement: A cash flow statement is a financial statement that summarises overall
cash inflows a company earns from its continuing operations as well as from investment
resources. It also comprises all outgoings for company and investing operations throughout a
certain time period. The significance of a cash flow statement is it is being used to evaluate the
financial position of a business, — in other words the inflow and outflow of cash and cash
equivalents in the firm over the course of an accounting year, and it also aids the business in
determining the availability of funds.
Capital management - This is one of the most important functions of finance management.
According to the Body shop management, they must offer an analysis of the financial actions
that will help with capital management. It's also crucial for them to present this activity on a
regular basis so that the action plan can be organised efficiently.
CONCLUSION
According to the above-mentioned research, there are various divisions that undertake
actions in order to achieve their desired aims, such as marketing, finance, operations, and human
resource. It plays an important part in the decision-making process in these divisions. As a result,
management collaborative working techniques are also essential, in which leadership and their
employees work together to achieve specific aims and try to solve difficulties. There are many
different terms for finance managerial roles in business, such as recording balance sheets,
conducting financial management, and so on.

REFRENCES
Books and Journal
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perspective. Business Horizons, 59(1), pp.13-18.
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Routledge.
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