Introduction to Business Studies FY021: Functions, Collaboration

This report delves into the critical functions of HR, marketing, and finance within organizations, using The Body Shop as a case study. It explores how HR maximizes productivity through recruitment and employee relations, marketing strategies for brand building and sales generation, and the role of finance in financial planning and resource allocation. The report further examines collaborative working practices, highlighting partnerships and community trade initiatives. Finally, it demonstrates an understanding of financial management and reporting, including forecasting, sales level estimation, and performance monitoring. The Body Shop's strategies in each area are analyzed to illustrate practical applications of business principles. Desklib provides access to this and other solved assignments for students.

INTRODUCTION TO
BUSINESS STUDIES

Table of Contents
INTRODUCTION.........................................................................................................................3
MAIN BODY..................................................................................................................................3
1.Describe the role of HR, Marketing and finance functions within organizations..................................3
2.Develop an understanding of collaborative working practices..............................................................4
3.Demonstrating knowledge of the role of financial management and reporting within the organization5
CONCLUSION..............................................................................................................................6
REFERENCES..............................................................................................................................7

INTRODUCTION
Business studies are being generally regarded as the principles which helps in
strengthening the leadership sills, management skills in the workplace. The BODY SHOP
company is the international business concerning the successful retailer in the skin care,
cosmetics designing mainly for the personal care products. The company is always known for
selling and creating the natural products. This report will specify details of the body shop by
describing the role of the HR, marketing and finance function related to the organization mainly
the marketing mix for promotion. Also understanding various collaborative working practices of
the company. Lastly demonstrating on the role of financial management and reporting within the
organization.
MAIN BODY
1.Describe the role of HR, Marketing and finance functions within organizations
The role of human resource is mainly concerning on the with the maximizing the
productivity of the company. The HR of the company will mainly perform various
responsibilities relating to providing benefits, recruiting employees, also firing the unsuitable
employees which are not productive for performing the job. The HR will staff the employees for
the body shop company, also provides compensation to them for performing their assigned job,
and furthermore the HR manager will also build better relations with the personnel’s as for
engaging them for working better towards the company. The human resource manager mainly
emphasizes for the contributing the cognitive approach for the body shop company. as recruiting
the most talented employees for working in the company which helps in targeting on the
thoughts and ideas for supporting the products of company (Yawalkar, 2019). The HR manager
of body shop will support in managing the talented personnel’s and develops the leadership
which helps in improving the employees and customer’s engagement resulting in fruitful
conditions for the company.
The role of the marketer in the company mainly emphasizes various strategies which
helps in generating the sales of the company’s products. Body shop company is using
segmentation strategy which mainly targets the demographics segmentation (Huang, 2020). The
market is being segmented according with different occupation, working adults and the
housewife’s. concerning the pricing of the products the middle high income people with age
group will buys the products. The company is mainly targeting women market with different

product ranges. these products are used by women’s who generally want to look attractive and
prevents their skin firm damaging. Also the positioning of the company’s products by
maintaining the customer’s healthy lifestyle as it uses the manual organic ingredients for
manufacturing of the products. The role of the marketer in the company helps in building the
brand image of products with great quality. Also with the string advertising and marketing of the
products the company uses the faux glass for positioning itself as the green company. the
marketer helps in promoting the products by using various blogs, YouTube channel,
campaigning about the products ranges with the videos, social media channels which helps the
company in creating the global impact.
Finance in the business helps in assisting the formation of the cosmetics brand, it allows
the company for grasping various opportunities relating to the growth. The main objective of the
finance function is it aids in assessing the financial needs of the organization and assists the
potential sources to raise the finance for the company. The finance functions for the body shop
company is related to financial planning, forecasting, raising funds for the debts, allocating
various funds in marketing and promotions and designing of the products. also making plans
relating to the budgetary control.
2.Develop an understanding of collaborative working practices
The collaborative working practices are generally concerned with the working jointly on
a particular project and achieving the common established goals. the collaborative working
practices will help the company in improving the employee’s productivity. it also aids in easy
working for the common purpose and solves the existing problems for delivering the desired
results. The various collaborations with other brands will help the company in marketing
products better and capture potential customers (Alpenberg and Scarbrough, 2021). As the
collaborations and partnerships are the important key for branding the beauty products as it
scales up at high level which aids in building the e commerce capabilities and promotes growth
in the dynamic changing market. The body shop has collaborated with the street artist ben EINE,
by collaborating with them has raise large amount of funds for charity purpose. These funds were
raised for innovative social and environmental projects. The company has also redesign their
products namely the hemp hand protector by packaging it uniquely by featuring change in front

packaging. This partnering will also solve the issues relating to the e waste and plastic to fuel
technological solutions.
The main beneficiary change was resulted for the company was mainly with the recycling
of the products and the infrastructure this has generated various employment opportunities in
various developing countries. also some amount of charity was being given for converting the
plastic pollutions which is being harvested mainly from oceans and converting it into the
gasoline and diesel by vaporizing it. This innovative business partnership will result in the better
ethical and sustainable business (Ammon, 2018). There are various programs being launched by
the company which regenerates the beauty products for the company.
The community trade is being the recent practice which is being followed by the
company. This program will help the body shop in fair trading with the suppliers mainly focuses
on the community development, and providing the proper supply of the products at reasonable
time. This practice will benefit the users trading and helps in financial resources to develop the
areas for the education for younger generations (THE BODY SHOP AND EINE
COLLABORATION RAISES £325,000 FOR CHARITY,2020). Also, the company has
collaboration with the green pace which generally promotes the products related to jojoba oil
which is being regarded as the better alternative whale concerning in the top oil cosmetics.
3.Demonstrating knowledge of the role of financial management and reporting within the
organization
The role of the financial management in the company is mainly associated with the
forecasting of the financial strategies, planning of the finance estimating the also level of the
company’s products and assessing the company’s debt. The financial department of the company
plays key role for structuring various departments mainly the selling and production.
Financial forecasting of the company: The financial forecasting emphasizes on the companies
assessing the possibility for predicting the potential success of various investments in projects.
For this restructuring various strategies which helps in successful calculating the possible
furcating variants. the company is using the t-shape accounts and the percentage of sales for
future forecasting for the products (Brüggen and et.al., 2021). Thus the forecasting strategies
being used by the company resulted in the most successful and leads the company towards
higher growth.

Estimating the sales level of company’s products: The company was also assessing
continuously the sales level which generally helps in achieving success and in attracting the
customers for generating better sales of the products. The body shop also emphasis on the
various costs projections and demand of products (Jones and et.al., 2021). Thus the sales
forecasting helps in assessing the current sales level which evaluates he performance of
organization.
Sensitivity analysis: This is regarded as the assessing the financial performance system which
observes the company growth and profitability. With the increased the production and
purchasing of various raw materials will be regarded as the steady growth in the sale ratio which
further resulted in success position for the company and provides better opportunities for the
future analysis.
The role of reporting in the organization is the approach of reviewing and managing the
various operations and areas related to the cosmetics company. This area will help in monitoring
the performance related to sales department, finance department, human resources and stock.
The body shop company will report and monitors for evaluating the performance of the
enterprise as it helps in evaluating the lacking areas, and performance of company. Reporting
and monitoring aids in the growth and attaining profits for future.
CONCLUSION
Form the above report it can be concluded that the body shop operating in the
international market providing its wide range of cosmetics and skin care products mainly to the
female consumers. The HR department play an important role in the body ship company for
employing the competent personnel’s which helps in providing best results for the company also
the marketer will promote the products by using various promotions online as well as on the
offline stores of the products. Furthermore, the financial department of the body shop company
arranges the financial planning also allocates finance which provide better productivity for the
company. Also the company have collaborated with the green pace and the street artist ben EINE
for accomplishing the common goals. moreover, the financial management role and reporting in
the company plays a significant role for the company which helps in establishing the desired
objectives.

REFERENCES
Alpenberg, J. and Scarbrough, D. P., 2021. Practice theory in a collaborative context. Journal of
Business Research. 123. pp.415-422.
Ammon, K. H., 2018. QUALITY IS EVERYTHING: Quality is an essential foundation for
successful reporting within any organization. Strategic Finance. 100(5). pp.25-27.
Brüggen, A and et.al., 2021. DEMAND FORECASTS IN ORGANIZATIONAL
PLANNING. Strategic Finance .102(10). pp.42-47.
Huang, Y. T., 2020. Internal marketing and internal customer: A review, reconceptualization,
and extension. Journal of Relationship Marketing. 19(3). pp.165-181.
Jones, A and et.al., 2021. Finance for a future of sustainable prosperity. Area. 53(1). pp.21-29.
Yawalkar, M. V. V., 2019. a Study of Artificial Intelligence and its role in Human Resource
Management. International Journal of Research and Analytical Reviews (IJRAR). 6.
pp.20-24.
Online
THE BODY SHOP AND EINE COLLABORATION RAISES £325,000 FOR CHARITY. 2020.
[Online]. Available Through: < https://www.globalcosmeticsnews.com/the-body-shop-
and-eine-collaboration-raises-325-000-for-charity/>