Business Studies: HR, Marketing, Finance Functions Report

This report, prepared for an Introduction to Business Studies module (FY021), analyzes the roles of human resources, marketing, and finance functions within organizations, using Sainsbury's as a case study. It explores collaborative working practices, including methods like brainstorming and fostering a sense of purpose, and their benefits in a competitive environment. The report also details the role of financial management and reporting, emphasizing the importance of controlling monetary transactions, preparing financial statements, and effectively managing resources. It concludes by highlighting the interrelation of these functions and the significance of collaborative practices and financial control in achieving organizational goals and ensuring long-term sustainability. The report emphasizes the importance of these functions and their interconnectedness for organizational success.

Marketing Description

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Describe the role of HR, Marketing and finance functions within organisations.....................................3
Develop an understanding of collaborative working practices.................................................................4
Demonstrate knowledge of the role of financial management and reporting within the organisation......5
CONCLUSION...........................................................................................................................................6
REFERENCES............................................................................................................................................8

INTRODUCTION
The role of business studies is to encompass better as well as informed decision in order
to encourage the staff and carry out diverse business activities successfully. This encourages the
staff to understand external environment and effectively handle the operations of entity (Ghauri,
Grønhaug and Strange, 2020). For the better understanding of report Sainsbury company has
been selected whose retail chain are effectively widespread all across UK. The company offer
wide range of eatable and non eatable items under one roof for the convenience of local
residence. This report cover topics like role of different functional unit within an organization.
Develop understanding on collaborative working practice. Further, determine the role of
reporting and financial management within an organization.
MAIN BODY
Describe the role of HR, Marketing and finance functions within organisations
An organization comprises of different functions such as human resource, marketing,
finance, research and development. The role of these functions helps to properly attend the
objective of an organization as they are interrelated with one another that help in better achieving
the desirable outcome. Some of the functions in relation to Sainsbury company are listed down
below:
Human resource function: Human resource of an organizational is responsible to
overview the task of individual as well as workforce working within the organization with
purpose to perform the particular goal or objective. HR Department is charged with different
types of responsibilities like carrying out recruitment and selection process, conduct training and
development session as well as run employee benefit programs (Aral, Dellarocas and Godes,
2013). The role of Human Resource within Sainsbury company promotes the team work where
employees work together and replace internal competition with coordination. Thus, the desirable
role of HR helps Sainsbury company to smooth carry out internal process and retain the interest
with objective to achieving target within stipulated time period.
Marketing function: Marketing is an essential role in terms to maintain the relationship
between organizations as well as its customers by delivering them suitable services and unique

product on the basis of their needs and requirement. It comprises of promotion activity that it
helps to broadcast the offerings of the company and minimize gap between company and its
customers. As Sainsbury is a part of retail industry which involves huge amount of neck to neck
competition (Dumas and et. al., 2013). So in order to maintain profitability the company
constantly analyse the changing requirement of customer and bring transition in their working
pattern to enhance overall footfall of entity.
Finance function: Within Sainsbury finance function plays a crucial role as it support all
the monetary transaction of an entity. As Sainsbury effectively cover the area of United
Kingdom through its retail store as well as online platform so finance function helps in better
maintenance of transaction that helps to determine the difference between cash inflow and
outflow. Efforts are taken to minimize unnecessary expenditure of company for which budgets
are prepared for the specific time period (Ioannou and Serafeim, 2012). This helps not only to
control the cost but also effectively conduct diverse activity of business so that best result is
achieved at a minimum level.
Therefore, these are some of the function of Sainsbury company that together helps to
achieve the desirable position of entity. This helps to generate core competencies as effective
management of manpower, product as well as resources of entity helps in maintaining significant
amount of profitability margin.
Develop an understanding of collaborative working practices
Collaborative working practices involve chances of strategic alliance between two or
more than two organizations that are ready to work together to achieve common objective. Here
desirable network are carried out for specific project which helps in creating the win-win
situation. Such volunteer contribution enhances the quality of work as well as overcome the
problem of resources (Kraus and et. al., 2015). Along with that it leads to diverse thinking ability
due to which merger of entities helps in coming up with unique solution to better offer new
direction for the welfare of internal as well as external stakeholders. Sainsbury operate in
competitive environment due to which collaborating working practices act as a desirable
platform for them in order to gain dominant position within its home country. Moreover,
respected company can expand their operations to other part of the world in order to build global
image through collaborating with other organizations.

Similarly, collaboration within the workplace involves process under which people or
groups come together and share their innovative ideas and opinion to attain the common
objective (Berger and Meyer, 2015). It basically encourages the team work where different
people of different functional areas join their hand with the purpose to work on the particular
project and bring transition in their working performances. As Sainsbury company operates in
dynamic environment that comprises of rapid change in technology, constant change in taste and
preferences of the customer. Thus, collaboration is a productive way based on which competitive
teamwork collaborate their efforts to achieve better outcome. Some methods that promote
collaborating working practices within the workplace are described below:
Brainstorming method: Under this element the group come together and shares different
perspectives as well as idea in order to solve the common problem. This promotes diverse
thinking ability of the individual to provide better solution to best deal with the problem. It helps
to promote the innovation as to gain core competencies it is vital for Sainsbury to promote free
flow of idea that enhances the productivity of entity.
Generate a strong sense to accomplish purpose: Collaboration can only be generated if
each and every employee feels that they are the desirable part of entity. There exist reason for
different parties to work together as both gets benefited out of it due to which they collaborate
their efforts and see valuable result (Corredoira and McDermott, 2014).
Equal participation: This is one of the most affirmative practices that needs to be
promoted by the Sainsbury company where both employer and employee gets the chance to carry
out open communication. This helps in building fair transmission of message that generate the
security amongst personal due to which they remain encouraged to participate in the particular
organization for the long duration.
Demonstrate knowledge of the role of financial management and reporting within the
organisation.
Fundamentally, financial management as well as reporting is considered as an essential
component of an entity that basically helps to monitor business transactional and effectively
preserves the resources for long run. The key roles performed by these units within Sainsbury
company are clearly explained below:

 The main responsibility of financial manager of Sainsbury company is to better exercise the
control over monetary transaction of company. This helps in effective flow of financial
resources to carry out diverse activities of business. It helps to prepare financial statements as
well as profit and loss account at the end of financial year to gain idea about existing
profitability of company. Thus, on the basis of these standards and actions are set for the
better future of entity.
 As Sainsbury is well known UK based company that has strong and leading chains of the
retail store. The manager cannot itself maintain all the record due to huge size of company
for which financial manager are hired. This helps in better exercising the use of financial
capital so that sufficient amount of liquid assets are maintained to meet the emergencies as
well as capital are utilized for effective diversification of business.
 The reporting management of Sainsbury company overview and record all the transaction
that are monetary in nature. This helps to figure out the difference between inflow and
outflow of cash based on which significant amount of profitability is maintained for long run.
 The role of both financial as well as reporting management are interrelated, in case of
reporting manager basically record routine transaction of Sainsbury company. This assist
financial management to analyse the possibility associated with the risk due to which
significant strategies are made to carry out the functioning of entity as well as secure some
money as a retained earnings in order to mitigate the existence of risk.
 Desirable manager are hired by Sainsbury company as finance is considered as one of the
most essential resources of company that helps from commencing the business till carrying
out all the activities. Thus, it is very essential to keep the record and effectively manage the
resources to secure sustainable position of entity.
CONCLUSION
From the above report it has been determined that their exist different functional area
within the organization such as human resource and marketing that collaborate with one another
and helps to bring out the desirable result within the stipulated time zone. Similarly, financial
and reporting management helps in better flow of monetary transaction that control unnecessary
expenditure and safeguard desirable position of entity. Collaborating working practices is the
desirable way by which organization creates the platform where people feel free to put their

opinion irrespective of their status or title. Such delegation of opportunity in terms of equal
participation helps in enhancing the position of the entity in a desirable manner.

REFERENCES
Books and Journal
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Aral, S., Dellarocas, C. and Godes, D., 2013. Introduction to the special issue—social media and
business transformation: a framework for research. Information Systems Research. 24(1). pp.3-
13.
Ioannou, I. and Serafeim, G., 2012. What drives corporate social performance? The role of
nation-level institutions. Journal of International Business Studies. 43(9). pp.834-864.
Kraus, S. and et. al., 2015. Distance and perceptions of risk in internationalization
decisions. Journal of Business Research. 68(7). pp.1501-1505.
Dumas, M. and et. al., 2013. Introduction to business process management. In Fundamentals of
business process management (pp. 1-31). Springer, Berlin, Heidelberg.
Berger, K. A. and Meyer, J., 2015. On-Line Conferencing in a Marketing Course: Description,
Analysis and Reflection. In Global Perspectives in Marketing for the 21st Century (pp. 431-435).
Springer, Cham.
Corredoira, R. A. and McDermott, G. A., 2014. Adaptation, bridging and firm upgrading: How
non-market institutions and MNCs facilitate knowledge recombination in emerging
markets. Journal of International Business Studies. 45(6). pp.699-722.