FY021 Business Studies: HR, Marketing, Finance, Collaboration Roles

This report provides an overview of the roles of Human Resources, Marketing, and Finance within an organization, particularly focusing on The Body Shop as a case study. It discusses how these departments contribute to the overall effectiveness and success of the business, emphasizing the importance of collaborative practices in fostering a positive and efficient working environment. The report also highlights the significance of financial management and reporting, including capital requirement estimation, fund sourcing, cash management, and financial control, all of which are vital for sustainable business growth. The study concludes that a well-structured organization with effective departmental roles and financial oversight is crucial for thriving in a competitive market. Desklib offers similar solved assignments and study resources for students.

FY021 Introduction to Business
Studies

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role of HR, Marketing and finance within organization.............................................................3
Expansion of collaborative practices...........................................................................................4
Role of financial management and reporting in organization......................................................5
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Organization develop by engagement of various people with different knowledge and
generate revenue with proper identification of multiple factors. It mainly includes human
resource management, product decision on the basis of evaluation of market demand, financial
aspects, sales and many more (Huang, 2020). The body shop is all above cosmetics selling
industry in UK, it mainly provides beauty care, skin care and many more products. It has so large
amount of stores and multiple range of products. This report will provide information that how
organization can manage effectiveness in their business, individual department role and financial
management operation business activities with suitable manner.
MAIN BODY
Role of HR, Marketing and finance within organization
Expansion of different departments within the organization makes business activities
more effective and suitable manner because individual department member has expertise in their
field. It considers developing different sections like human resource, marketing, sales, finance
and many more department for long term business effectiveness development. Expansion of
effective workflow in organization is mainly depends on performance and management f
individual department leader and manage. So they play major role for organization. Knowledge
about this activity owner and organization director has to consider that they recruit and hire
employees which have great potential to manage their role and manage their team employee
work with effective manner. The body shop mainly provide cosmetic and skin care products, and
they have so many stores in different market place and areas. Their management decides that
they develop essential department which have great potential and idea to resolve challenges and
issues within organization and manage performance of overall organization with impressive and
efficient manner. Roles of different department are as follows,
Human resource:
It defines as management of people within organization with identification of their
qualification, their thought process, work potential and many more (Walińska and Dobroszek,
2021). Human resource management has major responsibility to hire new employee with
analysis of individual potential and their capability. The body shop organization HR department

decide that they hire employee which have great skills, and they have potential to face any
challenges.
Marketing:
Marketing is all above refers to activity where organization decide which product and
services customer like the most, promotional aspects where marketing experts continuously
develop new changes for product promotion and many more. Its one of the most essential tool
without effective marketing organization not develop attraction from customer. The body shop
organization decide continuously changes in their marketing activity because services in the
competitive market its essential term that marketing department use new digital technological
tools.
Finance:
Organization only develop by proper analyse and identification of financial availability
for their business activity expansion. Financial department or management has responsibility that
they decide and distribute that how much money requires in individual department performance.
This organization decide to provide beauty care products in market, they not consider to
manufacturing activity they only buy products from different brands. Then they provide services
into the market (ALSAFADI and ALTAHAT, 2021). They manage various aspect which related
to financial term that without financial term individual organization can not survive for long
term. So they develop plan and distribute amount for each department.
Expansion of collaborative practices
Organization development is easier but proper management and effectiveness
development in within multiple aspects require collaborative practices. These practice makes
more efficiency in working environment so knowledge about this approach individual
organization has to consider and implement this activity because it makes higher effectiveness in
working culture and employee feel more comfortable and connect with business with positive
manner. Establishment of proper workforce and employee stability in organization of log are
effectively managed by when organization considers this practices. The body shop industry has
so many stores, and they also believe in provide online product selling which is very effective
approach for profit expasion.
Cultivate openness and transparency:

Individual business has to consider this approach that they develop openness which
means engage employee to provide review and their idea towards within solution development or
decision-making activity. Top management when decide to develop new decision they have to
provide overall information and require information to their employee when organization owner,
manager, leader not provide clear and specific information to employee because they have
responsibility to do new things for effectiveness improvement in business activity.
Establishment of judgemental free idea sharing culture:
The body shop is all above retail industry, and they have so many stores in market so
consideration about this activity its essential that sales employee and marketing employee has
higher knowledge about market demand (Soewarno and Tjahjadi, 2020). So its important term
that when they develop new decision they have to consider and communicate in decision-making
activity with their employee as well. Also, its develop more attraction of employee, and they feel
more engage towards with business.
Offer positive rewards:
This is major essential approach of motivation development in employee, organization
activities performing well and effective when top management decide that if individual
performing their tasks with suitable manner they provide them benefits, rewards, increment and
some facilities. Knowledge about this activity employee performing their task with more
confrontation and achieve their goals within given time. Its essential that individual department
consider offering positive rewards to employee, so they feel more motivated towards with the
business activities.
Selection and development of right technology:
Selection of right, suitable, essential technology expansion is essential term when
individual decide that they play effective role and consider providing information about new
technological expansion in organization is great approach. So its not important that always
seniors decide to engagement of technology, thus individual employee also if they analyse new
thing which is useful for business promotion they have to concerns and sharing with seniors
(Assad and Alshurideh, 2020).
Role of financial management and reporting in organization
Financial management is essential concept but it requires consideration and knowledge
about multiple aspects. Business entrepreneur when decide to develop business activity and

existing business manager when decide to engage new product and services development for
customer satisfaction they have to firstly consider that they have enough and expected amount or
not. So identification of financial term is most essential. Also, financial management members
has major responsibility to manage overall business cost with suitable manner. Role of financial
management are as follows,
Estimation of capital requirement:
Organization firstly analyse estimating about which means essential and require amount
for business development. It includes products cost, employee salary, stores rental charges and
buying amount and many more. They body shop organization provide multiple range of skincare,
cosmetic and many more products, and they decide to selling products in their stores from
different brands. So their management decide that they analyse and distribute multiple section
require amount. It decides that they evaluate and analyse daily basis revenues then they decide to
engage new products and services (Lowenstein, 2020).
Choice of source of fund
Application and consideration of right sources of fund is best approach. But analysis of
suitable sources and effective fund require knowledge and experts advice. Sources of found
include like bank loan facilities, relatives, shareholders and many more. The body shop owner
decide that they raise cash for their business activity from shareholder because its very useful
term and money will effectively raise by application of this concept. But eh thing is people
believe towards with the organization. Its note easier concept that people can belives to incest
their money on it.
Management of cash:
Effective management of cost is only develop when financial operation management
identified control on extra expenses and develop flowchart and divide amount of individual
department. This term makes or effectiveness in business growth and expansion of new
opportunities. The body shop department mainly consider developing effectiveness in
organization activity with proper identification of daily sales basis, engagement of new resources
and products is only depend on company revenue (Ab Abonwara and et.al., 2021). So cash
management is the best approach which makes effectiveness in work environment. The body
shop has multiple store, so they develop individual finance supervision which has responsibility

to analyse daily sales and revenues. And development of essential and require things according
to customer or market demand evaluation.
Financial control:
This activity is mainly depends on when financial department members and finance
manager develop control of extra expenses and multiple expenses which not important for
business. This term is depend on performance of finance control experts they distribute and
provide solutions about hoe cost will be properly managed by individual.

CONCLUSION
It has been summarized form the above reflective study that effective organization
development require consideration of multiple aspects and business owner has so many
responsibilities to develop proper structure for successful organization development. This study
provide information about human resource, marketing, finance department play major roles for
organization growth and expansion of new opportunities. This study has been clearly provided
information that employee behaviour can be properly management by application of
collaboration practices and financial management has major responsibility to mange cash flow in
organization. It has been identified that The body shop industry has developed various
approaches, techniques for survives in competitive market.

REFERENCES
Books and Journals
Huang, Y. T., 2020. Internal marketing and internal customer: A review, reconceptualization, and
extension. Journal of Relationship Marketing. 19(3). pp.165-181.
Walińska, E. and Dobroszek, J., 2021. The Functional Controller for Sustainable and Value Chain
Management: Fashion or Need? A Sample of Job Advertisements in the COVID-19
Period. Sustainability.13(13). p.7139.
ALSAFADI, Y. and ALTAHAT, S., 2021. Human resource management practices and employee
performance: the role of job satisfaction. The Journal of Asian Finance, Economics, and
Business. 8(1). pp.519-529.
Soewarno, N. and Tjahjadi, B., 2020. Eco-oriented culture and financial performance: roles of
innovation strategy and eco-oriented continuous improvement in manufacturing state-
owned enterprises, Indonesia. Entrepreneurship and Sustainability Issues. 8(2). pp.341-
359.
Lowenstein, M., 2020. CX Value and the Future of Work: Forging the Partnership Between
Enterprise Leadership, Operations, Support, Marketing and HR. Journal of Creating
Value. 6(1). pp.61-71.
Ab Abonwara, K. M., and et.al., 2021. Determinants and Consequence of Adopting International
Financial Reporting Standards (IFRS): A Systematic Literature Review. J. Contemp.
Manag. Inf. Technol. 1(3). pp.39-48.
Assad, N. F. and Alshurideh, M. T., 2020. Financial reporting quality, audit quality, and
investment efficiency: evidence from GCC economies. WAFFEN-UND Kostumkd.
J. 11(3). pp.194-208.