Analysis of HR, Marketing, and Finance Functions in Business

This report provides a comprehensive overview of key business functions, including the roles of human resources, marketing, and finance within an organization. It delves into the importance of each function in achieving business goals, with a focus on the marketing mix and the responsibiliti...Read More

Introduction to business
studies
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Describe the role of HR, marketing and finance functions with in organisation...................3
Develop and understanding of collaborative working practices............................................4
Demonstrate knowledge of the role of financial management and reporting with in
organisation............................................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7
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INTRODUCTION
An organisation includes different functions and activities that is essential for conducting
business task and activities in effective manner (Ghauri, Grønhaug and Strange, 2020). It is
important for business to identify the role of its major functions so that desired goals could be
timely achieve. Collaborative working practices and financial management of business will lead
to perform business activities required way. In this report different roles of HR, finance as well
as marketing is identified. It includes proper and clear understanding about working business
practices in collaborative way. Apart from this various roles of financial management and
reporting is clearly identified.
MAIN BODY
Describe the role of HR, marketing and finance functions with in organisation.
There are different functions of organisation which includes human resource, finance and
marketing. All of these functions play crucial and critical role in accomplishment of set goals of
business. There are four different P's of marketing mix such as product, place, price and
promotion. All of these are crucial elements of organisation as this will lead to have impact on
performance of organisation. Role of human resource, marketing as well as finance for
conducting promotional activities of organisation is explain below in detail.
Human Resource role
Human resource function of organisation is majorly related to management of employees
as well as their performance to conduct business task. This function of business will help in
managing different activities of promotion. Major role of human resource function for promotion
are.
 It is role and responsibility of human resource department to find and hire accurate
employees that can conduct different promotional activities of organisation in better
manner. By hiring highly skilled employee who have complete information about
promotional activities will be helpful. Human resource department role is to manage and motivate employees correctly. This
will lead to boast the morale of employees and they will perform promotional activities in
better manner.
Marketing role
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Marketing department is responsible for conducting different activities that will lead to
increase in sales of organisation. It is important for company to effectively conduct promotional
activities as this will enhance sales.
 Role of marketing function in promotion of products and services is to analyse the need
of customers (Stahl and Tung, 2015). So that company can promote its products is such
as manner that it will meet with the needs of customers.
 Marketing function of organisation is majorly responsible for tracking trends of market in
order to promote products and services. This function of organisation will be able to monitor the competition as well as
promotional activities of other rival companies. This will help in taking better decision
for overall growth and development of business.
Finance role
Finance department is responsible for managing different financial resources and assets
of business. This function of business will help in determining the profits and loss occurred by
business by conducting different business activities.
 It is role and responsibility of finance department to manage all budgets and finical
resources of organisation. This financial role will lead to provide appropriate budgets so
that organisation can promote its products and services effectively.
 There are high amount of finance and funds resourced by business in order to correctly
conducting promotional activities (Maresch and et.al., 2016). So it is role of finance
function to determine the impact of promotion of business.
Develop and understanding of collaborative working practices.
Collaborative practices can be describe as the way in which organisation and its
employees are conducting business practices in order to perform organisational task in required
manner. Collaboration refer as the effective functioning of employees with each other in order to
attain the goals of organisation. It is very important for organisation to consider collaborative
business practices in order to conduct organisational activities. These practices is beneficial for
both employees and organisation. It is very important for organisation to enhance collaborative
working environment so that all employees are working effectively in order to accomplish one
common goal of organisation. It has been determined that collaboration working practices is
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very essential for organisation as this will help in business to achieve desired goals. Advantages
of collaborative working practices are mention below in detail. Employee engagement - Collaborative working practices will lead to have direct impact
on employee engagement in organisational activities. It is crucial for organisation to
enhance collaborative activities for workers by engaging them with in business activities
as well as providing decision making power (Erasmus, Strydom and Rudansky-Kloppers,
2016). This is beneficial for organisation and employees to work collaboratively as this
will create better and effective relationship between them. Increase productivity – By enhancing collaborative working practices with in
organisation it will lead to increase the productivity. Employees will be able to work in
better and effective manner while working in a team. Collaboration will lead to support
each other as well as enhance capabilities to conduct task in effective way. These
working practices will have direct impact on enhancing productivity of business. Employee job satisfaction – When employees are working collaboratively as well as
consider each other view point this will help in increasing the level of job satisfaction
with in worker. Collaborate working practices play crucial role in improving the work
culture and this will have direct impact on improvement of job satisfaction of employees. Accomplishment of goals – Collaborative working practices are considered to be very
important as this will help in accomplishing desired goals and objective of organisation.
These practices of business will help in reducing organisational issues and problems so
that employees can concentrate or focus on quality of work (Kolk, 2016). It is essential
for organisation to implement different ways of collaborative working practices through
which organisation attain its set goals.
 Promote creativity - These working practices with in organisation will lead to provide
opportunities for organisation so that they can enhance level of creativity in organisation.
Collaborative working practices will lead to bring new and innovative way of conducting
business activities as well as improving the quality of performance.
Demonstrate knowledge of the role of financial management and reporting with in organisation.
Financial management can be describe as the process which includes planning,
organizing, commanding, directing as well as controlling different financial activities of
organisation. Reporting refers as the activity of business that is used for collecting and storing
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data of the business. It is very important for organisation to effectively manage and control
various financial and reporting activities of company in order to achieve set goals and objectives
of business (Farooq and et.al., 2017). Various roles and responsibilities of finance management
and reporting is mention below in detail.
Roles of finance management
 The major role of finance management is organisation is to develop an effective plan that
will lead to support in effective control of several financial resources.
 This function of business is responsible for ensuring the all rules and regulation is
followed for safe investment with in organisation.
 Finance management will lead to effective and optimum utilization of funds that is
available to business. This role of financial management is very supportive in adequate
management all financial resources of business. Finance management role in organisation to correctly manage the capital of organisation.
It is important for organisation to accurately estimate the requirement of capital with in
organisation so that desired objectives can be timely achieve.
Roles of reporting
Reporting activity of organisation is majorly related to collecting information and data
which is important for business (Yuliansyah, Rammal and Rose, 2016). It is essential for
business to accurately conduct reporting functions. So that organisation can forecast future and
take corrective actions. Several roles of reporting are -
 The role of this functions is to gather data as well as information in order to perform
various organisational activities. Collected data will support in taking appropriate
decision that will help in attaining goals.
 Its role and responsibility is to prepare report which includes important data and
information. This reports are develop for business documentation or presentation for
upper management.
CONCLUSION
From the above report it can be concluded that there are various functions of organisation
that needs to be work effectively and appropriately. Human resource, marketing and finance
functions of organisation are crucial activities that will help in influencing performance of
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organisation as well as conducting business activities in required manner. It has been determined
that collaborative working practices with in organisation help in developing strong relationship
with in organisation. It is important for organisation to conduct different activities that will help
enhancing collaborative working practices with in organisation. Apart form this it has been
determined that accurate management of finance as well as reporting activities are very
supportive in effective management of business activities and accomplishing of desired goals of
business.
REFERENCES
Books and Journals
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Stahl, G.K. and Tung, R.L., 2015. Towards a more balanced treatment of culture in international
business studies: The need for positive cross-cultural scholarship. Journal of
International Business Studies, 46(4), pp.391-414.
Maresch, D., and et.al., 2016. The impact of entrepreneurship education on the entrepreneurial
intention of students in science and engineering versus business studies university
programs. Technological forecasting and social change, 104, pp.172-179.
Erasmus, B., Strydom, J.W. and Rudansky-Kloppers, S. eds., 2016. Introduction to business
management. Oxford University Press Southern Africa.
Kolk, A., 2016. The social responsibility of international business: From ethics and the
environment to CSR and sustainable development. Journal of World Business, 51(1),
pp.23-34.
Farooq, M.S., and et.al., 2017. Acceptance and use of lecture capture system (LCS) in executive
business studies. Interactive Technology and Smart Education.
Yuliansyah, Y., Rammal, H.G. and Rose, E., 2016. Business strategy and performance in
Indonesia’s service sector. Journal of Asia Business Studies.
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