FY021: Introduction to Business Studies Report on Waitrose Analysis

This report provides an in-depth analysis of Waitrose, a major UK grocery store. It explores the roles of various organizational functions, including Human Resources (HR), Marketing, and Finance, detailing their responsibilities and interdependencies. The report examines collaborative working practices within Waitrose and discusses the impact of internal and external factors on the business. Furthermore, it highlights the crucial role of financial management, including financial decision-making, planning, cash flow management, and risk management. The report concludes by emphasizing the importance of these factors for Waitrose's success, while also suggesting areas for improvement such as reducing product prices for a wider customer base. References to academic journals and online resources support the analysis.

Introduction To Business
Studies

Table of Contents
INTRODUCTION.................................................................................................................3
MAIN BODY........................................................................................................................3
LO1........................................................................................................................................3
ROLE OF ORGANIZATIONS..........................................................................................3
Human management (HR):................................................................................................3
Marketing:...........................................................................................................................4
Finance:................................................................................................................................5
LO2........................................................................................................................................6
COLLABRATIVE WORKING PRACTICES.................................................................6
LO4........................................................................................................................................7
ROLE OF FINANCIAL MANAGEMENT:-...................................................................7
CONCLUSION.....................................................................................................................9
REFERENCES....................................................................................................................10

INTRODUCTION
Organization is group of people who have similar goals and objectives and wants to earn maximum
profit by providing goods and services to the people. Waitrose is one of biggest groceries stores
which became the first supermarket in the UK to sell organic goods in 1983.
This report discussed about the different types of roles of organizations such as marketing, finance
and HR. And apart from that this report includes what are the different collaborative workings
practices there in the organization and different external and internal factors that impact the
organization. This report also discuss about the role of financial management in Waitrose.
MAIN BODY
LO1
ROLE OF ORGANIZATIONS
In every organization have different different functions to run business smoothly. In Waitrose also
the function starts from the production to deliver the goods or product to it's actual customer. As
Waitrose own its farmes and produce its product these farms. So they manage relationship with
farmers as well as the suppliers It includes the production department, research and development
department, marketing, human management department and finance and accounting department. This
all departments are working together to achieve the goals and maximize the profit. This department
are inter related with each other. ( GaoZhang, and Zia, 2018.)
These functions are discussed below:
Human management (HR):
Organizations are dependent on their employees. Consequently, their recruitment and selection
require careful management. Waitrose Hire large number of employees with different job profiles so
it very important to manage them all and maintain the healthy relationship for sustainable growth is
very important for them.

The Role of HR has achieved a more important status in today’s world. They generally believe to
‘get the most’ from workers in terms of consumer assistance and customer handling which will
benefit the company.
HR includes many responsibilities such as
Recruitment and selection: As Waitrose has so many stores and its own production location, so they
employee large number of people and they always make assure that they hire honest and ethical
people with right job and designation. So people will work in their full potential.
Provide Training and development: Waitrose arrange so many training session on regular basis to
make them understand about the product all time and also about the objectives and strategies on
which company is working for next specific period. They allow employees to accomplish their duties
effectively and utilized their full potential. (Héder, Szabó, and Dajnoki, 2018)
Maintain the Employee connections: when company is hiring lot of people in the system so its also
important to maintain them in the single roof. It involves negotiations for salary and conditions of the
organization, personal issue so they need to talk or maintain relationship with their all employees and
handle the situation accordingly.
Handling the Grievance and disciplinary issues: it’s very crucial while Handling the complaints
from the workers or from the employer or mangers to seniors managers. They need to be unbiased
while handling these issues.
Marketing:
Marketing is a process to identify and satisfy the customer’s requirements at the fare price.
Marketing includes analysis of what consumers want and how the organization can fulfill these needs.
In Waitrose marketing actions range from the ‘strategic’ products with proper concerned and the
possibility of product markets. This function starts from the deciding the strategies, planning,
promotion and advertisements, controlling and execution and customer service. Marketing Concept
marketing was placed at the beginning of the process of determining the products (services) which
were needed by the market. The price at which they should be sold and the way in which they were to
be distributed. ( Kaynakçı, and Boz 2019)

The marketing team of Waitrose will first research about the customer needs to formulate strategy
and produce the good and service to fulfill that customer demand. In that research, the marketing
division will examine the market thoroughly they are intending for at the time. Also identify about the
consumer behavior or demographics on the basis of age, background, gender, and the choices of the
customer in that market..
Finance:
Financial record keeping of transactions pertaining to financial inflows or outflows. Preparing
financial statements (the income statement, balance sheet and cash flow statement) to reporting to
exterior parties such as shareholders. The financial declarations are also the starting point for
computing any taxes due on the company's profits. Finance also includes Payroll administration that
involved Disbursing the allowances and salaries and preserving the proper income tax and national
insurance records. This information will be used to produce numerous financial statements for tax
intentions and to assert with legal laws. The data will also be utilized to create association accounts to
enable senior managers to make new agendas and analysis of current business strategy. And with the
help of the financial data company also find out. (Nielsen 2017) The finance department or unit may
also be responsible for administering employee expenses and salaries. For payment of wages the
finance department will need to take into account statutory deductions such as tax, and employee
contributions such as pension or loan repayments.

LO2.
COLLABRATIVE WORKING PRACTICES
Collaborative working practice includes a whole range of way that two or more companies or busness
can work together. It can cover familiar networks and alliances with each other, combined delivery of
projects or full merger. Collaborative working can be for a fixed period of time or for everlasting
arrangement. It’s totally depending on the management of the company.
In the UK also many leading companies and industry bodies within the UK food manufacture,
retailer and horticulture have united their forces to deal with the issue of modern-day slavery, human
trafficking, unnatural labor and other hidden migrant worker misuses as per the British newspaper.
Waitrose with its own-label as well as other branded cheese, butter and fresh milk products has triumph
for accumulating the importance to the retailer’s dairy class. They improving in-store navigation and
customer appointment or engagement , modified consumer activation through Waitrose’s media channels
(Waitrose Kitchen, Waitrose On-Line and Waitrose Weekend etc), and making the lead in format
arrangement such as Little Waitrose.( Rasool, 2017) There is close working partnership with Waitrose’s
inside team, to improvise the working practices within and outside of the organization, nurturing a sturdy
innovation pipeline), and delivering the products of market-leading quality and support Arla to support
Waitrose’s overall market performance and its goodwill.

LO4
ROLE OF FINANCIAL MANAGEMENT:-
In Waitrose or any other organization finance plays a vital role. It's very essential for every business.
Without proper finance companies cannot sustain in long run. That's why Finance management is
very important. Financial management pertains to the practical and profitable planning, organizing,
and controlling the financial activities and procedures of an business. This is not restricted to finance
procurement, allotment of financial resources, and utilization of funds.( Nielsen,., 2017)
There are different roles of financial management as below:-
Determine the financial decisions and control: Financial manager’s plays crucial role while
determining the financial decision of the organization as they need to check the previous year records,
current market demands for the product, expenses and profit.
Planning of finance: managers make plans for the financial resources and activities for the company.
Generally they use ready data to recognize the need of the customers and priorities of the business
while same time understanding the economic situation and formulate plans and budget.
Cash Flow Management: It is very essential for organizations to have adequate working capital and
cash flow to fulfill their operational expenditures and emergencies. Financial management traces
account payables and receivables to assure that there is sufficient cash available or not. If yes then
they pass budget and If not then they identify the problems through the available data. (Aladağ,. and
Işik, 2017)
Removal of Surplus: The decision is basis on how the excess or profits of the Waitrose is utilized is
held by the financial managers of the company. They also determine if dividends should be allotted or
not and how much as well as the percentage of profits that should be conserved and ploughed back to
the business.

Reporting and forecasting the budget: Financial management help to maintain all required reports
and documents which are associated to the funds of the company and after using this report managers
forecasting and scheduling the financial activities for the next quarter or financial year.
Risk Management: as Waitrose is the biggest grocery store in the UK and have invested large
amount of capital in the business. So it's quite possible that it also contains the risk. In the financial
management they study about the risk factors also. They prepare separate team for the same to
forecast hazards, put in place comfort and create the plans to overcome from unexpected risks and
emergencies effectively.

CONCLUSION
As this report demonstrate that Waitrose have variety of products and services available in current
state also they have different different strategies for making more profit but they need to reduces the
rates of the products for middle class or lower middle class people of the UK. Part from that these
reports also conclude about the organization different roles helps company to run in effective way
like HR, finance and marketing. These three are main roles of the organisation. (Kaynakçı,. and Boz,
2019)Also report discussed the internal and external factors are affecting the business of Waitrose..

REFERENCES
Books and journals
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11(21), p.5981.
Agustina, I.L., Fauziv, E., Anwar, A., Ogalo, H.S. and Ratnasari, I., 2019. The role of financial
management in bringing efficiency in supply chain management. International Journal of Supply
Chain Management, 8(3), pp.1-9.
Aladağ, H. and Işik, Z., 2017. Role of financial risks in BOT megatransportation projects in
developing countries. Journal of Management in Engineering, 33(4), p.04017007.
Elsantil, Y. and Hamza, E.G.A., 2021. A Review of Internal and External Factors Underlying the
Purchase of Counterfeit Products. Academy of Strategic Management Journal, 20(1)
Gao, S., Zhang, Z., Su, S. and Zia, M.A., 2018. Multi-role event organization in social networks.
Information Sciences, 447, pp.229-243.
Gürel, E. and Tat, M., 2017. SWOT analysis: a theoretical review. Journal of International Social
Research, 10(51).
Héder, M., Szabó, S. and Dajnoki, K., 2018. Effect of labour market changes on HR functions. Anali
Ekonomskog fakulteta u Subotici, (39), pp.123-138.
Kaynakçı, C. and Boz, İ., 2019. Roles, responsibilities and competencies needed by extension agents
in extension system. PROCEEDINGS BOOK, p.357.
Ndofirepi, E., Farinloye, T. and Mogaji, E., 2020. Marketing mix in a heterogenous higher education
market: A case of Africa.
Nielsen, H., 2017. The Roles of Finance functions, Management Accounting, and Lean.
Perera, R., 2017. The PESTLE analysis. Nerdynaut.
Rustam, J., Effective Use of Marketing Functions in Trade. International Journal on Integrated
Education, 3(10), p.334251.
Teoli, D. and An, J., 2019. SWOT analysis.
Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study.
International Journal of Social Sciences & Educational Studies, 4(4).
Rasool, Z., 2017. Collaborative working practices: Imagining better research partnerships. Research
for All, 1(2), pp.310-322.

Online
Marketing theories and concepts applied to Waitrose.2019.[ONLINE] available through <
https://www.ukessays.com/essays/marketing/marketing-theories-and-concepts-applied-to-
waitrose-marketing-essay.php>