Analysis of Primark's Business Functions and Practices

This report provides an in-depth analysis of Primark's business operations, focusing on the roles of marketing, human resources (HR), and finance functions within the company. It explores the importance of collaborative working practices, highlighting how different departments can work together to achieve shared goals and improve productivity. The report also examines the role of reporting and financial management within Primark, emphasizing the significance of financial planning, cash flow management, and the use of reports for strategic decision-making. Furthermore, the report includes an analysis of one aspect of the marketing mix. The report concludes by emphasizing the interconnectedness of these functions and their collective contribution to Primark's success in the retail sector.

INTRODUCTION TO
BUSINESS STUDIES

Table of Contents
INTRODUCTION...........................................................................................................................3
The role of marketing, HR and finance functions within companies..........................................3
Understanding of collaborative working practices......................................................................4
Role of reporting and financial management within Primark company......................................5
One part of marketing mix...........................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business studies is report of management and economics, it is considered as study of
work connected with cash and managing business. The present report is based on Primark, it is
one of the most famous fast fashion retailer in UK. Organization opened their current
international head office in redeveloped Dublin Building, formerly Chapel house. It has
operations in Europe and US, where large number of consumers purchasing their products. This
study explains the role of business functions like marketing, finance and HR. It justifies
importance of collaborative working particles and role of reporting & financial management in
context of firm. Furthermore, this report also clarifies one part of marketing mix.
The role of marketing, HR and finance functions within companies
Marketing-
Within organizations, marketing functions include producing the best marketing plan,
performing market research, product development and strategically overseeing promotion &
advertising, distribution for sales, consumer services as well as making public relations
(Martensen and Mouritsen, 2017). The role of marketing is to sell services or products and
generate awareness about both of them within marketplace through different types of marketing
activities. It includes packaging, promoting, researching and presenting goods to target
consumers. Marketing department within companies plays their effective role, they conduct
research on base of target market, focus on purchasing trends and look for things that meet with
current needs of customers. For instance, clothing and food retailer always want to stay on top of
upcoming trends in different season's to know what goods to centring on in marketing
advertisements. At that movement, market research conduct by marketing department work
perfectly, it needed checking out business competitors. Along with this, it plays so many role in
businesses, as they are able to perform effectively. For example, marketing function role in wider
companies is to create value for consumers & its company.
Human resource function-
It is considered as one of the most essential function in organizations, human resource
department charged within recruiting, finding and training workers (Francis, 2016). The role of
HR section is to handle the range different functions or activities within companies such as
hiring skilled labour, maintaining inter office relationships, training existing employees and
interpreting employment laws. The major role, played by human resource department is to assure

business operates in compliance with all laws in context of workers. The role of this function in
firms is to maintain staff records including their individual tax documents. HR department
motivate all the workers within their company to work efficiently, as they help to solve staff
relational issues. The most important role of this function is to create employee performance
improvement plans that helps to enhance productivity of businesses as well as their team
members. Maintaining workplace environment is also included in role of HR.
Finance-
The role of finance function in businesses is to acquire and utilize funds essential for
efficient operations. It plays role in payroll, acting as repository of pension system, claims
processing and gratuity. The role-played by finance function within organizations is to manage
taxes and their aggregation at ways from workers. It covers accounting as well as legal relations
between organizations and its uses of funds (Zetlin-Jones and Shourideh, 2017). Finance
function play major role in meeting different challenges faced by businesses within their sector.
They have key role in managing and overseeing data. The scope of this function is big because it
affects all aspects of company's operations. It includes decision about whether firm will make
more investment in fixed assets or not, its role is to determine allocation of new profit.
Estimating cash flow demands and control of such flows is also included in list of roles played
by finance function.
Understanding of collaborative working practices
Collaborative work practice includes workers working together at same place in order to
achieve shared goals and objectives of businesses. It is known as partnership working covers
different of ways that individual or team of people work together. Collaborative working occurs
when one or more department of firms work jointly to achieved greater overall results that they
cannot be able to achieved while pursued activity alone. It can be last for fixed frame of time or
form a permanent adjustment at workplace. In simple term, collaborative working means to work
with another department or team of people in order to gain competitive advantages and achieve
the most specific objectives of firms within retail sector.
Importance of collaborative working practices-
It is very important in context of businesses, working in group allows people to be more
effective and faster in their work, as compare to individual who work on task on their own. It is
considered as one of the largest factors that contribute in achieving greater success of companies

is whether their staff is able to work together in unit (Waldron, 2017). Within in increasing
competition, it has become highly essential to boost creativity in workplace, to improve
productivity as well as promote healthy workers' relationship. Collaborative working makes
employees more responsible and sensible which goes long way in increasing their motivational
levels, specially when group work virtually.
Examples of collaborative working practices-
For instance, when workers of marketing department builds effective collaborative
relation with Human resource section they can perform towards reaching target market for
different purpose. The role of human resource department is to hire and gain attention of talented
applicants available within market (Nelson, 2019). The hiring is possible when they promote
vacancy and generate its awareness, it only happens when the collaboration between HR and
marketing is begun. Collaborative working practices between marketing and HR section will
allow them to gain the attention of skilled people who are seeking to work within well reputed
companies. Marketing section understand the needs of HR for workers, they continuously
collaborate with its team members and develop advertisements plan or strategy to promote
vacancy.
Collaboration permits team to come together on same platform and allow them to work
towards achievement of common goal by brainstorming, thinking & providing different
perspectives to cater better solutions.
Collaborative working provide value, for example work of finance department in large
companies is quite different, they are accountable to support all activities of businesses. Finance
section collaborate with legal department to reduce risk, they provide them with fixed budget,
which prevents legal section from hiring outside counsel as well as bringing creation to leagl
department. Cross functional relationship between finance & legal is crucial to business growth
and success. Many decisions for which team of finance is ultimately accountable such as
disclosures, mergers, offerings and acquisitions, all needs legal input.
Role of reporting and financial management within Primark company
Importance of financial management & reporting in organization-
Financial management refer to organizing, controlling, planning and directing financial
activities of companies such as utilization of funds to different sector (Vovchenko and et.al.,
2017). It means applying common management principles to financial assets of companies. It

defined as managing with money and analysing funds or investments for businesses to help make
its decisions. It helps to find out requirement of companies needs and concern to take financial
planning of concern. One of the most essential past of business concern is financial planning,
that supports to promotion of successful enterprises.
It is considered as one of the organic function of companies, businesses needs finance to
get physical resources, acquire other business operations and carry out production activities
effectively. Financial management is so important in Primark, as it is able to manage cash flow.
It moves cash efficiently through life cycles of business, which means that managing turnover
rations of raw materials and completed products inventories, collecting receivables and selling to
consumers on timely basis by manufacturing more materials. In meantime, company have to pay
their bills, its workers and suppliers, as all of this will be done with cash, it takes smart financial
management to make assure that these funds flow appropriately. It is mostly concerned with
allocation, procurement and control of financial assets of concern. The objective of financial
management is to assure adequate and continuous flow of funds to concern, ensure optimum
funds uses and to plan sound capital framework. There will be fair and sound composition of
capital so that balance is effectively maintained between equity & debt capital.
Reporting refer to activity that leads to reports, it is a document that gives information in
well organized format for particular consumers and purpose. It helps Primark leaders and
manager make strategic decisions and plan. They can use data to justify each move made by
them and decisions (Schaper, Giuliani and Chiucchi, 2018). Shareholders of organizations will
use reports to make high degree decision regarding top-level administration capable of
improving their invested value and to track business value as well.
Balance sheet is the form of report, define cash and income flow statement, it is
important tool for company to gain insight into its business and operations deeply. The purpose
of balance sheet is to give info to those parties who are interested in ideas of firm financial
positions, in addition to show what Primark owes and owns while working in retail industry.
Profit and loss account is part of reporting, it caters necessary data or information about
business expenses & income which outcome in net profit or loss. It helps Primark company to
evaluate their performance and provide basis for forecasting of further productivity.
One part of marketing mix
Covered in Poster

CONCLUSION
From above analysis, it has been concluded that all the functions of organizations are
playing their different roles in way to achieve the objectives of businesses and to strengthen
brand reputation within retail sector. Furthermore, marketing, finance and human resource
departments are working together at same workplace that enhance the productivity of company
and increase their profitability as well.

REFERENCES
Book and Journals
Daniel, E.I and et.al., 2017. The relationship between the last planner® system and collaborative
planning practice in UK construction. Engineering, Construction and Architectural
Management. 24(3). pp.407-425.
Francis, H., 2016. Human resource function and business partnering. In Encyclopedia of Human
Resource Management. Edward Elgar Publishing Limited.
Klaus, S., Aykut, B., Stiegler, T. and Hell, C., 2017. Is the Time Right for a Change in Company
Reporting? Development of Company Reporting from Financial to Non-financial
Information. Journal of Modern Accounting and Auditing. 13(4). pp.152-161.
Martensen, A. and Mouritsen, J., 2017. Prioritising marketing activities in different types of
marketing functions. Total Quality Management & Business Excellence. 28(11-12).
pp.1264-1284.
Mayangsari, S., Murwaningsari, E. and Lastanti, H.S., 2018. The Role of Financial Reporting
Quality and Corporate Governance on Competition: Evidence From Mining
Companies. Media Riset Akuntansi, Auditing & Informasi. 18(2). pp.187-204.
Nelson, S., 2019. Investigating collaborative interdisciplinary practice to develop a new planning
undergraduate course. Planning Practice & Research. 34(2). pp.225-238.
Schaper, S., Giuliani, M. and Chiucchi, M.S., 2018. The Actor’s Role in the Survival of non-
financial Management and Reporting Practices: the case of IC reporting in Denmark
and Italy. Proceedings of Pragmatic Constructivism. 8(1). pp.19-21.
Vovchenko, N.G and et.al., 2017. Ensuring financial stability of companies on the basis of
international experience in construction of risks maps, internal control and
audit. European Research Studies Journal. 20(1). pp.350-368.
Waldron, K., 2017. Implementing a collaborative working environment using agile: the
lexisnexis experience. Legal Information Management. 17(1). pp.16-19.
Zetlin-Jones, A. and Shourideh, A., 2017. External financing and the role of financial frictions
over the business cycle: Measurement and theory. Journal of Monetary Economics. 92.
pp.1-15.
Online
Roles and Responsibilities of a Finance Department. 2019. [Online]. Available through:
<https://www.smythecpa.com/news-insights/roles-and-responsibilites-of-a-finance-
department/>