Analysis of Marketing, HR, and Finance Roles within an Organization

This report provides an in-depth analysis of the roles played by Human Resources (HR), Marketing, and Finance functions within an organization, using Morrison's as a case study. It explores the core responsibilities of each department, including HR's recruitment, training, and performance management; marketing's market analysis, customer support, and customer relationship building; and finance's bookkeeping, capital budgeting, and financial reporting. The report also discusses the importance of collaborative working practices, highlighting their benefits in enhancing productivity, attracting top talent, and fostering a positive work environment. Furthermore, it examines the role of financial management, including financial planning and capital management, and financial reporting within the organization. The report concludes by summarizing the key findings and emphasizing the interconnectedness of these functions in driving organizational growth and success.

Marketing
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INTRODUCTION...........................................................................................................................3
1). Role of HR, Marketing and Finance function............................................................................3
2). Understanding of collaborative working practices.....................................................................5
4). Role of financial management and reporting within the organisation........................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
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INTRODUCTION
Marketing introduces to the activity, set of instruments and an effective process of
developing, communicating, producing and exchanging offerings that have values for clients
(Kleinaltenkamp, Plinke and Geiger, 2016). In simple word, marketing is the effective activities
used by business for buying and selling a service or products. For this report Morrison's is a
chosen retailer that was founded in 1899 by William Morrison and headquartered in Brasford,
England, UK. Company mainly specialise in selling of clothing, food and drink, magazines,
books and many other products to the customers. Main purpose of preparing this report is to
identify the role played by marketing; HR and finance function within an organisation. For
completing this report, there is requirement of understanding the collaborative working practices
and role of financial management and reporting in the organisation.
1). Role of HR, Marketing and Finance function
HR, finance and marketing are three important functions within an organisation because
they have different role that helps an organisation in development of its growth and success at
marketplace (Khan and et. al., 2019). All these functions apart from their role will be explained
as below:
Role of HR function: Human resource has a different number of essential functions within
an organisation. These functions are performance management, training and development,
recruitment and selection etc. All these functions apart from their role will be described as
below:
 Recruitment and selection: It is main function of HR that played an important role by
recruiting right candidates at right place. This function involves attracting large number
of people to work for the company and selecting the right candidates. For this, Human
resource of Morrison must recruit talent and highly experienced people for entire area of
the operations within timely and cost-effective manner (Reilly and Williams, 2016).
 Training and development: This is another function of HR that plays an essential role
within Morrison by providing training to their employees to work towards development
of their progress and attainment of organisational long term goals and objectives easily.
For this, HR manger of the company should use different tools for providing training and
developing their progress. These are job training, career development, internship,
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coaching, mentoring etc. All these are effective in engaging and retaining of talented
employees at workplace that resulted in higher growth and success of Morrison (Tracey,
2016).
 Performance management: It is important function in ensuring that employees stay
engaged and protective. Excellent performance management involves clear goal-setting,
good leadership and open feedback. For this, HR manger of Morrison should use 360-
degree feedback tools because it will help them in measuring employee’s performance
(Morisawa and et. al., 2017).
Role of marketing function: Marketing plays an essential role in developing string
relationship between customers and an enterprise offering the market. There are different
functions of marketing that helps an organisation in attraction of large base of customers and
maximisation of sales easily (Yadav, Dokania and Pathak, 2016). Some important functions
related to the Morrison will be explained as below:
 Gathering and analysing market information: This is a main function of marketing that
played by marketing department of Morrison for identifying needs and wants of
customers towards specific product and service. Once company understand their
customers and design and produces products according to the client requirement
(Harmeling and et. al., 2017). This will helps company in making of strong relationship
with customers that resulted in improved brand image.
 Customer support: This is another main function of marketing that involves pre sales
counselling, handling the customer complaints, after sales service, maintenance service,
credit service, customer information etc. All these are main function that played by
marketing department for attracting large number of customers and increasing brand
reputation (Martensen and Mouritsen, 2017).
Role of finance function: Finance function refers to the important part of managing finance
within an organisation. Management of finance is the activity associated with the planning and
control of financial resources (Iniesta Soria, 2016). There are certain functions of finance which
will be described as under apart from their effective roles. These are:
 Bookkeeping and payables/Receivables: Bookkeeping refers to the most basis financial
activity and function within an organisation. Earlier than a business owner of Morrison ever
considers hiring a CFO, they carry in a bookkeeper, who manage entire transactions within
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an enterprise, covering both expenses and sales. At the same time as the organization grows,
they may employ more expert receivables and payable clerks, to obtain over functions i.e.
corresponding with suppliers and vendors, on top of and further than recording transactions
(Andari, 2016).
 Capital budgeting: This is another important function of finance that has role and
responsibility for choosing between the different uses of capital, or capital projects. After
all, Morrison will have money accessible to invest in their business, with the purpose of
either growing sales as well as reducing expenses (Zhang, Tong and Hu, 2016).
2). Understanding of collaborative working practices
Collaboration within a workplace means is when two or more employees work with each
other via idea sharing and thinking to attain a common goal and objectives of company.
Teamwork is frequently a physical amalgamation of two employees or a group to workers
achieve a task (Sadig, 2016). With the advancements and changes in technology, including high-
speed Internet, file sharing, web-based programs email and video-conferencing, teamwork or
collaboration has turn into a more productive approach of doing things. Collaborative working is
an essential and important part for an organisation because it will help them in reduction of
conflict and management and retention of employees at workplace for longer time period. There
are some benefits of collaborative working practices which have been described as below:
 Higher employee productivity: Collaboration is important for an individual because this
will help them in explaining of all information and their own idea about the business.
Creating of teamwork and making bonds encourage all members of team to work with
each other rather than just themselves. It will be essential because this enhanced
collaboration and support business in attainment of its common goals easily (Sangam and
Arali, 2016).
 More attractive to top talent: Collaboration helps Morrison to attain competitive benefits
by attracting top and highly experienced employees. Working in a team will be more
essential and important for an organisation because it increases motivation and
performance level among employees that resulted in improved business performance and
strong brand image in marketplace (Rothman, 2016).
There are some steps and practices that must be use by Morrison for building a collaborative
working environment at workplace. These are identify their individual strengths, develop
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realistic expectations & clarify goals, use collaboration tools i.e. cloud based collaboration,
Bosch etc, Encourage open minded, reward innovation, celebrate teams success publicly, support
a strong sense of community, spread the delegation of tasks etc. All these are considering more
effective and essential ways for an organisation to use and encourage collaborative working
among employees (Swensen, Kabcenell and Shanafelt, 2016). This turn to support them in
retention of employees, reduction of operational costs, improvement of brand image etc.
4). Role of financial management and reporting within the organisation
Financial management: This introduces to the efficient and effective planning, directing,
organising and controlling financial resources is important to be viable and sustainable in the
long run (Karna, Richter and Riesenkampff, 2016). There are certain roles of financial
management within an organisation i.e. Morison. Some are described as below:
 Financial planning: Finance manger of Morison is responsible or accountable for the
planning of financial resources and activities of company. To this end, finance manger
use existing data or information to know the priorities and needs of company as well as
the entire economic situation and create effective plans and systematic budgets for the
same (Karna, Richter and Riesenkampff, 2016).
 Capital management: It is the role of finance manger to estimate the requirement of
capital for an organisation or business time-to-time. They also find out the capital
structure and develop the selection of funding sources for the capital needs (Jones and et.
al., 2018).
Financial reporting: Financial Reporting is the essential function that obtains raw accounting
entries as well as transforms them into comparable and usable financial statements. Necessitating
far more decision than the bookkeeper’s responsibility, this function considering the whole thing
from taking decision on how to execute accounting principles to scheming financial processes of
the Morrison, choosing accounting systems, liaising with exterior auditors, and make surging
that there are no gaps as well as oversights within existing processes (Zietlow and et. al , 2018).
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CONCLUSION
From the above mentioned information it has been concluded that there are different
department within an organisation that have various functions. HR, marketing and Finance
department are main that have to played different roles within an organisation that resulted in
better growth and success of company. Human resource department within an organisation
played different roles such as recruitment and selection, training and development etc. All these
are essential for the growth and success of company. Along with this, marketing functions also
played various roles by identifying customer’s need, supporting customers and producing
products and services to the customers. This functions supported business by increasing their
sales and customer base. Bookkeeping and payables/Receivables and Capital budgeting are main
functions of finance that helped company in management of its cash flow. Collaborative working
practice supported business by retaining employees for long time and reducing any conflicts
easily. At last financial management and reporting also have various roles that were supported
business in its financial planning and management of capital.
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