Report on Waitrose: Functions of Different Departments Analysis

This report provides a detailed analysis of Waitrose's departmental functions, focusing on HR, marketing, and finance. The HR section covers recruitment, team formation, training, payroll, and performance management. The marketing section examines strategies like competition analysis and online presence. The finance section discusses financial planning, fund-raising, forecasting, and fund allocation. The report also explores collaborative working practices, emphasizing communication and team objectives. Furthermore, it delves into financial management, covering financial decision-making and resource allocation, as well as financial reporting, including debt management, trend analysis, and cash flow management. The report concludes that Waitrose is a successful retail management company due to its effective departmental management and financial strategies.

Marketing Mix

Table of Contents
Introduction-................................................................................................................................................3
LO1-............................................................................................................................................................3
HR functions-..........................................................................................................................................3
Marketing Functions-..............................................................................................................................4
Finance Functions-..................................................................................................................................4
LO2-............................................................................................................................................................5
Collaborative Working Practices-............................................................................................................5
LO4-............................................................................................................................................................6
Financial Management-...........................................................................................................................6
Financial Reporting-................................................................................................................................6
Conclusion-.................................................................................................................................................7
References-..................................................................................................................................................7

Introduction-
This report is based on analysis of functions of different departments within organization. Every
department has their own importance. There are different departments in a company such as HR,
marketing, finance and IT. If function of each department is proper then it would result in
success. Here, Waitrose is analyzed. Working and different functions of each domain is
analyzed. Waitrose is British supermarket. It is founded in 1904 by Wait, Rose and Taylor. Now
it is known as Waitrose & partners. It is headquartered in London, UK. Company offers food
products. It also provides online shopping of products. Current revenue of the company is
£5400.4 millions. Waitrose has 332 shops in UK.
LO1-
HR functions-
Human resource is an important part of every organization. This department is responsible for
planning and recruiting employees. Main functions of this domain is as follows-
 Main function of HR in the organization is recruiting potential resources and selecting the
best among number of applicants. Personnel management in the company gives direction
to their employees to achieve goals and objectives.
 Team formation in the Waitrose is done by HR domain. Team is formed in order to
achieve tasks. This team is also assessed by personnel management of the organization. If
team is not able to complete any task then management also guide them.
 Organized deals with various kind of employees such as skilled or non-skilled.
Department conducts trainings for the employees in order to get proper functioning of the
organization.
 Payroll management is also work of HR. Giving salary to the employees comes under
this domain.

 Performance of the employees is also reviewed. On the basis of performance of the
employees appraisal is given to them.
 This department of the organization maintains all the records of the employees. Makes
sure that all are paid on time.
Marketing Functions-
It is an important part of organization. It helps in establishing the connection between
organization and customers. Without marketing customer would not be able to know about the
product. Some of marketing function of Waitrose is discussed below-
 Competition for Waitrose is also tough. Company used advertisement and customer’s
feedback to improve its product quality. Organization is always concerned about its
product quality. Company believes that in order to attract customer it should take care of
feedback from customers and then improvement should be done accordingly.
 Company also provides its product or services online. So, website of the company is
customer friendly. It helped company to increase its sales.
Finance Functions-
Finance function plays vital role in organization. If financing is not managed properly then it will
be dangerous for the business. Business cannot survive without proper financing.
 Finance functions of company include financial planning, fund raising, forecasting and
effective use of funds.
 Company’s finance manager takes all the decisions related to funds.
 Finance manager of organization takes investment decisions. Manager gives suggestions
about effective use of funds.
 Company divided its financing functions into three parts which are as follows-
 In first part forecasting of financial needs is done and plan is made accordingly.
 After that, it is analyzed if company needs any kind of funds or not. If it needs
then fund raising is done in this part.
 After raising the funds, proper utilization of funds should be done.
 If it viewed in larger terms, company performs six activities-
 Financial planning

 Forecasting
 Fund raising.
 Fund allocation
 Utilization of funds in effective manner
 Control on financials(Budgetary and Non-budgetary)
LO2-
Collaborative Working Practices-
When it comes to building a small business, collaboration is very important. When every team
member actively participates in the group then it leads to transition from an individual to
collaborative approach. People work effectively in an environment where they can communicate
freely. Company uses many approaches which are as follows-
 Clear and convincing cause- To build unity, team members must have a reason to be
part of goal of the company. If goal of the company is attracting and exciting then, it
helps in inspiring team members to achieve the goal. Company uses this approach to
motivate employees in order to achieve goals. Company maintains cohesion among
employees by using this approach.
 Communication of expectations- Individual roles and responsibilities are provided to
the employees. Company thinks every individual must know about their roles so they can
work in an efficient way. This approach also helps in avoiding conflicts among
employees.
 Team Objectives- Company sets measurable goals for each team member on quarterly
basis. Main purpose of setting goals is to provide team members with achievable wins.
Such wins create positive environment within the organization. Output of the team
members is analyzed after end of each quarter. This helps in celebrating progress and
changes can be made accordingly, if needed.
 Strength of team members- Company always focus on strength of employees rather
than weakness. Company takes personality test of each individual such as – myers-briggs

and after test schedule a meeting to discuss the results. This exercise helps in knowing
the individual and others too. Tasks are assigned according to their strengths.
LO4-
Financial Management-
Finance is an essential part of organization. Survival of company is tough without proper
finance. Financial resources should be managed efficiently so that company can survive for long
term. Financial management helps company in doing so. It can be defined as planning,
organizing, directing and controlling the activities related to the finance and processes of the
company. It includes financial resource allocation and fund utilization etc. Major roles of
financial management in the company are as follows-
 Financial managers of the company make financial decisions and control the finance in
the organization. Some techniques are used by managers such as- forecasting, ratio
analysis and profit and loss analysis etc.
 Planning of activities related to finance is done by managers. Needs and priorities of
organization are understood by financial data sets. Financial manager is responsible for
budget making too.
 Financial management of the company estimates the capital requirement time to time and
also determines the funding sources.
 Financial resources should be invested in such a way so it will be profitable for company.
It is also taken care by financial management.
Financial Reporting-
Financial reporting can be defined as practices which give an accurate representation of finances
of the company to the stakeholders. Financial reporting helps company in-
 Debt management- Debts can affect the progress of the company. Financial reporting
helps in tracking assets and liabilities of company. Hence, it can manage its liquidity and
debts by using financial reports.

 Analysis of trend- Past and present trends can be analyzed by financial reporting.
Company’s weaknesses and strengths can be analyzed. Improvements can be done so
that company will get benefits in future.
 Cash flow management- Cash flows are important for financial health of the company.
Movement of flow of money can be secured and fluent with the help of financial
reporting.
 Fund raising- It helps in raising capital both domestic as well as overseas. Financial
planning, benchmarking and decision making can be done by it.
 Audit- Financial report helps in auditing. In organization statutory auditors are required
to audit the financial statements. With the help of financial statements auditors can give
their opinion.
There are various ways by which financial reporting can be done such as – GAAP, IFRS and
GDPR. GAAP is used by US only. IFRS used by more than 110 countries and GDPR is used to
protect the personal information of person. It came into effect on 25th May, 2018. Hence, it can
be said that financial reporting is very important for an organization as it increases competition
and inflow of capital.
Conclusion-
From the above report, it can be said that Waitrose managed itself in a proper manner. In the report
various functions or departments are discussed such as HR, marketing and finance. Company is a
successful retail management company. Company used various approaches and strategy to make itself
successful. Company managed its finances in very well manner. Financial management is very important
function for every organization. If financed are not managed in proper way then, company may face
problems in future. Hence, it can be said that company is successful by proper management.
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