- Evaluate the role of HR, marketing, and finance functions in the organisations.
- Generate an understanding of collaborative working practices.
- Provide an in-depth understanding of the important factors both internally and externally that impacts business.
- Generate an understanding of the role of financial management and reporting in the organisation.
This is a portfolio assignment where you need to work on the 4 pieces of work throughout the module and submit four elements.
- A 10 minutes group presentation. This is on the basis of internal and external factors which impact business.
- A poster. This will relate to one part of the marketing mix which is product, place, price, and promotions.
- A report of 1500 words. It’s an individual piece of work.
The report of 1500 words includes HR, marketing, and finance functions in the organisations. The definition of each question will be covered in 2-3 examples for each concept. The main topic of the essay needs to be explained in detail.
There are 2 topics that need to be covered, which are given below:
- Develop an understanding of collaborative working practices.
- Generate knowledge of the role of financial management and reporting in the organisation.
The Human Resource, Marketing as well as finance functions plays vital role within an organisation. They work towards to achieve common goal of an association. Finance department of a company emphasise on raising money in order to perform business activities appropriately (Banerjee, 2017). Marketing department focuses on identifying customer needs, promotion of products and many more whereas management of employees prevailing in the organisation is the role of HR department. In the present report, Marks and Spencer is chosen as a base company. It is a multinational retail organisation founded in year 1884 by Michael Marks & Thomas Spencer. The report covers different functions of Marketing, HR and finance function of an association. It also discuss about collaborative working practices in an organisation.
Role of Finance, Human Resource and Marketing function in the organisation.
In every organisation, HR, Marketing & finance plays important role which helps in attaining desired goals within the specified time frame. The functions of al, this department is discussed below with relation to company:
Functions of HR:
Human resource assist companies to manage their valuable resources that is its employees. They develop a good relations with employees so that organisational gaols is achieved effectively. The functions is mentioned below:
Recruitment: The main role of Human Resource is to recruit effective candidate who has the ability to carried out business activities efficiently. They help companies to hire right candidate at right job (Charter and Polonsky, 2017). Human resource post jobs, scrutinize candidate, conduct interview & coordinate with managers for final selection. In context to Marks & Spencer, its human resource manager identifies requirement of company and then recruit candidates accordingly. They adopt several methods to hire appropriate candidate such as Aptitude test, interview, background checking and so on.
Employee Relations: The other major function that Human Resource play is maintaing good relationship with each and every employee which help them to reatain staff members for longer time period in the company. With this, it saves the cost of hiring new employee of the company. An effective relation among the employees and Human Resource leads to raise in the productivity and performance level of subordinates of the company. With reference to Marks & Spencer, HR manager of company organises informal meetings so that employees share their views to all staff members and can interact with others effectively. This assist them to develop healthy relationship with employees which leads to enhancement of productivity as well profitability level of company.
Compensation & Benefits: Human resource function involves setting compensation, payroll and so on. They give compensation to employees as per their performance which motivates staff members to work with full potential and attain organisational goals within given time period (Deepak and Jeyakumar, 2019). In relation to Marks and Spencer, Human resource specialist evaluate performance of employees and then give compensation accordingly such as Holiday packages, paid leaves, medical benefits etc.
Functions of Marketing:
Marketing is the process of identifying customer needs as it involves activities from production till product reaches to customer. There are various function which a marketing department of companies perform are as follows:
Planning: The important role of marketing is to do effective planning which assist in attaining organisation goals effectively. They develop marketing strategies in order to aware customers and to enhance sales level of company. With reference to M&S, marketing team make effective strategies considering timeline which leads to achievement of their goals in a defined manner.
Pricing: One of the major role of marketing is pricing. The success & failure of company is largely depend on the price they charged from customers in the market. They decide price of goods and services considering competitors price in the market. In context to Marks & Spencer, they adopt competitive pricing strategy which assist them to increases sales and profitability of company (Furue and Washida, 2017). In addition to this, company also follows dynamic pricing strategy as they offer high discounts on products in seasonal time and vice versa.
Promotion: Herein, company inform and educate customers about their goods and service which attracts them to purchase. The sales as well as profitability of company rely on how they promote their product in market. It involves various methods such as sales promotion, advertising, publicity and so on. With reference to Marks & Spencer, its marketing team organises advertising campaign, social media campaign what helps in reaching large number of customers and to raise their sales level (Papageorgiou, 2018).
Functions of Finance:
Finance department managing funds, acquiring funds as well as plan expenditure of companies effectively. It is basically managing the resources of a firm so that objectives & goals can be achieved properly. The function of finance are as follows:
Financial reporting: It is the responsibility of finance department of an organisation to keep records and maintain finance report so that expenses of a company is calculated easily and appropriately (Irwin and et. al., 2018). With reference to Marks and Spencer, the finance manager emphasise on maintaining records which helps them to judge the financial performance of the company.
Managing cash flow: The main role of finance is to manage cash flow & ensure that funds are available for meeting day to day activities of company. They also ensure that creditors were paid on time and collections are received correctly. In context to Marks and Spencer, its finance manager focuses on inflows and outflows of company properly. They also emphasise on that enough funds is available to carry out operations of company effectively which leads to achievement of desired goals within time frame.
Concept of Collaborative working practices
Teams are basically a group of people who works collaboratively & performs tasks effectively to attain their desired goals. Along with this, Teamwork in an organisation means group of employees collectively work together with an aim to achieve organisational goals within time frame.
Collaborative working practices plays major role in an organisation as it declines conflicts, raise efficiency of employees & implement operations effectively as well as efficiently. With reference to Marks & Spencer, the company have different departments and performs various duties and task (Mcdonnell and Sikander, 2017). The working of these teams are interrelated with each other so it is important for higher authorities to focus on maintaining good environment at workplace. Teamwork is essential as it reduces complexities and raise performance of companies.
Marketing & Finance Department:
The main role of marketing team is to develop and conduct promotional activities for Marks and Spencer in order to increase their sales. Every organisation needs high amount of investment to implement advertising and promotional activities in the market. The finance department allotted money to marketing department. So it is important that both teams work together efficiently. Marketing team of Marks and Spencer conducts market research and for this finance department provide them budget accordingly.
Marketing department and R& D
The main role of research & development team in an organisation is to develop new idea which is effective to offer in market and attracts large audiences. This is the reason they are working with marketing department of company, as they conduct market research to understand and identify needs of people (Miles and Van Clieaf, 2017). So it is important for teams to collaboratively work together which help them to develop unique product and attract more customer towards Marks & Spencer.
Role of Financial Management & reporting in an organisation
Financial management refers to developing, organising, guiding & controlling overall financial activities and operations of an organisation. They perform activities such as effective use of resources, procurement of funds & producing profitable investment. They ensure that funds is available for the day to day activities of an organisation appropriately. By the assistance of finance tools, Marks and Spencer is able to utilize their resources optimally which leads to achievement of positive outcomes (Olson and et. al., 2018). Financial management raise the value of firms due to which the level of profitability of an organisation is enhanced. By the effective and optimum use of resources, Marks & Spencer increase their productivity as well as performance level at marketplace.
Financial Reporting means keeping the records of every transaction and then present that document to the stakeholders of an organisation appropriately. The stakeholders of company are government, shareholders, creditors, customers and investors. A company can kept all information related to the finance which helps manager to evaluate their performance level and to find out the ratio of profit effectively. This report is present as a proper document considering all the set standards made by the higher authorities of Marks and Spencer. The different tools used by fiancé manager of Marks & Spencer to keep financial transaction are profit & loss statement, ratio analysis, balance sheet and cash flow statement.
From the above report, it has been concluded that every department of an organisation has different functions but works towards the achievement of common goal of the company. Collaboration of working practices deliver positive outcome and address problems effectively as well as appropriately. The activities and operations is carried out according to the availability of funds so it is important to manage finance properly which helps an organisation to increase their sales and profitability.