Business论文模板 – FUNCTIONS OF HR, FINANCE AND MARKETING

Introduction

In the running of any profitable business venture, there is a great deal of work that goes into sustaining its operations. Often times, this success comes as a result of continuous careful planning and not merely by accident. As noted by Newton (2013), several activities from human resource, finance and marketing departments work simultaneously to ensure the success of the business. To put the discussion into perspective, this research paper examines how the functions of each of the departments contribute to the overall success of the business.

Human Resource Function

The human resources function is a critical component of any organization as it offers expertise in the following areas.

  • Management of change and assisting in staff training and development
  • Hiring, selecting and coordination of employee relations
  • Managing workers’ pension and other benefits
  • Communication with members of staff

Training refers to the process of teaching employees about the various ways of conducting tasks relating to their present jobs (Lussier & Hendon 2014). Organizations conduct this training with the aim of developing already existing skill or imparting new ones. On the other hand, development of employees is the process of assisting them attain their full potential.

In the case of Redrow house Construction Company, training of employees increases their competence levels, thus improving output, quality as well as reducing injury related risks at the workplace (The Times 100 Business Case Studies, 2016, 3). Moreover, this training makes the staff more flexible as it gives them the capacity respond swiftly to technological changes. The training also motivates the employees of Redrow through as it promotes their career prospects. For this real estate developer, induction training continues to play a critical role in keeping the staff turnover rates at minimum levels. Essentially, the company gives a formal orientation to every new recruit. This offers the employee an insight into their roles and helps them blend in seamlessly.

The human resources function also oversees the hiring, selecting and coordination of employee relations as discussed by Mathis et al. (2016). As in the case of Enterprise which is a car rental firm in Europe, the company hires on average 1,000 workers annually through its graduate recruitment program. These efforts are aimed at procuring the services of employees that have the motivation and self-drive (The Times 100 Business Case Studies, 2016, 1). Similarly, the company conducts promotion of managers internally hence boosting their faith in the company’s commitment towards rewarding hard work. Nevertheless, the company’s expansion makes it necessary to consider external recruitment as an option of finding new skills.

Similarly, the human resource function is responsible for managing employee pension funds and other benefits. In this regard, the human resource department oversees the administration of the funds as well as formulating policies for remuneration. Finally, the human resource department provides the function of communicating with members of staff about various issues within the organization (Mathis et al. 2016). To attain its communication objectives, Kellogg’s uses a communication plan that targets both internal as well as external stakeholders (The Times 100 Business Case Studies, 2016, 1). For the internal stakeholders, Kellogg’s primary target are the company employees. In this regard, Kellogg’s encourages them to participate in the company’s internal communication mechanisms as a way of promoting interdepartmental cooperation.

The Finance Function

In most small and medium scale businesses, Brigham and Ehrhardt (2013) believe the finance function has traditionally focused on aspects such as cost control, internal auditing and operational budgets. However, this changes when the firm expand to become multinationals. As a result of this growth, the finance function becomes much more complex as new challenges and opportunities present themselves for chief finance officers. Besides the traditional roles of deciding the amount of dividends to be paid out to shareholders and making an aggregate of the capital-structure, other authors like (Prasanna 2011) explains that the finance function also oversees the formulation of policy guidelines detailing how profits are to be repatriated to the other branches or subsidiaries. In this regard the finance function enables an organization to budget accordingly as well as conduct accurate valuations that reflect the company’s complications brought about by tax, currency, as well as the risks in a particular country of operation.

The profitability and continued investment by stakeholders in any company therefore depends on their financial management mechanisms and transparency. For this reason, financial reporting forms a critical component of this function. In the example of Cadbury Schweppes, the company’s headquarters team of accountants gathers all the information that they then use to generate financial statements like cash flow statements, balance sheets, as well as profit and loss accounts (The Times 100 Business Case Studies, 2016).

The finance function also enables a company to allocate resources to the right projects hence avoid wastage. In the example of Davis Service Group, the apparel cleaning company has been able to remain profitable even through recessions due to careful budgeting (The Times 100 Business Case Studies, 2016). Essentially, these budgets enable the company to meet their financial goals for a specified timeframe by calculating income, expenses and cash flows. In this regard, Davis draws long term and short term plans using a budget. For instance, the finance department will estimate the costs of manpower required to attain production targets. Finally, budgets also give employees an insight into where the business is headed.

The Marketing Function

The marketing function plays a critical role in building positive relationships between a business organization and its customers. As noted by Sahadev, Purani and Malhotra (2015), this gives the organization confidence to develop and present new product line to the market rather than merely developing such products based on assumptions that the customers will find them useful. As a result, the marketing function is important to every organization regardless of whether it is a commercial enterprise or non-profit driven. In this regard, the marketing function helps by shaping the organization’s overall image. This image revolves around how customers perceives products or services from the organization and this is resourceful in building consumer confidence in the organization’s products or services (Sahadev, Purani & Malhotra 2015).

As for commercial enterprises, the marketing function plays a vital role in generating revenue and growing the organization’s bottom line. Moreover, marketing is crucial in expanding a company’s customer base especially in instances where the main target audience are corporate clients and where more than one party participate in the decision making process.

More importantly, the marketing function organizes and implements the branding activities of the company as emphasized by (Day 2012). This is accomplished through taking part in activities aimed at promoting publicity, promotional campaigns as well as interaction with customers by gathering valuable feedback about new product lines.

As can be noted from the Beiersdorf case study during the Nivea perfume product development, the company had to gather feedback from target markets like France and Germany. The feedback from the consumers were then used to customize the product to their tastes (The Times 100 Business Case Studies, 2016, 4). In a nutshell, it is the marketing function that kicks off and concludes every product launch after determining what the customers want or need. Through product surveys, the company is able to determine whether its products or services were able to meet the needs of the customers.

The role of marketing is indispensable as organizations strive to win the customers’ loyalty and confidence while also trying to retain their market share. Marketing is therefore the core of creating repeat sales and maintaining customer loyalty as can be noted from JD Sports Fashion Group case study. For this sporting apparel manufacturer, market is segmented geographically as this enables them to understand their customers’ spending patterns. Overall, JD Sports relies on marketing to create awareness about its products and services and without it, very few customers would be aware of the same (The Times 100 Business Case Studies, 2016, 4). While it is a fact that the continued success of an organization depends on the wise distribution of funds towards various investment portfolios, this success is also determined by the relations built between the company and its customers and this is a marketing function.

Conclusion

This report sought to examine how the functions of human resource management, finance and marketing contribute to the overall success of the business. The first part established that the human resource function is important because it helps manage change through training and development of staff. Similarly, human resources oversee the hiring of employees leading to more productive team. Similarly human resources manages pension and other benefits leading to a more motivated staff. As for the finance function, it is important to an organization as it enables them to plan and allocate the firms resources prudently and this prevents wastage and keeps the company profitable. Finally, the marketing function is important because it enable the organization to create awareness about its products and services leading to more sales. Marketing also enables a company to anticipate the consumer needs and develop products that are relevant and useful to them.

Reference list

Newton, R 2013, The management book epub ebook, Pearson, London, United Kingdom.

Lussier, RN, & Hendon, JR 2014, Human resource management: functions, applications, and skill development, SAGE Publications, California, United States.

Mathis et al. 2016, Human resource management, Cengage Learning, New York, United States.

The Times 100 Business Case Studies (2016) The role of training and development in career progression: a Redrow case study. [case study] Available at http://businesscasestudies.co.uk/redrow/the-role-of-training-and-development-in-career-progression/training.html#axzz43w2dLxVb

The Times 100 Business Case Studies (2016) Devising a communications plan: a Kellog’s case study. [case study] Available at http://businesscasestudies.co.uk/kelloggs/devising-a-communications-plan/introduction.html#axzz43w2dLxVb

Brigham, EF, & Ehrhardt, MC 2013, Financial management: theory & practice, Cengage Learning, New York, United States.

Prasanna, PC 2011, Financial management, Tata McGraw-Hill Education, Pennsylvania, United States.

The Times 100 Business Case Studies (2016) Financial statements and reporting: a Cadbury Schweppes case study. [case study] Available at http://businesscasestudies.co.uk/cadbury-schweppes/financial-statements-and-reporting/introduction.html#axzz43w2dLxVb

The Times 100 Business Case Studies (2016) Planning a budget: a Davis Service Group case study. [case study] Available at http://businesscasestudies.co.uk/davis-service-group/planning-a-budget/introduction.html#axzz43w2dLxVb

Sahadev, S, Purani, K, & Malhotra, N 2015, Boundary spanning elements and the marketing function in organizations: concepts and empirical studies, Springer, Berlin, Germany.

Day, GS 2012, The market driven organization: attracting and keeping valuable customers, Simon and Schuster, New York, United States.

The Times 100 Business Case Studies (2016) Turning consumer insights into product concepts: A Beiersdorf case study. [case study] Available at http://businesscasestudies.co.uk/beiersdorf/how-market-research-supports-the-new-product-development-process/turning-consumer-insights-into-product-concepts.html#axzz43w2dLxVb

The Times 100 Business Case Studies (2016)Balancing the product portfolio to satisfy customer demands: AJD Sports case study. [case study] Available at http://businesscasestudies.co.uk/jd-sports/balancing-the-product-portfolio-to-satisfy-customer-demand/promotion.html#axzz43w2dLxVb

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