Introduction to Business Functions - Desklib

The report covers various aspects related to business functions of ASDA. It explains the resources required by a business to function effectively, sectors of the economy, legal structures, stakeholders, motivation theories, marketing terms and more. It also includes a table of different types of market research. Subject: Business Functions, Course Code: NA, Course Name: NA, College/University: NA.

Introduction to
Business Functions

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK ..............................................................................................................................................4
Explaining the various resources required by a business to function effectively.......................4
Explaining the various sectors of the economy, and stating the sector of ASDA......................4
Summarising the main types of legal structures, and explaining which one is used by the
TESCO Plc..................................................................................................................................5
Copying the business objective of the organisation and underlining the key business terms.....5
Creating a table identifying the main stakeholders, their expectations & the accountabilities...6
Creating a mind map of the resources that are required by the organisation..............................7
An explanation of the concept of “Assets = Liabilities + Equity” and explanation to the budget
.....................................................................................................................................................7
TASK 2............................................................................................................................................7
Drawing a diagram showing the concept of economy & diseconomies of scale. ......................7
Explaining the different factors that influences the selection of location for a businesses.........8
Evaluate the efficiency and effectiveness of a production process in a business context...........8
Discussing the effectiveness of motivation & workforce planning that helps businesses to
manage labour turnover...............................................................................................................9
Evaluating different motivation theories.....................................................................................9
Evaluating contemporary approaches to motivation.................................................................10
TASK 3..........................................................................................................................................10
Introduction to various key marketing terms............................................................................10
A table of different types of market research............................................................................11
Explanation of flow chart to the marketing strategy.................................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
The concept of business functions is based upon various actions that is been taken by an
organization in order to perform main functions separately. It covers various aspects which is
based upon general organisational management, accounting & finance, marketing, human
resource, economics and diseconomies. Further the report contains discussion based upon
discussion which is related to business functions of ASDA. Also in this various resources used
by an company is been explained in relation to sectors of business. Then in the report various
types of legal structures, the company's stakeholders, ways of financing and the concept of
Assets, liabilities and the equity is been explained. In the second part concepts of economies and
diseconomies of scale with factors related to it has been explained. In third part of report various
aspects of marketing such as product life cycle, forms and segments of market is discussed
regarding ASDA.
TASK
Explaining the various resources required by a business to function effectively
Resources is considered to be one of the most important part of an organization like ASDA and
has been discussed as follows: Physical Resources: In this tangible resources is been included like Raw materials,
vehicles, buildings, plant and machinery, etc. They are required by ASDA to perform
business activities with more effectiveness(Szcześniak, 2018). Intellectual Resources:These resources are based upon patent, brand image, copyright
and goodwill that helps organization like ASDA to attain stability within market.
 Human Resources and finances: Such resources include employees, organization's cash
and credit which makes objectives and goals attained in more effective manner.
Explaining the various sectors of the economy, and stating the sector of ASDA.
In an economy there are various kinds of sectors within which business is segregated and
has been explained as follows: Primary Sector: This sector is based upon agricultural, mining and extraction activities
which is been separated from the ground.

 Secondary Sector: The secondary sector relates with construction, processing or the
manufacturing activities. In this goods is provided over shaping of final items which
makes raw material processing possible.
 Tertiary Sector: The third sector is mainly based over services which is been provided to
customer through an financial company, retail or entertainment business. ASDA is an
retailer which is connected with territory.
Summarising the main types of legal structures, and explaining which one is used by the TESCO
Plc.
Different kinds of legal structure are there which is to be used by ASDA that has been
explained as follows: Sole Proprietorship: In this kinds of legal structure the owner of business is known as
sole proprietor and does not include complex formation process. Partnership: These business organizations are formed by two or more than two persons.
In this all kind of activity is handled by partners themselves(Rojko, 2017). Private company: This form of business structure is included within busies trade as well
as ownership of private nature. Also management is done by directors of these
organizations.
 Public company: The public company is being established by the governmental authority
or the majority of the board members are appointed by the state or central government.
ASDA, is a public limited organisation in the category of private companies which means
that ASDA being a limited company can trade its share in listed stock exchange.
Copying the business objective of the organisation and underlining the key business terms
The business objectives of ASDA has been explained with key business terms as follows:
 Enhancement of organizations sales which provides high consumer experience to all its
customers.
 “Serving to the shoppers a little more and better each day” this is another objective of
ASDA within which dedication is involved towards employees and staff members.
The business terms is been identified as sales, consumer experience and staff which are
expanded as follows:

Sales: They are those activities which is been conducted with the help of business that
makes products and services circulate within market.
Consumer Experience: This covers those aspects within which customer's feelings or
perception is based over experiences of product and services that is been consumed.
Staff: Under it actual workforce of an organization is been hired over performing
activities attained with the help of business objectives.
Creating a table identifying the main stakeholders, their expectations & the accountabilities
Main stakeholders Expectations Accountability
Customers High Low
Government Low Low
Management Team High High
Suppliers Low High
Pressure Group High Low
Shareholders High Low
The main stakeholders of ASDA is its customer's, shareholders, management team and
suppliers. ASDA's stakeholders like customer, management team, pressure group have higher
expectations whereas suppliers has low expectation form ASDA. Further management and
suppliers have high accountability as they makes raw materials and handle management
activities that is used to accomplish particular project.
Creating a mind map of the resources that are required by the organisation

Mind mapping is a way of linking key concepts using images, lines and links. A central
concept is linked via lines to other concepts which in turn are linked with other associated ideas.
An explanation of the concept of “Assets = Liabilities + Equity” and explanation to the budget
Assets denotes that kind of valuable things of ASDA which includes land and building,
plant & machinery, furniture, etc. The term is refereed as those debts within which an
organization is required over paying within specific period of time in this unpaid bills, bank
loans taken by ASDA is included. Equity is denoted with the value of shares for an organization
like ASDA(Régnier and Wild, 2021). In this concept Assets = Liabilities + Equity refer as
equation and fundamental doubt over entry book. In other words equation means organizations
assets is brought in the form of liabilities or shareholders hence Assets = Liabilities + Equity.
The concept of budget is been referred as those specific plan which is included over
making incomes as well as expenses within which an operations of finance is been handled. The
present concept of ASDA for income expenses in order to control over excess costs in future and
can have a idea for its fiscal position also.
TASK 2
Drawing a diagram showing the concept of economy & diseconomies of scale.
The term economies of scale is based over those situations within which an organization
increases sales and leads over making reduction within the production cost. In other words
Average Cost decreases which makes increasing of total sales which is based over economic
scale.

The diseconomies scale is an alternate in relation to concept of economies. As per this
cost of manufacturing increases through increase within sales of company. In general manner it
is described as firm reaches over diseconomies only when Average Cost uplifts with the help of
outputs that has been done under it(Köksal and et. al., 2021).
Explaining the different factors that influences the selection of location for a businesses
There are various factors which makes influence created upon selection of business location
which is explained as follows: Accessibility: Under it supplier of an organization makes distribution which leads over
selling of product and services within market. Due to such analysis ASDA is able to
make choice over transportation which is based over road, railways, airways or seaways
that leads over making organization reach to various markets. Availability of labour and resources: ASDA is required for setting of business within
which an organization makes easy availability of labours and various other resources.
This makes reducing of cost in order to acquire resource and labour.
 Growth Potential: The location is one of the most important aspect which is required for
the growth of ASDA. Since shifting of business accommodation is not an easy tasks and
is very stressful. Also it is not an good decision which is to be taken for expansion that is
why frequent shifts cannot be possible.
Economies & Diseconomies of Scale

Evaluate the efficiency and effectiveness of a production process in a business context
The efficiency with potency within the production process is been denoted by economic
concept that makes description of various level of organization within which manufacturing
cannot be done without decreasing level of manufacturing(Khan, Ahmed and Anantatmula,
2021). This is been referred as that kind of situation within which ASDA's production is working
within the highest capacity and minimum wastage of resources.
Discussing the effectiveness of motivation & workforce planning that helps businesses to
manage labour turnover
The concept of motivation is majorly based over employees and the satisfaction attained
by them from job. Further the concept deals with actions and behavioural pattern of an
employees within organization. This reduces turnover, companies and willingness by making
efforts over high investment which motivates employees(Bychkova and Zabaznova, 2021).
Evaluating different motivation theories
The different motivational theories which can be used by an organization are Maslow
need hierarchy theory and the Hertzberg theory used for making employees motivated. Further it
has been explained as follows:
Maslow need hierarchy theory
In this theory five different stages is been included that is used by an organization to full
fill basic needs of employees working within it. These are required to be fulfilled in step by step
Efficiency & Effectiveness of Production Process

manner. These stages includes Psychological theory that deals with needs of survival which are
food, shelter, etc. Another stage which is included in it is based over safety and security needs
which is concerned with protection of various threats regarding health issues and security
measures taken by an organization for protecting its employees. Then comes social needs that is
been followed by those relations which is been formed by an employee and employer which is
among the peer members, self esteem that is based upon recognition or respect leading towards
gains from society. This is last step is self actualisation where employees of ASDA realises
potential skills and wants to be enhanced.
Hertzberg's two factor theory
This theory corves about two categories within which motivation and hygiene is
included. In an organization like ASDA employees should be provided with proper hygiene
facilities that makes business environment to be more advanced and safety for employees to
work(Büning, Jürgens and Lausberg, 2021). Also the culture of organization cannot dissatisfies
employees that makes culture improved in more effective manner. The motivation factor
includes requirement in order to create assurance between the employees in relation to various
aspects over which an employee complains. If any one of the factors is not present then the
theory cannot be applied and also it results in creating dissatisfaction within employees.
Evaluating contemporary approaches to motivation
The contemporary approaches to motivation includes various kinds of aspects which is
based upon psychological, cognitive, behavioural & the social approach. They are been
categorized with one of the most crucial aspect that helps in making goals and objectives of an
organization achieved in better manner.
TASK 3
Introduction to various key marketing terms
Market segmentation
The market segmentation for ASDA explained as follows:
Basis of Segmentation Segmentation
Geographic The company offers product and services over
geographical locations at national and
intentional level.

Demographic ASDA targets males and females form lower
and middle income level groups that is
students,professionals or even employees.
Psycho-graphic Traditional ease makes personality developed
for an organization like ASDA which attracts
people towards it.
Behavioural ASDA makes offer upon every occasion and
provides cost advantage within various
varieties.
Product life cycle
This includes four stages which makes introduction of production and growth possible in
relation to maturity level and finally declining stages. ASDA at the introduction stages plans
over creating awareness over items making development of brand image over growth stage and
attains economies over scale they reaches maturity level only when product is not preferred by
making customer's attaining declining and making sales even zero(Browne and Weiss, 2020).
Mass and Niche market
The mass market is referred to as that place which makes trade where in an organization
is having crowd over customers for buying product and services. In niche market specific kind of
customer market makes premium price products which is sold and brought by high income
customers.
Unique Selling points
The unique selling point of ASDA is “every little helps” this means each customer should
be able to avail product and services of organization of high quality in every market.
A table of different types of market research
Type Meaning
Surveys In this qualitative research through asking
questions form targetted audiences.
Interviews This includes one on one interaction and
asking questions face to face.

Observation The employees of ASDA having customer
which makes observation session through
watching behaviour of customers in relation to
there product and services.
Explanation of flow chart to the marketing strategy
The main objective of ASDA is marketing strategy which makes regaining of trust level
of stakeholders through properly analysing market along with competitors. The organization is
mainly focused over marketing mix within which offer makes different within market through
printing and digital advertisement(Bakhovskyy and et. al., 2021). ASDA makes determination of
marketing position that makes benefits to its customers provided like free gifts, club cards, etc.
Budget of marketing of an organization is dependent over different aspects which is based upon
training & developments, promotion, resources. ASDA helps in executing marketing plan
attracting more customers and makes huge profit generated by making benefits for an
organization achieved.
CONCLUSION
From the above report it can be concluded that business functions contains wider view
that is based over finance, human resource, marketing and general management. This makes
organization attain lot of benefits which makes an organization attain various benefits from it. As
per it operations within economic scale by making proper complacence over product life cycle.
Also the organization having different options that has made finances acquired over the
operations which makes funds availability to be achieved. On the other hand both great and
Marketing Strategy

strong market position of an brand image over an organization is required making proper
marketing strategy focused over various kinds of marketing concept which is needed in order to
seek that fund is available for an organization. In order to reduce employees turnover is needed
over making motivation done in proper manner within am organization. The end of report is
based over making concepts of segmentation, mass & niche market as well as the USP of the
product been covered.

REFERENCES
Books and Journals
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Browne, S. and Weiss, T.G., 2020. Introduction: Development, the largest of four UN functions.
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Büning, C., Jürgens, L. and Lausberg, H., 2021. Divergent learning experiences in sports
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Functions in Agricultural Holdings. In The Challenge of Sustainability in Agricultural
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