Introduction to Business Studies

This document provides an introduction to business studies, covering topics such as the role of HR, Marketing, and finance functions within organizations, collaborative working practices, and financial management and reporting. The case study used is Sainsbury.

Introduction to Business
Studies

INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Describe the role of HR, Marketing and finance functions within organisations........................3
Develop an understanding of collaborative working practices....................................................5
Demonstrate knowledge of the role of financial management and reporting within the
organisation ................................................................................................................................5
CONCLSUION................................................................................................................................6
REFRENCES ..................................................................................................................................8

INTRODUCTION
Business studies are those studies which helps in developing knowledge related to
business and various aspects of it. Such studies covers variety of topics that has been helping in
attaining knowledge about different subjects related to business. Business studies are one of the
most dynamic studies as it deals with those factors that has been helping in developing business
in appropriate manner. Also these studies has capability to develop interest of an individual
within business and ways to do business. Scope of such studies are wider as it covered all kind of
subjects related to business. Nature is dynamic as such studies develop an idea about elements
required to set up a business. In this this file the organization that has been taken is Sainsbury.
This file covers about HR, marketing and finance functions. Also internal and external factors is
being discussed. In the end role of financial management and report has to be explained.
MAIN BODY
Describe the role of HR, Marketing and finance functions within organisations
Human resource: This is considered to be that division of business that has been formed
in order to make sure that screening, recruiting and training person selected. In this employees
beneficial program is conducted by Human Resources Management. It plays very important role
in helping organization to deal with fast-changing business environment and also helps in
dealing with employee’s selection process. Role played by human resource in Sainsbury has
been explained as follows:
Hiring from within and outside: This is one of the most important role and key part that is played
by Human Resource Management. In it a person is been hired by human resource manager of
Sainsbury from inside and outside. Inside training helps in making an organization helps in
filling jobs from existing employees. Also it helps developing saving cost as employees knows
working pattern within an organization. If right talent is not found then organizations goes for
outer hiring in which proper interview is taken and training is given about the environment, skills
and knowledge over the working platform of an organization (Giuliani, Santangelo and
Wettstein, 2016). ss

Employment testing: It is related to probation period that is given to employee before he
has been made permanent employee within an organization like Sainsbury. In this employee is
tested for a particular time period and observation is being done over various aspects related to
work place like behaviour, working pattern and ability to understand the work.
Appraisals and promotion: This is also one of the most important factor that has been
helping employees working in an organization to perform better which makes enhanced results
to be attained. Sainsbury’s HRM department analyses overall performance of its employees the
give them appraisal accordingly. It is helpful in enhancing performance of employees and make
them increase efficiency towards working.
Marketing: This means that kind of process which helps in developing a business and
uplifting it within the market. In other words it is referred to those activities in which an
organization undertake to make promotion of buying or selling of its product and services.
Marketing includes various elements like advertising, selling and delivering products to its
customers. Marketing has been helping an organization like Sainsbury to promote its products
and services by reaching its customers in appropriate manner possible. Role played by marketing
in Sainsbury has been explained as follows:
Meeting customer’s needs and wants: These is one of most important played by
marketing within an organization. It is being achieved only by analysing culture and trends
within the market. For this purpose only strategies are formed accordingly by marketing
managers. It helps in attaining satisfaction and trust of customers in an organization.
Ensuring organization survival, growth and reputation: In this process customers
retention is focused upon with increase in market share. An organization like Sainsbury has been
focused over building customer base which develops sustainability within an organization. Also
selling increases of product and services which eventually increases value of shares( Gaur and et.
al., 2019).
Financial function: Finance is one of the most important things that is required by an
organization as it helps in accomplishing of task and activities within an organization. These are
one of the most important things that is required by an organization in this both capital and

investment is include. Role of finance in an organization like Sainsbury has been explained as
follows:
Long term finance: In this investment is done for 3 or more than with the aim to gain
long terms outcomes. These functions helps in developing a strong framework which gives an
organization like Sainsbury to gain financial backup.
Short term finance: These are those type of investment that is being done with purpose
to gain faster and better success. This kind of finances is done within the time period of 1 to 3
years. Such investment helps organization to achieve demand of customers at much faster level.
It helps an organization like Sainsbury to attain profit and generate revenue to achieve long term
goals and objectives.
Develop an understanding of collaborative working practices
Collaborative work practices are those kind of work practices that has been formed with
collaboration of all persons within an organization. This is also known as partnership working in
which two or more than two persons come together in order to from a firm with common motive
of earning profit. Such practices has been proven to be very useful for an organization like
Sainsbury. These practices has been expressed in context of Sainsbury as follows:
Appraisal of employees: If employees are motivated for the work they are been performing. It is
going to make enhancement of performance which develop feeling of togetherness between team
members working upon a particular project (Gaur and et. al., 2019).
Give and get respect: This is one of the most important thing in which an organization like
Sainsbury is required to develop in its employees. In such practices respect is given to each and
every employees which creates trust among them. It ultimately forms collaboration while
working.
Inter communication skills: It is has very important role in promoting collaborative work
practices. These skills develops capability of communicating within the employee and employer
which lead to development of collaborative environment within them that helps and organization
like Sainsbury to accomplish task in better manner.

Demonstrate knowledge of the role of financial management and reporting within
the organisation
Finance is one of the most important factor that involves all kind of monetary aspects of
an organization. This has been helping in dealing with need of finance within an organization.
Such kind management is very important for an organization like Sainsbury. It is there to provide
investment of capital which makes goals and objectives to be accomplished of an organization
like Sainsbury. Role of finance management is been given as follows:
Financial decision and controls: Finance mangers has very crucial role to play within an
organization like Sainsbury in a way that it helps in taking financial decisions and make sure that
all kind of finances is being handled in appropriate manner. For this purpose only methods like
ratio analysis, financial forecasting with profit and loss analysis is done.
Financial Planning: In this finance mangers is responsible for making plans regarding financial
activities taking place and resources required for it is being handled by finance manager.
Sainsbury’s finance manager use available data in order to understand the financial needs which
is required within the organization for accomplishing of its goals and objectives. Managers of the
organization can form appropriate plan according to the situation existing in Sainsbury.
Capital Management: In this kind of management responsibility of financial department of an
organization to check over requirements on regular basis. Then they have to bring capital
investment structure and composition of sources of funding to make capital needs to be fulfilled.
In an organization like Sainsbury such management brings investors and build their trust within
an organization to invest in it(Busco and Quattrone, 2018).
Disposal of Surplus: It is the decision which involves managing of profit within an organization
when it becomes surplus and this is done by finance manager of an organization. In an
organization like Sainsbury they decide if dividends should be distributed and how much as well
as the proportion of profits that must be retained and ploughed back into the business.
Financial Reporting: Financial management maintains all necessary reports related to the
finance of the organization and uses this as the database for forecasting and planning financial
activities. This is helpful for Sainsbury in a way that financial reporting makes they realize about

the factor that requires financial support and also requirement of resources is checked through
this.
CONCLSUION
From the above report it is clear that business studies is that concept which allows study
of various aspects that is related to business and various elements of it. Further role of
marketing, human resource and finance has been explained. Then collaborative work practices is
explained. In the end financial department features is told in relation to Sainsbury.

POSTERS

REFRENCES
Books and journals
Amankwah-Amoah, J. and Wang, X., 2019. Opening editorial: Contemporary business risks: An
overview and new research agenda.
Busco, C. and Quattrone, P., 2018. Performing business and social innovation through
accounting inscriptions: An introduction. Accounting, Organizations and Society. 67. pp.15-19.
Gaur, A.S and et. al., 2019. Internalization advantage and subsidiary performance: The role of
business group affiliation and host country characteristics. Journal of International Business
Studies. 50(8). pp.1253-1282.
Gaur, A.S and at. El., 2019. Internalization advantage and subsidiary performance: The role of
business group affiliation and host country characteristics. Journal of International Business
Studies. 50(8). pp.1253-1282.
Giuliani, E., Santangelo, G.D. and Wettstein, F., 2016. Human rights and international business
research: A call for studying emerging market multinationals. Management and Organization
Review. 12(3). pp.631-637.
Paul, P and et. al., 2018. Business Information Sciences emphasizing Digital Marketing as an
emerging field of Business & IT: A Study of Indian Private Universities. IRA International
Journal of Management & Social Sciences,(ISSN 2455-2267). 10(2). pp.63-73.
Verbeke, A and et. al., 2017. Distance in international business studies: concept, cost and
value. Distance in international business: Concept, cost and value. pp.17-43.
Watts, L.L and et. al., 2020. Uncertainty avoidance moderates the relationship between
transformational leadership and innovation: A meta-analysis. Journal of International Business
Studies. 51(1). pp.138-145.