Introduction to Business Studies

This report provides an introduction to business studies and explores the role of HR, Marketing, and Finance in the context of Tesco. It also discusses collaborative working practices and the importance of financial management.

Introduction to
Business Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
The role of HR, Marketing and finance .....................................................................................1
Collaborative working practices.................................................................................................2
The role of financial management...............................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
Business is the method in which making the monetary value or generating the value, and
producing goods and services or buying or selling of the products. It also include organised effort
in which individuals are able to run the business in ethical manner. Starting a business, business
studies is mandatory for understanding the strategies terms and conditions. It is a mixture of
elements of accountancy, finance, marketing and organisational studies. In the context of Tesco,
this report include the what is the role of HR, marketing, and finance which shows the proper
operation of the organisation(Ghauri, Grønhaug and Strange, 2020).
MAIN BODY
The role of HR, Marketing and finance
This reports includes the various factors of HR, marketing, and finance which shows the
functions, characteristics and operation of the organisation.
Role of human resources
Human resources is the backbone of the organisation which is responsible for selection,
recruitment, workforce of an organisation, corporation sector, company or economy of the
organisation. Human resources seeing the different aspects of the employee in terms of labour
law, standards, salary and incentives, benefits for the employee. So, in which employee feel good
and familiar because human resource full fill the needs of the employee in every possible way.
This thing gives the benefits to the employee along with the organisation so business can run
successfully or significantly. It includes the performance,training, research, skills, employee,
potential, leadership, and recurting. In the context of Tesco, the role Human resource manger is
there are different task for HR every day to completing the projects and give excellent outcomes.
There are few points to full fill the role of HR:
Recruit candidates- The basic needs of human resources is understanding the industry
needs, what is the requirement of the organisation, give the right job to the right person. When
HR looking forward to recruit the new candidates, firstly they analyse market place consult with
stakeholders and managing the budget after that give the job to the candidates(Van Tulder,
Verbeke and Piscitello, 2018).
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Role of marketing
Meets consumer needs and wants: In the term of tesco, it identify the consumer needs
grab or adopt the marketing factors. After that they convince the customer and full fill their
needs and satisfying with the help of exchange process.
Sure about organization survival, growth and reputation: In addition of Tesco it
survive in marketplace because consumer retention and increase in market portion. Which helps
to achieve their aims and objectives of the organisation and also help to full fill the demand and
satisfy the consumer expectation.
Best product offerings: Most of the brands sell their goods but in the term of Tesco
company they sell their products in hygiene with labelled and well packed. Also give the best
services to the customers. In this marketing plays a major role in term of designing and
managing the offers of the products(Olalla and Merino, 2019).
Role of finance
Finance includes the management of the money for the organisation, also decided how
much is amount require and when. Also defines the best use with the available resources of
funds.
The importance of understanding the finance: In the relation of Tesco, it defines a
corporation needs, requirement of money, allocation of funds, how to expand the food market,
health and sales.
Manage the financial status of the organisation: In the management of the finance in
addition of Tesco which is responsible for allocating the fund, manage the amount with in the
organisation and looking forward for expenditure of funds on different qualities.
Financial planning: This includes short term and long term funds flows of the
organisation. In the context of Tesco organisation its looking forward characteristics of financial
planning to generate the revenue or profits and build the best utilization of the money(Jones,
2019).
Collaborative working practices
Collaboration use in various corporations, it increases the performance, unity of the
employee and organisation culture. It also generating new innovations, ideas about the product
and also manage the team members in terms of responsibility and increase the diversification of
ideas For the task. Collaboration plays a massive role in the organisation. Team members are
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willing to work together and looking forward to achieve their targets and expand the business
and work for development path for the task(Paul and. et. Al 2018).
Collaboration working practices plays a very massive role in all functions which is given
above
In the relation of Tesco, human resources there are various aspects along with the
benefits. It support the problem solving situation, this situation involve the multiple mind and
work on the solutions. Collaboration term refer the come up with the solutions. When particular
person works on specific problem of the organisations so that person are able to solving the
problem and come up with the outcomes. Team mates collect their ideas and generate new
innovation which capable to deal with difficulties(Dumas and et. al, 2018).
In the context of Tesco, Marketing improves communication of ideas. Effective
communication is spinal of the organisation. In this employees are very brilliant. They know how
to deal with situations, how to convince the customer about product and how to sale the goods it
all depend on effective communication. If candidate have those qualities which is required for
marketing professionals nothing is impossible, business will run efficiently. It also get to know
idea generation collaborative working practice requires the employees discuss and elaborate the
plan. This thing generates the more idea and give the higher opportunity to introduce the new
things in terms product(Buckley, 2019).
In the addition of Tesco, finance forecasting the financial needs which organisation is
looking forward short term forecast or cash flow forecast which is full fill by the collaborative
working practices which generates the revenue or expenditure for a certain period of time its
around one year and inflows and outflows of the fund which is depend upon expected sales and
different cost. It also helps to recover the past financial statement which is beneficial for the
organisation. Collaborative working practices in terms of finance it plays a crucial part in the
organisation for long term strategy. Finance is a major factor in budget, if organisation sets plan
about spent the fund on the activities for example promotion, marketing etc. so, they are able to
maintain the budget, this thing will help business in smooth running or ethical manner. It also
establishing financial controls, it is a method in which organisation compares the revenue,
expenditure, cost and taxation on annual basis which has spent on those projects. It gives
feedback to uncover the accounts are variable from the financial actions. Most of the
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organisations hold financial reviews for a certain period of time to recover the funds or do
financial controls(Repko, Szostak and Buchberger, 2019).
The role of financial management
in the relation of Tesco, the role of financial management plays a important part in
building the financial decisions and control over the expenditure in the corporation. They use
different strategies and various techniques such as ratio analysis, financial forecasting, profit and
loss analysis etc.
It also includes the financial planning which is responsible for financial activities of the
organisation along with the resources. It select the actual data to know the needs and priority of
the company along the economical condition and prepare the budgets(Edelson, Senk and Stock,
2018).
It involve the capital management which is responsible for financial management to
approximation about capital requirements of the company from according to time, which
determines the capital structure and choose the source of financial support for the capital
requirements.
Acquiring and utilization of financial resources, in this financial management ensure
about the resources of finance of the company and also invested efficiently so in which
organisation generates profits, maintain the sustainable and feasible for the long term which can
run smoothly.
It contributes in cash flow management, it is very important for the company in which
they have minimum working capital and cash flow to view their serviceable expenditure. It
tracks the payable account and receivable to make sure cash flow is available for all time.
Financial management is responsible for reports which related to the finance of the
company and create the database planning the activities in relation of financial management.
Financial management plays a major role in risk management which prepares the
company forecasting risk and take the action of reducing the severity along with unforeseen
hazard and emergencies significantly. These all factors contributes a very major part in the
organisation which defines status, focus on vision and mission and give chance to recover or
improve the things which is pending in the company(Panda and Rath, 2018).
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CONCLUSION
This report includes all the factor in relation Human resources, marketing and financial aspects
which is very beneficial for the organisation. It relates the overview of the company which shows
the positive and negatives outcomes and also include collaborative working practices which
shows the unity of the employees and excellent team work. It seems like working in group
sharing the ideas and do the implementation for select their aims and objectives. This report also
involve the role of financial management which shows the manage the funds prepare the budgets
for future activities so that business can run smoothly.
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REFERENCES
Books and journals
Buckley, P.J., 2019. The role of international business theory in an uncertain world. International
Business in a VUCA World: The Changing Role of States and Firms (Progress in
International Business Research, Vol. 14), Emerald Publishing Limited, pp.23-29.
Dumas, M., and et. al., 2018. Introduction to business process management. In Fundamentals of
Business Process Management .(pp. 1-33). Springer, Berlin, Heidelberg.
Edelson, S.A., Senk, C.C. and Stock, K.L., 2018. Using an integrated business experience to take
the place of “introduction to management” in an integrated curriculum. Journal of
Education for Business.93(7).pp.332-340.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Jones, L., 2019. Introduction to business law. Oxford University Press, USA.
Olalla, C.B. and Merino, A., 2019. Competences for sustainability in undergraduate business
studies: A content analysis of value-based course syllabi in Spanish universities. The
International Journal of Management Education.17(2).pp.239-253.
Panda, S. and Rath, S.K., 2018. Strategic IT-business alignment and organizational agility: from
a developing country perspective. Journal of Asia Business Studies.
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.
Repko, A.F., Szostak, R. and Buchberger, M.P., 2019. Introduction to interdisciplinary studies.
SAGE Publications, Incorporated.
Van Tulder, R., Verbeke, A. and Piscitello, L., 2018. Introduction: international business in the
information and digital age–an overview of themes and challenges. International
Business in the Information and Digital Age.pp.1-13.
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CONCLUSION
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REFERENCES
Books and journals
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