Introduction to Business Studies

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
........................................................................................................................................................9

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).
1

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
2