Introduction to Business Studies

This document provides an introduction to business studies, focusing on the role of HR, Marketing, and Finance functions within organizations. It also discusses collaborative working practices and the role of financial management and reporting in organizations. The document includes case studies and references to books and journals.

Introduction to
Business Studies

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
Describe the role of HR, Marketing and finance functions within organisations..................3
Develop an understanding of collaborative working practices..............................................4
Demonstrate knowledge of the role of financial management and reporting within the
organisation............................................................................................................................5
CONCLUSION..........................................................................................................................6
REFERENCES...........................................................................................................................7
Books and journals.................................................................................................................7

INTRODUCTION
Business can be defined as an activity which is related to performing different
operations in order to achieve a profitability level and perform the functions in an appropriate
manner. In context of the present report the chosen organisation is Tesco. It is a British
multinational organisation which is operating in the environment of UK. Organisation is
providing services to number of countries where it was established by jack Cohen in 1919. In
context of the present report it includes discussion about role of HR marketing in finance
function in organisation. Along with this there is also discussion about collaborative working
practices and demonstration about the knowledge of finance management and reporting
(Ghauri, Grønhaug and Strange, 2020).
MAIN BODY
Describe the role of HR, Marketing and finance functions within organisations
There are different departments of the organisation which are for performing their
functions in order to improve organisational functioning as well as achieving better results.
Under this the three major departments are human resources marketing and finance. There are
different roles and responsibilities which are played by this department in organisation will
star as per is also operating with different departments where these three department perform
functions and appropriate manner. There some of these department roles are discussed below:
Role of HR function
Human resource planning is one of the role which is played by HR department of
Tesco. Under this, it performs functions related to hiring the employees and fulfilling the
vacant post within the organisation. One more function which is performed by human
resources department is related to recruitment and selection. Under this, organisation used to
recruit talented employees and select them in order to fill the vacant post as well as fulfil the
requirements of organisation in order to bring human resources (Morris, 2010). It is played by
HR function within an organisation is related to initiating the function of performance
management. Under this role of HR department within Tesco, manger used to perform
various activities which help in managing the performance and achieving objectives.
Learning and development is also function which is initiated by HR function of Tesco where

they play different roles in order to lead and perform the function and order to improve
learning and development within employees to boost their skills and manage performance.
Role of marketing
Marketing also played number of roles within the organisation which are directly
associated with functioning and profitability of firm with in the market where it is operating.
Marketing identify the customer as well as their needs in the market in order to place the
product of organisation between them. This is a major role which is played by marketing for
stock marketing also play the role of informing and designing the products and ensuring
appropriate customer system which help in meeting the customer needs and provide value
proportional to the cost full star marketing also play important role in the providing and
managing the responsibilities for communicating with the customers about the product and
explaining them the features of the product so that organisation can easily achieve its
objectives (Mizruchi and Schwartz, 1992). This is also identified that marketing is also
responsible for listening to the customer as well as communicating their queries to the
different departments in order to improve the product and satisfy the needs of the customers
in order to achieve opportunities for improvement foster these are different roles which are
played by marketing within in order to ensure appropriate functioning and achieve the
objectives of organisational functions.
Role of finance function
Finance function is also important parts of organisational functioning which helped in
directing different departments as well as provide assistance to the organisational functions.
In context of Tesco there are different rules which are played by finance department within
an organisation. These rules are associated with functioning of organisation full stop the
major role of energy department is to provide funds to different functions in order to operate
their functions and improve organisational profitability. It is also identified that these
functions are directly related to organisational system where finance department provide
adequate amount of finance to different departments for stop this help in achieving
appropriate results and performing functions in an appropriate way (Infante-Moro, Infante-
Moro and Gallardo-Pérez, 2019).

Develop an understanding of collaborative working practices
Collaborating at workplace is an important factor which is essential in order to
achieve the productivity results as well as performing the function in an appropriate manner
full star one of the biggest factor that directly contribute to the success of the business in
order to perform their functions also from the side of the creativity in context of it is
identified that it help in improving the productivity as well as promote healthy relationship.
Collaborating bring three different aspects which help in improving organisational functions.
Some of these aspects are discussed below:
Brainstorming: collaboration allows the team member to come together on some
common platforms which help in working toward the achievement of organisational goals.
this initiate the process of brainstorming and offer various perspectives to solve problems
(Shrestha, 2017).
Providing value: one more aspect of collaboration within the working is that it help
in improving the organisational working where they can work in a team. This help in
improving the working conditions as well as achieving the common goals with the help of
meaningful reasons to work together. This also helps in providing mutual benefits and
performs function in order to achieve them.
Equal partaking: collaboration provides every team member with an equal opportunity to
participate and communicate in different ideas (Kolk, 2016).
Demonstrate knowledge of the role of financial management and reporting within the
organisation
Financial management is important part of organisation which helps in managing the
finance in order to achieving better results. This also ensures appropriate allocation of
resources as well as utilising the funds in an appropriate way. This helps in meeting the
requirements and performing the function in accordance with the needs. This is an effective
system which helps in managing the functions. There are a number of roles which are played
by financial management in Tesco which are discussed below:
Financial decision and controls: is a major role which is played by financial
management within an organisation where the manager play and crucial role to making
financial decisions and exercising control over the finances of the organisation. Under this

include ratio analysis financial forecasting profit and loss analysis and various others
(Alvarez, 2016).
Financial planning: the financial managers are responsible for planning with
financial activities as well as achieving appropriate results by managing resources. Under this
it perform various kinds of activities which help in managing the finance as well as planning
in appropriate way. This helps in improving the economic situation and makes the plans and
budgets according to it.
Capital management: It is responsible for financial management to estimate the
capital requirement of the organisation in a timely manner. This help in determining the
capital structure as well as composition within Tesco so that manager can use appropriate
source of funding and identify the capital requirements.
Cash flow management: cash flow management is also effective function which is
performed under the responsibility of financial management for stop this is helpful in
managing the cash requirements as well as identifying the operational expenses and
emergencies full staff in context of Tesco comet is identified the financial management with
an organisation used to track the accounts payables as well as receivables in order to manage
the sufficiency of cash flow within organisation (Meissner, 2016).
Disposal of surplus: Disposal of surplus is also important function of the organisation
which helps in maintaining the profit as well as utilising the resources in accordance with the
requirements of organisational functioning. This help in deciding and dividing the functions
where organisation can identify the current needs of profit as well as maintain it in
accordance with the future investment plans.
These are different roles which are played by financial management in context of
Tesco. These are essential for the managers in order to meet the requirements of finance as
firm the function in accordance with the needs and requirements.
CONCLUSION
It can be concluded from the above mentioned information that there are various
factors which has to be covered by the management in order to meet the requirements. It is
also identified that there are different roles of HR marketing and finance within organisation
which are helpful to the Tesco in managing its functions and achieving objectives. It is also

identified that collaborative working practices are useful to meet the requirements and
achieving the objectives. This is useful to achieve better results. It is also identified that there
are different rules of financial management and reporting within the organisation which are
directly related to management of functions and achieving the organisational goals.

REFERENCES
Books and journals
Alvarez, J.L. ed., 2016. The diffusion and consumption of business knowledge. Springer.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Infante-Moro, A., Infante-Moro, J.C. and Gallardo-Pérez, J., 2019. The Importance of ICTs
for Students as a Competence for their Future Professional Performance: the Case of
the Faculty of Business Studies and Tourism of the University of Huelva. Journal of
New Approaches in Educational Research (NAER Journal), 8(2), pp.201-213.
Kolk, A., 2016. The social responsibility of international business: From ethics and the
environment to CSR and sustainable development. Journal of World
Business, 51(1), pp.23-34.
Meissner, H. ed., 2016. State capture, political risks and international business: Cases from
Black Sea region countries. Taylor & Francis.
Mizruchi, M.S. and Schwartz, M. eds., 1992. Intercorporate relations: The structural
analysis of business (Vol. 1). Cambridge University Press.
Morris, C., 2010. Quantitative approaches in business studies. Pearson Education.
Shrestha, P.N., 2017. Investigating the learning transfer of genre features and conceptual
knowledge from an academic literacy course to business studies: Exploring the
potential of dynamic assessment. Journal of English for Academic Purposes, 25,
pp.1-17.