Introduction to Business Studies

Introduction to Business Studies

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
LO2 and LO3...................................................................................................................................3
Covered in PPT............................................................................................................................3
LO1..................................................................................................................................................3
Covered in poster.........................................................................................................................3
LO1, LO2 and LO4..........................................................................................................................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..................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9
Power point presentation.............................................................................................................9
Poster.........................................................................................................................................16

INTRODUCTION
In an Organisation there are various Functions work together to achieve its goals and
objectives. The functions of an organisation are Marketing, Human resource, Sales, and Finance.
These Functions performs various set of activities to transform information and Business
Commitments. The different department work collectively to fulfil the needs and requirements of
Company and Customers. For running the business successful they must identify internal and
external factors that could impact its performance. The Chosen Organisation in this report is The
Body Shop, it is a British company that deals with cosmetic, perfume and skin care products.
The Firm was started in 1976 and founded by Anita Roddick, one of the strength of this
organisation is that there all the products are made with Natural Ingredients.
LO2 and LO3
Covered in PPT
LO1
Covered in poster
LO1, LO2 and LO4
Describe the role of HR, Marketing and finance functions within organisations.
Human Resource means a group of people who work in an organisation with a motive of
earning money and achieving its goals. In business, humans are selected by Human resource
department (Wilton, 2016). This department is responsible for managing overall employees of an
organisation and fulfil the needs and requirements of workers and Company. They are
responsible for recruiting, hiring, providing training, compensating, developing policies and
strategies for employees. Human resource management plays a various role in a Business they
are as follows-
HR Planning is a responsibility of Human Resource Manager to plan and achieve
objectives of Company. The human resource management of The Body Shop engage with their
superiors in identifying, preparing, and executing the goals of an organisation (Stewart and
Brown, 2019). They participate in planning procedure for gaining knowledge of activities which
can be required for increasing the sustainable growth of Business.

Recruitment and Selection is the role of HR. The Human resource department
announces the vacancy of candidate for job position through various modes such as Employee
referrals, advertising, print media, social media, agencies, etc., this process is known as
Recruitment. After inviting applicants, they look out the best candidate who is suitable for vacant
job position. They select a person who can contribute their best in the success of Organisation.
When Candidate is selected, they design offer letter and process of onboarding (Banfield, Kay
and Royles, 2018). In The Body Shop Human resource department main focus is to Select
Women Staff as the company have 70% employees as women.
Training and development is another role of HR. Human resource manager provide
training to their employee for improving their skills and knowledge. Training and development
program is organised to enhance the efficiency of employees so that they can give their
productive outcomes to Company. The Human resource manager of The Body Shop have a
responsibility to encourage development of Staff Members by providing training sessions on
regular basis.
Role of Finance Function within Organisation is important for the growth of company.
Finance Department is consisted as a lifeline of any Organisation. Finance management is one of
the functions that manages expenses, credit, cash, and profitability of Company (Geddes and
Schmidt, 2020). There are various roles which is played by finance department of The Body
Shop they are outlined below-
Money Management is the main role of Finance Function. The Finance Department
manages money of business by identifying ways through which they can save the expenses and
increase profitability of Company. The finance manager of The Body Shop looks out the ways
through which they can cut internal cost and maximise their revenue.
Finance Department is responsible for planning various financial activities and
resources in Company. They understand needs and requirements of employees and employers
and make budgets and plan accordingly. The Finance manager creates a plans and strategy for
achieving long term financial goals of The Body Shop.
Proper Utilisation and Allocation of resources is a duty and responsibility of finance
manager to allocate and utilise the financial resources in an effective and efficient way so that
business can run for long period of time with increase in profitability and growth (Chow,
Greatbatch and Bracci, 2019).