Introduction to Business

INTRODUCTION TO
BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of HR, Marketing and Finance functions...........................................................................1
Understanding of collaborative working practices.....................................................................2
Role of financial management and reporting in an organisation................................................3
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business is defined as an entity which is engaged in commercial, industrial and
professional activities. It refers to the efforts which is done by individuals to produce and sell
products and services. For this, business plays an important role as it is creative and competitive
and also contribute its efforts to shape the society (Dyllick and Muff, 2016). In this report the
role of HR, marketing and finance is described within organisations and also understand the
collaborative working practices. At last, it demonstrate the role of financial management and
reporting in Marks & Spencer which is a British multinational retailer headquarter in
Westminster, London, UK and deals in high quality clothing and other products.
MAIN BODY
Role of HR, Marketing and Finance functions Human Resources:
It is a process which has many functions and also perform various tasks like other
department managers perform. The specialists of human resources are responsible for
recruitment, interviewing, training, screening and many more. They also manage employee
relations, benefits and other related functions. Roles of HR are mentioned as: Staffing: It include hiring and recruiting workforce for specific job and this function
include various stages such as, development of staffing plan, policies, recruitment and
selection (Tucci and et. al., 2016). It is performed by Marks & Spencer as they focus on
their workforce and capabilities which helps in achieving success and fulfil the goals of
both individual and organisation. Development of workplace policies: This function define the policies and norms which
helps in ensuring the fairness and consistency in an organisation. For instance, it is
adopted by Asda, they believe that employees should perform under these policies and
some of the policies which are followed by company are vacation policy, dress code,
ethics and values and discipline because of these policies company maintain their image
in business environment. Marketing:
This department plays an important role in marketing and promoting of products and
services as they have direct contact with customers (The Role of Marketing, 2019). Thus, it is
1