Introduction to Business - Case Study | Achieve Objectives and Goals

Running Head: INTRODUCTION TO BUSINESS
INTRODUCTION TO BUSINESS
Name of the Student
Name of the University
Author Note

1INTRODUCTION TO BUSINESS
Executive Summary
The organizational roles and responsibilities are foundation of successful business. The
business leader has the role to ensure that entity’s roles and responsibilities are well-defined.
It helps every department and divisions for fitting together as whole. Therefore, this
assignment aims for discussing roles and importance of department, financial management,
teamwork and financial reporting. The report also concludes that Aldi UK follows all
requirements of better and responsible organization that helps in achieving their objectives
and goals. The company also reports their financial statement at each year-end.

2INTRODUCTION TO BUSINESS
Table of Contents
Introduction................................................................................................................................3
Background of Company.......................................................................................................3
Discussion..................................................................................................................................3
Role and Importance of Departments....................................................................................3
Teamwork and its Importance................................................................................................5
Financial Management and Its Importance............................................................................7
Financial Reporting and its Purposes.....................................................................................8
Conclusion..................................................................................................................................9
Reference..................................................................................................................................10

3INTRODUCTION TO BUSINESS
Introduction
Every company is made up of the different departments. These departments
contributes towards running of business. The common departments of the company includes
production, finance, human resources, marketing & sales and information technology
department. The organizational department performs various duties and functions for
company. Further, employees working in organization are members of team that works
together for achieving goals of organization with the help of using their particular talents and
skills (Shapiro and Hanouna 2019). Hence, this report aims to discuss role and importance of
different functions of organization. Moreover, discussion will be on understanding of the
collaborative working practices. In addition, explanation will be on financial management
and its importance. Lastly, discussion will be on financial reporting and its importance.
Background of Company
Aldi UK is one of the most common name of brand of two German family owned
supermarket discounted chains. The company is having around ten thousand stores in twenty
countries and the combined turnover of company is estimated to be fifty billions. The
foundation of this supermarket chain was in 1946 by Theo Albrecht and Karl, who were
brothers (Aldi.co.uk. 2020).
Discussion
Role and Importance of Departments
Marketing Department
Marketing is considered to be most vital part of the business activity. The marketing
department helps in playing important role in business promotion as well as mission of
organization. This particular department serves as face of organization for representing the