Introduction to Business Studies

This assignment provides an introduction to business studies, including the impact of internal and external factors on organizations, the role of HR, marketing, and finance functions, and the importance of financial management and reporting.

Introduction to business studies
Table of Contents
INTRODUCTION...........................................................................................................................3

MAIN BODY...................................................................................................................................3
Internal and external factors which impact on business.........................................................3
Describe the role of HR, Marketing and finance functions within organisations..................4
Demonstrate knowledge of the role of financial management and reporting within the
organisation............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
This assignment involves the scenario through which different types of services are
given. It signifies strategic planning as well as vision of organisation. It also provides
explanation regarding micro and macro elements that imposes direct impact on operations and
functions of organisation. It offers a brief description regarding role of marketing, finance and
HR functions in company. In addition to this, there is also a description regarding role of
financial administration within company (Alvarez, 2016).
MAIN BODY
Internal and external factors which impact on business
There are different factor that impose direct impact on the functions of business
organisation. It involves different kind of elements that is given below:
Internal factor
Employees and managers employees are determined as the most significant part of
internal atmosphere of organisation. It is important for subordinate to be performed their work in
good manner. The manager team focuses on handling lower-level subordinate during particular
phase of time period.
Money and resources when there is a lack of fund then the organisation are not capable to
earn more and more profit for staff of business organisation. It is significant to possess cash for
conducting different function in an appropriate manner. It imposes lot of individual person
within company during particular phase of time period. Therefore, it is necessary to have finance
that helps in advertisement of goods in an appropriate manner and possessing a superior quality
of products.
Company culture the company culture involves priorities, attitude as well as values for
performing their work in better way. It is significant to maintain favourable culture that is useful
in handling efficiency and conduct work of employees in an appropriate manner. The
subordinate of organisation possess good values and it is significant to promote, recruit or fire
subordinate.
External factor

Competition from other organisation It is significant for organisation to be specific if
they want or required to survive in the competitive market. An organisation gets started then it is
necessary for them to have a more and more experience within business organisation.
Politics and government policy the alteration within policy of government imposes direct
impact on organisation. The example is undertaken as a named as tobacco industry. The cigarette
is provided to its user by using a warning on packet. There are several places where individual
person can smoke in legal way.
Customer and supplier it is the significant factor while operating their organisation in an
appropriate manner. The supplier plays a major role in dealing with operations and functions of
organisation. The customer of organisation is necessary to convince by services which is offer to
its user (Brannen and Mughan, 2016).
Describe the role of HR, Marketing and finance functions within organisations
Role of HR
The HR professional is very important for success and growth of organisation. The
primary aim of HR is to hire capable and competent subordinate for growth of organisation. It is
significant to recruit applicant for accomplishing goal and objective in timely manner. In
addition to this, they provide training to its subordinate for enhancing skills as well as knowledge
for retaining them for a longer time period. It helps in increasing productivity and profitability of
organisation. It is significant to have competent HR manager for conducting different functions
and operations in better way. Apart from this, the HR professional focuses on maintaining human
relation with its subordinate and also encourages them to perform their function in an appropriate
manner. The HR professional put extra contribution for success of company. There are various
challenges which is faced by HR manager in monitoring its subordinate of organisation and also
handle those kind of situation in an appropriate manner which imposes direct influence on
productivity level of organisation. It is necessary to maintain favourable atmosphere within
business organisation in order to increase their performance level during particular phase of time
period. Also they emphasize on resolving different kind of conflict which occur within an
organisation in an appropriate manner.
Role of finance
The finance is very important for success or growth of organisation. It is significant to
possess sufficient finance for investment in assets that provide outputs to organisation. The

financial manager emphasized on maintaining expenses regarding purchasing assets. In addition
to this, it is significant for management team focuses on monitoring or retaining employees for a
longer time period. The manager focuses on handing various resources for achieving goal as well
as objective in timely manner. They handle revenue and expenses for preparing budget which
will be helpful in upcoming time period. Hence, finance manager plays an important role for
success of organisation and also manage budget in order to make investment that give higher
outcomes in future period of time (Ghauri, Grønhaug and Strange, 2020).
Role of marketing
Marketing is very important for success of organisation. The manager of marketing
emphasised on maintaining appropriate relation with its user. In addition to this, they adopt
different activities of promotion like advertisement, sales promotion, and sponsorship and so on
for attracting large number of user at marketplace. They offer superior quality goods and services
to its user in order to increase productivity level. Thus, it assists in enhancing brand image and
goodwill of organisation in front of customer at marketplace. In addition to this, the management
team emphasized on making appropriate strategies and policy for assessing need of its user. They
also emphasized on making a strategy in order to achieve competitive edge over at marketplace.
It is significant to improve innovative goods and services to its user for success of company. The
marketing or selling of goods and services in an appropriate way is only the reason for success of
company. It is necessary to offer unique as well as a specific products and services to its user as
per their needs (Verbeke, van Tulder and Puck, 2017).
Demonstrate knowledge of the role of financial management and reporting within the
organisation.
For retaining and sustaining organisation for a longer time period, it is significant to monitor
staff, knowledge or their projects. In assistance of this, they emphasised on increasing revenue
that helps business organisation in being stable for longer time period. It is important to
determine different financial resources that help in monitoring various activities of organisation.
There are significant criteria or quality of financial administration which involves responsible
subordinate and stable planning of Finance that is going to be mentioned below:
Responsible personnel it is important to manage micro environment for financial
administration in an appropriate way. In all circumstances or situations, it is the responsibility of
individual for handling finance for success and growth of organisation.

Financial planning there are various types of tools that is used by financial manager of
organisation that included monitoring as well as controlling. In assistance of this, there are
different resources that assists in enhancing practices related to finance that involve budgeting,
controlling, accounting that is going to be mentioned below:
Accounting it is significant to manage accounting for keeping records in good way. It is the
responsibility of duty of financial manager to keep records that is related to income and expenses
that is occur within organisation.
Budget it includes maintaining a budget that is related to expenses and revenue occurs
within an organisation. The financial manager focuses on preparing budget in respect of inflow
as well as outflow of cash of organisation. In assistance of this, they emphasised on forecasting
profit and loss that is occur in future period of time.
Financial controlling it is significant for organisation to control all activity related to
finance within business organisation. It helps in preventing any kind of fraud and deviation
within an organisation. In assistance of this, they emphasize on controlling financial resources in
an appropriate way that assists in maintaining appropriate record at workplace.
Financial reporting the last element of financial monitoring is to maintain a report related
to income and expenses for smooth running of organisation. Therefore, it is significant to
maintain appropriate record of income and losses that imposes direct impact on performance of
company. It is important to maintain report accurately within given period of time (van Hoorn
and Maseland, 2016).
CONCLUSION
On the basis of above given report, it has been analysed that it signifies strategic planning as
well as vision of organisation and also it provides explanation regarding micro and macro
elements that imposes direct impact on operations and functions of organisation. It offers a brief
description regarding role of marketing, finance and HR functions in company. In addition to
this, there is also a description regarding role of financial administration within company. It is
necessary to make appropriate budget for smooth running and operations of business
organisation in future period of time.
.

REFERENCES
Books and journals
Alvarez, J.L. ed., 2016. The diffusion and consumption of business knowledge. Springer.
Brannen, M.Y. and Mughan, T. eds., 2016. Language in international business: Developing a
field. Springer.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
van Hoorn, A. and Maseland, R., 2016. How institutions matter for international business:
Institutional distance effects vs institutional profile effects. Journal of International Business
Studies, 47(3), pp.374-381.
Verbeke, A., van Tulder, R. and Puck, J., 2017. Distance in international business studies:
concept, cost and value. Distance in international business: Concept, cost and value, pp.17-43.