Introduction to Business Studies

This document provides an introduction to business studies, covering different business processes and concepts. It explores the role of HR and finance functions within organizations, collaborative working practices, and the knowledge of financial management and reporting. The document also includes references for further reading.

Introduction to
Business Studies

Table of Contents
INTRODUCTION...........................................................................................................................3
L O1: Role of HR and Finance function within the organisation...........................................3
L O2: Collaborative working practises:.................................................................................4
LO: 4 Knowledge of role of financial management and reporting within organisation........5
REFERENCES ...............................................................................................................................8

INTRODUCTION
Business studies are they different business process that are assisting business
organisations to develop quality products to meet the specific customer requirements. There are
different concepts that includes marketing, human resources, accounts. Present report is based on
TESCO that is a organisation willing to analyse the market according to different products
offerings. TESCO is a British multinational organisation that has been established in UK and
stared by Jack cohen in the year 1919 (Busco and Quattrone, 2018)). The topic covered includes
the role of human resources in different functions such as human resource, finance, marketing
functions. Further there is analysis of collaborative working practises that have to be evaluated
according to the external & internal factors that will posses impact on business functions.
L O1: Role of HR and Finance function within the organisation
There are different roles that are very crucial for a the purpose of increasing the profitability of
the business. The below mentioned are some of the aspect of financial leadership position in
TESCO:
Financial decisions: Financial leader of TESCO is accountable for all the different declensions
that are to be taken in order to manager the funds (Nicholson Gimmon and Felzensztein, 2017).
There are different range of approaches that include financial projections, cost benefit analysis,
cash flow scheme that are used for making effective financial decisions.
Risk management: There are different issues related to risk of a business which has to be
managed by making adequate forecasts.
Management of capital: Capital is the amount of investment that is done to formulate the
working practises and ensure that all the business functions are taking place smoothly. The
required amount of capital and the way it can be arranged have to be decided by the finance
manager ion a organisation (Watts, Steele and Den Hartog, 2020).
Role of HR:
Recruitment: The major responsibility of human resource management in TESCO is to fill the
available vacancies by competent individuals . There has to be analysis of the specific skills that

are required to perform the assigned job roles. For this HR manager is making a detailed
evaluation and then further recruitment plans related to preparation of advertisement, job
description and person specification are prepared.
Maintaining employee relations: In the the Human resource department is working towards
positive employee relations that are to be developed between employer and employees
(Nambisan, Zahra, and Luo, 2019). In TESCO management is working towards establishment
of effective relationship between employer and employees by focussing on collaborative
working practises.
L O2: Collaborative working practises:
Collaboration is a element that is providing support to business for the purpose of driving
success, it is used for determination of the performance level of employees and identification of
difficulties that are faced at the workplace. In context of TESCO there is use of collaborative
working practises for enhancing the productivity and creativity at workplace. Some of the
benefits of using collaborative working practises are mentioned below:
Promotion of self analysis: Collaboration is assisting the management and employees to think in
a different manner and for identification of future growth opportunities (Forsgren, 2016). It is
also sued for identification of the strength and weakness of the organization.
Problem solving: It is a tool that assist for the purpose of dealing with different business issues
that might arise in the course of a business.
Enhancement in learning prospects: With the use of collaborative learning practises there is
increase in the overall process of innovation and creativity in the organisations. There are
different approaches that are used together and help in fulfilment of the requirement of
innovation for the purpose of achievement of higehr creativity in the organisation. In Case of
TESCO the use of collaborative working practises there is high amount of creativity and
innovation that is required to deal with the highly competitive environment and maintain the
present level of sales.
Higher adaptability: In some situations there is requirement to focus on improving the overall
business capacity. That can be achieved by gaining better results and working towards enhancing
the customer satisfaction level.

TESCO is a global brand so they are facing high amount of challenges that are related to
managing of their operations across diverse locations in different parts of the world. The overall
ambitions of the company is based on rapid expansion that have to be achieved by a new model
that is to be developed by use of new technologies in every new location.
Better venture adaptability: With the changing external environment such as in case of present
situation of COVID impact there has been a drastic impact on the retail sector is adapting itself
with the changing needs of customers. So TESCO can use of collaborative working practises so
that they are bale to mitigate the loses by use of technique of digital disruption that will assist
TESCO in minimisation of the shifting preferences of their customers towards more use of e
commerce sites for the purpose of enhancing the present ratio their sales.
LO: 4 Knowledge of role of financial management and reporting within organisation
Financial management plays a very crucial role as it assist in performing the operations. TESCO
there is role of financial management as mentioned below:
Financial decisions and control:
The financial manager of TESCO has to take all the decision that are related to dealing
with different aspect of financial information. Such as there are different types of techniques that
can be used for the purpose of making a accurate financial forecasts (Strydom and Rudansky-
Kloppers, 2016). It include profit and loss analysis, ratio analysis, managing the cash flow
system for evaluating the different ways in which policies can assist a business to ensure that all
the laid objectives are timely achieved in case of TESCO it includes the vision to achieve a
global presence and maintain cost.
Financial planning:
The financial management system of a organisation is used for ensuring that all the
overall capital requirement are fulfilled with time. Capital is the main source of finance for any
organisation (Alvarez, ed., 2016). In context of TESCO finance managers and finance
department are together responsible to ensure that there is choosing of the way to acquire the
required amount of capital. There is allocation of capital to be done in such a manner that there is
maximisation of benefits from limited sources of finance.

Risk management:
There are some of the core risk aspects that are related to TESCO It is part of the core
businesses process which include buying products from suppliers, sending to the distribution
centre, transferring of products from distribution centre to the stores, banking receipts and taking
cash. These are the primary threats to these processes (Infante-Moro, Infante-Moro and
Gallardo-Pérez, 2019). For this TESCO is focussing on use of a risk management model that is
based on two major strategies that includes corporate strategy set by the board of directors, risk
appetite that is also set by the top management, risk monitoring that is undertaken by the line
management and is part of internal audit of TESCO. Further there is designing of the risk
controls that is conducted by the line management staff of TESCO (Ghauri, Grønhaugand
Strange, 2020). At last the last aspects of the risk management strategies is to conduct a line
managers audit that is identification of risks.
Above mentioned are some of the financial aspects that are used by TESCO for the
purpose of effectively managing their finance function. There is need of a competent and skilled
workforce who can contribute towards achievement of maximum benefits from the amount of
capitol that has been invested by TESCO in the course of their business functioning. TESCO is
having a price leadership position that can be managed in long run by making use of their
resources and maximisation of revenue by using a low cost product strategy os that they are able
to maintain the brand image for present loyal base of customers.

CONCLUSION
It can be said that there are different promotional strategies that can be used by
organisations for the purpose of enhancing their present sales. There are various promotion
strategies that are assisting in the process of increasing the present level of sales by use of
collaborative working practises such sales can be enhanced. There is application of collaborative
working practises to enhance the present strategy formulation and dealing with the changing
conditions of external environment. The two functional department that is finance and the
marketing department are playing a very crucial role in increasing the sales and maintaining of
the overall revenue structure in relation with the laid mission and vision objectives for a
organisation.

REFERENCES
Books and Journals
Alvarez, J.L. ed., 2016. The diffusion and consumption of business knowledge. Springer.
Busco, C. and Quattrone, P., 2018. Performing business and social innovation through
accounting inscriptions: An introduction. Accounting, Organizations and Society, 67,
pp.15-19.
Forsgren, M., 2016. A note on the revisited Uppsala internationalization process model–the
implications of business networks and entrepreneurship. Journal of International Business
Studies, 47(9), pp.1135-1144.
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.
Nambisan, S., Zahra, S.A. and Luo, Y., 2019. Global platforms and ecosystems: Implications for
international business theories. Journal of International Business Studies, 50(9), pp.1464-
1486.
Nicholson, J., Gimmon, E. and Felzensztein, C., 2017. Economic geography and business
networks: creating a dialogue between disciplines: An introduction to the special issue.
Strydom, J.W. and Rudansky-Kloppers, S. eds., 2016. Introduction to business management.
Oxford University Press Southern Africa.
Watts, L.L., Steele, L.M. and Den Hartog, D.N., 2020. Uncertainty avoidance moderates the
relationship between transformational leadership and innovation: A meta-analysis. Journal
of International Business Studies, 51(1), pp.138-145.