Introduction to Business Studies

This assessment provides an introduction to Business Studies, focusing on the role of HR, Marketing, and Finance in a company. It also explores the concept of working practices and the importance of financial management and budgeting. The assessment uses John Lewis, a UK-based retail firm, as a case study.

Introduction to Business
Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of HR, Marketing and Finance in Company.......................................................................1
Concept of Working Practices.....................................................................................................2
Role of Financial Management and Budgeting in Organisation..................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business Studies is study of economic and management and it helps in building the
understanding of variety of areas of study that combine in effective activity. It provides concept
of how things goes in business organisation, needs and requirement and problems that exist. In
this assessment John lewis is taken for this study (Aguilera and Grøgaard, 2019) . This company
is UK based firm dealing in retail stores and offering many range of product in their stores and it
provide high quality products at reasonable rate that is easy for company to target the costumer.
This report covers topic such as role of HR, Marketing and Finance in company and how it
impacted and concept of working practices. Many internal and external factors which influence
the working of firm is also being discussed in this assessment.
MAIN BODY
Role of HR, Marketing and Finance in Company
Organisation consist of combination of many activities that has been perform and there
role in firm is significant at there own place. Company will be successful when its all department
play their role efficiently and understand the need of their importance in organisation. There are
some department who plays their role in the firm-
 Human Resources- HR concerns with hiring, selecting and maintaining the personnel in
company. It play wider role in managing the working requirements and condition of
employees as they are asset for an enterprises. John lewis has large workforce and
working across the globe and to hire and selecting according to the skills set required in
job is huge task. Having large organisation is being crucial for HR as it has to maintain
healthy environment and retain them longer period is important. Firm has having good
qualified employees and better communication skill as they required to deal with
costumer on daily basis which need good communication skills and ability to understand
the requirement of costumer. For retail sector, employees required to provide with better
soft skills and must be taught good behaviour which is mandatory (Brannen and Mughan,
2016). If firm has skilled workforce than it is become easy to target their achievement
and accomplish their goals. As employees were also rendering the services of costumer
support services that require the proper training to them so that they can effectively solve
their problem.
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 Finance- This is core activity of organisation where all operational activities and plans
are made with the help of financial condition of company. Finance in John Lewis plays
role in various form as it decides the objective, goals and strategies that are need to
implemented for survival. To determine the flow of finance need qualified personnel who
monitor all financial activities properly. It comes with big responsibility to handle all
financial function as company has major market in UK and China where they need to
consider political stability and according to that formulate their financial plan and
policies (Ghauri, Grønhaug and Strange, 2020). Firm is organising many activities and
plans where the require a certain amount of capital to invest and sometimes have some
project to work, on so it require sufficient finance to carry out certain things. Proper
management of money should be main task for firm to survive efficiently financially.
 Marketing- It has its own importance in organisation as it responsible for survival of
company in market that undergoes with many activities which include promotion,
advertising, sales strategies and many more. Marketing in John Lewis has key role to play
as it many activities to consider that what is need of costumer, satisfying them through
marketing strategies and tactics and provide certain solution to the problem (Szenes,
2017). If Firm has build high profile marketing campaigns time to time and its main focus
on Christmas eve where company use extensive promotion tools and triggering prompt
response from costumer and use mastering on emotion of existing costumer.
Concept of Working Practices
It comprises of employees behaviour and action in the organisation it greatly depends on
company policies and how it treated to its employees as they assets of firm which help in
achieving the goals and target effectively. An enterprises is running many method to improve the
working culture of organisation such as giving clear expectation, providing opportunities to
employees to use their knowledge and skills, maintaining team work and motivate them and
encourage feedback (Yoke and Ngang, 2017). In John Lewis having good working practices is
necessary as it enhances the employee performance and zeal to put more hard work in their
work.
To improve it organisation has to alter in their policies and programmes as it they have
huge workforce and to maintain healthy relationship required much efforts by firm because they
have to evaluate the issues of all employees (Infante-Moro, Infante-Moro and Gallardo-Pérez,
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2019) . Organisation might use certain ways such as giving proper feedback, organising
recognition programmes and motivate them through seminar and many other. Having good work
culture promote efficiency and productivity in firm as everyone is happy and motivate towards
work. Company is dealing in huge employees so it necessary to develop good working culture so
as to enhance the overall growth and success that could be possible when employees are working
enthusiastically and motivated.
Role of Financial Management and Budgeting in Organisation
Company required to maintain proper finances to avoid unforeseen circumstances in
future. It just not involve planning but also allocation of sufficient finance at right place. In John
Lewis, proper controlling and allocation is very necessary for better growth and progress in
organisation. Here it discussed the role of Financial management and Budgeting in Firm-
 Financial Management- It refers to managing the money in view to achieve desired
objective and goal it monitor the how cash in company should control and use in efficient
method to get best outcome of it. It involves in considering the potential consequence and
make decision on getting more profit, reduce cost and increase financial condition of
firm. In John Lewis evaluating proper cash flow and showing correct financial picture to
its shareholder, costumer, investor and competitors needs proper financial management in
an organisation (Maresch and et.al., 2016). In big organisation or small businesses need
professional knowledge who will be good enough to handle such large financial
transaction.
It include Reporting of business operations, filing tax and billing, controlling cash flows and
maximising the profitability of company. Large retail companies has carefully undergo with lot
of function for purchasing new machinery, investing in new venture, expansion in existing
business and meeting finance requirement. To regulate it need to go through from time to time
internal audit and with that also analyse the market scenario. Available money in business help
the enterprise in future to overcome with any shortcomings related to capital.
 Budgeting- It is popular accounting tool that assist the business in long term and short
term planning for future events. It fulfils the needs and requirement of organisation
through proper planning and gives direction to them. It sometime act as performance
measurement tool to measure the performance against set target mention in budget. It
facilitates in encourages communication between department and employees which
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promote the coordination in them through communicating the financial plan to different
part of organisation. In John lewis company budgeting help in evaluating policies and
goals and use budgetary control (Rossier and Bühlmann, 2018). All marketing and
promotion strategies and major decision related to finance is taken after getting overview
of budget. Some decision in firm on the basis of evaluation of budget as it disclose
inefficiency, weaknesses, flaws in organisation. It provide systematic and disciplined
approach to company to solve certain problem and ensure sufficient availability of
working capital in firm. For big retail organisation preparing and maintaining the budget
is very necessary so that company able to continue its operation effectively and formulate
its strategies and plans according to condition of budget so that proper utilisation of
resources can be fulfil and maximising profitably is main focus of budgeting.
CONCLUSION
From the above assessment we concluded that Business studies refers to studying the way
how individual plan and organise to satisfy the needs of costumer by proving them better quality
of products and services. Company that has been studied here show how effectively the function
of HR, Finance and Marketing play role in this organisation. Importance of working practices in
organisation is discussed and how firm can improve the condition of working environment so
that employee feel enthusiastic and motivated and work more hard. Importance of Financial
Management and Budgeting in an firm also being studied that shows they play major role in an
enterprises.
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REFERENCES
Books and Journal
Aguilera, R. V. and Grøgaard, B., 2019. The dubious role of institutions in international
business: A road forward. Journal of International Business Studies. 50(1). pp.20-35.
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.
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.
Maresch, D. and et.al., 2016. The impact of entrepreneurship education on the entrepreneurial
intention of students in science and engineering versus business studies university
programs. Technological forecasting and social change. 104. pp.172-179.
Rossier, T. and Bühlmann, F., 2018. The Internationalisation of Economics and Business
Studies: Import of Excellence, Cosmopolitan Capital, or American Dominance?.
Historical Social Research/Historische Sozialforschung. 43(3 (165). pp.189-215.
Szenes, E., 2017. The linguistic construction of business reasoning: Towards a language-based
model of decision-making in undergraduate business.
Yoke, T. C. and Ngang, T. K., 2017. A study on soft skill development among final year
diploma in business studies students. MOJEM: Malaysian Online Journal of
Educational Management. 3(2). pp.32-50.
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