Introduction to Business Studies

Introduction to Business
Studies

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Functions within an organization.............................................................................................3
2. Collaborative Working Practices ............................................................................................4
4. Role of financial management and reporting ..........................................................................7
CONCLUSION ............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Business Organization is defined as an entity which is formed for the purpose of carrying
the activities of the company to achieve the goals effectively and efficiently. Business
organizations seek the management styles that are followed in the process (Allen and Kraakman,
2016). The report will consist the functions of the organizations, organization's collaborative
practices and role of financial management of the organization along with its reporting structure
which will help the business organization to analyse its cash flow statements, balance sheets and
profit and loss account.
MAIN BODY
1. Functions within an organization
The purpose of a business is to identify the strengths and opportunities in the marketplace
so that effective and efficient functioning of the organization takes place.
Private Sector companies are part of the economy that is run by individuals and
companies for profit and is not state controlled. Examples - Reliance Industries Limited and
Infosys Technologies Limited.
Public Sector company includes government ownership on the companies which are part
of the economy and is composed of all levels of government. Examples - Indian Oil Corporation
and State Bank of India.
Voluntary Sector refers to the organizations which create social impact on the society and
are not concerned with any profit – making terms. Examples - Human Wave and CRY (Child
Rights and You).
Responsibilities of functional Units in different segments -
Responsibilities of Human Resource department -
Recruits Candidates – The sole responsibility of Human Resource Department is to recruit
candidates that are best suitable for the job and ensure effective and efficient results by achieving
desired goals.

Conducts Disciplinary Actions – The Human Resource Department of the organization ensures
that there are proper rules and regulations that are followed by the employees conducted by the
HR department.
Responsibilities of Marketing Department -
Search for Marketing Tools – The Marketing Department should search for new marketing
tools that are running in the market structure for the product that the company comprises of.
Marketing Budgets and ROI – The marketing department's main responsibility is to ensure that
the budget formed for the project is sufficient enough along with maintaining a positive ROI for
the company.
Responsibilities of Finance Department -
General Accounting – The finance department of the organization should prepare and keep the
day to day records of the financial statements so that the company is able to calculate the profits
and losses.
Financing – This responsibility should be adopted by the finance department so that they operate
and generate profitable revenues which helps in the growth of the organization.
Interrelation between the departments -
HR and Marketing – Both the departments are interrelated with each other in terms that
marketing helps in the brand name of the company in which the HR department promotes it in
the market.
Marketing and Finance - Finance is totally dependent upon the marketing strategies that are
used to promote the company and its products. The budget is planned according to the marketing
plan that has been formed.
Finance and HR – Financing of the resources that are allocated by the HR Department helps in
hiring and recruitment of employees for the organization.
Interrelationship is important between the organizations to ensure smooth working of the
different departmental functions which takes place for the growth and development of the
process.
Lack of interrelation will lead to increase in the departmental conflicts, employee –
employer differences affecting the business and decrease in the performance of the company
will take place.