Introduction To Business Studies

Introduction To Business Studies
INTRODUCTION
Business sector is wider and broader which involves wide range of functions and operations. Business
environment refers to combination of internal & external factors that impact on overall organisational structure
(Al Breiki, 2019). Sainsbury, a largest supermarket firm headquartered in U.K. Company has wide number of
store & large product portfolio. Main aim of this report is to examine & understand the impact of external &
internal factors on business. This presentation comprises of role of HR role of HR, marketing, & finance
functions, collaborative working practices, factors of both internal & external and role of financial management
& reporting.
Collaborative working practices
In business field, it is crucial to focus on this concept of collaborative
working practice so that goals are accomplished appropriately (Druxes, 2019). In this
concept, company is able to expand their business activities & functions at larger
scale. In viewpoint of selected firm, they also adapt this process of collaborative
working practice so that it is easy for them to work with new ideas & people.
Moreover, this process involves working with more than one or two enterprise with
mutual agreement. There are various types of techniques which are used for
collaboration that are discussed below-
Strategic alliance- This is most effective technique which is used by
Sainsbury when adapting collaborative working practices (Friesen, 2019). This
technique is defined as process of merging up with more than two organisations with
aim for achieving common desired goals.
Partnership- In this, it is also another form of collaboration in which main
mutual agreement is agreed by both parties to share their profit & loss. In relevance of
selected firm, there also uses this technique when wish to aim for collaboration.
Teamwork and its importance within the organization
Teamwork is important in an enterprise as because when employee work
with each other and with mutual collaboration it is easy for them to achieve and
objectives with in period of time. Moreover, it is also seen that when employees work
as a team in entity better productivity is achieved.
Internal & external factors impacting business
Internal factors are those that impact upon enterprise overall structure
internal or within organisation. Whereas, external factors are those that affects the
business externally & are non-controllable (Kaartemo, 2017).
Values and functions of company are aligned with social responsibility
Recruitment & training- It is important role of HR in Sainsbury as in this hiring & selecting & training
is being carried out. It includes hiring of right people in entity & providing them with proper training to
employees
Performance appraisal- This is another crucial role in which main aim is to motivate people &
encourage them towards their work & practices. It also assists subordinates to personnel that how they can make
improve their progress & performance.
Marketing Department
Marketing functions also play crucial role in enterprise. As in context of Sainsbury, their marketing
department has many roles which are discussed below-
Monitoring & managing social media- In this role of marketing function, monitoring & managing of
social media platform & activities are handled by marketing department. In reference of chosen entity, marketing
department ensures that online promotion & advertising is done in proper manner (Doern, 2019).