Introduction To Business Studies

Introduction To Business
Studies

Table of Contents
INTRODUCTION.................................................................................................................3
MAIN BODY........................................................................................................................3
LO1........................................................................................................................................3
ROLE OF ORGANIZATIONS..........................................................................................3
Human management (HR):................................................................................................3
Marketing:...........................................................................................................................4
Finance:................................................................................................................................5
LO2........................................................................................................................................6
COLLABRATIVE WORKING PRACTICES.................................................................6
LO4........................................................................................................................................7
ROLE OF FINANCIAL MANAGEMENT:-...................................................................7
CONCLUSION.....................................................................................................................9
REFERENCES....................................................................................................................10

INTRODUCTION
Organization is group of people who have similar goals and objectives and wants to earn maximum
profit by providing goods and services to the people. Waitrose is one of biggest groceries stores
which became the first supermarket in the UK to sell organic goods in 1983.
This report discussed about the different types of roles of organizations such as marketing, finance
and HR. And apart from that this report includes what are the different collaborative workings
practices there in the organization and different external and internal factors that impact the
organization. This report also discuss about the role of financial management in Waitrose.
MAIN BODY
LO1
ROLE OF ORGANIZATIONS
In every organization have different different functions to run business smoothly. In Waitrose also
the function starts from the production to deliver the goods or product to it's actual customer. As
Waitrose own its farmes and produce its product these farms. So they manage relationship with
farmers as well as the suppliers It includes the production department, research and development
department, marketing, human management department and finance and accounting department. This
all departments are working together to achieve the goals and maximize the profit. This department
are inter related with each other. ( GaoZhang, and Zia, 2018.)
These functions are discussed below:
Human management (HR):
Organizations are dependent on their employees. Consequently, their recruitment and selection
require careful management. Waitrose Hire large number of employees with different job profiles so
it very important to manage them all and maintain the healthy relationship for sustainable growth is
very important for them.

The Role of HR has achieved a more important status in today’s world. They generally believe to
‘get the most’ from workers in terms of consumer assistance and customer handling which will
benefit the company.
HR includes many responsibilities such as
Recruitment and selection: As Waitrose has so many stores and its own production location, so they
employee large number of people and they always make assure that they hire honest and ethical
people with right job and designation. So people will work in their full potential.
Provide Training and development: Waitrose arrange so many training session on regular basis to
make them understand about the product all time and also about the objectives and strategies on
which company is working for next specific period. They allow employees to accomplish their duties
effectively and utilized their full potential. (Héder, Szabó, and Dajnoki, 2018)
Maintain the Employee connections: when company is hiring lot of people in the system so its also
important to maintain them in the single roof. It involves negotiations for salary and conditions of the
organization, personal issue so they need to talk or maintain relationship with their all employees and
handle the situation accordingly.
Handling the Grievance and disciplinary issues: it’s very crucial while Handling the complaints
from the workers or from the employer or mangers to seniors managers. They need to be unbiased
while handling these issues.
Marketing:
Marketing is a process to identify and satisfy the customer’s requirements at the fare price.
Marketing includes analysis of what consumers want and how the organization can fulfill these needs.
In Waitrose marketing actions range from the ‘strategic’ products with proper concerned and the
possibility of product markets. This function starts from the deciding the strategies, planning,
promotion and advertisements, controlling and execution and customer service. Marketing Concept
marketing was placed at the beginning of the process of determining the products (services) which
were needed by the market. The price at which they should be sold and the way in which they were to
be distributed. ( Kaynakçı, and Boz 2019)