Role of HR, Marketing, and Finance Functions in Tesco

This report discusses the role of HR, marketing, and finance functions in Tesco, including recruitment and selection, marketing strategies, and financial management.

Introduction to
Business Studies CW1

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
LO1..................................................................................................................................................1
Role of HR, marketing and finance functions within the organisation.......................................1
LO2..................................................................................................................................................3
Understanding of collaborative working practices......................................................................3
LO4..................................................................................................................................................3
Role of financial management and reporting in organisation......................................................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business organization, an entity formed for the purpose of carrying on commercial
enterprise. It is based on system of laws and contract. The organisation is form solely for the
purpose of carrying out the business transactions. Present report will lay emphasis on Tesco
which is a retail grocery store headquartered in London, United Kingdom. Present report will lay
emphasis on role of HR, marketing and finance functions with the organisation. It will also
discuss develop an understanding of the collaborative working practices. Assignment will also
highlight on the role of financial management and reporting system within organisation.
MAIN BODY
LO1
Role of HR, marketing and finance functions within the organisation
There are various business functions which has been carried by the firm. It includes different
functions like HR, marketing and finance. These are the most essential functions and must be
carried out adequately so that goals and objectives of company can be achieved. These functions
also allow company to grow and they can easily expand their business through these functions. It
includes the following:
Role of HR: In Tesco the main role is of HR department, in this company is been engaged
in making use of better strategies related to recruitment and selection, so that highly skilled and
talented staff can be attracted and hired. This has assisted company in increasing their
productivity and they have also been able to grow because of hiring talented and skilled workers.
It has also been analysed that HR department is also been engaged in making better policies
related to safety and well being of workers. They make sure that in Tesco employees works in
safe and secure environment (Ng’ang’a, 2019). This has assisted them in increasing employee
engagement and also because of this firm has been able to retain workers. The other role of HR
is to solve issues of workers working in firm. They are been engaged in analyzing the needs and
demands of workers so that it can be fulfilled. This has assisted Tesco in growing. HR
department is also been engaged in planning and organizing, so that no issues is been faced by
company in future. The HR department is also been engaged in performing the role of talent
managm
Role of marketing: Marketing department is been engaged in increasing the sales of goods
and services by attracting the target consumers. The role of marketing in Tesco is to meet the
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expectations of consumers, so that they can be able to create employee loyalty. It has also been
analysed that there are various functions which is performed by marketing. They are engaged in
promoting the services with the help of various marketing channels like online media. This
assists in attracting the large range of consumers (Abd-Al-Rumman, 2019). This has assisted
firm in increasing profit as well as revenue. It has also been analysed that marketing assists
Tesco in knowing about the consumer preferences. When firm is been engaged in doing
marketing brand value of company is also been increased. They are also involved in creating
value for customers for the products which has been supplied by them. Tesco marketing
department is also been engaged in developing public relations. This has also assisted and
supported Tesco in building positive consumer relationship and they have also been able to
attract large number of consumers. The role of marketing in Tesco is to also determine the prices.
In this the firm is been engaged in doing market research so that they can analyze competitors
prices. This has also helped the firm in achieving their set target and mission. It has also been
analysed that marketing assists firm in distribution of the goods and services. By making use of
marketing company can be able to grow. Firm is also been engaged in making use of social
media marketing so that they can promote goods and services at lower cost. This can assist firm
in increasing their profit.
Role of finance: Tesco utilizes expert's accounters for its money capacities. In tesco's the
account division is part into two zones, which are: Management book keeping division, this is
the place where it plan its account for future periods; Tesco additionally plans to set and
designate spending plans to their specialties. Tesco plans to make expectations about what ought
to occur in the coming months. It sees its income gauges, what it has approaching and what it has
active ought to occur (Wahyuni, Fuadah and Kadir, 2020). Tesco additionally takes a gander at
the number of products they need to cover their costs. Financial book keeping division, this is
when Tesco needs to create records dependent on what has really occurred in the business. Tesco
thinks back on its income articulations, how much benefit it has made also, what it has lost, and
accounting report. The finance department of Tesco is also been involved in preparing the budget
and company needs to work on the same budget. This will assist firm in making sure that no
additional costs has been occurred. It also assists firm in growing and achieving the set target and
vision. ong haul advance can be accomplished as debenture which is truth be to told an archive
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expressing the quantity of units and due dates to be reimbursed. Tesco advances a great deal of
offers to draw in the clients and to make them stroll in and purchase what is on offer and deal.
LO2
Understanding of collaborative working practices
Tesco is been engaged in motivating their employees to work in teams. They have also been
involved in implementing various collaborative working practices so that productivity can be
increased and also the task can be completed on task. Collaborative working practices basically
means working together so that work can be finished on time and also it will assist firm in saving
cost which increases when employees work on their individual level. By working together Tesco
wants to achieve their mission and vision. This has also helped the firm in achieving their set
target and mission. It has also been analysed that collaborative working practices also Assists
Company in increasing the firm value and also they can lower down situation of conflict. It is an
approach of performance management. This supports in enhancing the performance of each
individual (Frank and et.al., 2017). It also supports firm in growing. It has also been analysed
that collaborative working practices in Tesco also assists firm in increasing productivity and
operational efficiency. It also assists firm in growing and achieving the objectives. It has also
been analysed that collaborative working practices assists in increasing the creativity and also
they will be able to think out of box. It also assists Tesco in implementing flexibility which is
really necessary for retaining workers. It has also been analysed that collaborative working
practices enhance stake holder relationships. It also increases the quality of work which is been
done by employees. In this they are also been able to serve consumer better as there is no conflict
in between them. This supports Tesco in meeting deadlines and also they will be able to save
costs. It has also been evaluated that firm is been engaged in enhancing the performance of
workers by giving them adequate training to work together. This has assisted them in increasing
employee engagement and also because of this firm has been able to retain workers (Conlin,
2016).
LO4
Role of financial management and reporting in organisation
Financial managers are been provided with the responsibility to maintain financial health of
company. They are been involved in analysing the cash inflow and outflow. It also assists in
achieving the long term financial goals of company. It has also been analysed that main function
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of financial management is to ensure availability of funds and they also keep a check upon
whether the cost and expenses related to transactions are been increasing or not. Fiancial
management helps Tesco in managing and controlling the financial functions. They also are been
engaged in doing the financial activities like procurement and managing the funds which is really
necessary.
CONCLUSION
From the above study it has been summarized that HR has the main role in organization. They
have been engaged in doing planning and coordinating the tasks. It has also been analysed that
the department is been involved in increasing the motivation level of workers so that they can be
retained in organization. It has also been analysed that they are also involved in creating value
for customers for the products which has been supplied by them. Company marketing
department is also been engaged in developing public relations. It has also been analysed that
finance department is been engaged in making budget so that their cost cannot be increased. This
assists firm in achieving the strategic objectives.
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REFERENCES
Books and Journals
Conlin, R.P., 2016. A comparative study of leadership skill requirements across sales, human
resource and finance functions.
Wahyuni, D., Fuadah, L. and Kadir, S., 2020. Influence of Access to Finance, Human Resource
Competence, Information Systems on the Performance of Small and Medium-Sized
Enterprises with Organizational Culture as Study Moderating Variable. Accounting and
Finance, (3), pp.91-100.
Abd-Al-Rumman, S., 2019. Human resource management operation in IPDC Finance Limited.
Ng’ang’a, M.M., 2019. Effect of human resource management practices on employee retention
in Kenya women finance trust, Nairobi (Doctoral dissertation, Maseno University).
Frank, M.C. and et.al., 2017. A collaborative approach to infant research: Promoting
reproducibility, best practices, and theory‐building. Infancy, 22(4), pp.421-435.
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