Introduction to Business Studies

Introduction to Business
Studies

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Role of Human Resource, Finance and Marketing function in Asda..........................................3
LO2..................................................................................................................................................4
Collaborative working practices..................................................................................................4
LO4..................................................................................................................................................5
Role of financial management and reporting within the organisation.........................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Business studies describe as a sharing and learning knowledge and hence it helps
individual at work station as well as running organisation. Asda is one of well known retail firm
in world and started its business from United Kingdom. Report emphasizes on different
departments in the firm such as HR marketing and finance. It also focuses on collaborative
working practices and financial management.
LO1
Role of Human Resource, Finance and Marketing function in Asda
Asda has divided work between various departments which help in smooth running
business and increase customer satisfaction level. Human Resource, Marketing etc. are some of
important function of firm and each of them equally contribute in growth of firm for example:
HR focuses on workforce hiring and development which increase efficiency, quality and
productivity of work.
Human Resource
Human resource plays various roles in organisation such are hiring talented and skilled
workforce which increase efficiency, quality and productivity of work and hence contribute in
growth of organisation (Price and et.al., 2018). There are number of software use by HRM of
Asda so that authentic candidate can be recruited as well as performance of workers can be
timely analysed. It also emphasizes on providing training and development programs so that
skills of workers can be improved and make them ready for changing business and able to gain
competitive advantage in changing business. HR also plays important role in building employees
relation so that talented and skilled workforce cannot migrate to another firm.
Marketing
Marketing is another important function of Asda and it plays important role in selling
product as well as services to right customers and hence enhance their experience. It analyse
demand of customer according to changing taste & trend and accordingly provide report to
Research & Development team which are responsible for innovation and creativity in product
and services. It also takes suggestion, Feedback, opinion etc. from customers and accordingly
constructs market report (Telang and Deshpande, 2016). Marketers Analyse competitor product
& services which help in providing product as well as services according to trends in market.
There are number of promotion channels use for promoting its product such as digital marketing,
3