Introduction To Business Studies

This document provides an introduction to business studies, focusing on the role of HR, marketing, and finance in organizations. It discusses collaborative working practices and the impact of internal and external factors on business. The document also explores the benefits of financial management and reporting. Suitable for students studying business studies or related courses.

Introduction To
Business Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Role of HR and marketing functions.................................................................................1
2 & 3 Covered in PPT............................................................................................................4
4. Role of Financial management and reporting in organisation............................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business refers to an institution where people work together to make product or services
and sell them for earning profits. It includes an organisation with different departments like
human resource, marketing, finance, research & development, sales & distribution and IT.
However, it includes the collection of number of operational procedures and other activities to
sell goods for gaining profits (Devine and et. al., 2018). In context of given report, it is based on
ASDA which is known as a British supermarket retailer to provide various products and services
for completing needs of customers. It was founded by Peter & Fred Asquith and Sir Noel
Stockdale in the year around 1949, almost 70 years ago. This assignment will focus on role of
HR, marketing and finance in organisation. It will also include collaborative working practices
and impact of internal 8 external factors on business.
MAIN BODY
1. Role of HR and marketing functions
Human resources department plays an important functions in business including
recruitment & selection, salaries & compensations, performance appraisals, training &
development and helps to solve specific performance issues of staff. Basically, it includes the
criterion of managing staff members by allocating the roles & responsibilities in order to
complete business goals. Human resource department is responsible for recruiting well
experienced and skilled candidates to make sufficient staff in organisation so that operational
activities cam be carry out on daily basis properly. In context of ASDA, HR plays several roles
to manage their manpower and other relevant aspects of business in systematic way in which
some of them are explained here.
Staffing – This can be described the role of HR for carry out recruitment and selection to
hire well experienced and knowledgeable people in company for enhancing productivity. The
HR of ASDA conduct several activities regarding staffing such as create staffing plan, policies to
motivate multiculturalism at work, recruitment and selection. It is necessary to analyse the
qualities and skills for desired job position according to which appropriate selection criterion
should be set that will help to hire a correct candidate. Meanwhile, it consist use effective
selection methods like internal, external or third party to welcome new talent in an organisation.
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Development of workplace policies – The role of developing policies is very important
which is conduct by HR of company in terms of maintain peaceful and healthy working
atmosphere to encourage staff (Seyedghorban, Matanda and LaPlaca, 2016). In terms of ASDA,
the HR can generate policies related to several aspects like vacation time, dress code, ethics,
Internet usage and discipline policies respectively. However, it is essential to make policies to be
followed at workplace in order to maintain healthy atmosphere for staff members so that they
can perform effectively. Meanwhile, many of conflicts may occur due to different way of
thinking which may impact of regular productivity due to which appropriate workplace polices
must be implemented.
Compensation and benefits administration – This refers to role of HR in context of
establishing criterion of compensation and benefits according to job position and work of every
employees. In case of ASDA, HR should make set of payments, health benefits, retirement plans,
stock purchase plans, vacation time, sick leave, bonuses and tuition reimbursement. Basically, it
is essential make strategies of providing incentives and compensation for their extra and better
quality of efforts which encourage employees to improve themselves as a performer. It is
beneficial for employees to enhance their capabilities and organisation will increase overall
productivity which facilitate to fulfil business goals successfully.
Marketing functions refer to various activities carried out by marketing department of
an organisation to promote the products and services in market. It includes the criterion of
making products more attractive with better quality and set appropriate price according to
features of goods along with considering profit margin of company (Tucci and et. al., 2016). It is
essential for ASDA marketing manager to focus on its role of conducting marketing mix
including one of its element to make effective strategies.
Product: In respect of ASDA, it provides variety of goods such as grocery, clothing,
home, leisure, entertaining goods and fresh food items. It is also responsible for providing frozen
foods, drinks, health & beauty products and laundry & household products. However, they can
make relevant strategies to attract new clients along with retaining the current ones in order to
enhance profitability as well as goodwill of brand in market.
Roles of marketing functions
Strategy to drive growth and profitability – The marketing manager of ASDA has a role
to establish more effective as well as efficient strategies in order to improve features as well as
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quality of products. It is favourable to satisfy the actual needs and desires of customer which
facilitate to make them loyal for brand to ensure long term of profits of organisation (Farooq and
et. al., 2017). It will provide support to drive growth and profitability of given company.
Pricing strategies – This includes the criterion of making appropriate marketing pricing
strategies by marketing manager of ASDA. It is important to ensure delivering satisfied features
to customer at reasonable price along with gaining respective profits margin for company. It is
essential to make effective strategy to fulfil desires of clients in reasonable price along with
maintaining profit margin of the company. However, customer demands new features and desires
related to product but do not want expand their budget then it is required to make pricing strategy
for completing demands of people along with achieving required profits.
Product and service management – The product and services management refers to
make availability of goods in market place according to the demand of people. It is necessary for
marketing team of ASDA to carry out analysis of demand at different distribution channels of
market to evaluate demand of services and coordinate with manufacturing department to make
sufficient quantity of product available. However, it will provide support to provide facilities
clients for completing their desires. In addition to this, it consist the role of identifying needs and
wants of consumers according to modifications should be applied to goods while producing them
for attaining satisfaction of people. Moreover, company can use innovative ideas to make
product more attractive as well as satisfactory for clients that helps to enhance goodwill of brand
in market.
Promotional channels – This can be defined as to promote the product or services with
the help of appropriate promotional channel which is favourable to increase awareness among
large population. It is necessary for marketing team of ASDA to focus on new and innovative
promotional channels such as social media which is much effective as well as efficient to provide
information about product to more people in single stroke. However, it also consist use of radio,
television advertisements, newspaper, magazines etc. which are suitable promoting services
among customers. Meanwhile, it is very important to make people aware about the brand and
encourage them to buy the product to experience its features. Moreover, effective promotion is
given company to increase sales and profitability which facilitate to attain competitive advantage
in market.
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2 & 3 Covered in PPT
4. Role of Financial management and reporting in organisation
Financial management can be described as practices to manage financial aspects of a
business including decisions of investment, dividend policy and cost in different departments. It
is very important to establish strong financial department in ASDA for managing costs related
aspects in appropriate manner. However, reporting if financial records and other regular work
information is mandatory so that higher authorities can ensure about proper working of daily
basis. Basically, it has been analysed financial management is responsible for consisting the
implementation of three major decisions which are inter related to each other, these decisions
should be applied in joint way in organisation. In addition to this, it consist variety of vital
decisions that are identified the value of an enterprise to shareholders as well as investor of given
organisation respectively. Meanwhile, it is observed that utilisation of analytical tools occur in
order to carry out analysis, planning and control of an organisation consisting funds accordingly.
Hence, there are several roles of financial management and report in ASDA which are given
here.
 The role of financial manager is to plan regarding accurate volume or magnitude of
available capital for efficient operations.
 They have a role and responsibility to carry out an effective and wise allocation of
financial resources to particular fixed assets and current.
 The fund raising activities short term and long term liabilities along with their
composition.
 They have a rile to control and utilise limited funds to attain maximum outcomes from it.
 The financial management has a primary role is to maximise shareholder value and it
deals with monetary decisions make by business organisations.
 It includes the interest of managerial finance in external and internal significance in terms
of financial figures of the company.
 It consist the determine the financial needs of an organisation and raise an appropriate
kind of capital which best fits the requirements.
 The role of financial management is to develop value as well as organisational capability
with the help allocation of scarce resources.
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 It includes to focus and manage several aspects such as bookkeeping & accounting,
accounts payable & receivable, evaluate investment opportunities and financial risk.
CONCLUSION
From the above report, it has been concluded that business can be described as to an
institution where people work together to make product or services and sell them for earning
profits. It includes various roles and functions of HR in organisation such as staffing,
development of workplace policies and compensation & benefits administration. However, it
consist marketing roles like strategy to drive growth & profitability, pricing strategies and
product improvement. Meanwhile, it involves collaborative practices including sharing ideas,
improving strategic efficiency and clear defined goal. Moreover, it consist impact of external
factors like political, economic, social, technological, legal & environmental and internal
elements like strengths, weaknesses, opportunities & threats. Additionally, it involves benefits of
financial management and reporting for maintain operation in organisation.
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REFERENCES
Books and journals
Devine, P.J. and et. al., 2018. An introduction to industrial economics. Routledge.
Farooq, M.S. and et. al., 2017. Acceptance and use of lecture capture system (LCS) in executive
business studies: Extending UTAUT2. Interactive Technology and Smart
Education, 14(4), pp.329-348.
Seyedghorban, Z., Matanda, M.J. and LaPlaca, P., 2016. Advancing theory and knowledge in the
business-to-business branding literature. Journal of Business Research, 69(8), pp.2664-
2677.
Tucci, C.L. and et. al., 2016. When do firms undertake open, collaborative activities?
Introduction to the special section on open innovation and open business
models. Industrial and Corporate Change, 25(2), pp.283-288.
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