Introduction to Business Studies

Introduction to Business
Studies

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Role of Human Resource, Marketing and finance function........................................................3
LO2..................................................................................................................................................5
Collaborative working practices..................................................................................................5
LO4..................................................................................................................................................6
Role of financial management and reporting...............................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business studies refer to area of knowledge that focuses on day to day activity of
purchase and sale in any company. Tesco Company focuses on retail business in United
Kingdome and also one of well known company in country. Report highlight about three
function of firm namely, Human Resource, Marketing and finance. It also explains about
collaborative working practices which are use by firm. Internal and external factor impact on
business also describe in report. In the end report discusses about role financial management and
reporting.
LO1
Role of Human Resource, Marketing and finance function
Human resource of Tesco plays important role in selecting as well as developing
employees. Marketing team focuses on targeting customer and increase their satisfaction level by
suggesting company making changes in goods & services (Bini, Bellucci and Giunta, 2018).
Financial team emphasizes on budget allocation and management so that amount of firm cannot
be wasted for unnecessary purpose.
Human Resource
Human resource are responsible for providing talented and skilled workers to firm as well
as stopping migration of workers from firm which help in gaining competitive advantage.
Recruitment
Tesco’s Human resource team are responsible for hiring employees from different
platform which have skills as well as talent that require for firm (Boussebaa, 2020). Organisation
HR emphasizes on internal as well as external recruitment so that diversified workforce can be
introduce at workplace.
Employee relation
HR also plays important role in building employees relation by supporting them in firm
and hence able to gain their loyalty. They focus on personal growth of employees as well as take
feedback, suggestion, opinion before framing any decision or policy.
Training and development
Company Human resource manager provides training and development programs to
workforce so that they can be ready for upcoming challenges as well as opportunity.
Performance assessment
3