Introduction to Business Studies

This document provides an introduction to business studies, focusing on the role of Human Resource, Marketing, and Finance functions in a company. It also discusses collaborative working practices and the role of financial management and reporting. The document includes case studies and examples from Tesco, a well-known retail company in the UK.

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
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There are number of tools that are use by Tesco’s Human Resource Team to assess
performance of workers and according to it provide reward, award, incentives and increment in
firm.
Role of marketing function
It plays important role in promoting business by analysing market as well as customer
and suggest R&D as well as other department for changes and hence organisation able to
accomplish its mission.
Promoting Product
Tesco’s marketing team plays important role in promoting product at different channel.
Social media plays important role in changing business and most of people in UK available use it
and hence digital marketing strategy of marketers help in gaining customers (Ammar, 2017).
Build relation with investors and customers
Marketing team of Tesco take feedback, suggestion, opinion from customers relating to
product and create a report which submitted to firm for changes and hence enhance customer
experience and increase their loyalty.
Selling product
Firm’s marketing team focuses on increasing sales of product in country so that financial
stability of firm can be achieved. They analyse need of customer and according to suggest firm
for innovation and creativity in product as well as services which are necessary for changing
business.
Finance function
There are number of roles plays by finance department in Tesco such as allocation of
fund to different function of firm, planning budget for current and future project, monitoring and
controlling cash flow.
Book keeping
Finance function note day to day financial activities in firm so that proper control on
money can be done and it can only be allocated for right purpose and hence support capital
stability of firm.
Budget and forecasting
In this financial department of company emphasizes on forecasting various monetary
activities that are going in firm or will start and hence can suggest senior leaders for changes in
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it. It also set budget for expansion of business and introduction of new product in market so that
organisation will able to run business smoothly and gain competitive advantage in changing
business.
Management of company’s cash flow
It becomes important firm to management of cash flow in changing business and increase
market share. Financial department closely look into every activity so that no function of firm
can misuse finance of firm and hence support financial stability of firm.
LO2
Collaborative working practices
It helps organisation in working with one company or more than that so that it can
achieve higher goals on time and understand business. Tesco can work collaboratively by
merging small companies which have innovative as well as creative ideas and hence can support
growth of firm. Integrated services can be provided by firm such as join hand with the firm
which have strong supply chain system and hence can reach to customer timely and increase
profit share of firm.
Organisation remain independent but work together for few types of activities
Tesco tries to use most of its function and employees for various types of tasks but it also
give some types of work to other companies such as it takes help of digital marketing companies
for various campaigning as well as promoting product. Organisation hired social media
marketing firm for its organic campaigning which help in reaching to customer on time and
increase profit share
Assistance to other firm
In this organisation support other companies in selling product as well services for
example there are number of electronic items of various firm that are sale in Tesco’s store and
hence collaborative profit each other. Tesco remain alert for changing taste and trend of
customer for any product and hence collaborate with its firm which improve firm’s image.
Organisation work with some function of other firm
Tesco connected with innovation as well creativity firm so that suggestion by them can
help in improving product as well as quality. Both team of department research as well as
analysing customer, market, goods etc. and frame various types of strategies that are shown to
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senior management and effective planning can be done for any type of change in market. It
improves quality of goods as well as enhance customer experience related it.
Organisation with sub divided braches for various types of product
It is one of the best ways to increase customer experience. Organisation can divide parent
branch into group according to goods & services. Tesco is focusing on setting different organic
stores in United Kingdom after pandemic so that health conscious citizens of company can be
attracted and increase profit share of organisation (Brown, 2018).
Merging and Acquisition of other firm
Organisation can merge small firms which have targeted large number of customers and
hence it helps in improving financial stability of firm and support in growth of firm.
Tesco always look into market and SMEs growth related to grocery as well as other product
which help in either purchasing or collaborative work. Organisation strategy is to gain market by
collaboration or merging.
LO4
Role of financial management and reporting
Finance is an important part of firm and it can support firm if available in access or
demote when unnecessary use. It becomes important for firm for proper financial management
strategy so that organisation growth remain continuous
Financial decision and control
Before taking any decision, management has to check effeteness of it so that it cannot
affect firm’s growth and expand business in changing market (Aiello and et.al., 2020). There are
number of technique that use by managers for it such as ratio analysis, financial forecasting,
profit and loss analysis, etc.
Financial planning
Planning of budget and finance must be done in proper way so that it support
sustainability and hence funds can be use for future purpose too. Tesco’s managements
effectively plan and frame strategy which support growth of firm and increase profit share in
changing business. They check economic situation of company presently and also analyses
allocation of fund in proper manner.
Capital Management
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It is important for organisation to estimate finance and requirement of organisation so
that firm will be able to achieve higher target on time and increase profit share in changing
business. Structure and composition of capital must be done by firm in effective way so that
expenditure reduces and profit increases.
Allocation and Utilization of financial resources
Management allocated and mange resource in such as way that maximum profit can be
generated in future as well as maintain present financial stability of firm. Tesco’ invest with
market research and take suggestion of financial team so that unnecessary finance cannot effect
its future growth.
Financial Reporting
It also designs report which provided to government such as audit and hence improves
good will of firm in front of customers as well as ministry. There are number of tools use by
Financial team for designing report such as Excel, Word etc. and also make update time to time
in it.
CONCLUSION
T can be analyse from the report that business studies plays important role in person’s life
and prepare scholars for future endeavours. It discuses role of Human Resource, Marketing and
Finance department of Tesco for example: recruitment of talented and skilled workforce by HR.
It also explains collaborative working practices such as merging and acquisition of other firm.
There are number of macro and micro driver that impact on growth of firm for example:
changing economical policies can affect profit share of firm. In the end report describe financial
management practices such as planning and allocation of fund.
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REFERENCES
Books and Journals
Bini, L., Bellucci, M. and Giunta, F., 2018. Integrating sustainability in business model
disclosure: Evidence from the UK mining industry. Journal of cleaner
production.171.pp.1161-1170.
Boussebaa, M., 2020. In the shadow of empire: Global Britain and the UK business school.
Organization.27.(3).pp.483-493.
Ammar, S., 2017. Enterprise systems, business process management and UK-management
accounting practices. Qualitative Research in Accounting & Management.
Brown, D., 2018. Business models for residential retrofit in the UK: a critical assessment of five
key archetypes. Energy Efficiency.11.(6).pp.1497-1517.
Rasool, Z., 2017. Collaborative working practices: Imagining better research partnerships.
Research for All.1.(2).pp.310-322.
Salter, J.M., Swanwick, R.A. and Pearson, S.E., 2017. Collaborative working practices in
inclusive mainstream deaf education settings: teaching assistant perspectives. Deafness
& Education International.19.(1).pp.40-49.
Alam, S. and Raut-Roy, U., 2019. Evaluating the Effectiveness of Reward Strategy at Tesco:
Evidence from Selected Stores in UK. Indian Journal of Industrial Relations, 55(1).
Evans, B. and Mason, R., 2018. The lean supply chain: managing the challenge at Tesco. Kogan
Page Publishers.
Aiello, L.M., and et.al., 2020. Tesco Grocery 1.0, a large-scale dataset of grocery purchases in
London. Scientific Data.7.(1).pp.1-11.
James, A. and Cooper, B., 2020 The Impact of Relationship Marketing On Customer Loyalty At
Tesco Plc, UK.
Hassan, A and et.al., 2019. Integrated reporting in UK higher education institutions.
Sustainability Accounting, Management and Policy Journal.
Al‐Shaer, H., 2020. Sustainability reporting quality and post‐audit financial reporting quality:
Empirical evidence from the UK. Business Strategy and the Environment.
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