Introduction To Business Studies

This presentation provides an introduction to business studies and covers topics such as the role of HR, finance, and marketing in Sainsbury, collaborative working practices, impacts of internal & external factors on business, and the role of financial management & reporting. It emphasizes the importance of understanding these concepts for successful business operations.

Introduction To Business Studies

Table of Content
 Introduction
 Role of HR function, marketing & finance
 Collaborative working practices
 Impacts of external & internal factors
 Role of financial management & planning
 Conclusion
 References

INTRODUCTION
Business sector is wider and broader which involves wide range of functions
and operations. Business environment refers to combination of internal &
external factors that impact on overall organisational structure (Al Breiki,
2019). Sainsbury, a largest supermarket firm headquartered in U.K.
Company has wide number of store & large product portfolio. Main aim of
this report is to examine & understand the impact of external & internal
factors on business. This presentation comprises of role of HR role of HR,
marketing, & finance functions, collaborative working practices, factors of
both internal & external and role of financial management & reporting.

Role of HR, finance, marketing in Sainsbury
Recruitment & training- It is important role of HR in Sainsbury as in this
hiring & selecting & training is being carried out. It includes hiring of
right people in entity & providing them with proper training to
employees (Bejtkovský, 2018).
Performance appraisal- This is another crucial role in which main aim is
to motivate people & encourage them towards their work & practices.
It also assist subordinates to personnel that how they can make
improve their progress & performance.

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Role of marketing
Marketing functions also play crucial role in enterprise. As in context of
Sainsbury, their marketing department has many roles which are discussed
below-
Monitoring & managing social media- In this role of marketing function,
monitoring & managing of social media platform & activities are handled
by marketing department. In reference of chosen entity, marketing
department ensure that online promotion & advertising is done in proper
manner (Doern, 2019).

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Producing internal communication- It is another role in which main
aim is to produce effective communication so that message is being
transmitted properly within business. In context of selected firm,
marketing department produce internal communication through using
tools & techniques such as text messages, e-mails, etc.

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Role of Finance functions-
Financial planning- It is essential role in which marketing functions are
responsible for carrying out effective planning. In this they mostly uses
data which are available in entity & use it for further planning process. In
context of chosen firm, they finance department are responsible for carrying
out this function.
Allocation & utilization of resources- This other role in which finance
function role is to allocate & utilize the resources in most efficient manner.
In reference of selected company, finance department make assures that
resources are used with considering budget allotted by finance functions.

Collaborative working practices
In business field, it is crucial to focus on this concept of collaborative
working practice so that goals are accomplished appropriately (Druxes,
2019). In this concept, company is able to expand their business
activities & functions at larger scale. In viewpoint of selected firm,
they also adapt this process of collaborative working practice so that it
is easy for them to work with new ideas & people. Moreover, this
process involves working with more than one or two enterprise with
mutual agreement. There are various types of techniques which are used
for collaboration that are discussed below-

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Strategic alliance- This is most effective technique which is used by
Sainsbury when adapting collaborative working practices (Friesen,
2019). This technique is defined as process of merging up with more
than two organisation with aim for achieving common desired goals.
Partnership- In this, it is also another form of collaboration in which
main mutual agreement is agreed by both parties to share their profit &
loss. In relevance of selected firm, there also uses this technique when
wish to aim for collaboration.

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Internal & external factors impacting business
Internal factors are those that impact upon enterprise overall structure
internal or within organisation. Whereas external factors are those that
affects the business externally & are non-controllable (Kaartemo,
2017).

Internal factors-
Financial and marketing resources-
This is main internal factor that affect on business as because in
enterprise both financial as well as marketing resources play
important role in achieving of objectives properly. In relevance of
Sainsbury, they also get affected by these because both are
required at priority level & absence of these have deep impact on
entity overall structure.
Human resource-
These are also important factors that impact on company's
structure as human resource are mainly responsible for hiring &
section of deserving employees. In relation of chosen entity, the
HR of firm are liable for increasing productivity by hiring of right

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External factors
Customers-
These are those factors which have a deep influence on profitability &
sales of firm. As, business is dependent upon customers. In reference of
selected firm, they have large customer base & changing demands as
well as needs of customers directly affects the working function of
business.
Competition-
This is another external factor which affects the enterprise working
function. Due to rise of competition in market, it has become crucial to
implement strategies to gain competitive advantage. In relation to
Sainsbury their have many competitors within market sector such as
Tesco, Walmart, Amazon, etc. Thus, it directly impacts upon

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Technology factors-
With changing period of time, every business is connected with & use
technology at larger scale. Further, in context of selected firm, they are
impacted by this factor because they technology is flexible & change at
rapid scale. So, with entity has to regularly update their system &
security which disrupts their overall cost management.
Therefore, above discussed matter shows that both internal as well as
external factors are necessary to be considered so that it is easier to
make decision & implement strategies within business (Rasool, 2017).

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Role of financial management and reporting
Financial management has important role in organisation because they are
responsible for managing & handling all functions as well as operations
related to finance. So, various types of roles are mentioned below-
Reporting- In business, reports are prepared by financial management to
analyse & examine the statements such as profit & loss account,
balance sheet etc. This is crucial role which is carried out by financial
management (Shah, 2020).
Receivables & payable- In this, financial management is responsible for
managing of all the payments made to vendors or made by vendors,
firm, are handled. Through properly becoming aware about receivables
& payable it is easy to make decisions.

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Financial reporting-
These financial reports are also needed to be considered and has different
roles-
Providing relatable information- It is essential role in which financial
reporting & reports are responsible for delivering of appropriate
information to management to prepare & make decisions regarding
benchmarking, analysis etc.

CONCLUSION
After a brief analysis of above report, it has been stated that business is
changeable it is important to be aware about all basic concepts so that
goals are accomplished. Discussions has been made about role of HR,
finance and marketing, collaborative working practice, internal &
external factors and role of financial management & reporting. This has
been evaluated that it is necessary to be have appropriate knowledge of
market & business activities, functions & operations so that everything
carried out in proper manner.

REFERENCES
Books & Journal:
Al Breiki, 2019. The role of financial management in promoting
sustainable business practices and development.Available at SSRN
3472404.
Bejtkovský, 2018. Promotion as a Variable of HR Marketing in Selected
Corporations in the Czech Republic in the Context of Digitization.Acta
Universitatis Agriculturae et Silviculturae Mendelianae
Brunensis,66(6), pp.1393-1405.
Doern, 2019. Special issue on entrepreneurship and crises: business as
usual? An introduction and review of the literature.Entrepreneurship
& Regional Development,31(5-6), pp.400-412.

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Druxes, 2019. Disruptive Digitisation–The Changing Role of CFOs and
the Finance Function.
Friesen, 2019. Who is Afraid of Informal Competition? The Role of
Finance for Firms in Developing and Emerging Economies.The
European Journal of Development Research,31(4), pp.1126-1146.