Introduction to Business Studies

INTRODUCTION TO
BUSINESS STUDIES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO1..................................................................................................................................................3
Role of marketing, HR and finance functions.............................................................................3
LO2..................................................................................................................................................5
An understanding of collaborative working process...................................................................5
LO4..................................................................................................................................................6
Role of the financial management and reporting within organisation.........................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business studies is a very broad subject to understand different aspects and factors of a
business or a company. In this dynamic world, only those people can formulate a very successful
business which has proper knowledge about different aspects of a business (Cao, Navare and Jin,
2018). This report discusses different functions of Tesco. The Tesco is a highly reputed retail
brand of the United Kingdom, which currently the biggest customer base in its home country
UK. This report includes understanding of collaborative working practices as well. The role of
financial management also has been discussed in this report.
MAIN BODY
LO1
Role of marketing, HR and finance functions
There are HR, finance and marketing three major functions of an organisation, in which
no organisation can achieve its various targets and objectives in market place without running
these all functions in its business environment. Currently Tesco also has gained huge success in
the UK’s retail industry, just because of these three major organisational functions. Some major
roles of these three functions has been discussed below;
HR (Human Resource) Function
Human resource department or function is very helpful for Tesco in achieving an
effective workforce in workplace. Basically, HR department of company conducts different
practices in its workplace which has added great value in the all over growth if Tesco. For
example; HR department conducts practice of recruitment and selection, in which this practice
helps to company for hiring different people in workplace. Currently Tesco is a large retail
organisation, which currently operates in many of countries with its 6900 stores and
supermarkets, in which without human resources, the company can’t run its different operations
in market place (Massa, Gianluigi and Tucci, 2018). This is the main reason that, HR’s