Introduction to Business Studies

This report provides an introduction to business studies and discusses the role of marketing, HR, and finance functions in Tesco. It also explores the importance of collaboration and financial management within the organization.

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

recruitment and selection practices helps to company for achieving a great workforce in own
business environment.
On the other side, HR department contributes in providing some specific training and
development sessions as well. Basically, when employees of a company participate in training
and development sessions, then they can simply improve their various skills and abilities in
workplace. That’s why providing training and development sessions to employees is very useful
practice of HRM that contributes in achieving a skilled and talented workforce. Lastly, this HR
function of Tesco supports in maintaining effective employee relations as well, in which after
having effective employee relations, the company indirectly motivates to employees or people
for working hard in the workplace for achieving final objectives of organisation.
Marketing Function
Marketing is one of the most important function to Tesco right now, because currently
there is huge competition in the international retail industry, in which this is necessary to
company for running various marketing practices in workplace for attracting many customers
towards own brand. existing marketing manager at Tesco is very active in its job role, because it
runs different productive campaigns of marketing in various target market segments to achieve
excellent large customer base (Ogbari and et.al., 2018). Currently marketing department of
company depends on many strategies of marketing to promote its brand in market place. For
example; department highly uses digital marketing strategy for gaining many new customers in
dynamic and modern world. However, it uses different traditional ways of marketing as well to
boost the existing performance and productivity of business in market place.
In the UK’s retail industry, many other retail companies, like; Marks and Spencer, Asda,
Morrisons, Iceland etc. are giving very tough competition to Tesco, in which marketing is one of
major functions to this company for gaining huge competitive advantage in market place.
Basically, marketing team of company conducts the practice of market research for knowing the
actual needs and wants of customers in market place. After this practice of marketing
department, the company will be enabled to develop those products and services which
customers in market really wants to buy. This is the main reason that, marketing function is very
useful for the organisation for effectively promoting own brand at the large scale in market place.

Finance Function
Finance function is also a very necessary and important function to Tesco for gaining
very positive outcomes in market place. Basically, each functional department of company has
always required to use an appropriate fund for properly running their different activities in
market place (Perić, Vitezić and Mekinc, 2019). For example; marketing has need of fund to
implement its various campaigns of marketing, so that finance is the only department of
company which helps to marketing team for achieving appropriate fund. Basically, finance
department of Tesco handle all inflow and outflow transactions of fund.
The finance manager of company works for developing an effective budget as well.
Basically, each venture has always required to use an appropriate budget plan to successfully
conducing different organisational practices and operations. Currently finance department has
enabled to Tesco for finding different potential sources of funding. On the basis of these all
factors, the finance department is also very useful functional department, and without this
finance function, Tesco can’t proceed its various organisational activities, and that’s why this
function is also very necessary to existing retail company.
LO2
An understanding of collaborative working process
Collaboration attribute in working process is very necessary to a company in market
place. In this situation, top-level management of company always tries to motivate its different
functional departments for working with in a collaborative manner. According to different
business experts, there are collaboration between different functions is very necessary to achieve
company’s all over growth in market place (Wu and Salomon, 2017). On the other side, a
functional department within Tesco can’t gain its objectives without taking support of other
functional departments. For example; when marketing department requires some productive
employees or marketers in its workplace, then it has required to collab with HR function of the
company for recruiting and selecting these all marketers and employees in workplace. In this
situation, HRM at Tesco starts its for fulfilling the needs of marketing department, and after
hiring these people, HR manager contacts to marketing department for providing newly hired

employees. These all processes of human resource management and marketing shows a great
collaboration between these departments.
Anyone can see collaboration between other functions of Tesco as well (Tenzer, Terjesen
and Harzing, 2017). For example; when information technology functional department of
company requires to implement new technologies in daily operations of organisation, then
finance department of company helps to IT department by providing appropriate fund. On the
other hand, when finance department wants to hire some productive employees in its workplace
to perfectly manage various fund transactions, then this department collab with Hr department of
Tesco in order to hire some effective employees in own workplace. These all factors are enough
to show the importance of collaboration in a venture. Without collaboration in various functional
departments, no business can achieve appropriate results and outcomes in market place.
LO4
Role of the financial management and reporting within organisation
Proper financial management and reporting within Tesco always plays a very effective
role in workplace. There is each business has always required to use an appropriate fund for
running its various functions and activities in market place. In this situation, Tesco’s upper
management has given this responsibility to its finance department for systematically managing
different financial statements in organisation (Ivanova-Gongne and Torkkeli, 2018). Financial
management basically provides a systematic framework to top-level management of company
for taking decision towards what fund it can invest in its daily practices and what fund it can save
for its future practices. The financial management helps to company for finding appropriate and
potential sources of funding as well. For example; by proper financial management, Tesco was
raised huge fund from various sources of funding in its initial stage, like; bank loans, financial
institutions, investors etc. This is the main reason that, upper management of this company has
always required to take step towards proper financial management. Financial reporting is also
very necessary to Tesco in order to make various yearly report of finance, budget and reports of
cash inflow and outflow.

Reporting contributes in company while making future plans for the business operations.
Basically, finance department at Tesco is responsible to complete the function of reporting.
When upper management of company prepares future plans, then finance department of
company provides different financial report to top-level management. After considering these all
reports of financial statements, the management can simply take decisions about what kind of
resources it can use in its workplace in the future and what kind of resources it should avoid to
save the precious fund of company (Spacey, 2018). On the basis of these all factors, financial
management and reporting is very necessary to company for achieving extra-ordinary outcomes
in market place.
CONCLUSION
According to above finding, it can be concluded that each and every business has
required to conduct various functions in workplace for achieving huge growth in market.
Currently marketing, HR and finance are major functions to Tesco, because these has enabled to
company for completing final objectives on time. There is collaboration between functions is
also very necessary the company. At the end, financial management and reporting helps to
company for raising appropriate fund in market place.

REFERENCES
Books & Journals
Cao, L., Navare, J. and Jin, Z., 2018. Business model innovation: How the international retailers
rebuild their core business logic in a new host country. International Business Review.
27(3). pp.543-562.
Ivanova-Gongne, M. and Torkkeli, L., 2018. No manager is an island: culture in sensemaking of
business networking. Journal of Business & Industrial Marketing.
Massa, L., Gianluigi, V. and Tucci, C., 2018. Business models and complexity. Journal of
Business Models. 6(1). pp.59-71.
Ogbari, M. E., and et.al., 2018. A comparative analysis of small business strategic orientation:
Implications for performance. Academy of Strategic Management Journal. 17(1). pp.1-
15.
Perić, M., Vitezić, V. and Mekinc, J., 2019. Comparing business models for event sport tourism:
case studies in Italy and Slovenia. Event Management. 23(3). pp.379-397.
Tenzer, H., Terjesen, S. and Harzing, A. W., 2017. Language in international business: A review
and agenda for future research. Management International Review. 57(6). pp.815-854.
Wu, Z. and Salomon, R., 2017. Deconstructing the liability of foreignness: Regulatory
enforcement actions against foreign banks. Journal of International Business Studies.
48(7). pp.837-861.
Online
Spacey, J. 2018. 14 Examples of Business Functions. [Online]. Available Through: <
https://simplicable.com/new/business-functions>.