Introduction to Business Studies

INTRODUCTION TO
BUSINESS STUDIES

Table of Contents
INTRODUCTION.......................................................................................................................4
Role of HR, marketing and finance....................................................................................4
Understanding of collaborative work practices..................................................................5
Role of financial management and reporting ....................................................................7
CONCLUSION............................................................................................................................8
REFERENCES..........................................................................................................................10

INTRODUCTION
Business studies: Is the study/examination of the business activities in society. These activities
are related to the production of goods and provision of services. -It can also be defined as the
study of activities that are carried out in and around production, distribution and consumption
of goods and services. This report covers issues such as role of different departments,
management of finance and its reporting and understanding of collaboration.
Role of HR, marketing and finance
Role of HR
Hiring from within and outside the firm
Hiring is considered as an important factor for the department of HR. Tesco prefers
hiring from inside the company as they believe that filling the space of jobs internally is more
suitable because then the candidates are aware about the details of the work which is a benefit
for HR (Hall and et.al., 2016).
Attraction and selection-
HR needs to maintain the level between external and internal recruitment according to
talent and requirement criteria for the job. HR of Tesco has the power to attract and hire
people which fits for the role.
Testing of employees-
This aspect states that before finalizing an employee he or she must meet with the
criteria of employees. Test covers the information of IO, work test, test of conscientiousness
and assessment by their colleagues (Erasmus, Strydom and Rudansky-Kloppers, 2016).
Management of employee management-
This is an important aspect in order to keep them motivated. Every individual is
different from one another which states that everyone will not be satisfied by getting extra pay.
Some of them might want more vacations, leave for paternity and budget for childcare. Tesco
needs to ask them before providing them with such benefits so that they can satisfy them
according to their needs by using an appropriate manner.
Role of Marketing-
Growth, survival and reputation-
Marketing helps Tesco to survive, compete with others and achieve growth in the
market. It is a customer oriented aspect as it helps to satisfy the needs and wants of consumers.