Introduction to Business Studies

This report covers the role of different departments in business studies, management of finance and its reporting, and understanding of collaboration. It discusses the role of HR, marketing, and finance, as well as the importance of collaborative work practices. The report also emphasizes the role of financial management and reporting in business operations. Overall, it highlights the significance of these aspects in achieving growth and success in business.

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.

Offers Utility-
Utility of product offered by the company is enabled through marketing. Marketing
creates many forms of utilities such as place, form, information, time and possession.
Economic Growth-
Demand is increased with the help of marketing and to meet that company has to
increase their level of production and distribution which leads to increase in income and create
more opportunities for employment in market. By this standard of living of people also gets
improved because company starts to offer better quality of products. Overall these factors help
the economy to grow.
Role of Finance-
Management of cash flow
This department manages the aspects which are related with the field of finance.
Mangers of Tesco who works in this field keep some money aside so that they can meet the
requirement in the case of emergency such as paying up the suppliers or employees. If the
cash flow of the company is not strong then the level of credit of the company will be high in
the market. To save the company from these measures finance department of the company
keeps a check on all of their operations.
Planning of profit and controlling of cost-
This department helps Tesco to evaluate those products which are profitable and those
which are incurring losses for them so that they can use the strategies which are effective and
increase the level of profit (Rohlfer and Zhang, 2016).
Understanding of collaborative work practices
It promotes self analysis-
Collaboration works as a mirror for the company which highlights their strength and
weakness. It encourages them to think with clarity so that they can provide innovative ideas
for the company and when personnel of the company will work together then they will be able
to generate more ideas which will help to reduce the gap between the company.
It helps in solving the problem-
Tesco believes that when employees of the company pool their talent then they will be
able to give more solutions. They take help of many factors such as internet to spread and
increase the reach of that solution.

Appreciate and look towards the bigger picture-
Company needs to realize that every individual is expert in different field. They just
need to analyze that and put them on to the right field so that they can solve the issues of
different areas. Apart from this they need to appreciate the efforts of both the people. Working
together on a project can offer a great deal of benefit to the company (Doh, Luthans and
Slocum, 2016).
Pooling of talent and strengths-
When employees of the company work together on a project and share their
knowledge, experience of work and skills then they will be able to find the solution in less
time which will be very effective. This will increase the level of productivity for the company.
Development of skills of employees-
Collaboration is helpful for both employees as well as Tesco as it helps them to
understand the thought process of each other and make them interact with each other. It leads
to negotiation and then coming out with the plan of operation. Most important benefit of this
aspect is it evolves those employees who are new into the company and make them better as
they observe every aspect, experience and idea shared in the interaction. This will improve
their perspective among their respective areas and will enhance them to take practical
decisions for the betterment of the company.
Increased level of efficiency-
It helps Tesco to reach out to problems and deliver products before the deadline. This
helps the management of the company to divide the work according to their area of expertise
so that they can get effective results. It is also known as divide and conquer strategy as it
divided the task and saves the time which is spent on the achievement of results.
Employee retention and job satisfaction-
Collaboration helps the company to add value into their structure which provides
satisfaction to their employees. When the team achieves a goal together the sense of team
spirit is high which will also enable them to work together on future opportunities for the
company. If the employees of the company have the feeling that they are working on
something important then they will work longer with the company.
Role of financial management and reporting
Life cycle of business-

Many companies face difficulty and issues during the time of their initial stage and
proper management of finance is required otherwise they will face negative flow of cash.
Managers of the company need to keep aside some cash so that their suppliers and employees
get paid on time even if their payment is blocked. Management of the company needs to
predict and evaluate these factors so that they can be prepared for this by keeping some capital
aside to fund the business. Companies such as Tesco requires more cash to deal with their
operations and achieve growth in market. Managers of the company needs to plan according to
the opportunity and the availability of funds. Funds are gathered either from bank or arranged
from borrowers. They have one more responsibility and that is to keep control of funds so that
company can maintain balance between debt and liquidity and stops from getting the
reputation of the firm affected (van Tulder, Verbeke and Piscitello, 2018).
Reporting on business operations-
Every company has to report the details of their operations. People who have invested
in the company such as shareholders wants to have the updated information about the security
and return of the money they invested in the operations of the company. Bodies of government
wants it so that they can evaluate the amount of tax. Managers of the company also need it as
it helps them to measure the performance of the company in various areas and compare it with
others.
Financial Management in normal operations-
Management of finance is concerned with moving the cycle of the company. It
involves aspects such as turnover of raw material, inventories their ratios, collection of amount
of credit sales. It is important that the company pay their bills before the deadline and in order
to do that the company must ensure that they are receiving their funds in time. They must be
prepared if the economy is in recession by keep some money aside (Alvarez, 2016).
CONCLUSION
From the above studies it has been concluded that managers o Tesco performs their
role in an effective manner in the areas such as marketing, finance and HR so that they can
achieve better results and reach the level of growth. This report highlights the benefit and
importance of collaboration. Apart from this managers of the company reports their work in

order to keep the shareholders of the company updated about their operations so that they can
feel secured about their operations.

REFERENCES
Books and journals
Alvarez, J.L. ed., 2016. The diffusion and consumption of business knowledge. Springer.

Doh, J.P., Luthans, F. and Slocum, J., 2016. The world of global business 1965–2015:
Perspectives on the 50th anniversary issue of the Journal of World Business:
Introduction to the special issue.
Erasmus, B., Strydom, J.W. and Rudansky-Kloppers, S. eds., 2016. Introduction to business
management. Oxford University Press Southern Africa.
Hall, C.M., and et.al., 2016. Introduction: The business, organisational and destination
impacts of natural disasters–the Christchurch earthquakes 2010–2011. In Business and
Post-disaster Management (pp. 3-20). Routledge.
Rohlfer, S. and Zhang, Y., 2016. Culture studies in international business: paradigmatic
shifts. European Business Review.
van Tulder, R., Verbeke, A. and Piscitello, L., 2018. Introduction: international business in the
information and digital age–an overview of themes and challenges. International
Business in the Information and Digital Age (Progress in International Business
Research, Vol. 13), Emerald Publishing, pp.1-13.