Introduction to Business Studies

This report provides an introduction to business studies and explores the role of HR, Marketing, and Finance functions in organizations. It also discusses the importance of collaborative working practices and financial management and reporting.

Introduction to Business
Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1: Describe the role of HR, Marketing and Finance functions within the organisations.1
TASK 2 : Develop an understanding of collaborative working practices..................................2
TASK 3 : Demonstrate knowledge of the role of financial management and reporting within
the organisation...........................................................................................................................3
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Business studies refers to the system of managing the management activities of business
companies in corporate world. As it refers to the study of the management of the individuals to
utilize their productivity in order to fulfil the goals of the companies. Business studies helps in
maintaining the profits for the companies. It generally refers to the analysis of the management
and economics of the companies. Business studies helps in analysing and managing the factors
that leads to the better performance of the companies. (Spencer, 2020)The report is based on
various business functions of Aston Martin, which is a British company manufacturer of luxury
sports cars and grand tourers. The company has became one of the expensive grand touring cars
companies in the global world. The company is the manufacturer of the modern, exclusive and
luxurious sports cars with a unique heritage across the world. The report includes the role of HR,
Marketing and Finance functions in business organisation, understanding of the collaborative
working practices, demonstration knowledge of the role of financial management and reporting
in the organisation along with its conclusion.
MAIN BODY
TASK 1: Describe the role of HR, Marketing and Finance functions within the
organisations.
Business functions refers to the activities that are carried out by the business organisation
for the smooth running of the business in the market. The business functions like HR, Marketing,
Finance functions plays an important role in the business organisations for the smooth running of
the businesses. (Fisher, 2018)As to run the business practices of the company smoothly it is
essential for the company to use the business functions to achieve the goals and objectives of the
company. In context to Aston Martin the role of different HR, Marketing and Finance functions
of the company are as follows:
HR Functions : HR functions refers to the process of identifying the effective and
efficient candidate and direct and place the staff members at the right place with the right
employee with the right profile for the company to achieve its desired goals. (Nieborg and Poell,
2018) The HR functions of Aston Martin is to:
 Strengthening the sales power and the brand name.
 Attracting and inspiring the customers towards the luxurious cars.
1

 Redeveloping the customer mindset and the cultural strategies.
 Serving the high quality products and services to the customers.
 Determination of the financing and governance for the company.
Marketing functions : Marketing functions helps the business companies to determine
the need of the market and according to that the products are designed for the marketplace where
they are operating and carrying their business practices and promote the products into the
markets. In context to Aston Martin the role of marketing function is to sell the products and
services of the company to the customers and making the customers aware about the company 's
products and services present in the market. (Armstrong and Taylor, 2020)The main and
important role of marketing function of the company to identify the demand of cars in the
market, making the company 's products and services available in the markets and promoting the
products and services in front of the customers to build the brand image in the minds of the
customers.
Finance functions : The finance functions is considered as the part of the financial
management of the business companies . As the financial management refers to the activities that
are concerned with the planning and controlling of financial resources of the companies. Finance
functions consists of acquiring and utilization of financial resources for having the efficient
operations in the company. In context to Aston Martin, the role of finance functions in the
company is to utilize the company' s financial resources in optimum manner so that the company
can have and maintain the better financial performance and position in the markets. Finance
functions of the company helps in planning and utilizing its funds in a effective way in order to
generate profits for the company. (Stewart, G.L. and Brown, K.G., 2019). For generating profits
for the company it is essential for the company to use its financial resources effectively.
TASK 2 : Develop an understanding of collaborative working practices.
Collaborative working practices refers to the ways that two or more business companies
to work together. Collaborative working practices generally to working as a team to fulfil the
goals and objectives of the business companies effectively and efficiently. (Dang, Li, and Yang,
2018)Generally the business companies opts for collaborative working practices to expand their
business practices and generate more profits for the companies. It refers to the collaborating of
the business companies with the others business company to work and carry out their business
practices as a team for having the better financial position of the company. As collaborative
2

working practices helps the people such as e professionals in their professional works. As it
involves the focusing on the organisational, technical and social issues of the company. With
collaborative working practices the companies can solve these issues efficiently and effectively.
In context to Aston Martin the collaborative working practices carried by the company to expand
their market share so that profits margins can be increased continuously. The company is
carrying its collaborative working with the other business companies like Bowmore, Virage to
carry its business practices in different countries and working as team to improve efficiency and
effectiveness level of the company in the corporate market. (Boon, Den Hartog and Lepak,
2019) By carrying continuously collaborative working practices with different companies the
company can expand its market share and gain the competitive advantage towards to deal with
the competition in the corporate market. The main aim of carrying collaborative working
practices the Aston Martin can carry its business practices in different fields by working as a
team as it includes the work practices and human activities in corporate world. It focuses on the
working practices that are essential for human activities and takes attention to various
behavioural variables like leadership and motivation for the company.
TASK 3 : Demonstrate knowledge of the role of financial management and reporting
within the organisation.
Finance is said to be an important and irreplaceable part for any business organisation. As
it becomes very complex for the business organisation to sustain themselves for long term in the
market without having proper finances. As without having effective financial management it
becomes difficult to survive in the market.(Brennan, Canning and McDowell, 2020) Financial
management refers to efficient and effective planning, organizing and controlling the financial
resources of the company. In context to Aston Martin, the role of financial management in the
company is to:
 Make the financial decisions and controlling the financial resources for the company. As
financial management and the financial managers an important roles in making financial
decisions and maintaining the control over the funds in the company in order to have
better financial position of the company.
 It is role of financial management is to determine the capital requirement of the company
on timely basis and analyse the capital structure and composition of Aston Martin.
3

 The role of financial management in Aston Martin is to allocate and utilise its financial
resources wisely. (Munuera Alemán, and Rodríguez Escudero, 2020)As financial
management of the company ensures that all the financial resources are used and invested
effectively in the market.
 It is responsibility of the financial management of the Aston Martin to keep a sufficient
amount of working capital and cash flows to meet the regular operational expenses
without having any difficulty in the market.
As financial management is considered as an important part of the business companies,
financial reporting also plays a important role in the companies. Financial reporting refers to the
financial results of the organisation that are released by the stakeholders of the companies.
Reporting includes the income statement, cash flows statements and balance sheets of the
company. (Rust, 2020)As in context to Aston Martin, role of financial reporting in the company
is to determine the financial position of the company by preparing the annual reports for the
company with the help of income statements, trend analysis and cash flows statements of the
company. The role of financial reporting is to determine the financial position of the company in
the market. By analysing the financial performance of the company, the company can able to
improve its financial performance and make profit growing strategies and implementing them in
the company to generate profits for the company. With having effective financial reporting in the
company can effectively maintain its financial performance. (Keown, 2019)
CONCLUSION
From the above report it can be concluded that business studies plays a vital role in
running of business organisation. To carry the business practices with efficiency and
effectiveness it essential for the company to study the role of different management functions.
The role of HR, Marketing and Finance functions in Aston Martin is explained in the above
report with the various collaborative working practices which the company is using for the
smooth running of business practices and the role of financial management and reporting in the
company are explained.
4

REFERENCES
Books and Journals
Armstrong, M. and Taylor, S., 2020. Armstrong's handbook of human resource management
practice. Kogan Page Publishers.
Boon, C., Den Hartog, D.N. and Lepak, D.P., 2019. A systematic review of human resource
management systems and their measurement. Journal of management .45 (6). pp.2498-
2537.
Brennan, R., Canning, L. and McDowell, R., 2020. Business-to-business marketing. SAGE
Publications Limited.
Dang, C., Li, Z.F. and Yang, C., 2018. Measuring firm size in empirical corporate finance.
Journal of Banking & Finance .86. pp.159-176.
Fisher, R.C., 2018. State and local public finance. Routledge.
Keown, A.J., 2019. Personal finance. Pearson.
Munuera Alemán, J.L. and Rodríguez Escudero, A.I., 2020. Estrategias de marketing. Un
enfoque basado en el proceso de dirección. Esic.
Nieborg, D.B. and Poell, T., 2018. The platformization of cultural production: Theorizing the
contingent cultural commodity. new media & society .20 (11). pp.4275-4292.
Rust, R.T., 2020. The future of marketing. International Journal of Research in Marketing .37
(1). pp.15-26.
Spencer, C., 2020. Introduction: Communication studies. Manchester University Press.
Stewart, G.L. and Brown, K.G., 2019. Human resource management. John Wiley & Sons.
(Spencer, 2020) (Nieborg and Poell, 2018) (Armstrong and Taylor, 2020) (Stewart, G.L. and
Brown, K.G., 2019). (Boon, Den Hartog and Lepak, 2019) (Brennan, Canning and
McDowell, 2020) (Munuera Alemán, and Rodríguez Escudero, 2020) (Rust, 2020)
(Keown, 2019) (Dang, Li, and Yang, 2018)(Fisher, 2018)
5