Introduction To Business Studies

This document provides an introduction to business studies, focusing on the role of promotion, HR, collaborative working practices, and financial management within organizations. The case study of Super drug store plc is used to illustrate these concepts.

Introduction To Business
Studies
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Describe role of promotion within organisations................................................................3
Describe the role of HR within organisations .......................................................................3
Develop an understanding of collaborative working practices..............................................4
Demonstrate knowledge of the role of financial management and reporting within the
organisation............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Business studies have been defined as the management of people so as to regulate
process of productivity and further assist in attaining certain innovative goals and helps in
generating high revenues for company (Cano-Kollmann and et.al., 2016). Super drug store
Private Limited Company have been taken in this report which is situated in London, United
Kingdom. It is one of largest health and beauty retailing company which was established in
1964 by Ronald Goldstein and Peter Goldstein. products include all beauty accessories which
are required for skin care and health. y also render health check ups in different pharmacies. In
this report, the role of HR, marketing and finance will be evaluated. The practices related to
collaborative working will also be discussed and roles of financial management will be
elaborated in this report.
MAIN BODY
Describe role of promotion within organisations
(Included in poster)
Describe the role of HR within organisations
Human resource department has been considered as a major component in maintaining
the employees welfare in any kind of company whether it is small or large. HR also take a
participative role in updating employees about their positions regarding certain ailments. HR
team in respective company have to influence a great number of capable employees who can
attain desirable amount of goals within enterprise. There are several roles of HR which influence
working of or departments as well and make the missions of company possible by collaborative
working. Several roles of HR in Super drug store plc are mentioned below.
Recruiting – Process of hiring and recruiting is one of key role of HR, it is their duty to
devise such strategic plan which includes all recruiting guidelines required for stating job
description (Aguinis, Cascio and Ramani, 2017). HR have the capability to directly communicate
with candidates about the policies and rules of enterprise before such candidates are hired.
Recruitment involves in attracting talented candidates as per needs of company and hire such
resources which will positively drag organisation towards success.
Training – Crucial part just after the desired candidates are hired is to provide particular
training so as to make such people acquainted with working of company. Roles and duties
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which they will be conducting in their job role will also be specified in such training sessions.
Induction training, vestibule training and job instructions training are some type of training
which are conducted by HR for increasing competency and skills of employees.
Performance appraisal – It is the role of the HR to evaluate the performance of the
employees for checking whether the performance quality of the employee is appropriate enough
for achieving missions of an organisation (Alcácer, Cantwell and Piscitello, 2016). Such
appraisals not only influences the relationship between the HR manager and employee but also
helps in improving the working capability of the employees and make them motivated to
complete the task confidently.
Resolving conflicts – One of the role of HR is to resolve raised conflict among the
associates by interacting with each members on daily basis. Such practice aids in storing
harmony in the given company and help in delivering good quality work.
Such roles and others like managing the talent management, compensation management,
promoting the rules, sharing job information, analysing performance and job design are some
more roles of HR which handles the employee relations, incentives, payrolls and administrative
functions in Super drug store plc.
Develop an understanding of collaborative working practices
Collaboration defines as the manner through which the whole group members as well as
the business can collectively work to attain a predefined objectives. The major part which is
responsible in achieving a certain level of performance or the task in the provided time
framework involves effective collaborative practices. Different ways have been adopted from
which the collaborative practices can be made practical in an organisation. It is very important
that Super drug store plc is greatly promoting the practices of collective working for making the
relationship among the employees more trustworthy and strong. People working under such
practice thrive freely and expresses their perspective and thoughts in more integrated way. The
team members when working collectively, it has been found that they are more focussed and
enthusiastic (Martelli and Greener, 2018). So as to promote the collaborative working practice
more in Super drug store plc few measures can be adopted which are discussed below.
Build a clear cause – It is quite necessary to render a convincing reason to the team
members for collaborative work. The excitement level of workers exceeds if the task is more
compelling, once the members are involved in such practice they become inspired to achieve the
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aims as per required from their leaders. If they have ambiguity about their job role and the reason
behind the collaboration, then they can not work effectively and there performance is not up to
the mark.
Communicate expectations – Each and every team member must be clearly
communicated about the roles and duties which they have to achieve while working in a group.
Such practice lower the chances of arising conflicts as they work on their own and do not step on
the working of other member (Van and Maseland, 2016). It also maintains a decorum which are
followed by all the associates for increasing the productivity.
Encourage innovation – All the team members must be encouraged by the leaders for
making more efforts in bringing innovation in the working. The attitude of optimism must be
kept up to date by realising the worth of each and every associates in the department. The ideas
and the feelings of the members has to be understood so that the relationship among associates
and the managers can become strong. Such practice make the worker to think out of the box and
extra ordinarily to acquire the aims in the most unique and creative way.
Demonstrate knowledge of the role of financial management and reporting within the
organisation
The finance and report both have influencing role in attainment of business aims and
already defined objectives. It has been always observed that any organisation has to manage their
financing and reporting activities so as to upgrade the functioning of enterprise. Some of the
roles of financial management and reporting are defined below.
Finance decisions – Such managers have been seen to take essential financial decisions
in respect to the activities in finance (Brannen, Piekkari and Tietze, 2017). By employing various
tools like ratio analysis or profit planning the controlled decisions are utilised. Such practice
have been suggested to achieve high earnings within the business.
Financial planning – All the activities associated in planning financial assets and
resources are achieved by finance managers. They utilise current data which later assist them in
understanding the priorities and demands of an organisation, it also aids in knowing the
economic state of company which further help in building effective budgets.
Cash flow management – Another crucial function of the finance manager is to maintain
the flow of cash so as to meet with growing administrative and operational expenses. Such
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management centres on the amount which has to be paid and received which later ensures the
cash flow.
Management reporting – The reporting system assist in seizing data which are required
by the managers for operating activities in running effectual business planning. The information
can be collected from financial data, accounts, investments (Castaño Méndez and Galindo,
2016). Such data later helps in forming decisions and analysing the trends which imparts positive
effects to provided company.
Financial reporting – The financial management role is to regulate all the required
documents associated with the organisation. Such reports are then utilised in forecasting the
planning and the activities which are related to the finance department.
Each and every role has indispensable part, an organisation can not survive without the
support of finance managers. They not just maintains the flow of findings and cash but also
control the financial action.
CONCLUSION
From the above report it can be concluded that there are functions of organisation which
will help in achievement of desired goals and objectives. Human resource play a crucial role in
development of company as well as enhancing its sales and probability. It is important for
manager to conduct promotional activities in effective manner as this will help in attract large
number of customers towards business. Collaborate term work practices will lead to effective
and efficient function of organisation. It is significant that each and every employees of
organisation are working in collaborative way. Financial and reporting activities of company will
help in managing budgets and other financial resources of company in appropriate manner.
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REFERENCES
Books and Journals
Aguinis, H., Cascio, W.F. and Ramani, R.S., 2017. Science’s reproducibility and replicability
crisis: International business is not immune.
Alcácer, J., Cantwell, J. and Piscitello, L., 2016. Internationalization in the information age: A
new era for places, firms, and international business networks?.
Brannen, M.Y., Piekkari, R. and Tietze, S., 2017. The multifaceted role of language in
international business: Unpacking the forms, functions and features of a critical
challenge to MNC theory and performance. In Language in international business (pp.
139-162). Palgrave Macmillan, Cham.
Cano-Kollmann, M. and et.al., 2016. Knowledge connectivity: An agenda for innovation
research in international business.
Castaño, M.S., Méndez, M.T. and Galindo, M.Á., 2016. Innovation, internationalization and
business-growth expectations among entrepreneurs in the services sector. Journal of
Business Research. 69(5). pp.1690-1695.
Martelli, J. and Greener, S., 2018. An introduction to business research methods.
van Hoorn, A. and Maseland, R., 2016. How institutions matter for international business:
Institutional distance effects vs institutional profile effects. Journal of International
Business Studies. 47(3). pp.374-381.
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