Role of HR, Marketing Mix and Finance Functions in Business Studies

This report discusses the role of HR, marketing mix, and finance functions in business studies, focusing on the case of Tesco. It explores the importance of human resources, collaborative practices, and financial management in achieving organizational success. The report also highlights the significance of marketing development and the impact of external factors on the company.

Introduction to Business studies

Table of Contents
INTRODUCTION...........................................................................................................................1
1 ROLE OF HR, MARKETING MIX AND FINANCE FUNCTIONS.........................................1
2 THE ROLE OF COLLABORATIVE PRACTISES....................................................................1
4. Role of financial management and reporting within the organisation.........................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
An efficient company requires proper robust business strategies involving proper
marketing, promotional activities and good satisfactory services by all departments within the
organization. This report dicusses how businesses is practised, strategies to work on, how
competitors in the marketplace play a crucial role in tracking success rates by maintain the
qualitative growth of the company report is based on Tesco company, its HR resources workings
and functions of various departments. Shareholders and stakeholders interests should always be
taken in mind for continuous growth, internal and external factors which affect the company by
time. Departments should have proper knowledge of marketing development, programmes for
bringing in new technologies and keeping up with the competencies.
MAIN BODY
1 ROLE OF HR, MARKETING MIX AND FINANCE FUNCTIONS
HUMAN RESOURCE:
The human resources of a company plays a pivotal role, policies and practises at Tesco company
offers high quality training and development practices for all the employees which builds a
commitment scenario for them, as well as customers (Gil,, 2019). Providing efficient training by
working on the talents of people enhance their morale which thus leads to increase in
productivity, competitively making them stronger. Companies need to work constantly to skill
their human resource, introducing new complexities in work as emergence of new brands bring
in tough competition (jones, P. and Comfort, D., 2020). Strategic HRM of Tesco has gained both
credibility and popularity over the past decade, providing opportunities for organic learning,
development of intellectual capital and especially with the respect of its impact on organizational
performance. The human resource should have clear communication skills, collaborative
working practises and be able to attract the potential markets.
2 THE ROLE OF COLLABORATIVE PRACTISES
Collaborative working practises keep the workforce in a company motivated by having a
hormonal atmosphere, bringing out everyone's strengths. Tesco Company plays a great role in
elevating their morale, work progressively by advancement in learning capacities, enhancing the
resources of training and development put in them. Increasing connectedness within the

management, by high delivery of work energies, by enriching a healthy environment at
workplace for their growth. Tesco values the corporate culture building, recognize the teammates
and their efforts by motivating (Patwardhan, 2020). Realising that every staff members voice is
imortant and buy-in are necessary to achieve overall growth in a company. The company keeps
up with the training programmes for its human resource, works on enhancing their working and
practical skills for growth, which keeps them motivated for continuing with the organization.
Tesco gives it employees the opportunities-to boost their skills by working in a friendly
cooperative environment where they can constantly evolve themselves by which keenness to
work dynamically increases. The dynamic cooperative nature keeps the rate of employees
turnover thus stable, reducing the new recruitment costs. It boosts their energies for working
efficiently by keeping their demand and values check-in so that the results from them are always
on mark.
4. Role of financial management and reporting within the organisation.
Financial management is very important function of any organization. Not a single organization
can survive/long-last without proper financial management. Effectively and efficiently carrying
out activities like planning, organizing, researching, co-ordinating and directing refers to
financial management. Financial management includes gathering funds, allocating resources,
exploiting funds. Through financial management we make use of methods like ratio and
proportions, gain/loss analysis etc, which ultimately helps organizations like Tesco group to
make better financial decisions. Financial management also helps Tesco group to calculate its
capital needs. Financial management assures that financial resources of Tesco group are
invested/allocated effectively. It also helps Tesco group to keep record of it's cash flow to meet
their organizational expenses. Financial management also secures Tesco group's future, as
financial management involves preparing financial reports of the organization which are use to
plan future activities accordingly. Efficient financial management will also prepare Tesco group
against unavoidable circumstances and emergencies.
Financial reporting is the defined as disclosing organization's financial situation and
current standing in the marketplace over a given time period to different stakeholders. Financial
reporting is an important activity as it helps Tesco group to manage their debts, identify their
assets, liabilities and will prepare solutions accordingly. It also helps Tesco group to be updated
about current trends. Thus. Enabling Tesco group to make accurate, well directed decisions.

CONCLUSION
It can be concluded that role of HR, marketing and finance functions in Tesco groups are
is so important because they are responsible for smooth employee relationships, pay-scale, and
development and training. Marketing improved rich relations between consumers and industries.
It assured Tesco group's sustainability, it also created demands which are crucial for economic
growth of Tesco group. Collaborative working practices also contributed majorly in growth and
success of Tesco group. After doing SWOT and PESTEL analysis it can be concluded that,
Tesco needs to give attention to outside market also. Political factors, financial crisis made huge
impact on Tesco groups operations. Economically, according to market share Tesco group is
dependent only on UK. Tesco faced many challenges from big competitors too. Fluctuating rules
and regulations of government also made tremendous impact on Tesco group. While there were
some benefits too from social and technological factors, as Tesco keeps on inventing and updates
existing technologies and services.

REFERENCES
Books and Journals
Bodla, A. and Ningyu, T., 2017. Transformative HR practices and employee task performance in
high-tech firms: The role of employee adaptivity. Journal of Organizational Change
Management. 30(5). pp.710-724.
Gil, C., 2019. The End of Marketing: Humanizing Your Brand in the Age of Social Media and
AI. Kogan Page Publishers.
Jones, P. and Comfort, D., 2020. Customer Engagement: Storytelling and the UK's Leading
Retailers. In Research on Contemporary Consumerism. (p. 57-71). IGI Global.
Llopis-Amorós, M and et.al., 2018. The role of marketing communications in generating brand
equity for an event. Event Management. 22(5). pp.825-848.
Patwardhan, S., 2020. Employee Volunteering Programs: An Emerging Dimension of Modern
Workplaces. In Mandated Corporate Social Responsibility. (pp. 215-243). Springer,
Cam.
Sheehan, C and et.al., 2016. The impact of HR political skill in the HRM and organisational
performance relationship. Australian Journal of Management. 41(1). pp.161-181.

REFERENCES
Books and Journals
Online
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