Introduction to Business Studies

This report provides an introduction to business studies, focusing on the case study of Tesco Company. It explores the roles of HR, marketing, and finance functions in the company, collaborative working practices, internal and external factors impacting business operations, and the role of financial management and reporting. The report emphasizes the importance of these aspects in achieving business objectives.

Introduction to Business
Studies

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Role of HR, Marketing and Finance function in company.........................................................3
Collaborative working practices..................................................................................................4
Internal and external factors impact over business operations....................................................5
Role of financial management and reporting..............................................................................5
CONCLUSION...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business studios denoted as understanding different aspects and factors associated with
the business operations and organisation. This report is based on the case study of Tesco
Company in respect to analysis of the business environment in respect to the organisation.
Company was established in the year 1919 by the founder Jack Cohen. Headquarter of the
company is also located in England, United Kingdom. Company is operating its business
operations under the retail sector by serving the best quality food, home products and clothing
line. This project would address different areas different roles that various organisation
individual department are addressing in order to achieve the business objectives. How important
the collaborative working practices are in favour of the organisation will also reflect in this
project. Presentation will also be done in respect to the different internal and external factors of
business environment impacted over the business operations of company. Furthermore, this
project would emphasis over the role of financial management in favour of the organisation.
MAIN BODY
Role of HR, Marketing and Finance function in company
Operation management comprises with the management and controlling of various
functional areas. Tesco Company organisation hierarchy comprises with various functional
departments. ON the basis of nature and scope of individual functional areas all department work
towards achieving the individual objectives of the operations. Following are the different roles
that individual department in the organisation structure of Tesco Company play to achieve the
best level of objectives of company.
Role of HR
Human resource department engaged in delivering the skilled and efficient human
resources associated with the organisation. Human resources are among the key resources part of
the organisation. Human resource department channelizes recruitment drives that can support
company in having the best level of skilful resources at all different functional area of company
(Brown, 2017). Company can only achieve the best productivity only if the employee of
company contributes in the best way possible to achieve the highest productivity level. Human
resource department at the Tesco Company channelizes both internal and external recruitment
practices so that company can motivate to the existing employees for putting extra efforts in
delivering productivity at the best level along with introducing new talent at different designated

position role in company. Apart from the recruitment practices human resource team operate
there are other roles like talent management, performance management and many such practices
also the human resource team follow. Resource management and change management are also
among the prominent roles that human resource department plat in the company.
Role of marketing
Marketing team engaged in promoting company's products and services in front of the
treat customers. Marketing team involved in delivering the marketing and promotional campaign
at the company (Flanagan, Livingstone and McKenny, 2016). They also carry huge involvement
in allowing Tesco Company to achieve the sales target by making the product of company trendy
ad fashionable. IN the overall growth and success of company marketing department has a
significant role.
Role of finance function
Finance team play a key role in managing and controlling the financial resources
associated with the organisation. They allocate resources to all different functional areas of
company so that all operations of company can achieve the best level of work efficiency
(McDonald and Eisenhardt, 2020). Finance team also involved in making strategic alliances with
external stakeholders associated with the business operations of Tesco Company. They also
reflect the company's financial position by preparing financial accounts such as profit and loss,
balance sheet, cash flow statement and such other documents.
The above mentioned roles are the key role that all different department play in the
company. To achieve the objectives of company it is essential that all these departments
contribute in the bets of their capacity so that company can achieve its business objectives.
Collaborative working practices
Collaborative working practices are a part of the operation practice that Tesco Company
follow to achieve the objectives behind the business operations entertained by company. IN
companies like Tesco Company where organisation structure comprises with multiple
department and functional areas collaborative approaches and practices are also a key
requirement that department need to fulfil so that best level of efficiency can achieve.
Organisation hierarchy of Tesco Company comprises with finance department, human resource
department, operation team, marketing, sales and other such teams (Koons and Hirst, 2019). IF
the company want to achieve the best level of customer satisfaction it is needed to get engaged

with every single functional area to collaborate with them then only company can achieve bets
productivity and work efficiency. For example in Tesco Company marketing and sales company
collaboratively work with each other as the marketing team support the sales department by
channelizing an effective marketing and promotional campaign so that sales team can easily
achieve their targets by attracting al, the potential level of customers in market (Siddique and
et.al., 2016). Just like marketing and sales team collaborate over their operations other
departments in company also work together to collaboratively achieve the overall targets and
objectives of the company. Collaborative approaches are considered as among the clinical
practice that companies follow to support the business growth and objectives. This also improve
the work culture and trust between the work force operated at the organisation.
Internal and external factors impact over business operations
Covered in PPT.
Role of financial management and reporting
Financial management is about to monitor ad control the financial resources associated
with the organisation. This involves formation of budget, delegation of financial resources on the
basis of the financial budgets prepared by company and many such respective operations.
Finance team also involved in forming strategic alliances with various external stakeholder
group that can improve the scale of business operations of company (Orike, Iyalla and Okereke,
2017). Financial resources are limited in number so the role of finance department is more
advanced to utilises financial resources uin the optimum capacity. Finance department also
involved in reporting the financial affairs of company by preparing the income statement of
company, balance sheet, cash flow statement and other such documents. On the basis of the
financial records maintained by the department profitability and growth of company is analysed
and identified by company.
CONCLUSION
Operation management is about to manage and control the financial resources associated
with the organisation. All HR, marketing, finance and other teams work together to achieve the
best level of operation efficiency in company. Finance department involve in managing,
controlling and reporting the financial affairs of company.

REFERENCES
Books and Journals
Brown, F., 2017. Innovative research units in architecture studios in New York. Arq:
Architectural Research Quarterly. 21(4). p.393.
Flanagan, M., Livingstone, A. and McKenny, M., 2016. The Marvel Studios phenomenon: Inside
a transmedia universe. Bloomsbury Publishing USA.
Koons, J. and Hirst, D., 2019. Art Business Artists' studios.
McDonald, R. M. and Eisenhardt, K. M., 2020. Parallel play: Startups, nascent markets, and
effective business-model design. Administrative Science Quarterly. 65(2). pp.483-523.
Orike, K. U., Iyalla, I. B. I. S. O. and Okereke, G. O., 2017. Competency of the business
education students in information and communication technology (ICT) for learning in
tertiary institutions in Rivers State. International Journal of Advanced Academics
Research Arts, Humanities & education 3 (6) 1, 11.
Siddique, M. S. and et.al., 2016. System and method for collaborative shopping, business and
entertainment. U.S. Patent Application 15/087,323.