Introduction to Business Studies

Introduction to Business
Studies

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Role of different organizational department............................................................................1
2. Understanding collaborative working practices.......................................................................2
3. Environmental factors that are affecting businesses................................................................3
4. Role of financial management and reporting within the organization.....................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Business studies is an academic subject which combines the elements of marketing,
finance, accounting, organizational studies and economics. In this report, M&S is taken, which is
a multinational retailer in UK, selling wide variety of products. This report covers roles of
marketing, HR and finance in an organization, environmental factors and role of financial
management and reporting in an organization.
MAIN BODY
1. Role of different organizational department
There are several roles of HR, marketing and finance department within organization
which has been described below.
Role of HR: HR plays an important role in every organization. It's major role is to maintain the
required workforce as per the requirement, providing them training and development sessions,
performance appraisal, motivating employees to improve performance and retaining the
employees which will enhance the organization's productivity (Cowan and Fox, 2015). As M&S
is operating in a highly competitive retail sector, it is essential for it to sustain its growth. To
continue its growth, it requires to ensure that employees achieve its operational goals on a
regular basis. The HR department of Marks and Spencer is very efficient and resourceful which
helps in carrying out its responsibilities smoothly and efficiently.
Role of Finance: Finance is one of the function of the business which is responsible for
acquiring and managing funds for the business and carries out the planning process for the
expenditure of the funds. Finance at M&S is no only about numbers but it's about engaging with
people across the organization and helping in understanding the value it brings and the direction
of the business (Krylov, 2015). In M&S, finance team makes sure that strategies are understood
and targets are met. It also comes up with the forecasted financial statements for short term and
long term which helps in forming business strategy for both UK and international. It also
focusses on reducing its cost of production to avail greater profits.
Role of Marketing: Marketing plays an important role in an organization. It helps in building a
relationship between customers and the organization which is foremost important in an
organization (Kim, Shin and Min, 2016). The marketing function is also tasked with market
research and analysis in order to launch new product or face the competition, matching products
with the customer’s needs and wants, bring up creative and innovative ideas, setting the price of
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