Introduction to Business Studies

This assignment provides an introduction to business studies, including the impact of internal and external factors on business operations and functions. It also discusses the role of marketing, finance, and HR functions in a company.

Introduction to business studies

Introduction
 This assignment involves the scenario through which different
types of services are given. It signifies strategic planning as
well as vision of organisation. It also provides explanation
regarding micro and macro elements that imposes direct impact
on operations and functions of organisation. It offers a brief
description regarding role of marketing, finance and HR
functions in company. In addition to this, there is also a
description regarding role of financial administration within
company (Alvarez, 2016).

Internal and external factors which impact on business
 There are different factor that impose direct impact on
the functions of business organisation. It involves
different kind of elements that is given below:
 Internal factors – Employees and managers
Money and Resources
Company culture
 External factors - Competition from other businesses
Politics and government policy
Customers and suppliers

Internal factors
 Employees and managers employees are determined as the most
significant part of internal atmosphere of organisation. It is important for
subordinate to be performed their work in good manner. The manager
team focuses on handling lower-level subordinate during particular
phase of time period.
 Money and resources when there is a lack of fund then the
organisation are not capable to earn more and more profit for staff of
business organisation. It is significant to possess cash for conducting
different function in an appropriate manner. It imposes lot of individual
person within company during particular phase of time period. Therefore,
it is necessary to have finance that helps in advertisement of goods in an
appropriate manner and possessing a superior quality of products.

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 Company culture the company culture involves
priorities, attitude as well as values for performing
their work in better way. It is significant to
maintain favourable culture that is useful in
handling efficiency and conduct work of
employees in an appropriate manner. The
subordinate of organisation possess good values
and it is significant to promote, recruit or fire
subordinate.

External Factors
 Competition from other organisation It is significant for
organisation to be specific if they want or required to survive
in the competitive market. An organisation gets started then
it is necessary for them to have a more and more experience
within business organisation.
 Politics and government policy the alteration within
policy of government imposes direct impact on organisation.
The example is undertaken as a named as tobacco industry.
The cigarette is provided to its user by using a warning on
packet. There are several places where individual person can
smoke in legal way.

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 Customer and supplier it is the significant
factor while operating their organisation in an
appropriate manner. The supplier plays a major
role in dealing with operations and functions of
organisation. The customer of organisation is
necessary to convince by services which is offer to
its user (Brannen and Mughan, 2016).

Conclusion
 On the basis of above given report, it has been analysed that it
signifies strategic planning as well as vision of organisation
and also it provides explanation regarding micro and macro
elements that imposes direct impact on operations and
functions of organisation. It offers a brief description regarding
role of marketing, finance and HR functions in company. In
addition to this, there is also a description regarding role of
financial administration within company. It is necessary to
make appropriate budget for smooth running and operations
of business organisation in future period of time.


REFERENCES
 Alvarez, J.L. ed., 2016. The diffusion and consumption of business
knowledge. Springer.
 Brannen, M.Y. and Mughan, T. eds., 2016. Language in international
business: Developing a field. Springer.
 Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in
business studies. Cambridge University Press.
 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.
 Verbeke, A., van Tulder, R. and Puck, J., 2017. Distance in international
business studies: concept, cost and value. Distance in international
business: Concept, cost and value, pp.17-43.

THANK YOU