Role of HR, Marketing and Finance in Business Studies - Desklib

This report focuses on the role of HR, Marketing and Finance in Business Studies with a case study of Tesco Plc. It explains the importance of collaborative working practices and financial management in organizations. The report also highlights the benefits of collaboration and the role of reporting management in satisfying the needs of interested parties.

Introduction to business
studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of HR, Marketing and finance functions within organisation............................................1
Develops understanding of collaborative working practices......................................................3
Knowledge of role of financial management and reporting within organisation........................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Business studies is an effective concept that affect individual day to day routine and lives.
In simple terms business is a term that demonstrates individual earning by producing goods and
services and attracts huge base of customers (Engwall and Wedlin, 2019). The main motto of a
person to indulge in business practices is to gain profitable results and enhance living standards.
The concept of business studies helps in enhancing knowledge regarding several activities that
are indulged within operations of an organization to attain successful results. It helps
organisation to develops an understanding about survival within competitive market. This
effectively understand the concept of business studies this report focuses on Tesco plc as it is
leading British multinational superstore in UK. It involves role of HR, finance and marketing
within Tesco Plc along with develops knowledge related to collaborative working practices.
However in the end it elucidates role of financial management and reporting in business
enterprise so that high profitable outcomes are attained by business.
MAIN BODY
Role of HR, Marketing and finance functions within organisation
For every successful organisation it is crucial that every department such as HR, finance
and marketing performs their role properly and efficiently so that company attain successful
outcomes within in competitive market place. In terms of Tesco plc several roles of different
functional departments are presented below:
Role of HR
 Recruitment and selection- It is an effective role that HR of Tesco plc perform for
attract and hire best candidate for particular job position so that operations are
accomplished in smooth manner (Nicolescu and Nicolescu, 2019). It is crucial for HR to
perform this role properly, because of this they gain high profitable results in competitive
market position.
 Evaluate employee performance- It is another essential role of HR within an
organisation where manager emphasis on assessing employees performance so that they
provide training sessions to them in prominent manner. In case of Tesco plc, Human
resource manager effectively evaluate employees performance by focus on current and
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past performance so that manager provide training accordingly. This develop productivity
of employees so that company enjoy maximum profits and revenues.
 Training and development- This is one of an effective role of HR within business
enterprise because providing training and development sessions to employees helps
organisation to feel high success in business world. In context of Tesco plc, human
resource manager observe every employee ability and capability to learn and gain new
knowledge so that they offer training sessions effectively. It develops career of
employees and because of this they work appropriately and in optimised manner to
reached the targets on set time frame.
Role of Marketing
 Fulfil demands of customers- Marketing is an essential function within organisation as
it always start with market. Therefore, In Tesco Plc marketing department functions the
role of satisfying demands of customers by examine their needs and wants so that
company generate profitable results in their long term survival.
 Focus on brand promotion- Marketing function within Tesco plc performs a crucial role
for company sustainability. However they work for promote brand in market by
providing quality products to customers (Mutalimov and et. al., 2020). Offering goods
and services that fulfil customers needs helps in developing brand image which is the
main role of marketing function. Due to this high market share is developed so that firm
sustainability is increased.
 Adapting right price- It is another role of marketing functions where marketing manager
emphasis on setting price of products and services in such a manner so that large base of
customers are to be attracted. In case of Tesco Plc, marketing department function in
proper manner at the time of deciding price so that more customers are to be attracted that
helps in gaining competitive advantage within particular business sector.
Role of Finance function
 Manage company monetary resources- This is crucial role of finance function within
Tesco Plc. Finance function focus on managing all monetary resources of an organisation
and also control all investments and expenses so that Tesco plc enjoy remarkable
financial position in marketplace. It helps in enhancing brand image and market share in
business industry so that firm will sustain more time period.
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 Developing budget- It is another role of finance function in which finance manager
develops budget for each and every particular department so that they all perform their
activities in efficient manner. By this Tesco plc does not face wastage of monetary
resources that positively impact profit margin.
 Profit planning- Finance function within organisation emphasis on plan profits and
revenues for long term sustainability. In case of Tesco Plc, this function helps in planning
the profits for business enterprises so that they would sustain more time period in
homogeneous market. Therefore generate more profit develops brand image so that more
new customers are attracted towards brand (Novak and Janeš, 2019).
Develops understanding of collaborative working practices
Collaboration refers to a framework of actions that represent working within company in
collaborative manner for attaining common goals and objectives. In a business firm, manager
develops teams for accomplishing company aims with mutual understanding. To become
successful within business industry collaboration working practices are very crucial because it
helps in solving issues and generate new ideas for earning profitable results. There are several
points of Collaborative working practices that are presented below with a background of Tesco
plc:
 Collaboration between Human resource and marketing- In terms of Tesco plc, To
effectively understand collaborative working practice company it is crucial to understand
the collaborative working between marketing and Human resource department. As
marketing department helps HR department in attracting number of candidate for vacant
position so that human resource manager can effectively hire suitable candidate for
particular job role. Hence this working in collaboration gives profitable result to Tesco
sustainability.
 Collaboration between finance and production department- In terms of Tesco,
collaboration between finance and production department is effective for developing
financial position (Shenkar and et. al., 2020). In this finance department provide proper
budget to production department to produce and developed goods and services
effectively. This helps business to gain profitable outcomes in effective and efficient
manner.
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Hence to effectively understand the collaboration working practices in Tesco Plc some benefits
are shown below:
 Collaborative working practices increases competences and knowledge so that they are
able to solve critical issues prominently within Tesco working place.
 Collaboration also useful to spur innovation so that firm attracts huge base of loyal
customers.
 It also effective within Tesco because it boost learning and skill sharing ability within
employees so that company objectives are attained on time (Jiang and et. al., 2019).
 Collaborative working practice in Tesco helps in align virtual teams and satisfy
employees towards working within company for more time period.
Knowledge of role of financial management and reporting within organisation
Reporting is a prominent term within business firm for generating profitable results.
Reporting is useful for business enterprises as it forecast budget and develops ability of decision
making so that company performance is to be improved due to which firm will sustain longer
time period in marketplace. Reporting mainly present in a document that shows data based on
particular area or task. Financial management is crucial for managing, controlling, monitoring
company resources in effective and efficient manner. In case of Tesco plc role of financial
management and reporting are presenting below:
 Financial planning- It is one of the main role of financial management where activities
related to finance are demonstrated. Financial manager of the Tesco plc is highly
responsible for financial activities and resources within organisation (Wang, Hua, Wu,
Zhao and Wang, 2019). In this financial manager use the available data to effectively
understand the needs and priorties of business firm and economic situation so that budget
and plans is to be developed effectively and efficiently.
 Capital management- it is another role under financial management where they estimate
the capital requirements of organisation on time basis along with examine capital
structure and composition so that source of funding for fulfilling capital needs are to be
done in appropriate manner that present profitable results within rival business industry.
 Assisting manager in the strategic decision making- This role is highly performed by
reporting manager where they focus on keep crucial data for fulfilling needs of business
entity on continuous basis. In case of Tesco plc reporting department is useful for
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performing activities in effective manner and keep all records in appropriate manner so
that future strategies are developed effectively that gives profitable results to business
enterprises. This aspect support in reducing expenses and increasing profits so that
working condition at workplace is maintained appropriately.
 Satisfy the interested parties- It is another role of reporting management within Tesco
plc where they work for satisfying the needs of parties involved that impact highly on
business operations (Marshall, Brouthers and Keig, 2020). These parties are creditors,
customers, shareholders etc. that are interested parties of company.
CONCLUSION
By above preceding information it is to be concluded that business studies is very concept
for an individual to understand so that they present themselves in business industry in prominent
manner. This particular report develops knowledge about role of finance, HR and marketing in
attaining goals and generate profitable results within competitive marketplace. These functions
are also useful in smooth functioning of operations that emphasis on attracting large base of
customers. This report also studied the collaboration of working practices within organisation as
it provides knowledge about retaining in business industry with good brand image. At last it
helps in elucidate role of financial management and reporting for receiving productive outcomes
effectively and efficiently.
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REFERENCES
Books and Journals
Engwall, L. and Wedlin, L., 2019. Business studies and management ideas. The Oxford
Handbook of Management Ideas, pp.159-76.
Jiang, W. and et. al., 2019. Customer orientation and success in introduction of new products: an
empirical study in an emerging economy. Journal of Business & Industrial Marketing.
Marshall, V.B., Brouthers, L.E. and Keig, D.L., 2020. RIMS: A new approach to measuring firm
internationalization. Journal of International Business Studies. 51(7). pp.1133-1141.
Mutalimov, V. and et. al., 2020. Methodology comprehensive assessment of the business
environment in the regions of Russia: introducing business environment into education
system. Journal of Entrepreneurship Education. 23(1), pp.1-14.
Nicolescu, L. and Nicolescu, C., 2019. Using PLS-SEM to build an employability confidence
model for higher education recipients in the field of business studies. Kybernetes.
Novak, R. and Janeš, A., 2019. Business process orientation in the Slovenian power
supply. Business process management journal.
Shenkar, O. and et. al., 2020. National culture and international business: A path
forward. Journal of International Business Studies, pp.1-18.
Wang, N., Hua, Y., Wu, G., Zhao, C. and Wang, Y., 2019. Reverse transfer of innovation and
subsidiary power: A moderated mediation model. Journal of Business Research. 103.
pp.328-337.
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