Introduction to Business Studies Report on Morrisons

This report provides an introduction to business studies, focusing on the organizational functions of Morrisons, a major supermarket chain. The main body of the report assesses the roles of human resources, marketing, and finance within the company, highlighting their importance in achieving organiz...Read More

INTRODUCTION TO
BUSINESS STUDIES

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
Role of Human resource, Marketing and Finance ......................................................................3
LO 2 ................................................................................................................................................4
Collaborative working practices .................................................................................................4
LO 4.................................................................................................................................................5
Role of financial management and reporting in organisation .....................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Business and management refers to disciplines which are being devoted to analyse,
organise and planning various types of operations of the business. Business studies refers to the
learning of skills that are directly related with the effective management and running of the
business. Morrisons is fourth largest chain of supermarket which provides wide variety of
products and services such as food, clothing etc. Present report will assess various role of
organisational function, how to work in team and role of financial management and reporting in
the company.
MAIN BODY
LO 1
Role of Human resource, Marketing and Finance
The basic role of human resource in the company is to recruit and select the talented
staff and employees and placing them in the right job according to individual skills and talents
which will helps the company in achieving the common desired goals of the company where by
the human resource department can account to fulfil the vacancy in the company by external
recruitment which is being searching from large pool of candidate and by the means of internal
recruitment which is being from the existing employees (Nieves, Quintana, 2018). The next is
related with providing effective training and development activities which helps in increasing
efficiency of there work. Human resource also account to functions such as performance
management which accounts to evaluating the performance of employees which leads to there
fair compensation and rewards. The role of Human resource is also related with the proper job
design and job analysis in Morrisons (Fenech, Baguant, Ivanov, 019).
The role or function of marketing is to make goods and services available to the large
customer base by using techniques of marketing that helps in promotion of goods and services
and at the same time helps in attracting customer to buy the products and services. The basic role
of marketing is to identify the needs and wants of its potential customers and delivering products
and services in a manner that helps in satisfying the same and helps in generation of customer

loyalty and trust which helps to spread positive word of mouth. The role also speaks about how
the company products and services are being beneficial in terms with its competitors and letting
customers to know what value they can derive from the same (Fuentes-Blasco, 2017). It is being
also related with providing after sales customer support services which relates with solving any
queries which can come up for customers when they start using company products and services.
Role of finance function in an organisation is to allocate budgets to each activities to
support business operations are being managed effectively. It is being also related with managing
various funds which ensures that company not account to situation where it does not have any
monetary support to run its business. It is being also related with the company to know what are
its cash inflows and outflows that helps in assessing where the company is standing in terms of
its liquidity (Shrivastava, 2019). It major role is to decide upon where the investment can be
made by the company which will be highly profitable and helps in getting good return on
investments. It also relates with the role of knowing various things where the company can
accounts to raise funds at low interest rate and which helps in ensuring various business
operation and goals of the business are being meet effectively.
LO 2
Collaborative working practices
Collaborative working is also known as team working which relates with the
accomplishment of task with the helps of group of employees who are driven with focus,
commitment and dedication to get things done with productivity and helps the company to
achieve common desired goals. It can also be referred as collaborative efforts of group of
employees to achieve goal and do the task in effective ad efficient manner and helps the
company to get high support in challenging environment and various business dynamics.
It is highly important and useful as it leads to providing fresh ideas from various
employees that helps in solution of problem with innovative and creative means and accounts to
enhanced decision making which helps the company in getting competitive edge over the
competition and winning in the marketplace. It accounts to distribution of work as a result leads
to operational efficiency and account to a culture which is being fun loving and with minimum
and no stress which enhances the productivity of the individual and helps in deriving satisfaction
to employees and ensures fruitful association with the company which also helps the company in
retention of employees who are being highly valuable to the company. It helps on the part of

employees to assess there own strengths and weaknesses that account to improvement in
comparison to what there team mates are up to which helps in boosting up of there morale and
confidence to learn new things and which helps them in proving out there worth that why the
company has hired them and what value add it helps in generating to the same (Bell, 2018).
It helps the company in a manner to account to taking high risks where as apart of good
team it helps employees to be more secure and confident to take risks. When employees work
with effective teams they know they have understanding of various solution to the problems and
also helps to think out of the box and come up with solution that are being highly beneficial and
support effective decision making process. Collaborative working is not just about team
members to work better and derive results out of it is also encompassing and related with the
engagement to various stakeholders involved in team which helps in building relationship and
trust which is being fruitful in nature, where having the right thinking and mentality towards the
working in a team helps in bringing with potential synergies with various other departments,
customer, suppliers and other parties involved in the business operation of the company,
Collaborative working practice also accounts to greater geographical spread whereby with great
technology advancement it helps to unite team members working all across the world and
ensures coordination (Driskell, Salas, Driskell, 2018),
LO 4
Role of financial management and reporting in organisation
Financial management is very important activity of the company where by it can be
referred as process of planning, controlling, organising and monitoring of resources that are
being financial in nature which are focused with the view of achieving goals of the company.
Financial management can also be defined as function or area in the company which is being
concerned with the expenses, income, profitability, cash-flows, credits and various others. There
are various role of financial management where the finance manager in Morrison is being
responsible for estimation of capital requirements which depends upon the estimated costs,
future programmes, profits and policies of concern. It is being also related with determination of
capital composition which involves short term and long term debt and equity analysis. It relates
with the choices of raising funds from which can be by issues of debentures and shares, loans
being raised from financial institution and banks (Loke, 2017). The next role is related with the
investment in profitable businesses which ensure good return and safety on the same to account

to smooth flow of business operation. The role of financial management is also accounted with
the disposal of various surplus which can be in the form of dividend declaration to various
shareholders and accounting to retained earnings which is being as a part of saving from the
profits of the company to meet with any future contingencies, innovation at workplace, which
can also be in relation with diversification of operation of the company and various others. The
role of financial management also accounts with management of cash which relates to outflows
and inflows where the finance manager has to make decision in regards with the cash
management where it is being required for many purposes such as payment of salaries and
wages, payment to various creditors, accounting to various bills payment, meeting with the
current liabilities, purchase of raw material, maintenance of stock and various others. The role is
not subject to planning, procuring ad utilising the funds but is being also considered with various
control over the finances which can be through many techniques such as analysis of various
ratios, profit and cost control, financial forecasting and various others (Shapiro, Hanouna, 2019).
Financial reporting is the financial results of the company that are being released to
various stakeholders and public where it typically encompasses the following document such as
income statement, cash flows statement and balance sheet. Its role is it helps in providing various
information in relation with the finance that helps investors, analysts and creditors to evaluate
company financial performance and accounts to helps the management to communicate past
success and various future expectation of the company.
CONCLUSION
From the above report it is being understood that there are various organisational function
which accounts to various role which helps in achievement of organisational goals and desired
target. The above report also analysed with various collaborative working practice and its
advantage and lastly briefed on role of financial management and financial reporting in the
company.

REFERENCES
Books and journals
Bell, S.T., and et,al., 2018. Team composition and the ABCs of teamwork. American
Psychologist. 73(4). p.349.
Driskell, J.E., Salas, E. and Driskell, T., 2018. Foundations of teamwork and
collaboration. American Psychologist. 73(4). p.334.
Fenech, R., Baguant, P. and Ivanov, D., 2019. The changing role of human resource management
in an era of digital transformation. Journal of Management Information and Decision
Sciences. 22(2). pp.1-10.
Fuentes-Blasco, M., and et.al., 2017. Role of marketing and technological innovation on store
equity, satisfaction and word-of-mouth in retailing. Journal of product & brand
management.
Loke, Y.J., 2017. The influence of socio-demographic and financial knowledge factors on
financial management practices of Malaysians. International Journal of Business and
Society, 18(1).
Nieves, J. and Quintana, A., 2018. Human resource practices and innovation in the hotel
industry: The mediating role of human capital. Tourism and Hospitality Research.18(1).
pp.72-83.
Shapiro, A.C. and Hanouna, P., 2019. Multinational financial management. John Wiley & Sons.
Shrivastava, P., and et.al., 2019. Finance and Management for the Anthropocene. Organization &
Environment.32(1). pp.26-40.
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