FY021: Introduction to Business Studies Report on Morrisons

This report provides an executive summary of business studies, focusing on the operations of Morrisons. It begins by outlining the roles and importance of various departments such as marketing, finance, and human resources, emphasizing the need for departmental coordination. The report then discusses the significance of teamwork in achieving business objectives, highlighting its role in fostering unity, promoting synergy, and increasing efficiency. Financial management is explored, emphasizing its importance in financial planning, investment analysis, and reporting. The report also covers the purpose of financial reporting, including profit and loss accounts and balance sheets. The conclusion reinforces the necessity of effective management across all departments for business success.

INTRODUCTION TO
BUSINESS STUDIES

EXECUTIVE SUMMARY
Business includes many different activities and departments which leads to the success or the
failure of the business. Thus, it is very necessary for the companies to be successful and for this
they have to maintain a coordination among all the different department of the company. This
includes many different departments which are like marketing, finance, human resource and
many others. the present report has discussed the role and importance of different department of
Morrisons. Further, it had a discussion on the team work and its importance for Morrison in
accomplishing the business objectives. Next it has highlighted the importance of financial
management that is the ability of the company in managing the finance of the company. This is
necessary because finance is the only resource which is behind the working of the company. In
the end the reporting of data relating to the company in form of profit and loss and balance sheet.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role and importance of different department.........................................................................3
Teamwork and importance of it.............................................................................................4
Financial management and its importance.............................................................................5
Reporting and its purpose.......................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The business studies include all the activities which are undertaken in order to complete
or accomplish the goals of the business. This includes many different types of departments and
activities which work in coordination in order to accomplish the business objectives (Botosan,
2019). The present study is based on the Morrisons which is a chain of supermarkets
headquartered in Bradford, UK. The report will start by identifying the role and importance of
different department of the company. Further the teamwork and its importance will be outlined
along with financial management and its importance. In the end the purpose of reporting will be
highlighted.
MAIN BODY
Role and importance of different department
The business comprises of many different types of departments which makes an
organization complete. For a company to be successful it is very necessary that all these
department need to work in coordinated manner so that the objectives of the business are
ascertained in expected manner. The different department of Morrisons are discussed in the
following points connected below-
Marketing department- this is an important department of the company as it deals with
the promotion of the goods and services within the market. The major role of marketing
department is to promote the goods and services to the consumers in such a way that it attracts
more of the consumers (Kerin and Hartley, 2015). This department is important because if this
department will not work accordingly then the efficiency of the company will decrease. This
department is responsible for identifying of the prospective consumers and targeting them for the
marketing of the products and services for them.
Finance department- this is the most important department of the company. This is
majorly because of the fact that this department deals with money and without money no work
can be done in the business. The role of finance department is to manage the money and its flow
so that the Morrison is able to manage all its transactions in better way. This department is
important due to the reason that this is the only department which allocates money to all the
other department for their functioning (Foley and Manova, 2015). This is the department which
is important because of the reason that this department is also dealing with the calculation of the
profit or the loss incurred by the company.

Human resource department- this is also a crucial department for the company as it
deals with the human resource of the company. The role of this department is to recruit and
select the employee, provide them with training and development and all the other activities
related with the management of human within the company (Brewster and Söderström, 2017).
This department is important for Morrison because this department takes care of the employee
since they enter the company till the time they leave the company. Thus, this department
includes many different types of functions like recruitment, selection, training, development,
placement and orientation, performance appraisal and many other activities.
Teamwork and importance of it
Teamwork is defined as the collaborative effort of the company and its various
department in direction of the achievement of the goals of the business. The business comprises
of many different departments and hence it is essential for the company to manage the
coordination among all the department and foster the team work (Ghaferi and Dimick, 2016).
This is important because of the reason that if these department do not work in coordination then
there will be much clash in the working and will result in conflicts and decreased efficiency.
Hence, it is very important for Morrison to foster teamwork at its company. The importance of
teamwork is illustrated in the following points connected below-
The major reason behind teamwork to be important for the company is that teamwork
brings in unity in the working of all the departments of the company. This unity is important
because this will ensure that all the department are working in the same direction.
Another importance of teamwork is that teamwork promotes workplace synergy. This is
mainly because of the reason that with teamwork there is cooperation among all the departments
and this leads to employees working in more coordinated and compound manner.
Another importance of teamwork within Morison is that this fosters the overall efficiency
of the company and their working. This includes the increment in the working capacity of the
employees as all the employees work in coordinated manner.
For example, marketing and human resource department of Morrison work in interrelated
manner. This is because of the fact that if there is need of employees in the marketing department
then they ask human resource to fill the position (Chandrashekar and Mohan, 2019). Now if
there is teamwork and coordination among both the department then work will be done in
effective manner.

For instance, the finance and research department there needs to be teamwork. It is so
because of the reason that the research department need to have funds from the finance
department for doing the work of research and development (5 important reason why teamwork
matters, 2017). Now if there will not be teamwork then the research department will not clearly
state their financial requirement to the finance department and hence, it will not be fulfilled.
Financial management and its importance
Financial management is defined as the planning and organizing of all the financial
activities which are related to the finance and its procurement and utilization within the
company. The financial management mainly focuses on the analysing the requirement of the
finance and the ways in which the finance is allocated to the other department of the company. It
is very important for Morrison to manage all the financial sources and requirement of the
company. Thus, the importance of financial management for Morrison are discussed in the
following points connected below-
The first and foremost importance of the financial management for Morrison is that this
helps the company in assisting in financial planning (Ogiela, 2015). The financial planning helps
the company in pre plan all the requirement of the money and the how to allocate the money.
Another importance of financial management for the Morrison is to identify the various
options of the alternatives where the money can be invested. The financial management help the
company in analysing all the various alternative of different options and then to select the best
suited alternative.
One more importance of the financial management for success of Morrison is providing
of information with help of reporting system (Shapiro and Hanouna, 2019). This is necessary
because of the reason that all the information is assessed and after that the profit or the loss is
calculated and then it is communicated with the other people interested.
Reporting and its purpose
Reporting is a way of communicating all the information relating to the topic to the
members interested in the information. This reporting is generally in terms of financial data
which is communicated to all the stakeholders of the company. The major purpose of reporting is
to communicate the necessary information to all the interested parties and to take the necessary
measures. There are many different types of reporting which can be used by Morrison and are
discussed in the following points connected below-

Profits and loss account- this is a statement or the report which outlines either the profits
or the loss incurred by the company in a financial year (Reid and Myddelton, 2017). This is very
necessary for Morrison to make profit and loss account for analysing its performance for the
whole year. In the profit and loss account of Morrison in one side of account there are all the
expenses listed and in other side all the sources of income are outlined. Then after the expenses
are deducted from the income and if it is positive then profit is earned and if negative then loss.
Balance sheet- this is another sort of reporting which outlines the assets of the company
and the liabilities of the company in form of an account. Morrison also prepares the balance
sheet to know the financial position of the company that is how sound is the company financially
(Rule, 2015). On one side of the balance sheet of Morrison is the list of liabilities which
company needs to pay off and the other side of balance sheet all the assets are listed.
CONCLUSION
By summing up it is concluded that the management of the business and all its
department is very necessary for the successfulness of the company. form the above report it was
concluded that there are many different departments within the company and they need to
manage work in coordination to be successful. In the report the discussion was done on the
different department and their roles in company like marketing, human resource and many
others.
Further, the discussion was lead on the teamwork and its importance and it was outlined
that teamwork is very necessary. Next the financial management and its importance was
discussed like it assist in financial planning, assessment of various alternatives and many other
was discussed. In the end the reporting and the purpose of reporting was discussed and different
reporting used by company like profit and loss and balance sheet.

REFERENCES
Books and Journals
Botosan, C.A., 2019. Pathway to an Integrated Conceptual Framework for Financial
Reporting. The Accounting Review. 94(4). pp.421-436.
Brewster, C. and Söderström, M., 2017. Human resources and line management 1. In Policy and
practice in European human resource management (pp. 51-67). Routledge.
Chandrashekar, A. and Mohan, J., 2019. Preparing for the National Health Service: the
importance of teamwork training in the United Kingdom medical school
curriculum. Advances in medical education and practice. 10. p.679.
Foley, C.F. and Manova, K., 2015. International trade, multinational activity, and corporate
finance. Economics. 7(1). pp.119-146.
Ghaferi, A.A. and Dimick, J.B., 2016. Importance of teamwork, communication and culture on
failure‐to‐rescue in the elderly. British Journal of Surgery. 103(2). pp.e47-e51.
Kerin, R. and Hartley, S., 2015. Marketing: the core. McGraw-Hill.
Ogiela, L., 2015. Intelligent techniques for secure financial management in cloud
computing. Electronic commerce research and applications. 14(6). pp.456-464.
Reid, W. and Myddelton, D.R., 2017. Profit and loss account and balance sheet. In The Meaning
of Company Accounts (pp. 14-14). Routledge.
Rule, G., 2015. Understanding the central bank balance sheet. Handbooks.
Shapiro, A.C. and Hanouna, P., 2019. Multinational financial management. Wiley.
Online
5 important reason why teamwork matters. 2017. [Online]. Available through: <
https://www.potential.com/articles/5-important-reasons-why-teamwork-matters/>