Roles of HR, Marketing, and Finance Functions within Tesco: A Report

This report provides a comprehensive overview of the business functions within Tesco, a multinational retail company. It explores the roles of Human Resources (HR), marketing, and finance departments. The HR section discusses employee management, motivation, recruitment, and strategy implementation. The marketing section focuses on promotional activities, customer satisfaction, brand management, and digital marketing strategies. The finance section covers budgeting, financial reporting, and financial decision-making. The report also examines the collaborative working practices between HR and finance, highlighting their interdependence in achieving organizational goals. Furthermore, it delves into the role of financial management and reporting within Tesco, including financial decision-making, capital management, cash flow management, risk management, and investment opportunities. The report concludes by emphasizing the importance of these functions in driving business growth and brand value. References are included to support the analysis.

Introduction To
Business Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO1: Roles of HR, Marketing, Finance functions within Tesco................................................1
LO2: Collaborative working practices of Human Resource and Finance...................................2
LO4: Role of financial management and reporting within Tesco...............................................3
CONCLUSION................................................................................................................................5
References:.......................................................................................................................................5

INTRODUCTION
Business studies is a subject of business practices and study of management of respective
to manage the corporate productivity and profitability, which execute specific productive and
creative goals, commonly to make profits. The below report is based on Tesco, it is British
multinational general and groceries merchandise retailer based in Welwyn Garden city in
England and founded in 1919. company has various markets such as super market, hyper market,
super stores and convenience shop. Since 1960 Tesco add various category like; toys, furniture,
electronics, software, internet services, clothing, books and etc. the below report include,
various roles of HR, marketing, Finance functions in Tesco. Collaborative working practices of
HR and finance. The role of financial management and reporting with in Tesco (JIANG WU and
ZHU, 2018).
MAIN BODY
LO1: Roles of HR, Marketing, Finance functions within Tesco
Role of HR: In organisation hr has important role in success of business. In Tesco
company HR manage the all work related to employees and allot task. They motivate to each
employees for improve in their performance. HR make the strategies and implement in work.
They set the time of achieving goals. Tesco has various outlets in different locations, they make
plans and make changes according to the trends in market in different cities or countries. They
recruit the skilled and talented people for better performance and evaluate the performance in
positive manner. HR function provide resources to employees for better growth and increasing
the techniques ideas. This function provide the compensations and benefits such as relaxation in
tax, provide some allowance and etc.
Role of marketing: Marketing is important for increasing productivity and growth of
business. In marketing include the promotional activities, advertisement and etc. In tesco context
they promote their products and services through traditional marketing as well as modern
marketing. Their promotional activities are very strong and they provide best quality products
and services to customers and their main motive is customer satisfaction. Company provide
training to employees according the customers needs and wants (Peng, 2018). they explaining
and managing the brand, in this they interact with dealers and suppliers in different locations
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where Tesco company provide their products. They conduct the marketing campaigns to
promotes the product and reach out maximum customers. Company produce promotional
materials and marketing materials. They create content according to the different social media
and digital platforms (Awadari and Kanwal, 2019).
Role of Finance: It is important for forecasting and budgeting in organisation. In tesco
company finance function works very well, they make budgets of products and services cost
according to the customer's affordability and value of product. This function provide products at
low cost with best quality. They take feedbacks and surveys from customers after they getting
outputs they make plans accordingly and they provide extra benefits and rewards in terms of
monetary to every employees on the basis of their performance (Xinyun, 2018). they provide
financial information that other functions in business require to run efficiently and effectively to
support the organisation decision making and planning of activities. This function manage the
payroll, automation and claims processing. Financial function maintain the tax activities and
project budgets.
LO2: Collaborative working practices of Human Resource and Finance
Human resource and Finance function both are important for organisation in their
performance and forecasting. In context of Tesco, HR and Finance function both are depend on
each other like Human resource function make strategies and implements in plans on other hand
finance function set the budget of material and products cost. In company HR provide extra
benefits and reward to employees in terms of financially so finance function provide monetary
rewards and benefits to each workforce. For every activities HR makes plans and finance
function provide budgets. In salary terms HR fix the salary according to the skills of employees
and Finance function provide salary on monthly basis. Both have huge role in company for
increasing productivity and profitability of business. Both functions are helps in increasing
growth and improve performance of employees (Rosnizam, Kee, Akhir, Shahqira, Yusoff,
Budiman and Alajmi, 2020). finance function balance between revenue and cost and HR
function hire and motivate the workforce to the better development or for the common goals. For
finance and human resource particular measure to know would be cost to hire, compensation,
labour laws and benefits. It also play huge role in understanding the planning of workforce.
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Both have strong relationship in business success of Tesco company , because both
business functions have common goals. There are some points cover under practices of HR and
finance:
 Dynamics of the HR and Finance relationship: In Tesco company employees are
create the value and provide the positive outputs to organisation. HR has responsibility
to support the every employees, it helps in reduce competition in market and increase the
profitability this directly helps to finance function in growth in monetary terms in the
organisation. It is important to show the results of task but generally company measured
the result in financial terms , not in terms of health of employees.
 HR and Finance need to depend on one other for company success: In organisation
strategies require some resources for implementing and it is HR responsibility to use
resources with zero wastage and make sure company has resources with the correct skills
and ability in correct positions. To achieve the goals Hr is depend on Finance function
like new hiring activities, Budget and plan training program to improve the business
growth (Evans and Mason, 2018).
 Metrics which show the same language: Both functions are using different tool and
techniques to measure the performance , HR measure the basic performance and not in
terms of numerical but Finance function measure the performance through various tools
such as different analysis, ratio analysis, profit and loss analysis, they prepare balance
sheet and etc. these tools are provide right results of task and show the growth in term of
finance or profitability.
 The level of employees reporting according to the organisation needs: It is important
part to reporting the higher level for each and every task and performance. Both the
functions are report the higher level, HR report regarding the employees related work and
their performance. Finance function report the top level management regarding the
outputs of analysis and monetary terms results (Fernie and Sparks, 2018).
LO4: Role of financial management and reporting within Tesco.
Financial management has important role in organisation for future planning and set
budgets of strategies. In Tesco company , they have various stores with different category of
products so financial management make strategies according to the market trends and location of
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outlets and set budgets according to the product value and in which country they Tesco selling
their products. They provide extra benefits and rewards in monetary terms to employees for
improve their performance and motivate them. In current scenario the market trends change very
fast and there is available various new technology and techniques , this management invest in
technology so they can manage the work easily (Sparks, 2019). other some roles are;
 Financial decision and controls: In Tesco company financial managers are play an
important role such as making decisions related to the financial and exercising control
extra expenses in organisation, industry use various tools and techniques such as ratio
analysis, profit and loss analysis and etc.
 Capital management: In this company, it is financial manger's responsibility to estimate
the requirement of capital of company on regular basis. They find out the composition
and capital structure and make the select of origin of funding of the need in capital.
 Cash flow management: It is must for an business to have enough cash flow and
working capital to afford their operational expenses and critical situations. This
management track the account receivable and payable to secure the enough cash flow
available at all time on business.
 Risk management: In Tesco company, financial management prepare the company to
forecast the risk in business, put in place of step-down plans as well as to meet
unexpected emergencies and risk effectively.
 Utilization and resources of financial management: In Tesco company, managers are
ensure to the organisation to use the resources in effective and efficient manner, so
company increasing the profitability and achieve growth in long terms.
 Financial reporting: In Tesco company, they maintain the important report related to the
finance in organisation and utilize this as the database for planning and forecasting
activities in financial terms.
 Financial planning: In Tesco company, the finance managers are are responsible for all
plan the financial activities and resources in the company. They use the data to know the
priorities and needs of industry as well as the total economic condition and make budgets
and plans at the same time.
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 Investment opportunities: In Tesco company , the financial report provide the
opportunity to invest the right framework and at right time of period. After analysis the
status of financial activities (Jonah, 2018).
 Bookkeeping and accounting: In company it is important to observe the essential
records and details of debited amount and credited amount in business.
CONCLUSION
It is concluded of above report, every organisation needs growth and brand value.
Business practices helps in analyse the market and various functions within organisation. There
are various functions such as HR, marketing and finance all are helps in improve employee's
performance, increase promotional activities and make budgets or forecasting of strategies and
plans. In every organisation there are different departments and financial management manage
the all work related to the monetary terms, it helps in providing better direction in growth of
profitability of business.
References:
Awadari, A.C. and Kanwal, S., 2019. Employee participation in organizational change: A case of
Tesco PLC. International Journal of Financial, Accounting, and Management, 1(2),
pp.91-99.
Evans, B. and Mason, R., 2018. The lean supply chain: managing the challenge at Tesco. Kogan
Page Publishers.
Fernie, J. and Sparks, L. eds., 2018. Logistics and retail management: emerging issues and new
challenges in the retail supply chain. Kogan page publishers.
JIANG, Q.W., WU, Y.S. and ZHU, B.Q., 2018. Construction of Logistics Distribution
Performance Evaluation System——Take Nanjing Suning Tesco as an
Example. Logistics Engineering and Management, (2), p.20.
Jonah, U.I., 2018. The Influence of Transaction Costs on the Business Performances of Tesco
Supermarket. International Journal of Business and Social Science, 9(5).
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Peng, S., 2018, November. The Status and Countermeasures of Rural E-commerce in Shandong
Province Based on SWOT Analysis. In 2018 International Conference on Economy,
Management and Entrepreneurship (ICOEME 2018) (pp. 197-199). Atlantis Press.
Rosnizam, M.R.A.B., Kee, D.M.H., Akhir, M.E.H.B.M., Shahqira, M., Yusoff, M.A.H.B.M.,
Budiman, R.S. and Alajmi, A.M., 2020. Market Opportunities and Challenges: A Case
Study of Tesco. Journal of the community development in Asia, 3(2), pp.18-27.
Sparks, L., 2019. Tesco: how supply chain strategy supports retail success. The Business &
Management Collection.
Xinyun, T., 2018, December. A Multimodal Critical Analysis in Business Discourse: the Case of
the Corporate Annual Report of Tesco. In 5th International Conference on Education,
Language, Art and Inter-cultural Communication (ICELAIC 2018). Atlantis Press.
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