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Introduction To Business Studies

Introduction:

A well-constructed business operation is concerned with maintaining effective balance among the operation of different organisational units such as HR, marketing and finance. There are individualised roles of each organisation unit in any business. Here the report will demonstrate the roles of finance and marketing and HR department of Tesco Plc, the leading supermarket chain in the UK. The report is also going to depict how Tesco Plc maintains a collaborative work practice among the three above-mentioned organisational departments thereby maintaining their brand reputation and high standard performance. The report will discuss the importance that is associated with maintaining well-structured reporting system and the financial management in the selected company, Finally, the report will draw a suitable as well as relevant conclusion in terms of summarizing the main aspects of the entire discussion.

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LO1: Roles of finance, HR and marketing function within the organisation:

Each business has its different departmental units such as HR, marketing, finance, administration, customer relation and selling units. Being the leading supermarket and retail company of UK, Tesco Plc has a well-organised and systematic business structure I which the HR, marketing and finance units plays crucial roles managing effective balance among all the business operation within the organisation.

Roles of the HR function:

Human resource is the crucial organisational unit of any business that is mainly associated with fair and high-quality staffing and recruitment process in terms of developing a highly skilled and productive workforce (Maheshwar et al. 2017). Being a leading grocery retailer in the UK, Tesco Plc has a potential, highly skilled and smart HR team. The HR team of Tesco Plc plays an important role in holding its high brand reputation in the market by enhancing the performance standard and skill of the workforce. The HR managers of Tesco plc formulate and communicate organisational policies and procedures with the employees. HR team of Tesco is involved in the effective management of the organisational strategic plan. This company has highly skilled and efficient HR managers who are involved in the financial management of the company by cost cutting and reduce the annual spending of the company.

Here the HR team performs manifold function such as recruitment, establishing effective employee relation, conducting skill-development training for the staffs and administering the matter of compensation and benefits to the employees. Tesco plc has highly skilled and smart HR managers who play crucial roles in evaluating the position of the current resources of this company such as current staffs, required staffs, financial resources and organisational infrastructure. As stated by De Stefano et al. (2018) HR team of any organisation will not only deal with organisational resources but also will shape the organisation policies and strategies. In Tesco Plc, the HR managers reinforce the positive organisational values and ethical aspects in the stakeholders thereby enhancing the level of engagement to the organisational goals. For example, the HRM of Tesco Plc plays crucial roles in employee engagement and employee motivation to encourage them to work desperately for meeting the common goals of the organisation. In addition to this, the HR team of Tesco Plc also functions to shape the organisational strategies by making effective modification in them based on the changing market trend and customers demand.

Role of Finance:

Each company has a finance department that plays crucial roles in administrating and overhauling financial operation of that company, Tesco plc has highly efficient finance team that is involved in keeping a clear online record of the day-to-day financial operation, a regular transaction with national and international clients, audits and tracking of the expenses. The finance team of Tesco plc is actively involved in managing consistent cash flow within the organisation in terms of assuring that the company will not face any financial shortage in recent time. As mentioned by Wulf and Butel (2017), while managing the cash flow of any company, the finance team must ensure that the company uses the fund effectively by cutting additional expenses. Here the Tesco pc has highly professional finance team that ensures that there is the availability of fund to the company in terms of performing its day-to-day operation. Here the finance team of Tesco plc develops a highly realistic and appropriate budget and financial forecasting that not only assist the company to spend the justified amount of fund into different sectors but also help the marketers to be aware of the possible financial risks.

Marketing:

In the modern business world, the function of the marketing department of any organisation is inevitable (De Stefano et al. 2018). Tesco plc has a highly efficient and smart marketing unit that plays crucial roles in maintaining healthy and long-term relationship with its customers. The marketing managers of Tesco plc always come up with innovative as well as appropriate marketing and promotional strategy that can easily attract the customers towards its products. Tesco plc’s marketing team believes in promotion marketing segment, in which the marketing manager emphasizes on the online and offline promotion of products and services. Through advertising, products offerings, discounts, and promotional campaign, the marketing unit of this company plays crucial roles in not only enhancing the selling of the products and services but also informing the customers about newly launched products and services. Through conducting the publicity activities, the marketing managers of Tesco plc promote the brand values of this company. On the other hand, the marketing department of this company plays an active role in maintaining customers loyalty and customers retention strategies into practice.

LO2 Developing collaborative work practices:

Being a reputed and leading retail brand in the UK, Tesco plc believes in maintaining collaborative work practice within the organisation. As mentioned by Wulf and Butel (2017), collaboratives work is crucial for enhancing organisational productivity and crisis management ability of any business. The collaborative work practice of Tesco plc brings all the organisational units together to work synergistically in terms of meeting the common organisational goals. Through this process, the managers of all organisational units in the Tesco plc can maintain a continuous information and data sharing system in which the staffs of different organisational units can get the up-to-date information from the other deportment thereby can maintain compact and synergistic work process. Tesco plc also believes in promoting learning and skill development of the staffs by involving them in collaborative work practise in which they can share their skills, knowledge and work process. On the other hand, through maintaining collaborative work practices the managers of Tesco Plc are able to share the common channel of communication with different staffs and managers of different departments that enable to get all the updates regarding any announcement, discussion, meeting, event and news. As stated by Graça and Camarinha-Matos (2017), collaborative work environment sometimes creates disagreement, conflict and misconception among staffs that can hamper the organisation productivity. Organisational leaders and managers of the Tesco plc manage the collaborative work practice in such a way that assists the employees to maintain friendly relation among staffs by reinforcing the positive organisational values and ethical aspects inside them. The collaboratives workforce assist the company to boost the overall organisational morale of this business which makes it easier for the organisational leaders to hold the brand reputation of this company in the market. On the other hand, through maintaining effective collaboration among different organisational units the leaders of Tesco plc provide the positive and supportive work environment to each staff in which staff can work freely, which enhance the employee retention of this company.

LO4: Roles of the reporting and financial management in any organisation:

Financial management plays crucial roles in any business in terms of managing the fund, overall expenditure and cash flow of the organisation (De Man and Luvison, 2019). The leading grocery and merchandise retailer. Tesco plc has a well-constructed financial management framework. This company has highly skilled and knowledgeable financial staffs and managers who work mainly on enhancing the financial stability of the company by implementing effective financial management strategies. The financial management team of Tesco plc functions on raising the organisation funds by attracting FDI into this company. In addition to this, the financial managers of Tesco plc conduct thorough research on the current economic condition in the country and the current market trend which assist them to develop such budget that can cut the additional expenditure of this company. This company has highly smart and experienced financial management team that can understand the capital market thereby developing such financial market plans that assist the marketers of Tesco plc to deal with the sudden credit crunch.

Financial reporting is important for any organisation to manage the flawless financial statement of the company. Tesco pc has highly skilled and smart financial reporting team that keeps the records of all the financial transactions to evaluate and overhaul the entire financial report of the company. The reporting managers of Tesco plc analyse whether the balance sheet and the financial statement of this company are justified and flawless. Any error in the audit report of this company is immediately reported to the higher officials and authority by the financial reporting team. Then the errors are completely removed and the financial reports are again made by keeping the fair and transparent record. Through maintaining a flawless financial report, the financial reporting team of Tesco plc assists this company to become the topmost loyal and trustworthy brand.

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Conclusion:

From the overall discussion, it can be stated that HR, finance and marketing are the three important departments of any business that are interlinked to one another. Each department has its individualised responsibilities that are associated with common organisation goals. An organisation must maintain a collaborative workplace which can bring all the departments together to work toward the common organisational goals. Each business also has the financial management reporting unit that works in managing the financial matters and maintaining fair transaction within the organisation.

Reference list:

Bullinger, H.J., Neuhuttler, J., Nagele, R. and Woyke, I., 2017, July. Collaborative development of business models in smart service ecosystems. In 2017 Portland International Conference on Management of Engineering and Technology (PICMET) (pp. 1-9). IEEE.

de Man, A.P. and Luvison, D., 2019. Collaborative business models: Aligning and operationalizing alliances. Business Horizons, 62(4), pp.473-482.

De Stefano, F., Bagdadli, S. and Camuffo, A., 2018. The HR role in corporate social responsibility and sustainability: A boundary‐shifting literature review. Human Resource Management, 57(2), pp.549-566.

Graça, P. and Camarinha-Matos, L.M., 2017. Performance indicators for collaborative business ecosystems—Literature review and trends. Technological Forecasting and Social Change, 116, pp.237-255.

Jatmiko, B., Prawoto, N., Astuti, R.P., Sari, R.N. and Ardhi, K.F., 2019, November. Application of Government Accounting Standards, Financial Statements Reporting, and Accessibility of Regional Finance Against Accountability for Regional Financial Management (Survey of All SKPDs of Kulon Progo Regency Government). In 5th International Conference on Accounting and Finance (ICAF 2019) (pp. 6-12). Atlantis Press.

Maheshwari, V., Gunesh, P., Lodorfos, G. and Konstantopoulou, A., 2017. Exploring HR practitioners’ perspective on employer branding and its role in organisational attractiveness and talent management. International Journal of Organizational Analysis.

Okere, W., Eluyela, F.D., Bassey, I. and Ajetunmobi, O., 2018. Public sector accounting standards and quality of financial reporting: A case of Ogun state government administration in Nigeria. Business and Management Research Journal, 7(7), pp.76-81.

Olson, E.M., Slater, S.F., Hult, G.T.M. and Olson, K.M., 2018. The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, pp.62-73.

Pradabwong, J., Braziotis, C., Tannock, J.D. and Pawar, K.S., 2017. Business process management and supply chain collaboration: effects on performance and competitiveness. Supply Chain Management: An International Journal.

Redmayne, N.B. and Vašiček, V., 2021. Public sector reporting in different countries—challenges and opportunities.

Vilas-Boas, J., Mirnoori, V., Razy, A. and Silva, A., 2019, September. Outlining a new collaborative business model as a result of the green building information modelling impact in the AEC supply chain. In Working Conference on Virtual Enterprises (pp. 405-417). Springer, Cham.

Wulf, A. and Butel, L., 2017. Knowledge sharing and collaborative relationships in business ecosystems and networks. Industrial Management & Data Systems..

Zietlow, J., Hankin, J.A., Seidner, A. and O'Brien, T., 2018. Financial management for nonprofit organizations: policies and practices. John Wiley & Sons.

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