Influence of External Environment on Business

This assignment tasks you with analyzing the profound impact of the external environment on business strategy. You'll delve into how factors like technological advancements, economic fluctuations, political landscapes, social trends, and global competition shape a company's strategic decisions. The analysis should encompass various perspectives, including market research, industry trends, and real-world case studies.

Business and Business Environment
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TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
PART 1............................................................................................................................................4
a) PowerPoint presentation .........................................................................................................4
b)................................................................................................................................................13
P3 Organizational functions and how it is connected with business objectives and structures 13
M2 Manner in which business structure affected by web interrelationship among functions of
business .....................................................................................................................................14
c)................................................................................................................................................15
D1 Difference and complexities of two business in terms of structures...................................15
PART 2..........................................................................................................................................16
a)................................................................................................................................................16
P4 Positive and negative impacts of the macro environment....................................................16
P5 Carrying out internal and external analysis to determine core strengths and weaknesses...17
P6 Manner in which strengths and weakness are linked to external macro factors...................19
M3 and M4 Impact of macro environment on business decision making process....................20
b) ...............................................................................................................................................20
D2 Reflective statement ............................................................................................................20
CONCLUSION..............................................................................................................................22
REFERENCES .............................................................................................................................24
REFERENCES..............................................................................................................................26
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INTRODUCTION
Every Business cannot be conducted in vacuum thus role of environment is significant as
companies operate in an environment. Organizational environment is comprised of internal as
well as external factors which greatly extent affect the operations of the firm. In addition to this,
it also influences the company's stakeholders that include employees, customers etc. This also
includes external factors which can affect the business operations such as demand, supply as well
as regulations on whole (Giechaskiel and et. al., 2012). Moreover, business environment is
combined of customers needs this presents that organization needs to comply with their
requirements. In the present report, Harrods and Tesco have been taken into account. Harrods is
a private sector firm and it is the luxury department store which is engaged in offering greater
number of products and services to the individuals. In contrast to this, Tesco is a public limited
company which is British multinational grocery as well as general merchandise retailer. The
organization is the third largest retailer across the globe when measured in terms of profit.
Further, it is fifth largest when it is measured in terms of revenue across the globe (Hamilton and
Webster., 2015).
The present study entails to understand various organizational functions and manner in
which such are connected to objectives as well as structures of the firm. Along with this, it
includes differences as well as complexities among two businesses. The study includes positive
as well as negative impacts of macro environment on the organizational operations. Further, it
involves internal as well as external analysis for the purpose of determining strengths and
weaknesses
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PART 1
a) PowerPoint presentation
The purpose of the company is to become number one departmental store in world for
luxury branded merchandise, maintaining a new level of retail standards, expertise and
profitability through an aggregation of product, innovation and eccentricity. The company aims
to provide its customers a sophisticated and alluring retail experience that is not available
anywhere else. What sets Harrods apart is a commitment to exceed expectations.
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Companies like Tesco, which enjoys long term success are focused businesses. They have a core
vision which remains constant while its business strategies and practices regularly adapt to the
changing world. In an highly competitive global environment, without a clear purpose and
mission business will lack direction and will not be able to sustain. Tesco is a firm which is built
around customers and peers. Its vision guides the direction of the organisation and the strategic
decisions it makes.
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Basis of difference Harrods Tesco
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Nature Harrods is a private sector
organisation which performs its
operations for gaining profit. It
is not owned, controlled or
operated in any form by the
government or state.
Tesco is a public sector
organisation which is owned
operated by government. It
often provides services to
citizens regardless of person's
ability to pay. Same as
voluntary organisations, it do
not seek to generate profits.
Purpose The purpose of the company is
to be a number one
departmental store worldwide
for luxury branded
merchandise, maintaining a
new level of retail standards,
expertise and profitability
through a combination of
product, creation and
eccentricity.
The core purpose of the
company is to serve Britain's
shoppers a little better
everyday. It was built with a
simple mission i.e. to be the
champion for customers and
help them to enjoy a better
quality of life and an easy way
of living.
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Size The store occupies a 5 acre
site and has over one
million square feet of
selling space in over 330
departments making its the
largest department store in
Europe.
Tesco metro stores are
sized between Tesco
superstores and Tesco
Express stores, with stores
averaging 1,000 square
meters(11,000square feet)
Scope Harrods may expand its
brand presence in the
coming future. The
company is finding new
sites in New York,
London as well as other
premier cities for much
awaited Harrods hotel.
It is concerned with the
overall purpose and scope
of the business to fulfil
stakeholder expectations.
Tesco's business strategy
is to expand overseas,
maintain a strong UK
business and expand into
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non food merchandise.
Tesco's growth over the last two or three decades has involved a transformation in its
strategy and image. Tesco metro stores are sized between Tesco superstores and Tesco Express
stores, with stores averaging 1,000 square meters(11,000square feet). They are majorly situated
in city centres beside train stations, the inner city and on the high streets of towns. The
organisational structure is highly hierarchical reflecting the large size of business. Even in store
level, there are four layer of management in some of the large stores. However, it has to noted
that this structure is not rigid for all stores of Tesco and some of them operate with a slenderly
different structure depending on their location, size and range of other store specific factors. In
the hierarchical organisational structure, positions and obligations are divided into many parts to
assure efficiency and smoothness in work. Top managers and executives have the maximum
responsibilities and authority. Tesco's business strategy is to expand overseas, maintain a strong
UK business and expand into non food merchandise. The products and services offered by Tesco
includes food products, non food items, groceries, clothing, home living range, life insurance, pet
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insurance, home insurance, travel insurance, motor insurance, saving account, personal loans,
secure investment bonds, online mortgage finder etc.
The store covers a 5 acre site and has over one million square feet of selling space in over
330 departments making its the largest department store in Europe. This firm also follows
hierarchical organisational structure where power and responsibilities are clearly given to
individuals according to their standing or position in the hierarchy. Under this structure, the
employees ate ranked at different levels within the company, each level is one above the other.
At each stage in the chain, one employee has a number of workers directly under him within
their span of control. It gives benefits of clearly defined job functions, promotions, smooth flow
of communication to the cited firm. Harrods may extend its brand presence in the nearest future.
The firm is finding new sites in New York, London as well as other prime cities for much
awaited Harrods hotel. The company offers products such as luxury handbags, stylish totes,
trendy clutch bags, luxury women wear, beauty essentials, skin care products, shoes, clothing for
men, children, infants, electronics, jewellery, sporting gear, bridal trousseau, pets and pet
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accessories, toys, food and drinks, packaged gifts, stationery, furniture banking services,
restaurants, beauty spa and salon, barber shop, financial services, private events planning and
catering, food delivery etc.
Both the companies are very different in their nature, scope and size but there are many things
which links both of them. The industry in which they operates is similar i.e. the retail industry.
Both offer almost same products except some of them. The organizational structure followed by
both the companies are same which connects both of them.
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b)
P3 Organizational functions and how it is connected with business objectives and structures
The companies such as Harrods possess various strategic objectives. This includes
increase in profitability and enhancing awareness about the brand in the market. Further, it
includes reducing the total cost of the production. Along with this, it has major strategic
objective to increase the market share through customer focused approach. In these businesses,
to conquer higher goals as well as target it is important to lay emphasis on structure and
functions of the business. Every firm is categorized into varied number of departments. This
includes marketing, finance, production, human resource management as well as technical.
Every department contributes equally and has greater impact on attainment of the business
targets to a greater extent (Joardar, Kostova and Wu, 2014). The function within the firm are
categorized into various parts and in accordance with such the departments are allocated like
production, marketing, finance, human resource and technical. The major reason beside
assignment of all departments is towards enhancing the profitability of the firm by providing
equal contribution. This demonstrates that different function of the business are interrelated and
thus it assist in attainment of business objectives to a greater extent.
The structure of the firm demonstrates procedure as well as allocation of the work which
is offered to every personnel within the organization. As Harrods is luxury departmental store
thus it is required to lay emphasis upon productivity as well as marketing strategies to develop
relationship with the customers. It performs functions on the basis of functional structure of the
business. It works with the combination of equal coordination as well as supervision without any
kind of differences in the work division between the personnel (Klapper and Parker, 2011).
Further, the tasks are allocated to the lines of authorities which come within the hierarchy of the
business structure. The lack of proper functioning even at the smallest personnel group within
the firm can result in causing greater impact on the status of the firm. Maslow has proposed the
tool that is being referred to as hierarchy of the need. This can be used in an effective manner for
meeting the goals of the personnel.
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M2 Manner in which business structure affected by web interrelationship among functions of
business
Harrods is considered as one the largest luxury departmental store that is offering its
product as well as services across the globe. The organization possesses the mission which lay
emphasis on attainment of outcomes in the most effective manner. The main mission of the firm
demonstrates that it desires to become market leader in the retail sector and enhance the
experience of the customers to a greater extent. It is ensured by the corporation that its
stakeholders possess complete knowledge about mission statement so that firm can attain
predetermined targets with effectiveness (Lenza, Pill and Reichlin, 2010). In order to achieve
such objectives, the business is involved in making innovation within its services. It has adopted
differentiation strategy in accordance with which the firm base its function towards bringing
innovation as well as creativity in the services. The organization has developed its personnel in
this relation so that they are being promoted towards bringing improvement in quality of the
product as well as services. For the sake of bringing enhancement in the bottom line structure the
stated firm has adopted the strategy which lay emphasis towards attainment of cost optimization
within the business functions. In order to make execution of the particular strategy in an effective
way the firm is required to make development in its IT field, concentrated strategies etc. The
luxury departmental store is also engaged in developing group strategy that can assist in gaining
insight towards requirements of the customers. Besides the above mentioned functions, the firm
utilizes the tool for development of personnel's skills and qualities. They need to offer them
suitable training as well as make effective towards tackling the problems of target market. The
firm's managerial level is developed effective through promoting them so that they being
proactive within their attitude (Gitman and McDaniel, 2008). The attitude acts as an aid in
carrying out suitable forecast in relation to the marketing strategies. Further, the managers are
required to engage bottom line employees in the process of decision making. This needs to be
accordance with the personnel. This facilitates in reducing the amount of conflicts that takes
place at workplace. The main objective of the firm is to attain satisfaction in the customers. This
can be gained through development of employees in terms of creativity as well as motivating
them. The organization's HR department hires the personnel who possess greater experience and
possess full zeal and enthusiasm towards carrying out the work in an effective manner. Harrods
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uses the sponsorship strategy to devise as well as increase its services in new fields. The business
name is recognized local brand as well as it performs finance all the marketing as well as other
associated functions. This is being assessed that once the brand is successful in specific area then
the organization can develop its own brand name. Such type of innovative strategy of the
organization assists in increasing customer base in several parts across the globe (Giudice,
Kuenzel and Springbett, 2011).
The major advantage of such strategy for the stated firm is that it can become market
leader within UK and through this it can attain greater market share. Therefore, its main mission
is accomplished to a significant level. Harrods accomplish its targets through outsourcing the
personnel so that the work of the firm can be managed and goals can be attained. Such
outsourcing has made the organization over dependent on the business as it is making use of
outsourcing. It is important that needs has to be dependent on the personnel, as they are being
hired from such firms which sometimes leads to enhancing the operational costs (Hamilton and
Webster. 2015). The major disadvantage is that such results in increasing the cost of the firm.
c)
D1 Difference and complexities of two business in terms of structures
The structure of the firm that is Harrods is Flat which presents that the way in which the
personnel are managing as well as assigning the work does not include several layers. In contrast
to this a Tesco adopts highly complex as well as large structure. The main advantage of structure
that is adopted by Harrods is in procedure of decision making in the internal system that is to a
greater extent is instant as well as quick. This leads to determination of all the errors as well as
disruptions emerging in the system to a greater extent. In contrast to this because of existence of
various layers within the hierarchy suitable decision making can be done as all the decisions are
being passed by means of various checks (Hult, Hurley and Knight, 2004). However the
complexity level within the Tesco is greater in comparison with Harrods. This is because each
procedures takes greater amount of time and also involves poor system of communication in the
firm. Entire function within Harrods as well as Tesco possess the features such as inter linked.
For example, the finance department makes preparation of the budget for each as well as every
function in the the organization. Thus after issuance of the budget by the finance department the
assignment of budget is being done for each function. Further with this the process of planning
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can be carried out. Based upon the budget assigned human resource department needs to make
development of strategy in relation to recruitment of new personnel in order to improve the
functioning of the firm. In case the department of HR carries out function with effectiveness then
only other department would conduct the operations with effectiveness. Thus it can be stated that
all the functions in the firm are inter-connected with one another (Jones, Hillier and Comfort,
2007).
PART 2
a)
P4 Positive and negative impacts of the macro environment
Macro environment is regarded as external factors that uncontrollable that has greater
impact on the business operations. It is comprised of political, cultural, technological, social,
economical as well as demographic. As Harrods is luxury supermarket chain thus the firm is
required to maintain balance within the organizational environment.
Political factors Economical factors
Such factors to a greater extent affects the
decision making of the organization through
determining the government laws and policies
in relation to supermarket. It is essential for the
firm to comply with various rules and
regulation that are stated by the regulatory
authority. Any kind of ineffective use of
consumer rights can results in increasing
greater difficulty for the business
(Mariappanadar, 2012).
It is important for the multinational company
like Harrods to consider such as it is effective
in measuring the contribution in relation to
GDP of the nation. The economic factor has
deep influence on the association among buyer
as well as seller. This presents that there are
greater chances in which the procedure of
decision making regarding some product can
result in increasing the rate of inflation. It
adversely affects the sales as well as
productivity of the firm to a greater extent.
Thus it is important for Harrods to put efforts
in maintenance of such factors (Milner and
Tingley, 2011).
Social factors Technological factors
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It is considered as those factors that
demonstrate the impact of product as well as
services launched by the firm can have on the
society as well as the moral ethics of the
individual. The consideration as well as
abolition of these services or products can
result in creation of chaotic condition that
needs to be looked by the firm (Singh and
Mahmood, 2014).
Through the greater enhancement within the
science as well as technology it is essential for
Harrods to be updated with the latest
technology in order carry out smooth
functioning of the production within the
organization. A little lag can result in causing
the firm to step behind the rivalries
(Titheesawad, 2012).
 Demographic factors: Demographic factors are the factors which influence the varied
segment or sectors of the market. Such can be country regions, age, ethnicity as well as
adaptability by the individual. The level of education play effective role in accepting any
new consumer services (Kaufmann, Kraay and Mastruzzi, 2011).
P5 Carrying out internal and external analysis to determine core strengths and weaknesses
The internal as well as external analysis of Harrods is being done for the purpose of
gaining knowledge regarding its strength and weaknesses. Through SWOT analysis Strengths,
Weakness, Opportunities and Threats of the firm can be determined. Strengths as well as
weakness are regarded as internal. However external factors includes opportunities and threats.
Strength Weaknesses
 Harrods is regarded as luxurious, high
end retailer that has rich history as well
as heritage.
 It is considered as the world's most
famous department store. This is
referred to as its biggest strength.
 It is more than just a store that is
carrying out higher quality branded as
well as designer merchandise (Kim and
Ko, 2012).
 The company like Harrods possess
several weakness. This includes greater
variety of the products as well as
services that can be overwhelming to
the American shoppers.
 Along with this it might not be able to
offer braid as well as different selection
as London store. This is because of
ineffective distribution channels as well
as vendors (Brinkman, Navarro and
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 The major strength of the firm is that it
has rich heritage as well as history
along with number of unique traditions.
 Further it deals in extensive as well as
unique merchandise selection in order
to attract greater number of customers.
 It is also engaged in making sales of
higher quality of product. Through this
customers are able to gain magical
store experience.
Harper, 2014).
Opportunities Threats
 There is presence of several
opportunities for the business that are
external to it. It reflects that there are
higher number of affluent, well
educated as well as cultured adults who
can offer better appreciation to the
brand.
 The increase in trend towards
massclusivity is considered as major
opportunity for the business.
 Stronger retail culture is also regarded
as the major opportunity with the firm
(Yang, Hong and Modi, 2011).
Americans are responding in better
manner towards the brand as well as
historic sales.
 Deeper cultural ties with England as
well as stronger tourist base towards
 Threats are regarded as the future
factors that influence the growth of the
business.
 The major weakness with the firm is
that British culture might not be
translated in an effective manner to
Americans.
 Further US economy is not stable and
can make the customers tighten their
purse strings (Craig and Campbell,
2012).
 In addition to this the brand loyal
customers can continue towards
shopping at local premium retail
locations.
 The interest of people towards
shopping from departmental store is
declining to a greater extent. This
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enjoying it is opportunity for the firm. would affect the sales and profitability
of Harrods.
P6 Manner in which strengths and weakness are linked to external macro factors
The macro environment is comprised of political, socio- cultural, technological,
demographical and economical factor that affects the business to a greater extent. In order to run
in smooth manner the firm is required to keep a balance among its strength as weaknesses along
with the external factors. As multinational firm Harrods possess greater brand recognition. The
firm is listed in London as well as New York stock exchanges. Such multiples the relationship of
the organization with that of the government and several private sector segments (Lee, 2011).
Though being a brand is considered as boon but there are various limitations which are being
experienced. This includes trade restrictions as well as greater loss in situation of war.
The company like Harrods is making several technological updation from the past few
decades. This has resulted in its recognition. Internet is considered as the link which is
connecting the potential sellers with the international audience. Such internet can be accessed
only by means service providers. The company lay greater emphasis on the strategies that is
towards collaboration of the strategies with the technological strong as well as advancing media
(Giechaskiel and et. al., 2012). This external factors affects the weakness and strength of
business. Thus with strength of skilled personnel that firm can bring alteration in technology.
Thus this can act as a boon for the organization.
The factor such as economical is affecting the capital of the organization as well as power
of purchasing in relation to the customers. Lower tariffs as well as suitable plans along with
smooth communication can lead to increasing the organization's economical standards. In
addition to this another factors is impact of growth on business on the GDP. This main factor
link with the policies of taxation as well as rate of inflation. Higher inflation can result in causing
the customers to stop purchasing (Hamilton and Webster., 2015). The company like Harrods has
potential to main sound social reputation in the customers through introduction of high end
strategies in relation to marketing. It has bought alterations in the vision of the customers and can
ensure development of emotional as well as practical connection. The firm is focusing on review
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of feedbacks on regular basis and on considers the necessary suggestions. The firm has recovered
well with the external factors and has lived up to the expectations of the target market.
M3 and M4 Impact of macro environment on business decision making process
This is majorly with respect to conducting both external as well as internal analysis of
Harrods for the purpose of making in-depth analysis of existing market position. The particular
section is configuring the major external factors of Harrods through implementation of tool such
as PEST analysis. This has been enumerated in the manner stated as below: Political- Such is majorly in relation towards outlining the potential measures of
Harrods market place in UK that is configuring a debatable condition because of
present intercession of Brexit which has made amendment in the EU laws (Joardar,
Kostova and Wu, 2014). Economical- This is with respect to addressing the economic stipulation of the market
of UK in relation to acknowledging the existing interest rate, inflation as well as
taxation. Such demonstrates the income flow of the organization where Harrods is at
present working in stabilised market situation (Klapper and Parker, 2011). Socio-Cultural- It is towards postulating the preferential measures of the customers of
Harrods within the market place. It is important for company to make determination of
the needs and preferences of the customers in order to satisfy the customers within
minimal duration of time (Lenza, Pill and Reichlin, 2010).
 Technological- It is majorly in order to make adoption of the present technical means
within the market place to attain productive results.
b)
D2 Reflective statement
By the means of analysis that has been carried above in relation with micro as well as
macro environmental factors this is being assessed by me that there is greater impact of both
these factors in influencing the organizational operations to a significant level. The macro factors
includes political factors that is affecting the policies of the firm. Under this various regulations
are imposed on the business. It has been assessed by me that organization needs to comply with
such in an effective manner (Giudice, Kuenzel and Springbett, 2011). The factor such as political
possess greater anticipation in relation to education and infrastructure. In addition to this it has
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been gained by me that economical factor has greater influence on Harrods. This includes factors
like increasing or decreasing the inflation rate, foreign exchange rate etc. There is presence of
huge influence of the economic factor thus it is significant to consider the state of the economy
in short as well as long term. As per the current condition within UK there is favorable condition
in relation that there is existence of lower to moderate interest rates that reflects existence of
sound economy. Along with this social factors also affects the firm. This is in relation to aspects
that includes culture, age, distribution as well as aspects that involves focus upon the economic
environment (Hamilton and Webster., 2015). The firm is making alterations within the products
as per the requirements of the customers. Such has effectiveness in enhancing the demand for
greater products. This is being conducted in suitable manner that is associated with the economy.
In addition to this it is being assessed by me that there is huge influence of the technological
factors on Harrods which includes use of several as well as unique website by firm which reflects
that it is attracting with the help of ideas in relation to product selling online as per the need of
the target market. The company is making greater improvements within the network and it can
be unique by the means of considering the preferences and taste of the target market so that there
is increase in the number of the customers which leads to enhancement in the profitability of the
organization. They possess the ability to make promotion of the product through outlet which act
as an aid for the customers as they are being attracted in relation to the product of firm
(Mariappanadar, 2012). Along with this impact of the legal factor involves the issues in relation
to the organization in which the firm possess huge interest within the profitability rather than
resolving the barriers in relation to the legal issues. This is being stated by Harrods that working
of suppliers has increased in comparison with the normal time. It has made identification of the
greater number of violations which has reflected higher risk issues in the situations and
documentations. The environmental factor of Harrods demonstrates that it is regarded as the
most suitable brand in the market. The impact of the factor that is environment includes the
customers that are influenced by means of use of several aspects of the business. They makes
promotion of the suppliers for the purpose of carrying out the work in an effective way. This
needs to be done through adoption of eco-friendly practices and tools that can acts as an aid for
them in attaining greater efficiency by the business (Milner and Tingley, 2011).
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Through means of tools stated above that includes strength and weakness of business this
is being assessed that there is presence of huge role of strengths in relation that it acts as an aid in
increasing the performance of the business. In contrast to this through weaknesses of the firm it
is identified that it is significant for the firm to gain insight to various aspects in order bring
enhancement within its results. There is existence of various opportunities for the firm that is
significant for the business members in improvement for the betterment of the business. The
organization is bringing modifications as per the needs (Singh and Mahmood, 2014). Further it
can make expansion of the operations in several nations and region for the purpose of increasing
the performance of the firm. The cited firm is experiencing several threat from the stronger
competitors that are existing within the market who are involved in making sales of the same
products. In addition to this it has been assessed that there is huge impact of such factors on the
firm as they are performing in an effective manner so as to achieve aims as and objectives of the
organization. By the means of analyzing the internal as well as external factors I have developed
better understanding regarding the way in which the firm is influenced. Along with this it is
significant for the firm to analyze the factors as improvement in such would aid the business in
attainment of its targets within minimal time period (Titheesawad, 2012). There is greater
significance in knowing the such aspect as with this the firm is able to build its image in the
market. Thus it is able to attract the customers in an effective manner. There is huge significance
for the business in assessing the need of the target market so that it is able to attain its achieve its
goals and can build better image in comparison with the competitors. In accordance with the
application of models towards carrying out internal and external analysis it is determined that
management of organization gain necessary information. This is effective for the firm in
development of suitable strategies that assist in coping up with changing scenario as well as
cooperate with firm in making delivery of quality goods and services to large customer base.
CONCLUSION
It can be concluded from the present report that it is essential for all the firm to carry out
study of the internal as well as external factors. This is because it has greater impact on the
operations of the firm. By the means of analysis it is being inferred that public as well as private
business possess their own purpose, size, objectives, scope as well as structures. It also defines
the functions of the cited business. The factors includes external ones such as political, cultural,
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technological, social, economical as well as demographic has greater impact on the business
function. Thus it is important to consider such before development of strategy. The company that
is Harrods possess Flat structure that demonstrates the way in which the personnel are managing
as well as assigning the work does not include several layers. On the other hand public limited
organization that is Tesco adopts highly complex as well as large structure.
It can be concluded from the report that there is greater impact lower to moderate interest
rates that reflects existence of sound economy. Further this has been inferred that social factors
also affects the firm. This is in relation to aspects that includes culture, age, distribution as well
as aspects that involves focus upon the economic environment. It has been inferred that it is
important for the business to take into account such factors that they are uncontrollable which
implies that it has ability to influence the operations of the business to a greater extent. It can be
concluded that Harrods needs to understand the preferences as well as customer's needs so that
product can be offered in accordance with such. This would assist the firm in attainment of its
target in an effective manner.
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