Assessing Business Environment Factors and Their Impact on Pets at Home
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This report analyzes the impact of economic, competitive, and technological factors on Pets at Home. It also discusses the importance of business ethics and corporate social responsibility in the organization. The report highlights the need for innovation and adoption of upgraded technology to provide better services to customers.
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Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Assessing what influences the business when making decisions and its impact on the company.................................................................................................................................1 Assessing impact of business ethics and corporate social responsibility on business organisation...........................................................................................................................2 Assessing effects of technological change on company and its overall technology strategy as source of competitive advantage.....................................................................................4 CONCLUSION................................................................................................................................5 References:.......................................................................................................................................5
INTRODUCTION The business environment is the most important aspect for the business organisation which is sum total of individuals, institutions and other forces which are outside the control of business enterprise affecting overall performance and business sustainability. It is a collection of several factors which affects the business operations in positive and negative manner. It becomes essential for the organisation to analyse business environment for performing business functions in effective manner and helping in making effective decision at workplace (Akbari, and McClelland, 2020). The study of policies is known as business ethics which support organisation management in dealing with corporate and corporate social responsibility.For the report, Pets at Home is been considered which is British Pet supplier’s retailer selling pet products such as food, medicine, pets, toys and many more. The headquarter is located in Handforth, Cheshire, England UK. The report will cover factors influences business when making decision and impact on the company. On business organisation the impact of business ethics and corporate social responsibility is analysed. In addition, technological change is assessed on company and its completetechnology strategy as source of competitive advantage. MAIN BODY Assessing what influences the business when making decisions and its impact on the company The analysis of business environment is considered significant for management when decision is made at workplace. There is frequent change in business environment which requires consideration when planning and conducting operations. The management of pet at homes bring improvement in decision-making process that helps in bringing efficiency & effectiveness in entire process of organisation. There are several factors which impacts on the operations of business in context to pet at home which are mentioned below- Economic environment- For the organisation it is considered as important as this is related to the buying capacity of customers and products that people can afford. The economic conditions affect how well organisation is performing in the marketplace. It involves the factors of unemployment rates, consumer disposable income, interest rates etc. While making the decisions the business in context to Pet at home bear in mind that it must comply with standards (Arli, and et.al., 2019). At the time of financial recession, the 1
high prices are imposed on productions.Prices, investment decisions and number of workers affect level of consumer spending which is employed by business. The increase in inflation leads to lower purchasing power of consumers which affects the profitability of pet at home. ï‚·Competition- This is also considered factor which influences the decision-making process within business organisation. as the market is becoming highly competitive which is required by pet at home to pay attention on business operations of rivals as to compete with them in an effective manner. by keeping track of competitors, the business can increase its market share along with get benefits in evaluating success and challenges. In context to pet at home through innovation it can provide quality services to its customers and bring out new products & services. The competition helps business organisation to take effective decision and employees are motivated which leads to high performance. It impact business to make wise decisions which helps in designing journey to sustainability. ï‚·Technological development- The technology continues to advance which benefits the company in facing challenges in competitive environment by using advance & upgraded technologies in business organisation. Technology is organised application of technical or systematized knowledge to practical tasks. It helps in improving internal process and shapes how business operate in context to pet at home (Duarte, Cabrita, M.D.R. and Cruz-Machado, 2019).Through technology data collection can be accelerated for helping business managers as to make quick and effective decisions. In framework to pets at home the company is capable to gather up-to-date sales data and decision are created whicharebasedonprovidingnetworklinksbetweencustomersanditsmain database.The impact of technology development helps business to provide customer with better quality services and products. It helps in protecting financial data and other proprietary information leading to competitive advantage in framework to pet at home. Assessingimpactofbusinessethicsandcorporatesocialresponsibilityonbusiness organisation The study of appropriate company practises and policies with respect to theoretically argumentativeissuessuchcorporategovernance,insidertrading,bribery,discrimination, corporate social responsibility, and fiduciary responsibilities is known as business ethics. The 2
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moral concepts that serve as guidelines for how a firm conducts itself and its dealings are known as business ethics. Ultimately, acting ethically entails deciding what is "right" and "wrong."For every organisation business ethic is crucial as this helps in ensuring the safety of employees, maintaining of integrity and fairness of business transactions. In context to pet at homes it results in superior of products and services(Jacobsen, 2019). It is prescribed as code of conduct for business which comprises disciplines of loyalty, fairness, trustworthiness, honesty, avoiding conflicts etc. In context to Pet at home for having smooth functioning of firm it is required to follow guidelines. The business is required to adopt some social and moral practices as social culture impacts business ethics. The business ethics is established by organisation in context to pet at homes for promoting integrity among employees and gaining trust from key stakeholders such as investors, consumers.The ethical behaviour on the employee perceptions results in favourable consequences and greater financial results to pet at homes. Through perceived ethical behaviouremployeeperformance,workhappiness,organisationalcommitment,trust,and organisational citizenship behaviours are all improved. The businesses are dedicating more resources to business ethics as to evade adverse allegations along with generates ethical workplace by employing right talent(Zheng, Ulrich, and Sendra-GarcÃa, 2021). An organisation can get a competitive edge with a strong ethical character, which can also aid with recruiting and staff retention. By removing barriers to communication, it can enhance employee engagement and create a work environment based on honesty, equality, integrity, and sincerity. Corporatesocialresponsibilityismanagementconceptwhichboostsbusinessesto integrate social and environmental concerns into the daily operations and interactions with stakeholders.CSR mentions to a business's efforts to equilibrium its obligationsto economic, environmental, and social goalswhile similarly meetstakeholder and shareholder expectations (sometimes known as the "Triple-Bottom-Line Approach"). A well-executed CSR concept can provide a number of competitive advantages to organisation in context to pets at bottom, including enhanced admittance to capital and markets, enlarged sales and profits, operational cost savings, improved productivity and quality, an efficient human resource base, enhanced brand image and reputation, better customer loyalty, and developed decision-making and risk management processes (Rogan, 2021). In context to pets at home CSR isimperativefor a company's reputation, appealing to clients, staff, and investors, as well as for retaining top 3
personnel and achieving total commercial success. Being environmentally responsible and eco- aware, nurturing fairness, diversity, and inclusion in the workplace, considering employees with respect, giving back to the community, and making sure business decisions are moral are some of the ways a firm can adopt CSR.The impact pf CSR on business organisation helps in boosting employee morale in workplace leading to great productivity. The implementation of social responsibility initiatives on business in context to pets at home helps in increasing customer retention and loyalty. CSR has an impact on a company's capacity to draw top talent, as well as on staff retention rates and work satisfaction levels. People presently entering the workforce look for firms who have a clear and successful CSR strategy. The CSR activities practice by pets at home are for pets it offers special care that is share with colleagues and customers (Trautman, and et.al., 2021). All of the product lines and services that are offer have been precisely crafted to keep pets happy, safe, and healthy. There is home of pet welfare in which Our skilled pet team, led by an experienced vet and assisted by three licenced veterinary nurses and specialists, works to ensure that our policies and practises provide the highest welfare standards for the animals in our stores. Additionally, pet at home have a dedicated field staff working to implement the highest standards uniformly throughout all of our breeders and retailers. Assessing effects of technological change on company and its overall technology strategy as source of competitive advantage A technological change is an improvement in a product's or process's efficiency that leads to a rise in output without a corresponding increase in input. Technical know-how applied in the creationofequipmentandcapitalisreferredtoastechnologicalchange.Thedifferent technological advancements boost labour, capital, and other production factors' productivity. The development of new industrial methods, new applications for raw materials, and the widespread use of technology are all examples of technological progress (Watabe, Murakami, and Nagata, 2022).The impact of t4chnological change leads to creation of new product and processes, increase of efficiency through lowering down costs. It helps in improving the communication within organisation in context to Pet at homes as they can receive customer feedback through electronic communication methods. The change in technology increases employee productivity as there is use of computer programs and business software which allows employees to process more information rather than manual methods. Businesses can outsource operations to other 4
organisations in the domestic and global marketplace through technological change. The pets at homes can cut costs and concentrate on finishing the business function they perform best by outsourcing. Through investments in IT systems that have streamlined everyday activities and video functionality, connecting in-store workers to online customers, Pets at Home locations have become more digitally enabled. Over the upcoming months, the pet at homes will develop longer-term strategy plan to become the top pet care company in the world. It will put more of an emphasis on digital and data, offer new services, and alter the design of stores to accommodate theongoingchannelchange(Zaid,Wang,andAbuhijleh,2019).Thegoalofdigital transformation is to tie together all of the company's channels' products and services with data- driven customer insights. Customers will be able to access all of the company's goods and services in the first phase with just one login, and through its mobile app with the updated version. CONCLUSION From the above report it can be concluded that, business environment involves several factors which helps business organisation in taking effective business decisions. It is important to analysis all factors which help management in knowing its impact on business operations. In the organisation innovation is required to which leads to growth and success of organisation. the innovation occurs in organisation due to technological change. It is required by business organisation to adopt upgraded technology as to provide better and quality services to customers. The report also covers about business ethics and corporate social responsibility. 5
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References: Books and Journals Akbari, M. and McClelland, R., 2020. Corporate social responsibility and corporate citizenship insustainablesupplychain:astructuredliteraturereview.Benchmarking:an international journal,27(6), pp.1799-1841. Arli, D., Van Esch, P., Northey, G., Lee, M.S. and Dimitriu, R., 2019. Hypocrisy, skepticism, andreputation:themediatingroleofcorporatesocialresponsibility.Marketing Intelligence & Planning. Duarte, S., Cabrita, M.D.R. and Cruz-Machado, V., 2019, August. Business model, lean and greenmanagementandindustry4.0:Aconceptualrelationship.InInternational ConferenceonManagementScienceandEngineeringManagement(pp.359-372). Springer, Cham. Jacobsen, K.A., 2019. Pilgrimage rituals and technological change: Alterations in the shraddha ritual at Kapilashram in the town of Siddhpur in Gujarat. InReligion and Technology in India(pp. 130-145). Routledge. Rogan,F.,2021.Metaphorsoftechnologicalchange.InMetaphor,Sustainability, Transformation(pp. 31-45). Routledge. Trautman, L.J., Sanney, K.J., Yordy, E.D., Cowart, T.W. and Sewell, D.J., 2021. Teaching Ethics and Values in an Age of Rapid Technological Change.Rutgers Bus. LJ,17, p.17. Watabe,M.,Murakami,T.andNagata,M.,2022.Japaneseprefertohaveface-to-face communication in the workplace even during the pandemic. InCOVID-19 and the Evolving Business Environment in Asia(pp. 15-25). Springer, Singapore. Zaid, M.A., Wang, M. and Abuhijleh, S.T., 2019. The effect of corporate governance practices on corporate social responsibility disclosure: Evidence from Palestine.Journal of Global Responsibility. Zheng,L.,Ulrich,K.andSendra-GarcÃa,J.,2021.Qualitativecomparativeanalysis: Configurational paths to innovation performance.Journal of Business Research,128, pp.83-93. 6