Business in Practice

Introduction
The business practice is basically defines the working
aspects and its fundamental that has direct impact over the
working consequences. The poster below provides Marks
and Spencer that is a multinational retailer and has work
with diverse range of product and services.
Marks and Spencer And Its Environment
Name of the Student
External Environment
External factors: It consists of micro environmental basis that
affects the working standards of business and as describe below as:
Social: It comprise of societal acceptance in this business induced
different innovation and creation as per to fulfil market need and
requirement on regular basis.
How the company impact
its context External
Environment
The external environment affects the business in terms
of attainment of sales and profit while keep considering
favourable aspects that is generated within business
surround.
Economic: It is condition that affects economies of
scale as due to recession it is hard for business to attain
higher sales and profit thus for this management design
appropriate strategies.
Internal Factors
Internal factors: These are those factors that have direct
and indirect impact over the business working and have
affects the internal basis that is as explained below as:
Employees: These are known as backbone of organisation
as have implemented all its effort to achieve standardised
performance within stipulated period of instance.
References
Gogokhia, T. and Berulava, G., 2021. Business
environment reforms, innovation and firm productivity
in transition economies. Eurasian Business
Review, 11(2), pp.221-245.
Halbert, T. and Ingulli, E., 2020. Law and ethics in the
business environment. Cengage Learning.