Business Project of Next Plc
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Added on 2020-02-03
Business Project of Next Plc
Added on 2020-02-03
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Business Project1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Considerations that Next plc should undertake when trying to create social impact.............4What does the company need to consider when trading across borders................................7Critical evaluation of all the above mentioned aspects which organization needs to considerenhancing their business.......................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................162
INTRODUCTIONGlobal business involves different commercial transactions i.e. private and governmentthat undertakes among two or more national boundaries. However, international business refersto all those activities that involves cross border transactions of products and services in order togain profits. Likewise, worldwide business transactions also involve capital, human resourcesand technical skills with the aim to carry out finance, banking and insurance services (Polonskyand Waller, 2014). In the current era of globalization, cross border transactions involves highlevel of growth and assists economy to develop with the help of exchanging the resources andproducts and services in order to perform the business operations effectively. However, itinvolves different ways such as joint venture, franchising, licensing and strategic alliance etc. forbusinesses to carry out transaction at international level. Hence, these are some crucial waysthrough which organization can easily enter into global marketplace (Kerzner, 2013). Furthermore, through operating the business at global level it assists firm to developdistinct brand image in market and give tough competitive to rivals. It also helps in providingbest offer and enable enterprise to develop awareness among consumers. Thus, internationalbusiness creates effectual medium through which products and services can be marketed atglobal level and satisfy the needs of varied market segment. With the help of this, organization isable to develop their global presence and thus maximizes the productivity and profitability. Insuch competitive era, it is crucial for firm to enlarge its operations and move beyond nationalboundaries to serve more regions (Wilson, 2014). In the present business project, Next plc has been undertaken which is a Britishmultinational brand and operates in clothing, footwear and home appliances. Business sells theirproducts at affordable prices in order to gain high market share. Company owns around 700stores out of which 502 are in UK and Ireland while 200 are in continental Europe and thusoffers products and services to wide range of customers (Jeston and Nelis, 2014). In regard tothis, as per the sales figures of 2012 and 2014, Next plc has overcome Marks and Spencer andbecome the highest clothing retailer. Thus, it helps firm to build competitive edge over rivals andattain desired goals. Main aim of business to spread its operations in international market so thatthey can determine the needs and wants of consumers and fulfill them accordingly. Similarly,organization also provide varied employment opportunity to the individual by setting up the3
stores at different locations in regard to attain sustainable growth and development in theeconomy (Becker, Kugeler and Rosemann, 2013). Moreover, in the present study, two different areas has been selected in respect of Nextplc and thus determine the operations of firm in international marketplace. Here, analysis hasbeen done by considering different factors that Next plc should undertake while trying to createsocial impact upon society. Therefore, it is essential for business to delivery ethical products andservices and enhance consumer base. Another aspect consists of developing the understanding ofNext plc that what should firm consider at the time of trading across boundaries. Thus, it assistsbusiness to enlarge its operations in different markets and attain high profits (Bryman and Bell,2015), Considerations that Next plc should undertake when trying to create social impactIt can be stated that social environment possess high level of influence upon the businessenterprise at the time of entering into international market. However, social environment statesthat it involves beliefs, customs, practices and behavior of society (Grunig, 2013). Thus, it isessential for Next plc to undertake different aspects such as ethical consideration, followinggovernment norms and regulations, fulfilling responsibilities towards stakeholders anddeveloping environmental protection and safety measures etc. so that best results can be attained.All these factors assists business to create social impact upon the society and help them to enterinto international marketplace. It is significant for Next plc to undertake different methods at thetime of creating social impact so that better quality products can be delivered to consumers andsatisfy their needs (Eriksson and Kovalainen, 2015). Following are the considerations that Nextplc should undertake in order to create social impact-Ethical consideration- It is essential for each and every business to undertake ethicalconsideration which means that firm needs to deliver ethical information to consumersregarding the products and services so that they are not misguided by the benefitsderived from the products. Further, if misleading information is provided byorganization that it impacts upon the society and thus affects the brand image of firm inmarketplace (Collis and Hussey, 2013). Next plc operates in clothing, footwear andhome products therefore, it is essential for business to undertake ethical consumerismpolicy and provides relative information to consumers otherwise it losses faith of peoplefrom enterprise and thus it results into decrease in customer base. However, in order to4
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