P1 Analyse the impact and influence of macro environment on the organisation
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Added on 2020-12-09
P1 Analyse the impact and influence of macro environment on the organisation
Added on 2020-12-09
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BUSINESSSTRATEGY
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................4P1 Analyse the impact and influence of macro environment on the organisation. ...............4TASK 2 ...........................................................................................................................................6P2 Analyse the internal environment and capabilities of the organisation............................6TASK 3 ..........................................................................................................................................8P3 Evaluate the competitive forces of the market sector of organisation..............................8TASK 4 .........................................................................................................................................10P4 Apply range of theories and concepts and devise strategic planning for the organisation.10RECOMMENDATION.................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONBusiness strategy is the combination of various plans and decisions undertaken forachieving the desired goal and objectives. Strategies for the business is generally decided afteranalysing the current market situations. This is usually done to make use of the availableresources in the best possible manner. It is also concerned with the plan that management of theorganisation uses for achieving the competitive position in the market. With the help of properformulation of business strategy needs and demands of the customer's can be fulfilled. Theorganisation will also be able to sustain the market for longer period of time(Baden-Fuller andMorgan, 2010). The organisation chosen for this report is Marks and Spencer which is the topfashion retailer of UK. Major topics covered in this report are the impact and influence of macroenvironment, analysis of internal environment and its capabilities, various competitive forceswhich can affect the working of market and theories which can be used for the strategyformulation.
TASK 1 P1 Analyse the impact and influence of macro environment on the organisation. Business strategy is very much essential for every organisation because it helps inmaking plans for the future course of action. The major motive behind formulating businessstrategies is it will help in achieving the goals and objectives in the best possible manner. If themanager of M&S wants to achieve a desirable position in the market than focus can beemphasised upon making proper plans and actions. The macro environment can have the positiveor negative impact on the working of business. This depends upon the plans and actions made bythe top management of the organisation. Macro environment of Marks and Spencer can beanalysed by using the PESTEL analysis in the systematic and coordinated manner. PESTELAnalysis of M&S is discussed below- Political Factor- These factors are related with the policies and strategies imposed by thegovernment or political party of a particular country(Bell and Rochford, 2016). Marks andSpencer is currently facing many challenges and risk for the government of the nation. It is quiteessential for the M&S to make proper plans before introducing any new strategy for its businessexpansion. Organisation was able to increase its business because of the free trade policy. Withthe help of this policy organisation was able to trade freely in various parts of the world. As therewere no restrictions imposed by the government. But due to high political instability the businessof the organisation is affected because any change in the political policy can lead to negativeimpact of the working of the business. Economical factor- This factor is related with the inflation rate, economic growth,deflation rate which affects and influences the business of the organisation. The sale andprofitability of the M&S is largely affected by the economical factor. This is because the needand preferences of potential customer's change with the change in economic factor. M&S isperforming its business activities in various parts of the world, so it is quite essential for themanagement to make plans keeping in mind the economic condition of the particular country.The global rate of UK is continuously increasing which is a positive sign for M&S(Burlton,2015). This because with the help of this organisation will be able to expand and increase itsbusiness by introducing products as per the need of customer's. Social factor- It is concerned with the social value and brand image of the organisationamong the customer's. It is quite essential for M&S to make the products according to the culture
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