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Contemporary Business Environment Assignment

   

Added on  2021-02-19

9 Pages1441 Words47 Views
Contemporary BusinessEnvironment

Table of ContentsINTRODUCTION...........................................................................................................................3LITERATURE REVIEW AND RESEARCH.................................................................................3The key elements internal and external factors...........................................................................3Influence on company.................................................................................................................4Relevant theories.........................................................................................................................4Influencing the price of goods/services provide by the company...............................................4Diagram.......................................................................................................................................5Recommendation ........................................................................................................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7

INTRODUCTIONBusiness environment refers to the forces or factors that are internal and external whichaffects the operation of business (Bitkowska, 2019). The present report will study about Tescowhich is an retailing industry. The company company was established in 1919 and the founder ofcompany is Jack Cohen. The headquarter of company are situated Welwyn garden city,Hertfordshire, England, UK. The products that company offer are supermarket, hypermarket.Superstores, etc. the company is ninth largest multinational grocery store in UK. Tesco is chosenbecause of its increasing reputation in UK market. LITERATURE REVIEW AND RESEARCHThe key elements internal and external factorsAs per the views of author(Boone, and et.al., 2019) internals factors of business refers towork culture, events, employees, etc. all these influences the decision taking of business on theinternal environment of the business. External factors in business are political, social, legal,technological, environment and economical(Business environment, 2019 ). All these factors arenot in the control of business where as internal factors are in control of business. Internals factorsare corporate culture refers to the values, behaviour and belief which can ascertain the mannerin which employee and management communicate and handle the external matters of thecompany. Another is human resource which is valuable asset for the company as the success andfailure of organisation depends upon the employee skills and talent.According to the author (Boone, and et.al., 2019) external factors in UK businessenvironment are political factors includes ruling party, rules and regulations, stability ofgovernment laws in UK. Economical factor are related to interest rate, sales, foreign directinvestment and retail market. Social factors are identifies the culture, religion, etc. the mainfocuses of organisation is to fulfil the ethical consideration. In technological factor the quickchanges are applied and it depends upon the investors or owner to adopt the technology forreducing competition and get competitive advantages. Legal environment helps state that there ischanges in the laws of business which affects the business operation in the company.environmental factors generally related to the changes in people preferences, trends, and theplanning is done to deals with the changes (Khalili, Abbadi and Ismail, 2019).

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