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BUSINESS AND MANAGEMENT INTEMPORARY DEVELOPMENT IN BUSINESS AND MANAGEMENT TABLE OF CONTENTS

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Some of the major external factors that can impact organisation in various ways can be understood with a focus on PEST or Political , Economical, Social and Technological factors which are as follows: Political factors: The political factors form a major part that influences any industry in various ways that can be either beneficial or unfavourable for a company depending on its nature and size (Dev, 2013). The manufacturing of sheet metal components in which the cited business deals includes different metals like steel, aluminium, copper, brass

BUSINESS AND MANAGEMENT INTEMPORARY DEVELOPMENT IN BUSINESS AND MANAGEMENT TABLE OF CONTENTS

   Added on 2020-01-16

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CONTEMPORARYDEVELOPMENT INBUSINESS ANDMANAGEMENT
BUSINESS AND MANAGEMENT INTEMPORARY DEVELOPMENT IN BUSINESS AND MANAGEMENT TABLE OF CONTENTS_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Impact of external factors............................................................................................................1TASK 2............................................................................................................................................4Technological change..................................................................................................................4Effectiveness of organisation's response.....................................................................................7Areas for making improvements.................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11APPENDICES...............................................................................................................................12
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INTRODUCTIONThe businesses are operated in a dynamic environment which is affected by variouselements like political, economical, social and technological. It is necessary to manage theorganisation efficiently so that all mentioned factors cannot impact functions of a companyadversely. The management use to work for various areas along with ascertainment of goals,objectives, vision and mission (Schmiedel, Vom Brocke and Recker, 2014). The present case ofSpirex Metal products will be reflecting on this management side with its contemporarydevelopments taken place. The cited company is a manufacturing organisation that deals inmanufacturing of fine sheet metal components since 40 years in Hertfordshire UK. Report willshow several impacts of factors that exist in business environment. The report will throw a lighton these factors and its impact on organisational activities. Besides this, various downturns andimprovements that are seen in present business world has been depicted that helps inunderstanding various issues and their impacts on business.TASK 1Impact of external factorsThere are a number of factors that combine to impact a particular organisation in severalways. In the external environment, customers are major component for which companies have tobase their various activities as they have dynamic demands and needs (Orozco, Tarhini andTarhini, 2015). The Spirex Meta;l products has focussed its activities on accomplishing variousprojects on time with the help of advanced machineries and equipments. Besides this, theforemost customers for the said enterprise are various business firms that purchase manufacturedand engineered products for further processing. Thus, the cited firm has its relation based onB2B customers. Some of the major external factors that can impact organisation in various wayscan be understood with a focus on PEST or Political , Economical, Social and Technologicalfactors which are as follows:Political factors: The political factors form a major part that influences any industry invarious ways that can be either beneficial or unfavourable for a company depending onits nature and size (Dev, 2013). In UK, the government enacts various policies for variednumber of industries that can impact a specific sector of business. The major objective ofgovernment is to bridge the gap between demand and supply along with maintaining
BUSINESS AND MANAGEMENT INTEMPORARY DEVELOPMENT IN BUSINESS AND MANAGEMENT TABLE OF CONTENTS_3
maximum production capacity. The manufacturing of sheet metal components in whichthe cited business deals includes different metals like steel, aluminium, copper, brass etc.The government of UK has made a policy, where it attempts to provide special incentivesto this sector. Besides this, the government encourages to use opportunities by availingseveral price cuts on import of raw materials and using various infrastructures formanufacturing work. Further, it provides various grants to the sector where many metalhave been provide with increased sales tax. These schemes have helped in developing thework with increased opportunities. Its benefits are used by both public and private sectorsas well (Graedel and et.al., 2012). While on other hand, it is necessary to mention thatmany infrastructures in the country which are used in manufacturing businesses are notenough to maintain proper work. Thus, government needs to make some strict steps thatcan help in development of infrastructures and also in manufacturing industries.Economic factors: The metals industry includes a number of products that are able tobring a boom in the market. The said sector has various works in this scenario where itworks for converting different metals into fine sheets. The raw material used in thisprocess like steel, aluminium etc. have been in a growing demands sine many years. ButUK has witnessed a reduction in demand on many metals. It has been observed that themajor challenge is faced in this demand and supply process is cost and inaccessibility ofindustries towards raw materials. But the good side in this sector is organisation hasbecome more capital intensive. Along with this, the productivity of labour has alsoincreased which will help in better performance of said company (Singh, 2013).Moreover, with increased globalisation in market, the interaction between variouscountries have emerged which helps in better access of materials and using them forproduction. Various taxation policy has also been set up which is based on payment totwo different levels like central government and also local government. In addition tothis, it is apparent that the UK has diverse talents that are concentrated in limited marketwhere large portion of industries have recruited their workforce who are highly qualifiedlike technicians, managers and engineers. But some of the industries like statedorganisation are suffering from lack of skilled workforce. This challenge is necessary toaddress as soon as possible so that availability of diverse talents can be applied indifferent industries.
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