A Report on Contemporary Development in Business and Management

This report delves into contemporary developments in business and management, focusing on the external influences impacting businesses, particularly Lloyds Bank. It analyzes the effects of political and legal environments, socio-cultural factors, economic influences, and technological advancements on organizational strategies and decision-making. The report examines the ethics and Corporate Social Responsibility (CSR) of Lloyds Bank, assessing its impact on policies and decision-making processes. It further evaluates the effectiveness of the organization's responses to external pressures and identifies areas for improvement. The analysis covers the UK's business environment, international market dynamics, and the importance of adapting to societal changes and technological innovations. The report provides a detailed examination of how businesses navigate complex challenges to achieve sustainable growth and success in the modern business landscape.

Contemporary Development in
Business and Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Political and Legal Influence......................................................................................................1
Socio Cultural Impact:-...............................................................................................................3
Economical Influences................................................................................................................3
Technological Influences............................................................................................................3
Economic Influences...................................................................................................................4
TASK 2............................................................................................................................................5
1) Ethics and CSR of Lloyds Bank company and influence on policies and decision making. 5
2) Effectiveness of the organization's response..........................................................................7
3) Areas improved as a response...............................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
.......................................................................................................................................................13

INTRODUCTION
Management is one of the important for every business organization in order to
evaluating the organizational goals and objectives. In today's modern era, contemporary
development is more effective which define the overall growth on which take place in business.
It play crucial role because it promote all the organizational activities which leads in attaining
more profitability in appropriate manner (Huggins and Thompson, 2017). In this aspect company
use new and innovative technologies for making as well as producing quality services to their
customers in order to achieve their satisfaction. In this context, it made by two words like
contemporary define present time and development define the effective growth. So that it is
related with the current growth of the business and organization at market place.
TASK 1
Any enterprise operate their business in the micro environment which affect by the
external influence. It directly impact on the decision making process of the company and its
operational activities. On the other hand company dealing with the unfolding domestically. It
include banks such as Lloyds Bank company. It is popular and multinational bank which provide
finance and also take decision against the global influence. So that it is more important to
evaluated that this bank have capability to formulate all the strategies in systematic manner and
also define the better response of the forces in most effective manner.
Political and Legal Influence
It is more important for all the company to follow local laws and regulations but on the
other side, multinational and international company have to continue as well as follow all the
laws of their countries at the time of operating their operational activities in effective manner. So
that all the laws related with the accessibility of the market, goods pricing, cost of manufacturing
process. It include quality raw material and labour. In this process management of workforce is
also play important role which covers financial elements such as labour, banking laws. Along
with this marketing tools is also related with the effective advertising, protection of the
consumers and development of technology (Reynolds, 2017). In Lloyds Bank company context,
environment of the business largely affect the nation in which they execute their operational
activities. In this aspect UK is an open country in which consider the foreign direct investment.
This nation have their free market economy in which government define their less control over
1

them. In this the government directly affect the business but they also support to the company.
For define more companies to the customers government set affordable price to get quality
products (Howard-Grenville and et. al., 2017). So that in simple word government authorities
beneficial for company and customers also because they provide them benefits to enhance their
performance level in appropriate manner. In UK political stability if more effective so that
various companies invest in this country. Standard Charter wants to expand their operations in
Asian market in which governance provide them support. With the help of this they easily get
better growth and also compete their competitors at market place. Lloyds Bank company bank is
a best example they criticise to increase their interest rate. This same case define in rest of Asian
nations in which market share went down. For resolve this type of case China government made
various rules to provide them better path as well way to thrown out their business in effective
manner. Along with this, for inviting foreign investment business operate in that country where
all the laws may pas which leads in improving the overall image in market place.
Instability in political factors as well as uncertainty is negatively impact on the MNC
company and its operational activities. For example, if leftist government of the country include
as well as follow all the setted agenda than they easily get the bank property by defining the
nationalisation explantation. With the help of this they will transfer their ownership of resources
in public and private sectors (Bresnen, 2017). It was defining by the Lloyds Bank company bank
in this the government of Brazil in which the ask them about stop various activities to increase
their market towards the local banks appropriately.
Types Organizations Influences
Campaigns against the foreign products Reduce the sale volume of the bank
Violence as well as criminal activities Arising conflict as well as disturbance on the
production activities
Innovative action relate with the benefits of
labour
Operating and well as security cost were
increased
Wars Property destruction
Inflation rate Operating cost is very high
Increased in taxation It is less after profit tax
2

Socio Cultural Impact:-
Various socio cultural and its structure largely impact on the company because all the
MNC are exist in the social environment in which changes are rapidly at the time of assessing
among various societies (Naito, 2017). In this context the Lloyds Bank company analysis the
changes of lining standard of the local people it is related with the population which is increased
regularly. It largely impact on the company products and services because if living standard of
people is increased than it directly put their impact on the operational activities of the company.
In this the Lloyds Bank company analysis the culture because they operate their operational
activities according to the culture of the customers and also set the price which is easily accept in
the environment effectively. For instance, if they operate their business in Asian nation in which
people are not much rich and many peoples wants to execute their small business that they
provide them loan limited interest rate. With the help of this they easily enhance their market
share and also beat their competitors in the market place and get better success in appropriate
manner.
They always focus on improving the living standard of the people which leads in
increasing the economic growth in most effective manner (Agogo and Hess, 2017). With the help
of this local people execute their business in positive manner and also enhance their service.
They also borrow loans form banks and financial institution to enhance their lining standard and
live luxury life. In this context, Lloyds Bank company analysis all the market trends and also
understand the people preferences about the banking products.
Economical Influences
Lloyds Bank company define nature capital management in which the main aim of this
banks to protect as well as safeguard of natural capital. It is related with the various raw
materials which is required for better manufacturing process. In this it define documentation in
which various papers required to implement effectively. For this they cut all the trees which is
negatively impact on the environment. It is a big threat for the Lloyds Bank company bank.
They also considered all the climate changes and its impact supply chain of the Standard Charted
(Deresky, 2017).
3

Technological Influences
Banking is that sector which include various player who face more competition at the
market place. For achieve better results it is one of the important to use new and innovative
technologies to get competitive advantage form its rivals. With the help of this they easily
modify their process to deliver their services in front of customers in market (Delaney and et. al.,
2017). Lloyds Bank company aware about the advanced technologies which helps them and
provide better opportunities to expand their operational process at wide rage market. New and
innovative technologies helps in producing as well as delivering quality services in order to
increase their market share which lead in easily competing their competitors for achieving better
growth. Along with this research and development report also helps them in evaluating the
technological innovation which aid in defining the differentiation in the product and services in
most effective manner. In this they defining the better allocation of the budget to their finance
department in order to include innovative technologies and also modify their existing process to
improve image of the bank at market place. Lloyds Bank company wants to leading their
business at global level in banking sectors in order to connect with all he people. They also
ensure about reducing the paper wok and implement new technologies in their business process
to maintain the record. With the help of this they easily maintain their documentation in a
computer which leads in enhancing the performance level at market place. Along with they they
also start a online business in which they analysis that all the people are busy and don't have
enough time to give their time in all the activities. For this they use effective platform such as
android app, websites and link which helps in increasing the cash less activities in most effective
manner. It directly impact on the overall process of the company. With the help of new and
innovative technologies they update their activities and procedures in order to fulfil customers
current as well as needs in most effective manner. It also leads in reducing the workload of the
company to deliver quality services to their customers in order to enhance market share of the
bank in systematic manner.
Economic Influences
It is one of the important factors which largely impact on the business and its activities in
appropriate manner (Economic Factors, 2016). Economic growth helps in enhancing the overall
performance of the company which leads in delivering quality services to their customers in most
effective manner and also leads in maintaining the potential customers within their business
4

organization. Economic rate defining the customers purchasing power which helps in evaluating
the demand of the particular country. Financial report of Lloyds Bank company bank define the
overall situation of economic which directly impact on the market share of the company at
market. With the help of this, it is easily analysis that all the economic situation impact on the
bank growth. By increasing the income level of the people helps them in defining the
opportunities in which they spend their financial resources to achieve better interest as well as
returns it can be evaluated that economic conditions define the opportunities of overall growth of
the corporate. In this context, Lloyds Bank company made an effective strategies to enhance the
the capital which leads in investing in emerging countries by opening new and innovative
branches in various sectors (Maloni, Hiatt and Astrachan, 2017).
TASK 2
1) Ethics and CSR of Lloyds Bank company and influence on policies and decision making
Lloyds bank company is British retail and commercial bank in UK. They operate various
office and brand headquarters in across the world which h helps in providing quality services to
their customers in order to achieve better results.
In this ethics play important role in providing better success at market place. Some time it
increase the overall operational cost so that business tries to avoid this term but it is more
effective for developing business activities in most effective manner. There are some effective
way in which Lloyds bank determine the ethical path are as follows: Transparency: In today time banking and financial companies fails in providing
transparency which reduce loyalty of the customers towards the company. If company
follow ethical process than they easily provide quality services to their customers in more
effective manner which leads in enhancing the overall performance of the company at
market place. Fair trade practices: It define the effective transfection between customers and the
banks. For inviting more customers, it is more important for the bank to deliver as well as
sale their products to interested clients which helps in improving the brand image at
market.
 Relation with employees: Workers are the important elements for the company which
contribute in overall success of the company in market place. They provide better
5

solution to their clients and also enhance their satisfaction level (Nuhu and et. al., 2017).
It is more important for the company should be ethical with their employees by providing
fair salary and also resolve their issues so that they get motivated and enhance their
overall productivity.
Along with this, Lloyds bank is having reputed image in market but they face some issues
of unethical work are as follows: Credit card complains: It is one of the biggest issues which is faced by the company
because some time they does not follow effective practices of trade. It directly impact on
reducing the number of customers towards the bank and also loose their loyalty. For
improve as well as overcome form this situation Lloyds increase the awareness about
right use of credit card in appropriate manner (Mehdiabadi and et. al., 2017). Stock market scandals: In the year of almost 1991 and 1992, there was a huge scandal in
foreign banks; therefore, they developed some dummy transactions so that they can cover
their losses. Lloyds bank company break down their rules through financing in stock
market and in addition they prepare fictitious transactions; thus, they hide it.
 Acquisitions and outsourcing threat: Lloyds bank company gave explanation reagrding
closing of their branch in many places. They winded up more than 10 branches in many
places which decreases promotion related to career. Along with this, many individuals
lose their occupation.
Entire ethics provide support to Lloyds bank company but they done some wrong
conduct which diminish cost, but there revenues get hiked. Therefore, they developed their own
rules and regulations; as a result, this enables them to take quick judgements.
Applications and uses regarding social corporate responsibility is as below: Social Banks: These sort of banks provide financial assistance to people so that they will
begin small and medium organisation. As a result, employment opportunity will get
enhanced. Along with this, it will cater some chances to Lloyds bank company so that
they can tie up with these firms. It will provide some additional business to them. Rural Banks: It is required for them to open their subdivision in rural parts because these
individuals will also acquire chances to utilize services of Lloyds bank company. This
will assist them to improve their client base as well as goodwill. They will provide loan to
people for house, agricultural, vehicles and so on (Schaltegger, Burritt and Petersen,
6

2017). With assistance of rural bank they will make their staff members more depended
as they are much able to accomplish their basic requirements, for example, house. Opening schools: Lloyds bank company will begin schools for child; therefore, they will
get proper education. With aid of this, they will maintain their goodwill in front of public
and regulatory body and in addition save their tax. Hence, it has been understood that
education is consider as a solution of issue and for this, it is must for them to open
schools. They will cater free education to those children who cannot afford it. Donations: It is much for them to accomplish CSR activities and for this they will donate
some to needed people (Blahová and et. al., 2017). This will aid them to save their tax
and in addition they can make an effective relations with ministry body. This will works
as a motivation for employees. Donation will be given to local communities; therefore,
they will live their life in a better manner and enhance their resources.
 Opening community centers: It is required for Lloyds bank company to develop unite
amongst persons as this will develop contempability in society. Organisation will
organise some events because it aids to engage people into various activities. Along with
this, they will provide training to people; thus, they will increase their skills as well as
knowledge. As a result, they will easily find a better job for self.
2) Effectiveness of the organization's response
The main target of Lloyds bank company is to develop their values in market place. So
that it is important to them to understand all the communities which helps in expanding the
market in effective manner. By investing in the foreign countries company easily expand their
business and also defining positive values. They evaluate the customers demand in which they
offer quality services to their clients which lead in developing the economic growth of the
countries. With the help of this they boosting up their steps in order to develop the society. It is
also important factors for the company that they does not ham their environment and effectively
use all the available resources to enhance their performance level in most effective manner. They
should use CSR activities in everywhere in which they easily enhance the social progress which
helps in increasing the awareness of the customers about the company activities in appropriate
style. Progress of the society link with the business so that it is more important for the company
to add all the effective values for their customer who perform within the bank in effective way. It
is an effective policies of the business that totally related with the CSR activities to develop the
7

customers demand towards the company services (Gummesson, 2017). In this aspect company
have various policies which helps in expanding their market in which they have to follow all the
legal as well as international norms which influence them positively. In this aspect they have to
use various policies related with the environment such as sustainability of environmental and use
of papers in order to develop the overall performance of the company at market place.
With the help of performing CSR activities within their organizational process they
achieve various advantage and positive responses in effective manner. In this SWOT analysis is
also define to understanding the effectiveness of the response are as follows:
Strengths:
 Brand image is one of the biggest strength of this company which helps in improving the
public awareness towards it banks.
 They provide better financial services to their customers which helps in competing tits
competitors at market place (dos Santos, Méxas and Meiriño, 2017).
 High capitalisation is also a biggest strength of the bank which define its strong balance
sheet.
 It is largest retail bank with their highest brand network in the market.
 They has less risk in which their easily focus on the UK market.
 They operate their operational activities at lowest cost which helps in improving the
brand image at market place.
Weaknesses:
 They perform under SME leading market is biggest weakness of the company at market
place.
 They has limited international diversity so that some time they can not able to reach their
potential customers.
 They get various customers complaints abut the products and services which reduce the
profitability of the company at market place.
Opportunities:
 With the help of CSR activities they perform they activities effectively and also invest in
the small business to enhance the economic growth in effective manner.
 They define their services in which they provide asses to their customers so that they use
online as well as internet banking easily (Dell’Era and et. al., 2017).
8

 Lloyds bank company use new and innovative services which helps in attracting large
number of customers and also develop their performance level in most effective manner.
 They wants to lending their operational process in SME which helps in improving the
brand image at market place and also compete their competitors in most effective
manner.
 They also use digital innovation for improving customers services which leads in
improving the overall growth of the company.
 They also expand their business in new mortgage in which they easily enhance their
market share and fulfil customers demand (Stohl and et. al., 2017).
Threats:
 The biggest treats for their business is the decision of UK government to get separate
form the EU. Which negatively impact on the performance of the bank.
 Digital disruption is also the biggest challenges for the company in the market.
 High competition in the market is also create the biggest threat for the Lloyds bank
company.
As per this, company crating their best values in order to reduce the remove the threats
and weakness within the business and also use effective strategies to develop their positive
performance at market place. They also define new and innovative opportunities for their
research and development to produce new and quality services which provide better benefits to
their customers while operating heir new business at market place. Along with this they also
define easier process in banking in which they produce as well as include smart phone which
helps in saving customers tome and they easily using this app. This process is related with the
socio culture factors which evaluate better opportunities to improve their living standard. With
the help of CSR activities company easily communicate with the local communities and also
define better advantage to growth their business in systematic manner. With the help of this
people easily enhance their performance and improve their standard which leads achieving better
benefits. For this Lloyds bank also organize better training and development programs to their
local people so that they easily bring new business at market place in most effective manner. It
leads in improving the overall economic growth in positive manner (Bullough and et. al., 2017).
9