Literature Review Analysis of Business and Management Studies

The provided document is a literature review analysis of business and management studies. It contains an extensive list of research papers and articles published in reputable journals such as the Journal of International Management, Management Decision, Government Information Quarterly, Strategic Management Journal, and Industrial Marketing Management, among others. The analysis explores topics like liabilities of foreignness, social networks, Web 3.0, business process management, psychological foundations of dynamic capabilities, and strategic development of business models. This document serves as a valuable resource for students and researchers seeking to understand the current state of knowledge in business and management studies.

Contemporary developments in business and
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
1. Influence of external forces on working of Walker Rubber and Plastics Ltd and importance
of each factor on the working of organisation........................................................................4
TASK 2............................................................................................................................................8
2.1 Corporate Social responsibilities of Walker Rubber and Plastics Ltd. ...........................8
2.2 Evaluation of effectiveness of the response of Walker Rubber and Plastics Ltd to CSR10
2.3 Areas of improvement regarding Walker Rubber and Plastics Ltd...............................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Every organisation is working in a dynamic business environment in which large number
of factors affect the functions and operations of company. This will have both positive and
negative impact on the activities of company. This depends upon the management of
organisation to recognise the effect of such factors earlier and takes advantage by preparation of
familiar strategies. Main external factors which influence the working includes political,
economic, social, technological, legal and environmental. If all these factors are in favour of
organisation then large number of benefits are derived in the future. Adoption of better
marketing communication mix and CSR activities also help in the accomplishment of
organisational objectives and expansion of their business operations. Walker Rubber and Plastics
Ltd is a manufacturing company which makes rubber and plastic products as well as seals and
hoses for customers of Europe, Asia and America (Alvarez, 2016).
In the present report, impact of external forces on the working of organisation and their
importance on the functions and operations will be explained. Also, importance of marketing
communication mix and their influence of policies and decision making power of management
of organisation will be discussed.

TASK 1
1. Influence of external forces on working of Walker Rubber and Plastics Ltd and importance of
each factor on the working of organisation
Walker Rubber and Plastics Ltd is a manufacturing company which makes the products
of rubber and plastic as well as seals and hoses. This company makes all kinds of rubber and
plastic products which easily fitted on vehicles, earth moving equipment, domestic appliances,
lightning and pumping systems, electronic control, aviation, motor sport etc. Diversified
products and good quality provides an opportunity to capture a large market and increase their
profitability. They also provide their products for the customers of Europe, Asia and America.
Large number of factors are present in the business environment which affects business
operations of Walker Rubber and Plastics Ltd. It is the duty of management of company to
identify such factors and make policies. In the process of identification of such factors and their
influence on the policies and decision making power, PESTLE analysis is needed to be
conducted. This helps in determination of the impact of political, economic, social,
technological, legal and environmental factors on company. Such identification helps in
preparation of the strategies and plans which work as a guidance for the employees and manager
which are required to be adhered while performing their functions. This helps in improving the
performance of individuals and overall organisation. If such factors have positive impact on the
business operations of company, this helps in deriving a large number of benefits (Bromley and
Powell, 2012). This will work as the growth factor for operations of company. External factors
which influence the working of Walker Rubber and Plastics Ltd are defined as below:
Political factors: Walker Rubber and Plastics Ltd is a large manufacturing company
which provides their products in Europe and Asia also. Different countries have distinct political
conditions with own regulations regarding operations of business activities. This will have a
huge impact on the business operations of company. The major factors which are included in this
are political stability, interference of government in rubber industry, legal framework for contract
enforcement, intellectual property protection, favoured trading partners, pricing regulations,
taxation regulations, industrial safety regulations, etc. All these factors affect the ability of
company in operations of their different functions and their growth in particular country where
such factors are present.

Importance: Identification of these factors by the management of company helps in
determination of government policies which are in favour and against of business functions. This
helps in the preparation of plans accordingly. Adherence of government regulations help the
reduction of legal actions and penalties. This helps in expansion of the business activities and
build their strong image in market and between the customers due to following of regulations
and regardant to quality of their products (Denk, Kaufmann and Roesch, 2012).
Economic factors: Every country has different conditions which affect the ability of
Walker Rubber and Plastics Ltd in providing their business operations in such country where
economic condition is nor better. Main issues related to economic factors which affect the
business operations of rubber and plastic company include inflation rate, savings rate, interest
rate, foreign exchange rate and economic cycle which helps in identification of demand in
market and investment made in economy. Major factors which affect the business is consumer
behaviour and level of income which hampers the paying capacity and power of generating
demand in market. Simultaneously, high interest rate also affects borrowing capacity which
affects their funding regarding different activities as well as reduces the capacity of
diversification of activities.
Importance: Determination of economic issues by the management of Walker Rubber
and Plastics Ltd helps in preparation of their strategies and recognising their power which they
possess in market. If the interest rate is high and level of income is low in country where they
operate their function provides direction to make their focus on overseas business and funding
their business through FDI.
Social factors: This includes culture of society and their ways of doing performance
affects the organisational structure of organisation. Belief and behaviour of the individuals have
high influence on the business operations of rubber and plastic industry. Large number of social
factors affect the business of Walker Rubber and Plastics Ltd as mentioned below:
 Skills of individuals: In country where such organisation manufacturing their rubber and
plastic products has influenced by the skills of their employees. If they don't have skills
affects their quality and production capacity and increases their cost of operation.
 Culture: This includes the gender roles and cultural differences which affects ability of
company to improve the performance of their employees and optimally utilise given
resources.

Importance: Determination of the social factors and their fulfilment helps the
organisation to improve their image in society. This helps in getting the support of public and
attaining competitive advantage. Appointment of skilled employees and removal of cultural
differences help in improvement of the overall organisation performance.
Technological factors: This includes the factors related to advancement of technology in
machinery and process. This provides the opportunities to organisations to improve the quality of
their products and increase their production. This provides opportunity to Walker Rubber and
Plastics Ltd to adopt such new machineries and increase their production reduce the wastes and
polluting factors which have negative impacts on environment. This will also have large impact
on the product offerings, cost structure, value chain structure, rate of technological diffusion,
quality of their products. If the organisation not adopt such new technologies this will reduce
their expansion speed.
Importance: The large number of benefits are derived by implementation of advance
technology by the management of Walker Rubber and Plastics Ltd. Such benefits which are
derive are mentioned below:
 Acceptance of new technology helps in optimally utilise their resources and improve their
position in market.
 Implementation of technology helps in removal of the various problems and ensures the
safety of their employees (Garrigos-Simon, Lapiedra Alcami and Barbera Ribera, 2012).
 Technology helps in development of the skills and personality of employees.
Legal factors: This includes about the various laws and legislation which are provide by
government regarding operation of business of rubber and plastics industry. Walker Rubber and
Plastics Ltd is required to implement all such laws and adhere them while performing there
functions. The various legal factors which influence the working of organisation are mentioned
below:
 Discrimination law: It is important to follow regarding their employees as to provide
equal rights and there is no discrimination on the basis of their gender. They also have to
pay equal wages. Otherwise company has to bear legal actions.
 Copy right, patent and intellectual property rights laws: It is important to follow this
law because it helps to save the company from the infringement of laws and uses of other
copy right techniques. Non consideration of this factor reduces their image.

 Health and safety law: It is important to take care about the health of their workers at
workplace otherwise they have bear legal actions and penalties. Non implementation of
this law and nor taking the measures affects the production capacity and reduces the trust
of their employees of the activities of company.
Importance: Importance regarding consideration of this law by Walker Rubber and
Plastics Ltd company is helps in reduction of penal and legal actions. Implementation of health
and safety act helps in getting the confidence and trust of their employees towards the activities
of company. This will contributes in maintenance of long term relation with their employees and
accomplish their objectives timely.
Environmental factors: This includes about the factors related to adherence of
environmental laws and norms otherwise it affect organisational profitability. Organisation has to
adhere environmental law and liability laws in performance of their business functions. The
major environmental factors which influence the business of Walker Rubber and Plastics Ltd
includes laws related to environmental pollution, air and water pollution, waste management etc.
Their influence on organisational activities and on their profitability are define below:
 Environmental pollution: Walker Rubber and Plastics Ltd is rubber and plastic
company and in manufacturing process large number of dangerous gases are emerged in
environment. This results in criticism by the society regarding their business activities
and reduces their profitability (Gong and Janssen, 2012).
 Air and water pollution: Such emission of gases and disposal of wastes in water also
become the resin of air and water pollution. Such business activities deprive the public
from getting fresh air and water. This will reduces the image of company in market.
 Waste disposal system: It is important to have effective waste disposal system.
Otherwise they have to face criticism and also legal actions. This will not only reduces
the profit capacity of company also results in discontinuance of their business operations.
Importance: Following environmental laws and adoption of the proper waste disposal
system by Walker Rubber and Plastics Ltd company helps in reduction of the negative effects of
their activities on environment and helps in providence of fresh air and water to general public.
This helps in creation of their image in between society which contributes in improvement of
their profitability. Proper waste disposal system helps in recycling of different resources which
helps in reduction of their operation cost also. This will includes as the CSR activities of

company which helps in getting the attention of the society towards the business operations and
helps in their growth.
TASK 2
2.1 Corporate Social responsibilities of Walker Rubber and Plastics Ltd.
Corporate social responsibilities means the actions and steps implemented by the
company in order to fulfil the needs and demands of society as well as stakeholders in more
effective and efficient manner. The company should also formulate steps for the betterment of its
stakeholders also which motivate them to create healthy relation with customers. This will helps
company in gaining competitive advantage as well as also build brand image in competitive
market. Therefore the manager need to understand that how CSR influences business activities
and thereafter should need to critical analysis about the effectiveness of the response of AE
Rubber (UK)Ltd. to CSR.
Influence and relevance of CSR on the economy:
Walker Rubber and Plastics Ltd. is the company of united kingdom which deals rubber
and plastic automotive components. Its main objective is to provide high quality rubber products
at reasonable and competitive prices (Hodgkinson and Healey, 2011). As the company attain
large number of customers, suppliers, buyers etc. which have direct relationship with the
company. Therefore they also influences business decisions and activities on large scale such as:
Customers influence: Customer is considered as the lifeline of the business therefore it is
the responsibility of company to take effective actions in order to maximise the level of
satisfaction of their customers. For this, the company first need to identity the needs and
requirements of targeted customers and accordingly implement corrective actions in order to
fulfil them in an effective and efficient manner. The company who become success of attracting
large number of customers then it will directly help in building brand image and goodwill in
competitive market. As the customers decide the business survival in competitive market
therefore it is necessary for company to adopt various marketing strategies in order to attract
them towards their products and services. Therefore it is essentially required of company to read
consumer's mind and accordingly formulate decisions in order to bring maximum satisfaction to
them.

Employee's influence: Employee considered as an asset for company therefore play an
important role in influencing the success of company. AS the company is large in size therefore
the company also attain large number of employees who contribute their maximum efforts in
achieving desired goals and objectives. They also influences decision making and productivity as
well as the amount of distribution of products of company therefore the company need to
implement effective decision for the betterment of their employees. The company should need to
implement and develop various plans and strategies for the welfare of employees such as
promoting the existing employees, offer incentives or rewards, compensations etc. which help in
maximising the level of satisfaction to their employees through which their employees can
contribute more to achieve organisational profit as well as social goals.
Investors influence: Investors play a crucial role in running business more smoothly and
thus they also influences the financial stability of company. Therefore it is important for
company to take care of their interest and willingness on timely basis. The company performs
social activities helps the investors to decide whether they want to invest into the company or not
and thus it is very influential to the company on large scale. Therefore Walker Rubber and
Plastics Ltd. If perform social activities then it will help them in getting a good amount of
investment from different sources. Therefore the company need to formulate their marketing and
management plan in order to inform the large number of investors about their social activities so
that the investors think of investing in business (Jeston and Nelis, 2014).
Competitors influence: Competitors are considered as the threat to company and thus
also influences decision making process of company. Therefore It is important for company to
analyse their activities and accordingly formulate effective plans and policies that will help them
in attaining strong position among their competitors. Therefore Walker Rubber and Plastics Ltd
need to perform social activities in order to establish a strong brand and reputed image in
competitive market world.
Self influence: When the company engaged in corporate social responsibilities then it
will make big impact in the competitive market therefore it is necessarily required for company
to make their management and other effective decisions with the help of their won control. The
company need to introduce new and innovative ideas which help them in expanding their social
activities activities in large scale. They need to find out the new mode where they can attain large
number of loyal customers through managing and expanding their social activities through

worldwide. In short company should contribute their own efforts to achieve success in
competitive market world.
Public influence: It is necessarily required for company to inform the public about their
social activities in order to improve goodwill and reputation of company. Media is one of the
influential factors which help in bringing news about company's social activities to the public.
Therefore the image or goodwill of company will depend on the news that spread through all
over their business area which help in promoting of their products and attain large number of
customers in UK and worldwide. Accordingly company need to follow strategies and plans in
which they need to change the features and quality of their products in order to achieve
competitive advantage. Therefore company need to adopt various promotional technologies in
order to provide the information about their social activities for the betterment of public (Ma and
Yu, 2010).
2.2 Evaluation of effectiveness of the response of Walker Rubber and Plastics Ltd to CSR
Walker Rubber and Plastics Ltd is manufacturing company which make rubber and
plastic products for the customers of Europe, Asia and America. Diversified range of products
and their adaptability in different sectors helps the company to earn large number of profits.
There are many CSR activities are provide by company for the development of society. Such
activities contributes in building of their good image and improve their goodwill in market. This
will have huge impact on the profitability of company. The major CSR activities provided by
Walker Rubber and Plastics Ltd and the effectiveness of such activities to society are define
below:
 Development of society and charity: Walker Rubber and Plastics Ltd has good relation
with the individuals of society of UK. To make their bond more strong and provides large
number of benefits they are provide various types of charitable things. This helps in
promotion of their products by providing different types of activities which contributes in
development of society. Large number of charitable campaigns are start by the
organisation which in increase social awareness and helps in development of individuals
of society.
 Green business: This includes about the process of operation of the business activities in
such way that it reduces the environmental harm. For this purpose, management of
Walker Rubber and Plastics Ltd properly adopts environmental, air and water pollution

laws and implement proper waste disposal system which helps in reduction of their
wastes and reduction of pollution form environment. This helps the company to adopt
green business process which increases the belief of society on their functions. This
contributes in positive publicity of organisation thorough different media platforms which
helps in attraction of the large numbers of customers and increase the goodwill in market.
 Minimal wastes: Walker Rubber and Plastics Ltd is rubber and plastic manufacturing
company which has large number of emission of gases like carbon dioxide which harms
the environment and becomes the reason of air pollution. It is important for the
management of company to adopts proper waste disposal system which helps in recycling
of their waste products and improves the production capacity of company. This helps in
removal of negative effects from the society and improvement of goodwill. The
effectiveness of adoption of such policy helps in making of long term relation with
individuals of society and prevent the company from unnecessary actions (McDonnell
and et. al., 2010).
 Employee's betterment: Employees are the important asset of organisation on which the
operations and profitability is depends. It is the duty of the management of Walker
Rubber and Plastics Ltd to provide all the services to their employees like proper training,
accommodation, salary etc. All these factors helps in motivation of the employees and
improvement of the performance. CSR activities of company helps in attraction of fresh
talents and make good relation with their employees. This will helps in enhance their
confidence on the business operations.
 Reduction of unemployment: Large number of employment opportunities provide by
the Walker Rubber and Plastics Ltd company. This helps in reduction of the
unemployment and provides large number of opportunities to the individuals of country.
This helps in improving their living standard and provide the opportunities of earning
more income. This contributes in economic development of country and provide their
support in social development.
 Contribution to education: Walker Rubber and Plastics Ltd is provides large number of
donations to educational institutions. This helps in increase the education level in country
and development of their skills and knowledge. This helps in development of society and
provide opportunities to the individuals to get better job opportunities within and outside

the country. This policy is so effective that it helps in attainment of competitive
advantage and capturing the market of competitors also.
 Customer satisfaction: Customers are the important drivers on which the profitability of
company is depends. It is important for the organisation to understand the preferences of
their customers and provides their products. CSR activities helps to make good relation
with their customers and gain the loyalty of customers. This helps in expand their
business activities and improves their profitability. Customer satisfaction id must to run
business for long period of time.
2.3 Areas of improvement regarding Walker Rubber and Plastics Ltd
From the above PESTLE analysis and the adoption of the different strategies helps in
determination of the areas where there is need to improve by organisation. From the above CSR
activities also identifies that some of the social and environmental development areas which
helps the company to improve their image and operations and provides maximum benefit to
society. Different areas where need is feel to make improvements in Walker Rubber and Plastics
Ltd company are define below:
 The management has to concentrate on overseas platforms to expand their business
activities. For this purpose they have to make strong their supplier base which provides
their products to end customers easily. This helps to getting more investments from the
global channels. This provides the opportunity in development of the economy of UK
(Myers, 2013).
 It is need to appoint the large number of employees to effectively produce their products
with having great quality. This also helps in social development by removing
unemployment.
 It is observed that company is need make improvement regarding providence of their
CSR activities for the development of remote community. This helps to brining them
happier and provide basic facilities. This provide the opportunity of increase the living
standards and provide new sources of earning and make their life more better.
 There is need to make improve their waste disposal system. This will have two benefits
firstly it helps in reduction of their operation cost by recycling of waste resources and
secondly it contributes in CSR activities by reduction of pollution from environment.
This helps in getting the attraction of society and employees both.

 Need to improve their strategies regarding their competitors in market. This helps in
attainment of competitive advantage and capture large market share. Large number of
benefits can be derived in domestic and international market which helps in increase their
profitability (Pahl-Wostl and et. al., 2011).
Such different areas which are recommended for make improvement helps in expansion
of the business and accomplishment of their objectives. This will have long term effect on the
business operations and large benefits can be derived in long run.
CONCLUSION
As per the given report it has been concluded that there are many macro environment
factors are present in business environment. Walker Rubber and Plastics Ltd company is one of
the largest company in UK which have large number of influence on the operation of company.
It is the duty of the management is to do PESTLE analysis to identify the impact of such factors.
Such identification helps in preparation of the policies and strategies which improves the
performance of company and contributes in attainment of their desired results. There is hue role
of CSR activities in improvement of the brand image of company. This helps in achievement of
competitive advantage and capture large market share.

REFERENCES
Books and Journals
Alvarez, J.L. ed., 2016. The diffusion and consumption of business knowledge. Springer.
Bromley, P. and Powell, W.W., 2012. From smoke and mirrors to walking the talk: Decoupling
in the contemporary world. Academy of Management Annals. 6(1). pp.483-530.
Denk, N., Kaufmann, L. and Roesch, J.F., 2012. Liabilities of foreignness revisited: A review of
contemporary studies and recommendations for future research. Journal of
International Management. 18(4). pp.322-334.
Garrigos-Simon, F.J., Lapiedra Alcami, R. and Barbera Ribera, T., 2012. Social networks and
Web 3.0: their impact on the management and marketing of organizations. Management
Decision. 50(10). pp.1880-1890.
Gong, Y. and Janssen, M., 2012. From policy implementation to business process management:
Principles for creating flexibility and agility. Government Information Quarterly. 29.
pp.S61-S71.
Hodgkinson, G.P. and Healey, M.P., 2011. Psychological foundations of dynamic capabilities:
reflexion and reflection in strategic management. Strategic Management Journal.
32(13). pp.1500-1516.
Jeston, J. and Nelis, J., 2014. Business process management. Routledge.
Ma, Z. and Yu, K.H., 2010. Research paradigms of contemporary knowledge management
studies: 1998-2007. Journal of Knowledge Management. 14(2). pp.175-189.
McDonnell, A. and et. al., 2010. Developing tomorrow's leaders—Evidence of global talent
management in multinational enterprises. Journal of world business. 45(2). pp.150-160.
Myers, M.D., 2013. Qualitative research in business and management. Sage.
Pahl-Wostl, C. and et. al., 2011. Maturing the new water management paradigm: progressing
from aspiration to practice. Water resources management. 25(3). pp.837-856.
Piekkari, R., Plakoyiannaki, E. and Welch, C., 2010. ‘Good’case research in industrial
marketing: Insights from research practice. Industrial Marketing Management. 39(1).
pp.109-117.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2012. Business cases for sustainability:
the role of business model innovation for corporate sustainability. International Journal
of Innovation and Sustainable Development. 6(2). pp.95-119.
Sturdy, A., 2011. Consultancy's consequences? A critical assessment of management
consultancy's impact on management. British Journal of Management. 22(3). pp.517-
530.
Welch, C. and et. al., 2011. Theorising from case studies: Towards a pluralist future for
international business research. Journal of International Business Studies. 42(5).
pp.740-762.
Wirtz, B.W., Schilke, O. and Ullrich, S., 2010. Strategic development of business models:
implications of the Web 2.0 for creating value on the internet. Long range planning.
43(2). pp.272-290.
Online:
PESTLE analysis 2017 [Online]. Available through: <https://processpolicy.com/pestle-
analysis.htm>