Contemporary Developments in Business and Management

Contemporary Developments in Business
and Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
TASK 1:...........................................................................................................................................2
TASK 2:...........................................................................................................................................5
A. Theme:....................................................................................................................................5
B. Effectiveness of the organization:...........................................................................................7
C. Areas of improvement:............................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES:.............................................................................................................................10

INTRODUCTION
Contemporary developments in business and management includes contemporary world
of business and management and globalization. Contemporary development improves the global
business environmental and also enhance globalization of markets and industries. It solves the
business internationalization errors and positively affects the economic, legal, social and
political environmental. Contemporary developments in business and management influences the
international financial markets and institutions. It helps in technological changes for business
growth and also helps in solving environmental and socio-cultural issues. Contemporary
developments ensures the current and future developments in business and management. This
report will include, Wholesale and retail trade and repair of motor vehicles and motorcycles G45
is the UK has grown quickly over the five years. At the beginning of period, Improved economic
conditions in UK increase the demand for motorcars. Low fuel prices in United Kingdom also
encourages operators for public transport. Euro Car Parts Ltd. is a retailer of automotive parts,
car parts and accessories. Euro Car Part Ltd offers garage equipments, auto parts, car accessories,
body or exhaust system and air-conditioning accessories. It is the UK's most famous company
for supplier of car parts. This company has two hundred branches across the UK and Ireland.
Euro car parts ltd has sixteen distribution branches across the UK. This company also a great
storage facility in Staffordshire. Euro Car Parts provides services parts in a very affordable prices
and also offers free delivery service across the entire UK. This company deals in all the
important car parts such as brake pads, bulbs, batteries, blades. This also offers online order
services to all the major essentials for car maintenance like car fluids and engine oil.
Impact of external business environmental factors on the Euro Car Parts Ltd.
This report will include the impact of external business environmental elements on the
Euro Car Parts Ltd (Grill, 2019). External environmental factors includes the outside influences or
elements that impact on operations of business. These environmental factors have two types such
as the micro environment and the macro environment. The micro environment factors directly
affects the company's operations and its includes customers, suppliers, financiers, public
perceptions and marketing intermediaries. The micro environment factors includes economic,
social, political, technological, environmental and legal factor. On these factors organizations has
no control. External factors can have affects capabilities of an organization to achieve its
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objectives and goals (Dunne and et.al., 2016). This report will also highlight the external
influences on the organization and its importances.
MAIN BODY
TASK 1:
External influences of the Euro Car Parts Ltd.-
The success or growth of a organization fully depends on its power to adapt. PESTEL
analysis is a important tool to analyse the effects of macro environment factors on the
organization. PESTEL includes Political, Economic, Social, Technological, Environmental and
Legal factors that directly affects the macro environment of Euro Car Parts Ltd and its
operations. Company has no control on these factors and have an large impact (Jayaweera, 2015).
PESTEL analysis generates great details about External influences of the Euro Car Parts Ltd.
Political factors in UK that impact Euro car parts industry-
Political factors plays a vital role in analysing the elements that can largely impact
company's long term profitability and operations in UK or its market. Euro car parts Ltd retails in
car parts, accessories and all automotive parts in various countries and operates in different-
different political environment and faces several political system risks. There are many political
factors in UK that impact Euro car parts Ltd. Company. UK's political stability enhance the work
sustainability of the company. The importance or large necessity of automotive parts in the UK's
economy can also improve productivity in an organization.
UK regulates many rules and regulation for automotive service industries and level of
corruption influences the company's security. Anti-trust law in the UK also protect the auto parts
industries (Shin and Konrad, 2017). UK also regulates trade regulations and tariffs for auto parts
services sector. UK's government focus on industrial safety regulations and also promotes
product labelling in automotive parts, that will increase trust of consumers on organization. UK
Taxation laws and wage regulation in auto parts industry affects the production and growth rate
of Euro car parts Ltd. Government of UK also installed Bureaucracy and interference in
automotive parts companies.
Economic factors in UK that impact Euro car parts industry-
Economic factors include interest rates, long term trends of economy with market
fluctuations, inflation rates, customer or end user drivers, competition, market distribution and
routes, technology costs, taxation issues etc. Euro car parts Ltd. Can use UK's economy factors
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