Contemporary Developments in Business and Management

Contemporary Developments in
Business and Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
An overview of the primary external influences on company and their importance...................1
TASK 2............................................................................................................................................3
Relevance of CSR and sustainability and how it influences policies and decision-making of
the organization............................................................................................................................3
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Contemporary development in business management can be understood as the analysis of
various factors which affect business environments, the influence of external and internal factors
on marketing strategies for business growth. It can be defined as the process of development
where progress of the organization is measured by its development and growth along the
contemporary changes raised by these factors. This report shows the importance of
environmental elements and other external forces affect the market growth in the business of
Bentley motors. It presents the evaluation of how company works on strategies to cope up with
the external factors affecting it. The influence of corporate social responsibility factor and
sustainability principles used on the policies and decision-making functions in various sectors of
company. This report also discusses the effectiveness with which company fulfils the social
responsibility factor by keeping its production, technology and emission in check. It also
includes the areas of improvement for the company in response to the sustainability factor.
TASK 1
An overview of the primary external influences on company and their importance
External factors influencing the company can be understood as the factors which are
operating outside business premises of the organization. They impose an important influence
over the operations, relating to survival and growth of company (Alpenidze, and
Sanyal,2019).Firms have little or no control over the external environment forces in which it is
operating which arises the need to continuously conduct environmental analysis,for smooth long
term stabiliyy. Bentley Company keeps close check on these macro-environment factors which
are discussed below and strategies to combat the impact properly.
POLITICAL FACTORS: The political factors include competitive policies, laws and
legislation related to environmental issues related to automotive industry. Rules and political
scenario of a country have a very strong impact over the business of company. Political stability
of country greatly impacts on company's working. Recent issue of Brexit has impacted on the
imports of parts supplied for car built. Bentley has further kept in mind these political factors and
worked out strategies for growth in the highly globalized automotive market of UK(Nkwabi,
and Mboya,019).
ECONOMIC FACTORS: Economy of a country is considered to be one of the most
important element impacting the success of organization. There are several contributing factors
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like economic crisis, fluctuations in interest rates and other similar aspects that will have direct
and strong impact on the consumer buying behaviours for products and services which will
ultimately effect on the profit margins of company (Stawasz, 2019). It is really important for
Bentley to construct down the detail study of environmental factors it needs to work on, how to
fix the price strategies according to the economic situations in country keeping the business goals
in market.
SOCIAL FACTORS: The socio-cultural factors of a country include the demographics of
population, households and what age group factors decide the maximum sales of company.
Research in UK has shown that 80 percent of population using Bentley is below the age of 45.
Bentley has to keep in mind the demographic patterns in mind, their social factors and needs of
young generation, how they impact on marketing strategies for business growth as it is really
important for company. The price strategies for establishing a good place for potential customers
is also a social factor Bentley keeps in mind greatly (Lee and Blouin, 2019).
TECHNOLOGICAL FACTORS: The automotive industry of UK is one of the most
innovative producer in cars and engines production when it comes to technological factor for
competitive growth in companies. This factor has a huge influence on automotive sector and is
very important for the company. Bentley needs to focus on creating a transformed business
environment with premium quality of technology in engines of their auto-mobiles by formulating
technology for CO2 emissions free vehicles. It also needs to focus on research and development
agenda, with higher innovative technological up-gradation according to demands in market
growth (Refaie and Rajapaksha, 2019).
GLOBALIZATION: The globalization factor has changed the scenario of automotive
industry in UK. It has boomed the success and growth in industry, consumers in it and the whole
western economy. Process of globalization has brought many opportunities for business growth
and given economic freedom to companies. Bentley has worked on globalization factor by
keeping the need to innovate technologies according to competition and advancement in
demands for various potential targeted consumers. It has taken initiatives to adopt new policies
and marketing strategies to be a leader in the global market of auto mobiles (Tran and Nguyen,
N., 2019)
EMERGENCE OF NEW COMPETITORS: In the age of globalization and free market
economy trade has led to emergence of various new companies in the competitive market place.
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