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The Business Environment Assignment Solved

   

Added on  2021-02-20

6 Pages1362 Words19 Views
CONTEXT OF BUSINESS

Table of ContentsCONTEXT OF BUSINESS ............................................................................................................1INTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3Analysis of changing nature of business with global business environment..............................3LO 2.................................................................................................................................................4Identification of needs of individual and organisation in relation to various types of issues.....4CONCLUSION...............................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONBusiness is dynamic in nature and keeps on changing every now and then. It get affected by various social, political, cultural and legal factors in the country in which it is working as wellas globally. For better understanding of the report, the report will take Tesco as the base and will try to solve the problems and impacts. Tesco is the leading retail store of UK which has its branch in other coutures as well and has a huge base of employees and supply chain. The report will contain changing nature of business along with the factors that create issues in managing the need of individuals and organisation. It will focus on leadership style that the company uses and how their culture and style of management affects the business organisation and at last discuss design and development of organisation.LO 1Analysis of changing nature of business with global business environmentThe business environment is changing constantly and is continuously improving byadopting new technologies and innovative techniques. Globalisation in the world has encouragedfree movements of goods and services and break all the restrictions in moving goods andservices from one country to another. The recent developments in information technology hasintroduced few new trends like cloud computing, mobile platforms, artificial intelligence, virtualreality etc. (Hamilton, 2018). These technologies and new platforms are giving ample amount ofopportunities to the business by giving them strategic business and competitive advantage to stayahead of competition. In all this, who are getting the most benefits are the consumers. Thecustomers are getting updated technologies and products which saves their time andproductivity. Recently, there are few companies like Marks and Spencer that are using VR technologyin which the customers can see the whole product like clothes and accessories from 360 degreeangle by just sitting at home which saves resources as well as money and time of the customers.After they like the product they can just purchase it in one click (Kolk, 2016). There are some micro as well as macro factors which leads to change in nature ofbusiness. Macro factors include political, social, economical, legal and environmental factors.These are some external factors which affect the sustainability of modern business. And microfactors include suppliers, customers and stakeholder they also affect the business performance. It

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