Business Environment
Added on 2020-12-24
6 Pages1329 Words289 Views
Context of business
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Defining the micro or macro factors that changes the nature of the business at global context.1Discussing the importance of managing responsible or ethical business environment at bothindividual and organizational manner.........................................................................................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONBusiness environment is the set of all external or internal factors that influences business insome or other ways. Business should need to adopt all kinds of roles and responsibilities in orderto make the best outcomes and goals. present report will be discussing the business environmentof retail industry by the help of taking company Tesco. Under this report, study will be coveringmicro or macro factors that should company need to follows before taking any decision-makingapproaches. Besides, assignment also covering the importance of cultural values or theimportance of business ethics.MAIN BODYDefining the micro or macro factors that changes the nature of the business at global context.Micro Factors The Customers: Customers are the king of the market, they hold the market with their ownelements. Businesses should need to understand the needs and wants of the buyers before makingthe product or services (Fuhrmann and et.al., 2018). Tesco should need to adopt all certainchanges occurred in the market in order to make buyers happy and satisfied. Another reason is tomake competitors away from their potential buyers.The suppliers: Suppliers are the another most enlarging and important that affect businessesdirectly or in indirect manner. Suppliers hold the power of business when they deal alone in theindustry. This will work in more frequent manner in order to hold the long-lasting marketperformance (Johansen and et.al., 2016). It is very necessary for the business to make goodrelations with their suppliers to get good raw material to make finished products.The competition: Competitors are the most affected micro factors from which Tesconeeds to be aware. In other words, in retail sector there are many successful businesses whomade some wonderful standards with the product or services. Such as M&S, Asda, Wal-Mart,etc. Tesco should always make decision making on the basis of their competitors to deal with thechallenges.Resellers: Resellers are play a most important role to deliver the product or services tothe customers. If company does not provided products direct to the customers. Sometimescompany affected by distributors in terms of high commission loss that taken by the resellers.General Public: Company is accountable has a duty to satisfy the public. Every action of thecompany has to taken with the considerations of public (Padmanand and et.al., 2016). Public1
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