Context of Business - M&S Assignment

Context of business.

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Identifying the micro or macro factors at global environment...................................................1
Discussing the reasons and importance at individuals and organisation to manage responsibly,
sustainably behave ethical...........................................................................................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business environment is made up from two factors internal or external who always affect
the industry or organisation in both positive and negative manner. In other words it also affects
the overall economic conditions of the country as well. Present study based on business
environment in which study will be taking fashion retail company M&S. Further, in this report
discussed about micro and macro factors which how external or internal factors affect overall
fashion retail industry. Besides, report also explained about the importance of socially
responsible in the perspective of organisation and individual. In other words, overall study
explained the importance of business environment and factor affecting goals.
MAIN BODY
Identifying the micro or macro factors at global environment.
Micro factors
The suppliers : Suppliers are the most significant micro factors without company cannot
make the finished products for the consumers (Kljucnikov and et.al., 2016). To work smoothly
and efficiently it is required for the company to build up the long lasting result and goals. Apart
from that, it also discovers the emerging market opportunity and bring new working areas.
Suppliers are highly powerful in fashion retail sector due to high demand. In terms of negative
relation with the suppliers can affect the business goals.
The Consumer : Customers are the king of the market which always need to be build
positive and effective result outcomes to make the good appearance. Customers are the highly
affected factor due it's changing behaviour. Customer has to be satisfy and happy with the
services or product of the company otherwise it would be given negative impact on the company
sales (Bah and Fang, 2015).
Marketing Intermediaries : Mediators play a most crucial role in case when the
company does not sale the product directly to the consumers. It is necessary for the company to
build up the good relation with the marketing intermediaries to gain the market opportunity and
growth.
Competition : Competitors are the most essential and effective role players with
company needs to be maintained good relation. For M&S major market competitors are Zara,
H&M, Tesco etc.
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Macro factors
Technological factors : this is the most emerging and advanced factor through company
influenced in both positive and negative manner. But basically, new technologies bring new
opportunities for the company to make new changes and attract customer attraction towards the
product services of the company (Eling and Schaper, 2017). Besides, due to having lack of
source or knowledge sometimes company also facing drawbacks of the technologies too.
Legal and Political factors : Political or legal factors are the most significant factor due
to which company facing several troubles and issues in order to build up the new challenges and
goals. Legal and political influenced businesses by changing or amending new policies and code
of conduct in the industry. For example: amendments in the employment law can affect the
company in different manner. Besides, that it also create challenges for the company to build up
the new challenges and targets.
Economic factors : Economic factor is the another macro factors that affect the business
due to uncertainty of economic policies. Besides, this can help to bring new emerging market
styles and affect the business into both effective or ineffective manner. It also affects the
differences to make the working goals and objectives (Hillary ed., 2017 In other words, it is very
necessary and essential for the companies to make the long lasting results and also build up the
new emerging market. Besides, M&S should also need to adopt all legislation and policies.
Social factors : Social factors is the influencing factors by changing the environment of
market trend and affect the ineffectiveness growth and make the new working opportunity or
task. Society is highly affected the overall conditions of the factor in order to beat the new
emerging market trend. Company has to adopt the new market trend or adhere corporate social
responsibility in order to build up the good public relation.
Discussing the reasons and importance at individuals and organisation to manage responsibly,
sustainably behave ethical.
Business ethics are the most essential function to be adopted by the industry to sustained
in the market. Besides, it is also very much required for the company to build up the new
challenging goals and make the long lasting results. Such as M&S needs to invest in green
projects and implement all social responsibility and business ethics. Such as M&S should need to
avoid chemical substances from their product or services. Besides, it is also very much necessary
to make the business environment positive and effective (Prajogo, 2016). To be socially is the
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responsibility of both individual or organisation to be good in the image of others. Society never
accepted the wrongful things of others and take wrong action against those who are not socially
responsible towards the society. M&S also need to followed all business ethics and followed the
company regulations in order to make the things normally and make their business function in
smoothly manner. Business ethics also very necessary for the company to retained the potential
employees with the company in order to sustained the long lasting results and bring new
opportunity for the future goals (Prajogo, 2016). Ethics helps organisation to avoid uncertainty
and risk in the future and retained the good image in front of their stakeholders. Overall, manage
work in sufficient manner and build up the new emerging trend in the market will help to make
the good outcomes for the company goals.
CONCLUSION
As per the above report it clearly focused on the business environment and their factors
affect business functional activities. Overall report described the importance between the ways or
approach to handle the situation of uncertainty. Besides, it explained all political, demographic,
social technological factor that mighty affect business. It has been concluded that, to sustained in
the global environment, businesses needs to make effective decision making approach in order to
full fill the business market needs. Apart from that, it also described the importance of business
ethics in both individual or business manner.
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REFERENCES
Books & Journals
Kljucnikov, A. and et.al., 2016. The entreprenurial perception of SME business environment
quality in the Czech Republic. Journal of Competitiveness. 8(1).
Bah, E.H. and Fang, L., 2015. Impact of the business environment on output and productivity in
Africa. Journal of Development Economics. 114. pp.159-171.
Eling, M. and Schaper, P., 2017. Under pressure: how the business environment affects
productivity and efficiency of European life insurance companies. European Journal of
Operational Research. 258(3). pp.1082-1094.
Hillary, R. ed., 2017. Small and medium-sized enterprises and the environment: business
imperatives. Routledge.
Prajogo, D. I., 2016. The strategic fit between innovation strategies and business environment in
delivering business performance. International Journal of Production Economics. 171.
pp.241-249.
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