Effective Business Development Strategies

The assignment examines the impact of social, environmental, cultural, and economic factors on business operations and productivity. It emphasizes the importance of corporate social responsibility, adherence to laws and regulations, and strategic decision-making for long-term sustainability.

Individual Essay

Contents
INTRODUCTION.....................................................................................................................................4
MAIN BODY............................................................................................................................................4
CONCLUSION.........................................................................................................................................6
REFERENCES..........................................................................................................................................7

INTRODUCTION
This study will highlight, effective ways which will help in further business
development which will lead to higher operational productivity. This study will examine
effective business ethics which help business to adhere with corporate social responsibility in
this changing global business environment. It will include effective ways to analyse the
various cultural, economic, social and environmental issues and how it can managed
sustainably, responsibly and behave ethically for higher growth prospects. Lastly, this study
will also include impact on leadership in modern organisation
MAIN BODY
Business environment is changing at a faster pace. It is very dynamic and there are
large number of factors which adversely affect the performance of the Tesco Plc. Global
business environment helps in higher sustainable growth and development of the Tesco plc.
which leads to higher operational productivity and profitability for the business. Global
business environment is highly beneficial for the higher success of the company which helps
in reaching new and emerging markets across the globe (Crowther and Seifi, S. eds., 2018).
It is very important to behave ethically and manage sustainably in relation with
economic, social, cultural and environmental issues in order to reach higher goals and
objectives for the Tesco plc. Business environment is changing at a faster pace and there are
various environmental factors like social factors, cultural, economical and technological
factors which affect the operational efficiency and performance of the company. Company
must compliance with corporate social responsibility (CSR) in order to contribute towards the
welfare of the society which eventually helps in creating goodwill and brand image for the
Tesco plc (Grayson and Hodges, 2017). CSR practice helps in retaining top talent, engaging
customers and also helps in effectively maintaining competitive position in the market .
(Schrempf-Stirling, Palazzo and Phillips, 2016).
Ethical business practice focus on compliance with various laws, rules, policies,
regulations and standards which eventually helps in smooth functioning of the business.
Ethical business practice like honesty, integrity, loyalty, law abiding, trustworthiness, respect,
confidentiality, helps in achieving goals and objective of the Tesco plc. in a systematic and
timely manner.

Sustainable business development helps in effectively managing the social, financial,
economical and environmental risk, opportunities and obligations in a systematic and timely
manner . (Schaltegger and Wagner, 2017). Business sustainability is a core for Tesco plc. as
it is very important for the minimizing the negative impact on the growth and success of the
company and it also helps in maximizing the opportunities (WHAT DOES
"SUSTAINABILITY" MEAN IN BUSINESS?, 2018). Sustainable business means business
which are socially responsible, economically viable and environmental friendly. Business
sustainability helps in reducing energy, minimizing cost and wastage to achieve economies of
scale and profitability for the Tesco plc (Charter, 2017).
Social and cultural issues like change in consumer trends, change in lifestyle,
population growth rate, career attitude, age distribution, cultural barriers, health and safety
emphasis are some of the various factors which adversely affect the operational efficiency of
the business and leads to lower productivity for Tesco plc. Company must analyse the market
trend and must analyse the current trend of the population. It must focus on reducing cultural
barriers by encouraging ethical practices into the business (Ortiz‐de‐Mandojana and Bansal,
2016).
Economic issues like change in government policy, trade implications, political
stability, economic stability and instability, tax policy, foreign trade laws, terrorism, fiscal
policy are some of the factors which influence the working of the Tesco plc. every
organization must adhere to various government laws, policies and regulations which helps in
smooth functioning of the business. Payment of tax responsibly on a timely manner leads to
higher operational standards of the business (Craft, 2018). Compliance with all legal laws
and trade practices helps in establishing new business in the market which leads to long term
sustainable success of the business.
Environmental issues like change in environmental laws, policies and legislations,
pollution, non- availability of raw material, climate and weather, etc. are various factors
which hamper the efficiency of the business. Company must compliance with various
environmental laws and legislation and take necessary corrective actions to reduce
environmental pollution (Pearson, 2017). Company must function more responsibly and
focus on green and clean productions of goods and services in an ethical manner. Optimum
utilization of resources leads to higher sustainable practice of the business which helps Tesco
plc. in achieving common goals of the company.

Leadership is a crucial part in every organization which focuses on guiding employees
which leads to higher operational productivity of the business and help in achieving goals and
objectives of the Tesco plc. They focus on taking informed and strategic decision to achieve
long term sustainable success and development of the business in a responsible, sustainable
and ethical manner. These social, cultural, economic and environmental factors largely affect
the operational efficiency of the business (Kurucz and et.al., 2017). The leader must focus on
incorporating corporate social responsibility into the business and must also compliance with
various ethical practices for attainment of organizational goals and objectives with higher
profitability. Leadership must focus on strategic decision making to reduce the adverse
impact of theses social, economic and environmental factors on the business. Compliance
with various laws and legislation and implementation of corporate sustainable practice and
ethical practice into the business helps leader in long term sustainability growth of the
business.
CONCLUSION
From the above conducted research it has been examined that, organization is largely
affected by the various social, environmental factors, cultural and economic which influence
the working of the business. It has been examined that, the company must work in socially
responsible manner by responsible manner by getting engaged in corporate social
responsibility. Company must also focus on compliance with various laws and standards for
smooth functioning of the business. I have also concluded that, adherence with various
environmental and economic laws and legislations in an ethical and sustainable manner.

through:< https://online.hbs.edu/blog/post/what-is-sustainability-in-business >