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Pre-PLACEMENT EVALUATION REPORT INTRODUCTION 1 TASK 11 i) Tools used to analyse the business environment

   

Added on  2020-12-28

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PRE-PLACEMENTEVALUATION REPORT
Pre-PLACEMENT EVALUATION REPORT INTRODUCTION 1 TASK 11 i) Tools used to analyse the business environment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1i) Tools used to analyse the business environment.....................................................................1ii) Management practices impact on worker performance..........................................................4TASK 2............................................................................................................................................5i) Personal development of an individual person .......................................................................5ii) Professional development.......................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONBusiness environment includes external and internal factors which influence themanagement of business and its operating system. The analysis of business environment helpsthe company for the survival and growth and also identifies the various factors such as strength,weaknesses, improvement in technology etc. This report highlights the various tools which isused to analyse the macro- environment factors in Mark and Spencer which is a high growingretail company and has 1300 stores worldwide. Therefore, it is greatly influenced by the externalfactors such as political, economical, technological etc. It also explains the role of managementpractices in analysing the performance of employees such as reward system, training anddevelopment programs which help them to improves their motivation, skills and practicalknowledge in the field they are working. It also highlights personal and professionaldevelopment which can helps in improving the work environment with the help of technicalskills and knowledge.TASK 1i) Tools used to analyse the business environmentThe external business environment consists of various factors such as political,economical, sociological, technological, environmental and legal which creates challenges andopportunities for the business and to study this environment managers can apply pestle analysisto overcome the difficulties in the business (Bhagwat and et.al., 2018). The details of pestleanalysis of Mark and Spencer which is operating in the retail industry and having headquarter inUK. It consists of 1382 stores globally which is creating a great impact on its businessenvironment as the management and leadership practices vary from place to place.Political: With the influence of free trade policy Mark and Spencer had a great reduction insourcing costs and also due to its high cost structure they are having disadvantage in internationalmarkets (Di Rezze and et.al., 2016). Impact of Brexit also created influence on the taxationpolicies as the new norms and legislations were defined. Due to lack of energy efficiency schemeUK government does not have the clarity on CSR initiatives which negatively affected thebusiness.Economical: Mark and Spencer has a major conflict with the small retailers as they put discounton products due to currency impact of Brexit. This is affecting their store performance becauseof the financial crisis (Luckock and et.al., 2017). Therefore, Marl and Spencer are focusing on
Pre-PLACEMENT EVALUATION REPORT INTRODUCTION 1 TASK 11 i) Tools used to analyse the business environment_3
the quality of products as the customers are attracted to quality with value which will help inincreasing economic value and sustainability in sales.Socio-cultural factors: Mark and Spencer are producing things like clothes for old people whichwill help them to attract customers and will increase profits. They should start selling productsonline as the customers are present on the internet very much which will ease their shopping andthe requirements of consumers change day by day. Customers want to feel modern and special asthey are attracted to fashionable clothing and use credit cards to fulfil their needs.Technological factors: Digital marketing is creating a major impact on the sales of Mark andSpencer as the company is already available on the social and online sites which is attractingconsumers who are focused on buying online and prefer mobile commerce which saves theirtime (Hart Cavanagh and Douglas, 2015). Therefore, M&S must be aware about the knowledgeof digital marketing and all its application which can give them advantage in profitability insales, customer service and also increase the efficiency of company. Mark and Spencer can builttheir website, online shops and databases as the information technology is changing so fast and will provide the feedbacks and information through which they can analyse whattheir customer wants and needs.Environmental: The company is increasing consumer focus on ethical green practices whichwill help in maintaining waste management and are strict about the environmental concern. Theyare also focused on supplying sustainable and environmental friendly products for e.g. sourcingof fresh milks from assured dairy farms (Tompsett and et.al., 2017). They also implementedsome innovative method in manufacturing process for clothes which uses less energy, chemicalsand water and also aims to sustain all of its cotton sourcing.SWOT analysisStrengths: Mark and Spencer offer quality and genuine product at the reasonable rates whichattracts more customer and increase the brand reputation (Johnson and et.al., 2019). Thecompany is aware about the corporate social responsibility and have a strong e-commerce whichhelps in increasing customer experience.Weaknesses: The financial performance of the company is very poor due to the impact of smallretailer pricing discounts and Brexit.
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