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Project on Micro and Macro Environmental Factors - Ted Maker Firm

Added on - 05 Jun 2020

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Environmental audit..........................................................................................................1Micro environmental factors which might have effect on the retail fashion industry in UK.4Major Relevant changes Within UK fashion industry...........................................................6Industry analysis.....................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONDesignerfashionis considered to be an integral element as well as important part offashionindustry. The fashion industry of UK is very much advanced and have focus ondesigning and manufacturing trendy clothes. Rise in population and increase in awareness aboutdesigner clothes has led to the generation of demands for clothes. Retailers are those whopurchased the products in bulk and sell them at higher price for earning profit. Mainly social andeconomic factors in the business environment have major as well as significant impact on thesales as well as growth of retail fashion industry. Thepurpose of project is to identifyinfluenceof micro as well as macro environmental factors on the growth of retailers in fashion industry incontext of Ted Maker firm. It also has focus on analysing the relevant changes in the UK fashionretail strategies.MAIN BODY1. Environmental auditTed Maker is recognised as the British company which is operating in fashion retailindustry. Business entity has several stores in the UK which allows company to deliver productsor services to a wide number of customers.As Ted Maker enterprise is operating in the retailindustry which is very big and consists of intense competitions, cited business venture is requiredto develop effective strategies in order to maintain its sustainabilityTed Maker company is alsooperating its business at international level. Several external factors might have direct as well assignificant impact on the business operations. Some micro or macro environmental variables canforce an organisation to bring changes in policies, procedures, systems and practices (Pal andGander, 2018)Pestle analysis is considered to be an effective tool which can be used to analyse theimpact of changes in various external environmental factors on the business operations of TedMaker, profitability, sales, growth, etc. (Chang and Fan, 2017).PESTLE1.Politicalfactors:cha1 Economicfactors: The1increase in1Technologic1Chan1AsTedMaker is1
nges inpoliticalconstituentsdue toBrexit hasgreat aswell asmajor effecton retailindustry.Venturecapitalistwhosupportscompaniesoperating infashionindustry intheir growthdoes notwant to takeany morerisks due topoliticalinstabilityin thenation.Brexit alsohas a greatimpact ontheeconomiccondition ofUK. Thisvariable hasdirect as wellas big impacton thefinancialperformanceof TEDMaker.the numberof ageingpeople hasled to thedecline inlabour forceand rise incost ofhumancapital. Dueto thecontinuouschanges insocial trends,preference ofcustomersand culturaldiversityhave createdthe majorchallengesfor companyto maintainbalance inbetweendemand andsupplies.al factors:Changes inbuyingpattern byconsumersalso havedirect effecton sales andrevenue offirm.ges in lawshave directimpact onthe businessdecisions andplans. Thisfactor alsohassignificantinfluence onthe businesspractices.participatingin severalprogrammesrelated tosocialwelfare andbusinessentity is alsoworking withcharitableinstitutionsforminimisingthe carbonemissionwhich hasnegativeeffect onenvironments.Theseactivitieshavesupported thefirm infosteringgrowth andincreasingsustainabilityin highlyintensecompetitiveenvironment(Macchion,Moretto andVinelli,2017).2 The bigorganisations or brandsLike TedMaker arefacingdifficulty inattractinginvestorsand2Increase inprices ofclothes hasforced anorganisationto raise theprices ofgoods.Increase intax rate by22.Strategies:But TedMaker candeal withissues bymaking useof onlineplatform forselling2 Strategies:sIt isrequired byTed Makerto developunderstanding aboutseveral lawsin thecountry in2
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