Identifying the Significance of Globalisation Concept in Attaining Success at the Global Market: A Study on Marks & Spencer
Added on 2020-10-23
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Research Project
Table of ContentsINTRODUCTION...........................................................................................................................1LITERATURE REVIEW................................................................................................................2RESEARCH METHODOLOGY.....................................................................................................4DATA ANALYSIS AND INTERPRETATIONS...........................................................................6Date Sheet...................................................................................................................................8Data interpretation.....................................................................................................................11RESEARCH OUTCOME..............................................................................................................23Covered in PPT.........................................................................................................................23REFLECTION & RECOMMENDATION FOR ALTERNATIVE RESEARCHMETHODOLOGY........................................................................................................................23Recommendations.....................................................................................................................23CONCLUSION..............................................................................................................................25REFERENCES..............................................................................................................................26
Title of the research project:“To identify the significance of globalisation concept inattaining success at the global market”. A study on Marks & Spencer.INTRODUCTIONResearch is defined as systematic inquiry to describe, explain, predict and control observephenomenon. If talks in layman language, it is one of the detailed study which is helpful to findcertain conclusion and results on any of the specific topic or an aim (Steger, 2017). Role ofresearch is to develop concise tools or technique with help of which outcomes related to anythingcan be attain. Use of research is to first talks about the topic which should be relevant & clearin nature and then identify how it would be accomplishes into the defined manner. In addition,globalisation is the process of integration of two economies or companies with the purpose toexpand and grow business on the longer side. Globalisation is an important process due to theimmense benefits provided. As, it is helpful in over all the economic growth of the country by aforeign investment triggering within country which can be used in the other investment. Hence,this research study is covers on Marks & Spencer which is the UK largest retailer engaged inselling grocery, fashion as well as works in giving other financial services. Background of the study: This research is based on detailed and clear response of topic of globalisation is led forsuccess of business success or performances. As this research is consists of making clear and cutunderstanding concept of the globalisation and how it is successful for success of businessoperation of the M&S (Ritzer and Dean, 2015). In this study, complete focus is to formulatestrategy and collection of the data which is useful to do concise study on matter of globalisationwhich will lead to drive success for a business firm. Aim of the research: For this research project, aim of this research project is to know “How globalisation candrive business success” in context of the Marks & Spencer. Research objectives:To understand the concept of globalisation.To determine the importance of globalisation concept for Marks & Spencer, in attainingsuccess at the global level.1
To identify the challenges faced by organization while operating business activities at aninternational market.Research question: What is the concept of globalisation?What are the importance of globalisation concept for Marks & Spencer, to attain successat the global level?What are the challenges faced by an organization while operating business activities atinternational market?Rationale of the study: It is a kind of usual document that helps to define & describe a problem and then defineand defend a solution to the problem. As, globalisation is one of the most talkative topic amongthe business world and it is doing much way better and being proved as productive in case ofenabling strength for business firm (Akaba and Worwui-Brown, 2014). Thus, here problem isassociated with lack of the strategy is necessary to drive success in business operation. Hence,report try to solve this critical issue with clear and concise collection of data. LITERATURE REVIEWIt is a type of the review article and also which is a scholarly paper which is helpful togive current knowledge including substantive findings as well as theoretical and methodologicalcontribution to the specific topic. In the literature review, right & true knowledge is need to beshown on specific topic or matter. a) Concept of globalisationAccording to the John Williamson, (2019), globalisation is the term which is used todescribe increasing social, economic and political interaction & interrelation across political andalso cultural boundaries. Thus, process of a globalisation has major advantage and disadvantagefor social, economic & political development Lasserre, 2017). According to the Author,globalisation is refers to as growing interdependence of the countries which has led to the inter-dependency of a countries resulting from increasing of the trade, finance, people and idea intointernational marketplace. Globalisation is a broader concept and embraces of the variedperspectives. In addition, it refers to the international perception of the different nation of thisworld coming near to each other and has leading an initiative to developing in terms of aneconomy, education as well as the society & politics. The presence of the globalisation is spread2
across all the world and contributing to the business in terms of its expansion and developinggrowth for business organisation. The major agenda of the globalisation is to make organisationbeing capable and able to accomplishes their respective goals such as rise of the profitability,development of the business operation, expansion of the distribution channels and launching anynew product (Kaynak and Hassan, 2014). Over last period of time, globalisation has led todriving success for business unit by increasing reach and long term success for the business firm.Especially, for retail sector, globalisation is responsible for creating channels of distributionsector and has role to rise expectancy of easy and convenience availability of goods or services.Role of a globalisation is centreline focused on taking decision making on how firm can beeligible to takes out right solution for adaptability of globalisation in own business chain. Hence,role of globalisation is focused on taking right and perfect decision on how to expand businessoperation of especially retail sector. For success of globalisation, it is necessary to do extensivemarket research to work market expectation along with taking steps on how business expectancyand success ca be drives. b) Importance of globalisation to attain business success at the global levelAccording to the Julfekar Haider, (2018), globalisation is one of an integral portion andconcise concept of the business context. As this involves integration of the business units andtaking steps so as to increase business operation or profitability at the major context. In addition,globalisation deals with expansion of the business functioning such as opening of the newbranch, restructuring or launching of launching any new product into the matter (Amin, 2014).In context of the retail business, importance of the globalisation to accomplish business successat global level is as follows: Proper use of the resources: During globalisation, business firm is always try to estimateresources such as man, machinery and funds so that they would achieve their business operationand other objectives such as higher profitability is lesser period of time. Retail business is needto identify need and wants of the resources & ascertain how it gone achieved in lesser time.Hence, correct utilisation is required so as to ascertain business goals. Creation of an unemployment: Due to the expansion & development of a firm operationinto the retail sector, there is the number of job opportunities has been created and due to whichwelfare and social welfare has been attained of the people. In other words, main motive of the3
globalisation is to enhances development of an economy and forces to maintain demand &supply of the product & services into the market structures. Use of the technology: With use of the globalisation, firm has started putting down focuson increasing use of the technical aspects which is relevant to increase sales of the product intothe different manner (Ireland and Hoskisson, 2016). Importance of the technology is to rise longterm convenience and growth to the customer's needs or wants in the positive side or ways. c) Challenges faced by business firm while operating business activities at the internationalmarketAccording to the Nicky La-Marco, (2019), Globalisation is the broader concept, which isrelated to interaction or involvement of business expansion or growth so as to takes out decisionmaking in context of the international marketing structures (Thompson and Bromley, 2015). Incontext of the retail industry, role of globalisation is necessary, but during process of itsdevelopment, challenges such as lack of strategic planning, organising, controlling and if beingsaid in perspective of the management, all five function is the bit challenging one. Whenoperating at the global level, challenges such as ineffective technology, lack of customerintention & base has been realised as critical or major. In context of the international market,challenges faced by the retail company are as follow:Legal landscape: Due to globalisation, challenges such as over-breaking of the rules orlegal restriction before entering into the new market and not following the legal obligation. Dueto the making of the planning for globalisation, firm is being suggestible to takes on decisionmaking in context of taking right decision in right point of time. Communication & technology: In the retail sector, role of the globalisation is to rise andalso estimating how long retail industry works better and is their any needs of strategic processof the collaboration and also building long term relationship (Gillespie, 2015).One of thegreatest challenges facing companies that have staff and operations across borders is having acentralized communication system that makes it possible to compare notes across physicallydistanced departments and branchesHence, it is important to enables decision making in order to expand or globalised firmoperation on the proactive manner. 4
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