Impact of Business Environment of Company - Report on Marks and Spencer

Added on - 21 Jul 2020

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UnderstandingBusiness
Table of ContentsINTRODUCTION...........................................................................................................................1Main Body.......................................................................................................................................11. Three areas of business which are influenced by Brexit.........................................................12. Effects of climate change on global business.........................................................................23. Use of social media in increasing productivity,sales or profits..............................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
INTRODUCTIONA business is referred to as efforts of individual or a group of person carried out toachieve predetermined financial goals (Boons and Lüdeke-Freund, 2013). The efforts of personinvolves are aimed to selling of products and services so that ideal revenue could be generated.This assignment taken into consideration the working of Marks and Spencer. It is a retailorganisation carrying out its operation in the United Kingdom. This assignment aims to identifyimpact of external business environment upon the company. The influence of climate changewill be ascertained along with effective use of social media for revival of business.Main Body1. Three areas of business which are influenced by BrexitBrexit is referred to situation in which the government of United Kingdom decided toleave European Union. It can be defined to act of withdrawal of responsibilities of UK from theEuropean union (Kirkman, B.L. And et. al., 2011). A referendum was passed in which 51.9% ofthe people voted to part its ways with the EU. The opposing prime minister who opposed to thisreferendum immediately stepped down and appointed Theresa May to lead the country. Itdefinitely carried a significant impact upon the functioning of the business organisation. Themajor influences which are carried out by Britain exiting European union are as follows:Less foreign investment:The first major impact which has been experienced by thecountry is that United Kingdom is no longer perceived as a business Hub. The less preferences ofideal business location will significantly decline the foreign investment which is availed by thecountry prior to the referendum. However the finance ministry is making numerous efforts tostabilise the economy. The corporation tax is reduced by 20% so that more and more people aretempted to carry out their business operations in the country. The fall in the stock of foreigndirect investment will impact the productivity of the country and reduction in technological andmanagerial know-how. Therefore it can be ascertained that such decline in the foreigninvestment tend to create more difficulties for business corporation to carry out their operation inthe country. The VAT system which has been adopted by the country tends to create extrapressure upon the business organisation which ultimately increases the costs of offerings by thecompany (The impact of Brexit on your business,2017).Procurement and supply chain:Procurement refers to the arranging of inputs which arenecessary for the production process and simultaneously delivering it to the prospects. The major1
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