Business Environment, Decision Making, and Career Planning: A Report

This report delves into the dynamic nature of the business environment, emphasizing the influence of external factors such as economic fluctuations, political stability, and competitor actions on business decision-making. Focusing on Marks & Spencer as a case study, the report examines the impact of these factors on the company's operations, particularly highlighting the challenges posed by competition and political changes like Brexit. Furthermore, the report explores the concept of career planning, with a specific focus on the field of marketing. It discusses the importance of choosing a field that aligns with one's skills and interests, and the role of digital marketing and HR departments in supporting career development. The report concludes by summarizing the key findings and emphasizing the importance of understanding the business environment for both business success and individual career growth.

Understanding
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Question 1: Impact of external world on business decision making...........................................1
Question 4: Career Planning........................................................................................................3
CONCLUSION................................................................................................................................4
REFRENCES...................................................................................................................................6

INTRODUCTION
Today with rapid development of technology, business environment of a company has
become more dynamic. It affects majorly by both internal and external factors like competitors’
policies, organisational culture, economical fluctuations and more (Maduku, Mpinganjira and
Duh, 2016). This present assignment is going to make a discussion on the subject of business
environment and the way it is affected by external factors. For this purpose, Marks & Spencer is
chosen that operates in retail market and offers product worldwide. Furthermore, concept of
career planning as well as the decisions made by an individual for achievement of growth and
success in a particular field is also highlighted.
MAIN BODY
Question 1: Impact of external world on business decision making
Business of a company operate in dynamic environment where changes are continuously
made due to fluctuations in demand and other factors. In context with retail market, an
organisation cannot gain competence till there is a presence of high competition at marketplace.
It would make possible for companies dealing in this sector to offer more innovative products
and deliver best services in order to gain competitive advances (Prajogo, 2016). In context with
Marks and Spencer, this retailer has established its business in 1884 in UK but now opens up
more than 800 stores in over 30 countries. The greatest strengths of this company is shown by its
brand image that easily influences customer’s choice and gain their loyalty for longer period of
time. M&S offers a wide variety of latest clothes, high quality of food, furniture and financial
services etc. at competitive price rates. But there are various factors present in its internal and
external business environment that affect the business decisions and policies of respective
company. It includes HR policies, organisational culture, operational efficiencies, infrastructure
and more as factors that affect internal environment of business (Kranz, Hanelt and Kolbe,
2016). While economical fluctuations, political stability, surrounding infrastructure, changes in
demand and concern of societies, etc. are some of the external factors which influences decisions
of M&S.
Here, internal factors of business environment of companies are considered as both
strengths and weaknesses. For example- having a large workplace and a big pool of talented
employees increases capabilities of organisation. While conflicts among workers, stakeholder
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interference and more are reduce productivity of business as well. With respect to M&S, it has
more than 80,000 workers that give their high contribution in giving best services to customers,
for their retention (vom Brocke, Zelt and Schmiedel, 2016). But as it operates business in many
countries where employees are belonged to different-different culture, affect organisational
structure of M&S. It majorly affects existing policies and decision making procedure of HR
department whose main work is to manage the workplace. Along with this, another main factor
that affect business environment of M&S is financial issues where to make and execute any
strategic plan requires a huge amount of investment. Therefore, for this assistance, M&S needs
to make a great deal with its investors to influence them for making investment in project.
Furthermore, suppliers also play a major role in running the business successfully. In this regard,
management of respective retailer needs to build positive and high relationship with suppliers for
meeting demand criteria of marketplace, in short period of internal (Storey, 2016). If it fails to
make cooperation with suppliers then it majorly affects the business profitability because in such
condition, M&S will not remain in condition to meet demand of its customers. Similarly,
external factors also create a huge impact on decision making policies and strategies of
respective company. It includes changes in political laws, environmental concern, technologies
and more. Here, two biggest challenges that impact majorly on profitability and existing policies
of M&S are given as below:-
 Presence of competitors: In retail market, rise of competition is considered as biggest
challenge for companies to run their businesses profitability. Here, presence of
competitors like H&M, Zara, Tesco, Sainsbury and more, affect business of M&S in
large manner. All these corporations operate businesses in same areas where they Marks
and Spencer offer its products (Hillson and Murray-Webster, 2017). They sale latest
trends of products as per customer demand on competitive and much affordable prices.
Therefore, it impacts on pricing strategy of M&S and assists it offer the products on
effective price rate so that attention and retention of loyal customers can be gained. But
instead of offering products on low price, respective company has developed effective
policies to overcome from these challenges. It has offered products on heavy discounted
mainly on occasion where customers demand to get branded products is much high. This
would aid M&S to increase its customer base and gain high competitive advantage from
rivalries.
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 Politics and Government policies: Changes in government policies and instability
impact majorly on decision making of both international and national retailers (Cameron
and Green, 2015). In context with M&S, its business is most affected by changes in
political laws especially, after Brexit. As per BBC news, it has evaluated that due to
Brexit sales performance of M&S in clothing sector has been dropped by over 8.9% and
its food business also affected by same (How Brexit uncertainty hit Marks and Spencer
profits?, 2019). Therefore, to overcome from this challenge, the respective retailer has
built strong and positive relationship w ith suppliers and distributors of EU marketplace,
to gain their support in improving and enhancing its sales performance.
Therefore, the above mentioned factors states that both internal and external factors of
business environment affect the decision making policies and strategies of companies majorly
(Cameron and Green, 2015). It assists organisations including M&S to develop more effective
plans to overcome from challenges of business environment.
Question 4: Career Planning
In order to gain success and achieve high growth in life, an individual needs to concern on
developing the career in a particular field more (Storey, 2016). For this purpose, by choosing a
specific field where a person can contribute its talent efficiently helps in growing opportunities
for making career more bright. In this regard, after understanding the business environment and
how it is affected by various internal and external factors, I have chosen the field of marketing.
Here, I can show my abilities and talent to manage business as per latest trends of marketplace
and run it in more effective manner. The main reason to choose marketing field is the range of
activities carried out this department (vom Brocke, Zelt and Schmiedel, 2016). It includes
promoting business of a company in vast area, identifying demand and preferences of targeted
customers, determining competitors’ strategies and suggesting organisations to develop better
policies and more. Therefore, I seek to make my career in this creative field and become
professional to gain opportunity to work in big organisations. As every company seek to give
employment to such marketers who have capabilities to develop effective connection of their
businesses with outside environment. Therefore, if I will develop my skills and knowledge in this
field then it will give me opportunity to make career more bright and work with big
organisations.
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Since for advertising and promoting business, companies majorly focus on the concept of
digital marketing. In this regard, it becomes essential for me to develop my knowledge in
digitalisation that make it more easy to perform role of marketers more efficiently. This would
aid me to new ways for marketing business in vast area of domestic and international
marketplace. As the main factor that impact on sales and productivity of any business is
changing demand of customers (Kranz, Hanelt and Kolbe, 2016). Therefore, through digital
technologies like social media I can make interaction positively and more efficiently with
potential customers. This would aid me to evaluate what they concern more while purchasing
products of a company, so that developing policies accordingly I can fulfil their demand more
effectively. During academic classes, I have learned that Human Department of a company also
play a major role in conducting the marketing activities as per requirement. HR division hire
candidates in different department of an organisation including marketing by using various tools
and practices. It includes digital technology where advertisement for job vacancy can be posted
and attract eligible candidates more easily (Hillson and Murray-Webster, 2017). Similarly,
another main role play by HR department is enhancing knowledge of skills and abilities of
workers by providing best training to the, as per requirement of workplace (Prajogo, 2016).
Therefore, after getting a job as a marketer in an organisation, this department helps me in
enhancing my knowledge and becomes familiar with business environment as well. Another
department affect marketing performance is legal one.
The legal department of corporations within a business helps marketing division in
promoting business ethically and prevent from legal issues. Along with it, the department solves
the disputes happening within the marketing practices being held in the organisational
environment. Also, it provides an ease to the marketing department and individuals working in
the marketing departments across the world to manage their businesses and activities
successfully. This division helps marketers in what manner they have to develop policies for
promoting business at global level legally (Maduku, Mpinganjira and Duh, 2016). In marketing
field, there is a high opportunity gained by individuals to work on high pay scale. Therefore, I
have taken classes from affiliated institution to enhance my marketing skills and abilities. In this
regard, I have planned to gain high position in respective filed in upcoming four years, by
working in small retail sectors first that give me chance to understand the role of marketers and
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enhance my abilities accordingly. Through this process, I would become able to work in large
retail organisations after earning high experience in marketing field.
CONCLUSION
With this assignment it has been concluded that due to changes in demand, internal and
external environment, business of organisation has become more dynamic. It arises various
challenges in front of companies and assist them to make alteration in policies and strategies to
run business successfully. Along with this, to work in such business environment, it is essential
for individuals to understand nature of business and choose a specific field to make their career
more bright.
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REFRENCES
Books and journals
Cameron, E. and Green, M., 2015. Making sense of change management: A complete guide to
the models, tools and techniques of organizational change. Kogan Page Publishers.
Hillson, D. and Murray-Webster, R., 2017. Understanding and managing risk attitude.
Routledge.
Kranz, J. J., Hanelt, A. and Kolbe, L. M., 2016. Understanding the influence of absorptive
capacity and ambidexterity on the process of business model change–the case of on‐
premise and cloud‐computing software. Information Systems Journal. 26(5). pp.477-
517.
Maduku, D.K., Mpinganjira, M. and Duh, H., 2016. Understanding mobile marketing adoption
intention by South African SMEs: A multi-perspective framework. International
Journal of Information Management. 36(5). pp.711-723.
Prajogo, D. I., 2016. The strategic fit between innovation strategies and business environment in
delivering business performance. International Journal of Production Economics. 171.
pp.241-249.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
vom Brocke, J., Zelt, S. and Schmiedel, T., 2016. On the role of context in business process
management. International Journal of Information Management, 36(3), pp.486-495.
Online
How Brexit uncertainty hit Marks and Spencer profits?. 2019. [Online] Available Through:
<https://www.bbc.com/news/av/business-36732928/has-brexit-uncertainty-hit-marks-
and-spencer-profits>.
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