Career Research Report on Industry Trends, Skills, and Knowledge

This career research report examines the general trends impacting various industries, focusing on the skills, knowledge, and experience required for success in a rapidly changing business environment. It highlights the importance of adapting to global trends such as social commerce, influencer marketing, changing customer needs, AR-powered shopping experiences, evolving employee cultures, technological advancements, ethical branding, government regulations, and globalization. The report emphasizes the need for individuals to possess leadership, communication, decision-making, problem-solving, time management, and budgeting skills to navigate these trends effectively. Using Tesco as a case study, the report illustrates how organizations can leverage these skills and adapt to changing environments to maintain productivity and profitability. This document is available on Desklib, a platform offering a wide array of study tools and solved assignments for students.

CW1 – Career Research
Report
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Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
General trends which will impact on chosen profession/industry...............................................3
The Skill/knowledge and experienced required..........................................................................5
Evaluation........................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Environment is changing day by day where it is important to introduce kind of products and
services as it helps to retain their customers and increase productivity. I analysis the market and
comes to know if company does not accept changes then it will be difficult to survive in
competitive environment (Bodolica, Spraggon, and Soueid, 2019). I used primary and secondary
resources to collect the various information and reaching at positive outcomes. The aim of each
business industry is to deal with changes and get opportunity to grow their activities. As I was
working in Tesco as marketing manager I developed my understanding that how to cope up with
global changes and improve business performance. The report covers general trends that impacts
on industry and skills/knowledge required to complete the project.
General trends which will impact on chosen profession/industry
The business environment is growing faster where it is important to understand and bring
changes at the workplace that can help to develop the performance. Global business environment
involves banking structure, sustainable and clean energy, technological revolution, economic
power of emerging market, changing demographic features, competitive advantages and others
that relates to world and need to focus while running a business. For students and business
concern it is needed to study about market and bring changes accordingly. Without knowing
general trend and current demand of people it become difficult to regulate and operate its
business. The person who belongs to different culture and tradition needs training and
development programme that can help to develop career and manage functions. The general
trends of Tesco as retail industry is explained below:
Social commerce – This is major trend which is requires to adopt by business industries
in situation of COVID -19 and Pandemic where all stores were closed. According to research, in
last 2 years, 38% of shoppers bought a product and services online via PC, 44% introduced
product online via mobile or smartphone and 38% bought by using tablets that can help to reach
targeted customers and increase organizational sales. The statistics states more than 50% of the
global consumers going to online and it catering more brands in past period. In relation to Tesco,
management focused over pandemic situation and use online methods to reach their customers
that impacts positively by increasing sales (Forster, and et.al., 2020).
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A new approach to influencer marketing – Audience put trust in brands that’s states
authentic voices and partnership that can help to influence the people in changing environment.
This is important for each organization to understand the marketing changes and use different
channel that can help to introduce new products as per customer requirement and attain business
goals. In relation to Tesco, IGTV, Instagram, social media and others that are used to running a
business in global world.
Changing environment and needs of customers – The needs and wants of customers is
not same which is changing day by day where business concern requires to provide the kind of
products and manage performance. In case products are not according to customer demand the
they switch to other brand so this trend impacts on business performance. Tesco is following
changing environment and customer need trend by offering products with better quality and cost
that helps to increase performance (González-Torres, and et.al., 2020).
AR powered shopping experienced – This states innovative retail trends of Augmented
Reality, artificial intelligence, and machine learning that used by companies to provide the great
level of shopping experience. It has seen that many business shoppers rely on online shopping
during pandemic that helped to increase the organizational performance. Tesco is large size
supermarket, make the use of AR technology in global environment by showcasing products to
customers (Rutkowska, and Pakulska, 2021).
Changing in employee’s culture – The employees who works in organization belongs to
different places or country who gets ready to work but due to changing culture of staff it might
be difficult to understand and work effectively. Thus, it impacts negatively on organizational
function and activities. Tesco’s management should provide proper training and development
programme that can help employees to accept changes and maintain higher performance.
Changes in technology – Innovation and invention is the major aspects which used by
organization to introduce products and services effectively. A business run properly by attaining
continuous changes and bringing development. As global environment is changing where
technology is introduced by Tesco for the purpose of accepting changes and filling customer
demand that can help to maintain higher performance (Lamb, and et.al., 2021).
Ethical and value based brand on rise – To operate a business there is need to focus
over ethics, values and beliefs of brand that used to create sustainability. Tesco is large size
organization that manage its brand and products on the basis of ethics as well as values which
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can help to develop organizational productivity. This organization also contributes in Corporate
Social Responsibility by investing amount for people welfare that impacts positively and
supports to increase productivity.
Changing in government regulation – To start and operate a business at different
country and region government regulations are important that are followed for the purpose of
influencing people and develop business performance. Tesco is UK based company where it
faced the challenge of Brexit and new trade regulations that directly impacts on their
performance as well as productivity negatively as less sales, lower customer attention and low
profitability (Siciliano, Dantas, da Silva, and Arbilla, 2020).
Globalization – This trend relates to whole business world that increases competition
level and affected the organizational productivity. Every business needs to focus on globalization
as it increases competition level and affected organizational product and services. Tesco follows
globalization strategy for the purpose of expanding its business in new market by facing entry
barriers that helps to increase improve the business productivity and profitability in changing
environment effectively.
From the above it can be concluded that different trends are running in business
environment that needs to consider while operating a business that impacts on overall
organizational productivity and profitability.
The Skill/knowledge and experienced required
Skills and Knowledge refers to understanding that used by an individual to run business
activities and manage performance. The people who are good in controlling functions and
activities requiring special skills and development. To cope up with challenges and attaining
objectives there is need to have following skills that explained below:
Leadership skills – A person who is able to lead all people who works under it and
complete the task is known as leader. This person is requiring to have leadership skills which
used to manage work and attaining higher productivity. In relation to performing all task and
activity, leadership skill is most important can help to influence number of people and get work
done effectively (Nordhaus, 2019).
Communication skills – Communication is important for each and every one as it helps
to share information and bring changes so that task will be complete in certain period of time. It
has seen that if individual is able to communicate with people then it will be easy to manage each
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function. The employees and employer of Tesco organization should have communication skills
which can be used to solving issues and complete project.
Decision making skills – This could be explained as critical skill for maintaining
effective leadership and management that directly impacts on organization performance. Without
taking decision on certain period of time it become challenging to grow the business in global
environment. The management of Tesco follows divisional structure by allocating work between
staff and make decision quickly that supports to improve the organizational performance and
productivity (Geldmann, Manica, Burgess, Coad, and Balmford, 2019).
Problem solving skills – In managing any business and facing hurdle relation to
employees as well as organization problem solving skills is important to consider that should
have in individuals. In relation to Tesco, management and employees is having ability to solve
all problem which arises while running business that provide good performance and productivity.
Time management skills – This means a person should be professional in planning,
organising, directing, and controlling that can help to complete the project timely. In relation to
Tesco, management and employees should have good time management skills that could be used
to take right action and grow their business.
Budgeting skills – A business depend on buying and selling activities which are possible
through only having budgeting skills as it helps to calculate accurate cost and add on profits. In
relation to Tesco, accountant have good budgeting skills which are used to reduce extra cost and
improve profitability.
Evaluation
From the above it can be evaluated that trends are running in business environment that
should be follow as it helps to improve the business productivity and profitability. The individual
requires to have communication, leadership, problem solving, and time management skills that
supports to accept changes and perform effectively (Lucas, Soler, and Revoredo-Giha, 2021).
CONCLUSION
From the report it can be concluded that environment is changing regularly that affects
business activities and functions. Skills and knowledge is defined as specific area that should
have in people for the purpose of managing task and controlling function effectively.
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REFERENCES
Books and Journals:
Bodolica, V., Spraggon, M. and Soueid, M. A., 2019. Innovation drivers and trends in the retail
industry: an application to emerging markets and the case of the Gulf
region. International Journal of Comparative Management. 2(1). pp.51-66.
Forster, P. M., and et.al., 2020. Current and future global climate impacts resulting from
COVID-19. Nature Climate Change. 10(10). pp.913-919.
González-Torres, T., and et.al., 2020. A systematic review of research on sustainability in
mergers and acquisitions. Sustainability. 12(2). p.513.
Lamb, W. F., and et.al., 2021. A review of trends and drivers of greenhouse gas emissions by
sector from 1990 to 2018. Environmental Research Letters.
Siciliano, B., Dantas, G., da Silva, C. M. and Arbilla, G., 2020. Increased ozone levels during the
COVID-19 lockdown: Analysis for the city of Rio de Janeiro, Brazil. Science of the
Total Environment. 737. p.139765.
Nordhaus, W., 2019. Climate change: The ultimate challenge for economics. American
Economic Review. 109(6). pp.1991-2014.
Geldmann, J., Manica, A., Burgess, N. D., Coad, L. and Balmford, A., 2019. A global-level
assessment of the effectiveness of protected areas at resisting anthropogenic
pressures. Proceedings of the National Academy of Sciences, 116(46). pp.23209-23215.
Lucas, S., Soler, L. G. and Revoredo-Giha, C., 2021. Trend analysis of sustainability claims: The
European fisheries and aquaculture markets case. Food Policy, 104, p.102141.
Rutkowska, M. and Pakulska, J., 2021. The Corporate Social Responsibility (CSR) as the
Modern Trend in Management and Sustainable Economy. European Research
Studies. 24(2). pp.346-357.
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