Career Research Report: MG410 CW1 - Business Industry Analysis

This career research report examines the business industry, focusing on the retail sector and specifically, the case of Morrisons. The introduction highlights the importance of understanding industry trends and adapting to changes. The main body explores general trends impacting the profession, such as changing customer needs, employee culture, technological advancements, recruitment, government regulations, and globalization. It then details the essential skills required, including communication, decision-making, problem-solving, technological proficiency, time management, and budgeting. An evaluation section assesses the importance of these skills. The report concludes by emphasizing the significance of skills and knowledge in navigating industry challenges. The report uses various sources to support its analysis. The report underscores the importance of adaptability and skill development in the face of changing business environments.

Career Research
Report MG410 CW1

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
General trends which will impact on your chosen profession/industry......................................1
The skills / knowledge and experience required..........................................................................3
Evaluation .......................................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCE...................................................................................................................................5

INTRODUCTION
The types of business industries are different in the environment where it is important to
perform the all functions and activities clearly. A person should have proper understanding and
knowledge about particular area as it supports to accept the changes and maintaining higher
performance. The profession of industry is showing the activities in which a business deals and
providing the opportunity to grow the business (Yahaya, and et.al., 2020). The aim of report is to
develop the understanding about different profession and how to improve the skills by facing the
challenges. I research the market while I was doing the work in Morrisons organization as a
marketing management where I comes to know various task which is require to consider while
establishing the business. The report covers general trends that will impact on chosen industry,
and skills/ knowledge which is require in career planning.
MAIN BODY
General trends which will impact on your chosen profession/industry
In the business environment, business is growing faster as employees are giving their best
to accept the changes and new activities to work. This is important for each student to focus on
their study and current market that can help to develop the business performance and managing
the higher productivity. Without knowing the general trend it will be difficult to operate and run
the business in changing environment. The person who belong to different culture then training
should be provided that can help to developing the career plans (Ngobe, 2020). The general
trend in retail industry such as Morrisons are defined below:
Changing environment and needs of customers – As environment of business and
living of people is increasing day by day where it is important to introduce the products and
services. If products are not according to customers then it will be difficult for organization to
survive in the business environment. This trend is running more in retail sector which is focusing
by Morrison by providing the range and different types of products (KYUNGJAE, 2020).
Changing in employees culture – A business organization is operating and managing by
number of employees who belongs to different culture. This create the difficulties in
understanding the task and performing it in well manner. In general trend employees culture is
important to consider as it perform their functions by managing all functions. To improving the
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business performance the management of Morrison should be provided the training and
development programme to their staff which can help to accept the changes.
Changes in technology – For running a business properly there is need to focus on
continuous changes which can help to introduce the products and services accordingly. This also
supports how functions and activities of company can be managed which can help to support the
higher productivity. The management of Morrison is playing the important role in organization
as it conduct the market analysis and introduce the new technology which is fruitful for company
to develop the business sales and productivity (Rochinha, Pereira, and Miguel, 2020).
Recruitment and selection – In business organization employees are the important as
they comes to know the goals and give their goals to achieve them. Recruitment and selection is
involved in current trend as if organisation is having skilled and experienced staff then it will get
opportunity to grow their business. In relation to Morrison, management is require to focus on
recruitment and selection which can help to complete the work and maintaining productivity.
The management find out the vacancy and recruit the skilled staff who can work in organization
smoothly and attain the business productivity.
Changing in government regulation – Government is having important role in
operating and managing the business as it need to follow during business activities. Government
formulate the regulations and laws by analysing the market demand and economical condition.
Morrison is UK based organization where UK government has declare Brexit due to which all
business activities has been affected negatively. Morrison is the larger retail organization that has
followed the government regulation while operating the business that might be affect the
business and reduce the sales (Hallencreutz and Parmler, 2021).
Globalization – This is the current trend which is running more in business environment
and it affects the business negatively. The business need to focus on globalization as it increase
the competition level that relates to products and service cost price, technological adaption, quick
production and target market. Every business is require to consider global market while running
a business that affects the business. Morrison is facing the issue of globalization as it increases
the competition level in changing business environment and reduce the productivity.
From the above it can be explained that general trend in business industry that needs to
consider while operating the business and it affected the productivity and profitability.
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The skills / knowledge and experience required
Skills and knowledge is the important for any individual as it is used to analysis the trend
which are running in business environment and affected the business. To complete the goals and
objectives there is need to have particular skills that is explained below:
Communication skills – To running and managing the business activities
communication is important as it bring the changes by sharing information. If a person is able in
communicating properly then it will be easy for management and employees to perform the all
functions and attain the good performance. In Morrisons, employees and employer are using the
communication skills who share the information and develop the business performance
effectively (Skafi, Yunis, and Zekri, 2020).
Decision making skills – For running a business and developing the career opportunity
there is need to have decision making skills which can help to maintain the higher performance.
The management who works in Morrison is require to have decision making skills as it influence
the number of people and supports to attain the higher productivity (Yang, See-To, and
Papagiannidis, 2020).
Problem solving skills – This is important for individual and employees to have the
problem solving skills as it can help to bring the changes and managing the higher productivity.
The employees who works in Morrison is require to have problem solving skills as it helps to
show employees how they are competent, creative, and resilient that can help to find out the
problem and solve them properly. This can help to maintain the higher performance and
productivity at the workplace.
Technological skills – As environment is changing day by day where it is important to
use the innovation and technological skills as it brings the changes in business activities and
workplace. This can help to develop the business productivity and profitability by managing all
functions and activities. This is important for individual to have technological skills which can
be used to introduce the new products and services in the changing environment and attain the
higher productivity.
Time management skills – Time management is the process of planning and organizing
the business activities by dividing time between specific task. If people have time management
skills then be considered as work smart which is done by employees. This can help to managing
the all functions at the certainty of time and develop the business performance. In relation to
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Morrison, employees require to have time management skills who decide the goals and time
period to complete the task. This can help to develop the business productivity and attain the
business goals (Lupu, Maha, and Viorică, 2020).
Budgeting skills – To develop the profitability calculation is needed as it used to identify
the business goals and finance which is available at the workplace then allocates it between
business activities. This helps to calculate the fund and profits on regularly basis as it make the
work easier and develop the business productivity. This also shows how a business can be grow
by reducing cost and extra expenses which incurs while running business.
From the above it can be explained that people should have skills and knowledge in
particular area which can help to develop the business goals and objectives effectively.
Evaluation
From the both section trend and skills I understand that skills are require to perform the
particular task and activities as it develop the understanding and supports to manage the
functions. The people should be proofread the all task and need to perform their actions
accordingly that can help to develop the business productivity and profitability. The above
mentioned skills is require to perform the specific role in Morrison and other organization that
provide me a good job opportunity and improve the productivity (Tamrakar and Tamrakar,
2021).
CONCLUSION
From the report it can be concluded that skills and area of knowledge is the specific task
for each individual as it develop the understanding how to perform the functions. There is need
to focus on general trend and challenges which are running in the business environment and
affected the business.
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REFERENCE
Books and Journal
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