Global Business Environment Report: Impact on Fashion Retail (BM461)

This report provides a comprehensive analysis of the global business environment, focusing on the fashion retail sector and the Karen Millen Company. The introduction defines the business environment and highlights its influence on company operations. The main body delves into the political, economic, social, and technological factors impacting business, with specific examples related to Karen Millen. The report explores the impact of government regulations and the changes in the business environment, including environmental, marketplace, business, and cultural imperatives. The conclusion summarizes the key elements of the business environment and the change drivers discussed. The report references various books and journals to support its findings, providing a well-rounded perspective on the subject.

Business Environment
Table of Contents

INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
1. Business environment................................................................................................................3
2. Impact of government....................................................................................................................3
3. Impact of change in business environment....................................................................................4
CONCLUSION.....................................................................................................................................4
REFERENCES......................................................................................................................................5

INTRODUCTION
Business environment is defined as all such factors that influence business operations
of companies. This report is based on the case study of Karen Millen Company. Company
operate its business operations in fashion retail sector. Henceforth, report will emphasis on
the drivers of change associated with the fashion retail sector.
MAIN BODY
1. Business environment
Business environment i comprises with different external factors that can be
summarises in the following manner.
Political factor: Political factor involve different policies of government in respect to the
corporate sector. All such policies of government associated with the Karen Millen Company
are a part of political factor influences business operations..
Economical factor: Economical factor is among the major business environment factor
influences company’s operations (Cabrerizo, 2017). Economic stability put huge impact on
the growth potential of the Karen Millen Company. Inflation in economy also influences the
company’s performance in target market it directly restricts the purchasing power of
company’s potential customers.
Social factor: Social factor is also the crucial business environment factor influences
company operations. This factor indicates the trend, fashion, culture and other social factors.
Attitude of company’s target customers also play huge role in influencing company’s
business operations. All product development strategies of Karen Millen Company are
directly influenced with the social factors.
Technological factor: Technological factor involve all technological advancement that can
play an effective role in the growth of the company. Karen Millen Company utilises
technology for promoting its business and also to sale products online.
All the above factors denote different aspects of business environment.
2. Impact of government
Government influences every aspects of the business operations. Political factors
involved in business environment indicate about all influences made by government over

company operations. Karen Millen Company needs to cope up with all laws and legislation
such as equality act and other legislative requirements (Hillary, 2017). Government also
influences licensing process in respect to expanding the company operations. Management of
the KAREN Millen Company needs to cope up with all regulations framed by government in
order to operate smooth operations functions of company. Company also involves in
corporate social responsibilities in order to meet the governmental regulations.
3. Impact of change in business environment
Change drivers that influences change can be summarised in the following manner.
Environment: Environment is consisted as among the key change drivers in respect to
companies. Karen Millen Company needs to change its products based on the environment.
This play crucial role in sustaining in such a highly competitive business environment.
Market place requirements: Management of the Karen Millen Company has also
introduced changes in order to meet the needs of market place (Shifaw and et.al., 2018). This
involves launching products based on the latest trend and fashion.
Business imperative: Business imperative is also among the key change drivers engaged
with the operations of the Karen Millen Company. Many times in order to sustain in the
market it is crucial to change based on the needs of the business.
Cultural imperative: Cultural imperative is also among the key change drivers. This
involves meeting the needs of the peoples or potential customers of company by changing in
the products. Changes introduced in this approach are based on the cultural aspects.
CONCLUSION
This report concludes about different business environment elements such as political,
economical, social and technological factors. Government involvement in business has also
summarised in this report. Different change drivers such as environment, market place
requirements, business imperative and cultural imperative has also concluded.

REFERENCES
Books and Journals
Cabrerizo, M. J., 2017. Non-additive effects of multiple global-change drivers of aquatic
ecosystems of both hemispheres (Doctoral dissertation, Universidad de Granada).
Hillary, R. ed., 2017. Small and medium-sized enterprises and the environment: business
imperatives. Routledge.
Shifaw, E. and et.al., 2018. Spatiotemporal analysis of vegetation cover (1984–2017) and
modelling of its change drivers, the case of Pingtan Island, China. Modeling Earth
Systems and Environment. 4(3). pp.899-917.