Contemporary Management - Marks and Spencer

MAIN BODY

In today's business environment, one of the biggest challenge for an organisation is to known how to respond to the various factors to world in which elements keep on changing on continuous basis. For this it is very essential for firm to formulate effective strategy by consider major strengths and weakness of entity. It is very significant for managers to have a deep understanding about the various elements exist in business environment. So many elements and forces are there that impact on business society. Identification and analysis of all forces is very important for a business entity to it can respond accordingly and can achieve its set goals and objectives. Key dynamic forces that impact on business and society are give under the following points:

• Globalisation: This is known as one of the most significant element for a business enterprise as this provide various opportunities to expand business activities but at the same time offer various threats (Dickmann, Brewster and Sparrow, 2016). This consists development, eliminate all barriers, integration, increasing interdependencies among various nations, democracy and expand free market economy. Process of globalisation is a complex one as this affect the decisions of big transnational corporation and also impact on functioning of small business firms and behaviour of customers in international market (Weiss, 2014). Concept of globalisation is become a leading one as this affect society, economy, environment and business life in various ways and every enterprise either small or large is affected by this. Changes that take place due to globalisation are mainly related with increase competition and technology. In order to deal with all these challenges, it is very important for M&S to also consider the several aspects of globalisation effects. One of the main feature of globalisation is that it results in increase competition. This can be related with the prices of products or service, technology used, target market and many more. When a business organisation manufacture quality products with less cost and offer the same to its customers at affordable prices then it increase market share of business entity. Consumers expect high quality and low prices and all these expectations need a adequate responses from the organisation otherwise it decrease market share and sales of company's product. It is very essential for M&S to be ready for price, service, product and customer preferences because all these are the major requirements of global market.
• E-commerce: This is known as the process of selling and buying different products over the internet. Any individuals who have access to the internet can involve in e-commerce trading. Two type of trading are carry out on E-commerce one is business to customer and other one is business to business. This aspect affect the society in both positive and negative way. One of the positive impact of e-commerce on society is that it enhance convenience of customers as this provide an opportunity to order online by simply sitting at home. Further this save time of customers and at the same time help them in collect and analyse the information available to internet from which they can do price comparison and can buy the best product and low prices. In addition to this, another positive impact of e-commerce on society is that it help in start a new business. Large number of financial resources are require to set up new business and when an individual start a business with online presence then it is much cheaper as compare to set up physical stores. 24/7 service is another benefit for society of online business (Wachowiak, 2016). There is no doubt that e-commerce has various positive impacts on society. In addition to this, there are many negative effects of e-commerce on society and that also require to be consider by firms in order to maximise their contribution in development of society. Unemployment is one of the negative effect of e-commerce on society. As today's large number of organisation offer their products and service online so this decrease the requirement of employees require to manage business operations (Verma and et.al., 2014). Further, expansion of business activities online consists a issues of security and customer trust. It is very essential for M&S to first identify and study all factors related with e-commerce in order to minimise its negative impact and maximise its benefits.
• Human resource management: This is known as another force that largely affect the business activities of organisation and society. Today, one of the main focus and objective of every enterprise is to improve their performance and for this management of human resource is very essential as employees play a big role in enterprise. Effective performance and decisions of employees support entity in achieve its set goals and objectives. For encourage employees to work well, it is very essential for M&S to offer fair compensation and provide them healthy working environment. This increase their contribution in company's success and at the same time provide competitive benefit to entity. Workers are the one who support firms in expand its commercial activities in other areas. Provide proper training and development to workers is known as one of the most essential function of every enterprise as this help employees in work well. This ensure development of employee's skills and indirectly this contribute on society development.
• Legislation: This is one of the major force that affect the operations and decisions of a firm. Various policies and regulations are establish by government to guide organisations. Specific rules such as minimum wage are compulsory for an enterprise to follow and this impact on HR policies of company and affect commercial activities of entity in indirect way. For operate in an adequate manner, it is very important for business enterprise to be flexible to respond these change in right manner. Different policies implement by government affect the social behaviour in business environment. Further, regulatory laws are the specific standards that impact on how businesses operate in specific conditions (Stromquist, 2014). Large number of categories of legislation are there that apply to specific industries. This consists environmental laws by both state and federal government. Different laws are there for govern international trade and various type of business. Labor law are the rules that direct employers how to treat workers. It consists minimum wage, worker protection rules and many more. Further various other laws such as occupational safety law, health rules, Child Labor Protection law all affect the functioning and business decision of an enterprise. Tax laws are there which control and indicate how a business entity must report its financial position to the government (Schaltegger and Burritt, 2017). When government implement a new policy or introduce any changes in taxation policy then all this affect the decisions of firms and final price of its products. Reporting laws are the rules that indicate how businesses firms must report to their investors and government. These laws indicate set specific standards that require to be meet by every business with the purpose of bring transparency. These laws are mainly concerned with prevent misconduct and fraud. Laws are create by government and government policy is depend on the political culture of the moment. Policy form in a nation with political stability remain vary as compare to the policy developed in undatable nation. A stable political system help n make business friendly decisions. Unstable political system create so many challenges before economic growth of nation. M&S require to examine the political system of every country before expand its activities in that nation.
• Technology: Technology play a big role in retail sector. For achieve success, it is very essential for M&S to carry out business operations with new and updated technology. Today technology is use by every business firm to manufactured featured products and to better satisfy the needs and wants of its customers. Technology also impact on society and members on both positive and negative manner. One of the positive impact of technology on business activities and society is that it has improved transportation this provide various benefits to both. Further, technology has improved communication which is use for various purposes. Both enterprises and society use communication to interact with each other and depend on communication to transform knowledge. Various electronic medium such as televisions, social media, internet and radios has improved the way businesses exchange their information. Another major benefit of technology is that it has improved the learning and education process (Phillips and Krassioukov, 2015). Technologies such as mobile phones, computers and internet are use to boost up the learning process of students. Various business communities invest large amount of funds in different educational technologies that can be use by students and teachers. Resource depletion is one of the negative impact of technology on society. Increase demand of technical gadgets such as mobile phones due to increase population results in exploit of natural resources such as aluminium and many more (Moore, 2017). If the same will remain then at one time there will be no natural resource left and this will create problem to economy and future generation. Technology has support individuals in live longer by improve health facilities and this help in find better and effective solution for health problems. In developing countries in which the rate at which individuals produce us very high is not good. Technology affect business activities and society in both positive and negative manner. This is come under all major forces that affect business activities and impact on society. This require to be consider by manager of M&S for develop a effective strategy and formulate business plans. In this way entity can use technology in right manner and at the same time can get all its benefits and can decrease its negative impact.

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