business environment assignment level 4

HND level 4 Business Environment Assignment

“Business environment encompasses all those factors that affect a company’s operations; including customers, competitors, suppliers, distributors, industry trends, substitutes, regulations, government activities, the economy, demographics, social and cultural factors, innovations, and technological developments. It may also be referred to as Operating environment. ” (Quantums, 2012) “The definition of business environment means all of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand and business regulations. Yourdictionary, 2013) “Importance of business environment can be assessed by the fact that a business cannot be run properly without a proper setup for its support. When an investor decides to start a business in a country or region he/she first analyzes the prevalent conditions with respect to the businesses. If these conditions are congenial to it he/ she would waste no time to start the business. Otherwise he/she explores other countries or regions to set up new business there.

The importance of business environment cannot be overlooked either one has to start a big business or smaller one. Establishing any size of the business one has to see whether one’s business would earn profit or not. All the other considerations are of the secondary importance. For example if in a country raw material is so cheap but the wages are quite high it means lower cost of one factor of production would be offset by the other. The importance of business environment can also be Judged by the widely growing off-location global industry of information technology.

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In South Asian and African countries wage rates in IT industry are so cheap. But their business environment is not so much congenial. Therefore, global IT giants hire the manpower rom there and make them work from their home. This is called off-location IT business. In this way physical uncertainties can be warded off by hiring the off- location IT professionals. ” (Team Editorial, 2012) This assignment explicates four major topics to provide a better understanding about business environment and here is an in-depth within each to explanation in each topic.

These are the following topics: Understand the organizational purposes of businesses Understand the nature of the national environment in which business operate Be able to assess the significance of the global factors that shape national business ctivities 1. 1 Page | 2 There are various legal structures in current business environment, in what a business can decide to operate depends on the perspective owners desires.

In more details, legal structures and types could be the following: Private companies: The main characteristic of these type of operations that the business is privately owned by one or more individuals (in certain cases could be owned by both individuals and other business organization). This private ownership allows owners to practice full control and uninfluenced decision making. Private companies can have shareholders if they issue stock. However shares cannot be traded on public stock exchange and issued privately instead of through public offering.

The values of these shares are hard to determine and they are less liquid. We distinguish three different types of private companies. The purpose of an organization easily explained through a company’s mission, vision statement, aims, goals and objectives. Mission statement: Explains the overall purpose of the organization captures everything about the business, defines everything the company does well and will be doing in future. Vision statement: States the inspiration of the business. Goals and objectives: These are precisely stating the aim or purpose of the business.

Goal is a concrete description of what to achieve and objective describes the necessary steps to succeed. a. Sole trader: It is a type of business that owned and run by an individual. A sole trader as a self employed person has unlimited liability over all gains and losses of the business activity. Example for a sole trader: The Katrinas Kare – Registered Ofsted Child minder purpose of her business is clearly stated in the description she has given in which we find her mission, vision, goals and objectives even if that is not specified.

These could be he following: Mission: Passion about teaching and caring for children and knowledge on how children learn and develop, particularly from a very young age. Believe in that children learn best through fun and enjoyable life experiences. Vision: My aim to expand and open a full time nursery with special development opportunities and provide a safe homelike environment for children. – Goals: During next year I would like to increase the number of children I care for up to 10 and find the perfect like-minded assistant to be able to provide an even wider range of activities. Objectives: In short future I will relocate to a bigger property, aving more available places and start to look for the perfect assistant. (childcare / Katrinas-Kare, 2013) Page | 3 b. Partnership: The partnership is two or more co-owners operating together as an unincorporated business. In this type of operation the participants have unlimited liability over the business which means they share both profit and loss in accordance with terms of their partnership agreement. In absence of partnership agreement, co- owners agree to share risks and rewards proportionately. For example London Filming Partnership. . Limited Companies: A corporate association, all company ssets are owned by the company itself. This type of operation has limited liability. For example: Deltabond Ltd. Public companies: In this type of operation the company is Jointly owned and at least a small portion of it owned by the government. – Central Government – Local Authorities, for example: the Environmental Agency – Regional Bodies, for example: the Waltham Forest Council – Public Corporation, for example: the Central Electricity Board Co-operatives: This is the type of operation when businesses co-operate to serve the public as one.

Mainly retail food stores choose this type. For example: the Co-operative Group. Charities nd Voluntary organizations: This is the one type of business that works without making profit, only operates to help and serve the community. For example: 1. 2 Stakeholders: “Any party that is committed, financially or otherwise, to a company and is therefore affected by its performance. Typical stakeholders that define most businesses are customers, employees, suppliers, communities, and shareholders or other financiers.

For some purposes, some companies also consider a broader group that includes governments, media, competitors, non-governmental organizations (NGOs) and others. Business is about managing key stakeholder relationships. 1]” (The Financial Times Ltd 2013) It is vital to identify and assess the strength of different stakeholders during the whole lifetime of an organization as failing to do so could result in serious harm to the business.

There are two types of stakeholders differentiated based on their relations to the business: -Primary stakeholders: Also called key stakeholders. They have direct influence and the business cannot exist without their constant participation. Some of the primary stakeholders could also have secondary interest. This definition includes Investors, shareholders, employees, customers, suppliers and contractors. Page | 4 Secondary stakeholders: Individuals or organizations having direct or indirect influence on business or influenced by the business.

Secondary stakeholders have temporary affect on the company’s operation. The category includes government, local authorities, trade unions, regulatory bodies, media and action groups. Primary and secondary stakeholders are also known as internal and external stakeholders. (Creative Commons Attribution,2013) To identify stakeholder’s power and interest a company can use a tool called stakeholders mapping. 1. 3 MI As an example take a small phone shop owned by a partnership of two individuals: –

Primary stakeholders: Owners (partners), investors – Secondary stakeholders: Competitors, customers, suppliers, local authorities, trade union, regulatory bodies, local residents, government, lenders, employees Low Interest Low Power Page | 5 Media, Local residents Employees c High Customers, Suppliers, Competitors, Government, Trade Union, Local authorities, Investors, Owners Regulatory bodies, Lenders In this particular business, majority of stakeholders fall into quadrant C, as based on the nature of the business they have relatively high power to influence the business activity but no direct financial interest in business.

The company has to focus on keeping satisfied every individual or organization in this category by delivering excellent customer care, maintain the relationship with suppliers, being ethical to competitors, follow the laws, regulations, restrictions and keep loan repayments up to date. In quadrant A, media and local residents to mention as they have no financial interest and very low power, they potentially could have affect on the business on temporary basis. Media and local residents require minimal effort from the company as they only can affect the company if it has some activity with negative

Employees are categorized into quadrant B, as they have high interest in business but relatively low power to influence it. Employees need to kept informed to ensure the satisfaction and the maintenance of the relationship. Investors and owners are the key stakeholders in this particular business as it shows in mapping they fall into quadrant D, having the highest interest and power to influence the business activities. Every organization owes responsibility to its stakeholders. These responsibilities are divided into two main groups as legal responsibilities and ethical issues. Legal responsibilities: Includes all legislations at workplace.

Equal opportunity: – Equal pay act 1970: men and women performing the same role are entitled to same conditions in terms of payments and benefits Page | 6 – Sex discrimination act 1975: men and women should be treated fairly and equally at work -Employment equality (sexual orientation) Regulation – direct and indirect: direct – no discrimination against people because of their sex, indirect – any action of the employer should not affect only a large number of males or females, including recruitment process, treatment and dismissal -Disability discriminations act 1995: eals with discrimination against existing or prospective employee based on their disability; Job advert must comply with the legislation Employment protection: – Employment act 2002: additional rights to employment act 1996 stating maternity, paternity leave, termination, Sunday working and writing pay slips – Employment relation act 2004: deals with recognition for trade unions, unfair dismissal, grievance and disciplinary hearing Health and safety: – Health and safety at work 1974; office, shops and railway premise act 1963: protect the interest of both employee and employer by setting health and safety standards or all individuals at work Ethical issues: Includes everything around laws of society and environment, like fair trade or global warming issues Understand the nature o the national environment in which business operate 2. 1 Economic systems: ” Frameworks for the distribution and allocation of goods and services in a nation or society. Socialism, Capitalism, Feudalism, and Mercantilism are examples of several economic systems. A nation’s choice of economic system can produce both positive and negative effects on its internal economy and economic interactions with other nations. ” (Webflnance, Inc. , 2013) our categories: – Land: Anything on Earth what is natural, or is in its natural state – Labor: Human capital, those human being that are working in the economy – Capital: Money, the most important basic to acquire everything else.

At national level, it includes infrastructure, roads, ports, sanitation facilities and utilities – Entrepreneurship: Skills, Ideas of people work for a business page | 7 To define economy, nation needs to answer to three questions and the way they answer it defines their economy. – What services and goods should be produced? – How should it be produced? – For whom should it be produced? Economic systems fall into one of the following categories: – Market (or Capitalist) system: So called Pure/Free Market Economy as the only regulations is that demand and supply regulated by price but no government decision involved. If there is shortage of supply price rising, if surplus then price falls keeping the market balanced. The answer to what, how and who: Customers decide what to buy, businesses decide how, it Just needs to be profitable and people who have more money can buy more.

Advantage of this system that free market economy automatically runs so keeps competition in place what is beneficial for customers. Disadvantages that competition in practice may be limited, it may cause inequality in market, may result in adverse environmental and social consequences. Allocation of resources is determined by demand and supply. – Command (or Planned) system: Production is controlled by the government and the government makes all decisions and answers the three questions. A dictator or a group of government officials decide about production, the government owns all factors to produce, and it is also government decision who will receive products and services.

Advantage of command system is that rapid growth, inequality and voidance of unemployment can be addressed directly. Resources in this economy are allocated by the government through its centralized planning. – Mixed Economy: In this economy business activities are carried out by both government and investors. Private sector allocates resources depending on demand and supply, whilst public sector allocates them through the centralized planning. In current society no economy can be purely market or command type, elements of both exist in all economies. There are different factors that can help determine a countrys economy. Two main factors are Fiscal Policy and Monetary Policy.

Page | 8 Fiscal Policy “The government uses fiscal policy to influence the economy by adjusting revenue and spending levels. Fiscal policy is based on the theories of British economist John Maynard Keynes, which state that increasing or decreasing revenue (taxes) and expenditures (spending) levels influences inflation, employment and the flow of money through the economic system. ” (Chad Brooks, BusinessNewsDaily Contributor, 2013) As Fiscal policy is based on the control of government expenditure and taxes, and it allows the country to control and maintain the economic balance or dealing with ecession. There are two types, Contractionary and Expansionary Fiscal policy that can be used to control the economy depending on demand.

Contractionary Fiscal policy: This type of Fiscal policy is for the purpose to tighten up the system by increasing tax rates and in the same time cut back on government expenditure, such as investments in development, spending on NHS, benefits, road maintenance… etc. This results in people finding difficult to cope with their life as unemployment rate begins to increase, prices of goods and services are increasing in line with tax increase, so eople need to start using their savings and apply for credit facilities. This policy obviously has its impact on businesses. As corporation tax rises less people invest in businesses and as a result the capital stock is rising.

Increase in price of goods and services creates a change of customers behavior as people need to focus on supplying needs and decrease the spending on “de-merit goods”. Expansionary Fiscal policy: When a country is in recession, GDP low and unemployment is high, the Expansionary Fiscal policy can provide solution to balance the economy by increasing government spending and reducing tax rates. Government increases its expenditure, release money for transport infrastructure, health care or education that creates a demand for manpower, so it automatically reduces unemployment. As people earn more money by fulfilling the new vacancies the demand for goods and services begins to increase. Reducing taxes gives opportunity and inspiration to the public to start new businesses.

As a result of people earning more money, savings Monetary Policy “One of the Bank of England’s two core purposes is monetary stability. Monetary stability means stable prices – low inflation – and confidence in the currency. Stable prices are defined by the Government’s inflation target, which the Bank seeks to meet through the decisions taken by the Monetary Policy Committee. Page | 9 A principal objective of any central bank is to safeguard the value of the currency in terms of what it will purchase. Rising prices – inflation – reduces the value of money. Monetary policy is directed to achieving this objective and providing a framework for non-inflationary economic growth.

As in most other developed countries, monetary policy usually operates in the I-JK through influencing the price at which money is lent – the interest rate. However, in March 2009 the Bank’s Monetary Policy Committee announced that in addition to setting Bank Rate, it would start to inject money directly into the economy by purchasing assets – often known as quantitative easing. This means that the instrument of monetary policy shifts towards the quantity of money provided rather than the price at which the Bank lends or borrows money. Low inflation is not an end in itself. It is however an important factor in helping to encourage long-term stability in the economy. Price stability is a precondition for achieving a wider economic goal of sustainable growth and employment.

High inflation can be damaging to the functioning of the economy. Low inflation can help to foster sustainable long-term economic growth. ” (Bank of England. 2013) Monetary policy is lead by the government and carried out by Bank of England. Manipulation of the economy delivered through setting the interest rates to control excess liquidity. There are two ways to control it, with expansion or with contraction. Contractionary Monetary policy: In case of excess liquidity, government is aiming to reduce liquidity rate. In order to do it, Bank of England increases the interest rate on borrowing and at the same time ncreases interest rate on savings. This is to discourage people to spend and borrow.

The result of the contraction that businesses terminate investments as borrowing become too expensive so unemployment rate is slowly rising and personal spending drops, on the other hand the policy encourage people to save more. Contraction may help to generate recession. Expansionary Monetary policy: In case of low liquidity rate, government starts to expand money supply by ordering Bank of England to decrease interest rates both on borrowing and savings. When there is a low rate on borrowing that encourages businesses to start investing, pending more and more people to start business activity. It generates more employment so that allow people to increase their personal spending too. In line with there is not enough money in the economy after decreasing the rates, upon decision Central Bank can print more money as part of the expansion process. 2. page | 10 “Policies intended to prevent collusion among firms and to prevent individual firms from having excessive market power. Major forms include oversight of mergers and prevention of price fixing and market sharing. ” (Webflnance, Inc. , 2013) The best use for a countrys resources the greatest way is to allow a competitive arket operation, however the development of anti-competitive activities is unavoidable. These activities can be harmful for consumers and together with that it can hold back innovation and growth. One of the activities that considered being anticompetitive is the scenario when two firms come to an agreement of charging the same price for identical or even similar goods.

They can achieve higher profit margin but it punishes customers with lack of choice. As a protection from anti-competitive activities, the government constantly reforming, improving competition laws and policies. All related laws, powers and institutions called together as competition regime. When stating anti-competitive activities mergers, monopolies and cartels are included under this umbrella. The direct regulatory body is the Office of Fair Trading. Competition Act 1998 “The Competition Act 1998 is comprised of two prohibitions: ??? The Chapter I prohibition prohibits agreements between businesses that prevent restrict or distort competition to an appreciable extent in the I-JK.

The Chapter II prohibition prohibits conduct which amounts to an abuse of a dominant position. ” (OFT, 2013) A great real life example, OFT dealt with to protect consumer’s rights for the fair service: “Insurers Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc, and the IT software and service providers Experian Limited and SSP Limited have all offered formal commitments to the OFT. This follows an OFT investigation which identified an increased risk of price coordination among motor insurers using a specialist market analysis tool by Experian called Whatif? Private Motor.

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Unit 18 Global Business Environment Assignment Example – BTEC-HND-LEVEL 4

This management report explores what multinational companies have in the global marketing environment. Students will get to know about the complexities of operating businesses in the intercontinental market. They will be able to offer valuable insights into the corporation’s present or aspiring worldwide presence.

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Students will be able to demonstrate their understanding of the global business environment by analyzing how multinationals operate in different countries. They will also critically evaluate the suitability of alternative modes of market entry for a given company.

In addition to that, students will also have to understand the concept of global business environmental analysis. And they will have to critically evaluate the impact of global factors on business organizations. At the end of the unit, students should have a good understanding of how different factors in the global business environment can impact businesses.

Unit 18 Global Business Environment assignment sample

International businesses are maximizing the benefits of globalization. They’re expanding beyond the aerial, sea, and land constraints. Businesses target global markets that boost their financial growth and market share. Though internal markets bring in a realm of opportunities, companies face challenges and obstacles while expanding businesses.

It faces challenges that relate to the micro and macro environment of the enterprise. Expert analysts claim that the social, legal, environmental, and technological factors pose challenges to the multinational company. This unit focuses on the hardships faced by Ford Motor Company while expanding business all across the globe.

As a global automotive leader, Ford commits itself to innovations reinventing technologies to target its global audiences. This report highlights the challenges, and figures out opportunities for the strategic manager running a business in the global market.

Apart from this, it discusses the conflict-generating conditions to obtain the most effective strategies that would help the company to excel in its global market.

Handling the subsidiaries and developing a marketing strategy to boost brand awareness becomes challenging for the group. Moreover, cross-branding activities improved brand visibility and increased brand visibility, thereby reducing operational costs.

Overview of the company

Headquartered in Dearborn Michigan, Ford works was founded by Henry Ford in 1903. The company doesn’t only sell automobiles, but also commercial vehicles. Ford Motor Company works with 12 independent brands and owns a Brazilian automobile company with about 8% market share.

A mix of geographic and demographic segmentation, and psychographic factors that meet the demands and expectations of the clients in the existing and developing countries. It follows a differentiated strategy to cater to the specific needs of the customers.

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P1: Analyze the factors that drive globalization

Globalization refers to the removal of barriers to trade beyond the national boundaries that foster interdependence, integrity, and interconnectivity of capital assets and the manufacturing process. It eases resource, cash flow, import and export of goods across multiple countries, hence expanding economic growth and multinational trade in a complex manner.

Factors that drive globalization are as follows:

The Internet made it easy to access services and products from any part of the world. Online sites made it easy to purchase goods including stationery and smartphones. Amazon is one of the popular e-commerce sites that have online stores for books and other products. Customers can compare prices, and settle on one transaction that would cost the least.

• Economic integration

Trade blocs made the national borders porous, as trade barriers get removed in member countries. Blocs like NAFTA for Canada, Mexico, and the USA, EAC for Eastern American Countries make the member nations competent, as they facilitate the flow of services and goods beyond borders. However, there is a decentralization of global markets, and EAC experienced protectionism. For instance, trade blocs encourage the use of homemade products, as opposed to buying regional items from member nations.

• Cultural convergence

The availability of information on social media and online newspapers, made people lose their cultural identity. Due to the convergence of cultural identity, beliefs, and identity, producers gained global clientele . Products manufactured by regional or national producers turned out to be global products. Tradesmen can sell merchandise without personalizing them to meet naive customer preferences.

• Economic liberalization

Decentralization of financial markets improves the connection between countries. The exchange of currencies including the British pound and US dollar became easier than ever that led to easy access to products and services. For Africans, it became easy to pay for an online course in the UK through online payments. It became possible due to easy exchanges of currency to British pounds or US dollars. Companies like PayPal Work through innovative online payment processes and contribute to financial globalization.

• Tough competition

Global firms face intense competition from their rivals and Look for ways to expand their business beyond borders. Companies operating in sectors like news media Face competition from any part of the world. Due to the sneak-peek competition among businesses, proprietors are looking for ways to explain businesses to foreign markets. Quest for foreign markets prompted an increase in FDI or Foreign Direct investment. FDI is involved in transactions where foreign investors pay capital so that proprietors can use it in running the business.

Search financial transactions Associate with Capital mobility, facilitating Economic integrations as businesses enter strategic Alliances.

• Need for scaling economy

With time competitions become intensified, and businesses look for ways to bring down operational costs. It can be achieved through a scaling economy where the same product gets manufactured for The Global market. It requires businesses to make huge Investments to make the products available in global markets. For instance, Ford motor company Sells automobiles across the world.

Factors driving Globalization remain interconnected and interrelated in intricate ways. Factors include socio-economic convergence, financial liberalization, tough competition, Global Business, economy, and the need for scaling economics.

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M1: Impact of factors that drive Globalization in terms of opportunities and challenges

The automobile industry is quite competitive. The market is crowded with companies that eat up each other’s market share.

The growth of the automobile industry faces blockages like an increase in infrastructure expenses, currency fluctuations, government regulations, pricing differences, and competition in the market.

Expanding businesses to the global market implies targeting new consumers or clients to increase sales and marketing. Businesses need to follow certain guidelines to carry out business on a global scale. From tax to trading laws a company needs to follow the necessary legislation of the target country to avoid penalties and suspensions.

Global pricing strategy is one of the challenges faced by Ford Motor Company. Managers face challenges while setting the prices of auto parts, cars, and services. Costs determine the Competitive position of an automobile company, ensuring profitability along with the sustainability. As per the analysts, Local companies pose challenges for international and domestic players. Shipping costs, distributions, and labor charges of the multinational companies would be more than that of Local dealers.

P2: What are the strategic complexities associated with operating business in the global market?

Competitors are organizations dealing with similar products and services, produced by your company. Suppliers play an important role in the success of businesses. Globalization affects the supply chain management of multinational organizations. Get quarters of the multinational company is located in a different country, and the regional officers are located in the targeted foreign market. While working abroad a company has to maintain an efficient connection between its two units.

Another challenge that a company faces while operating abroad is compliance with legal regulations and laws. Executives of any multinational company need to acquire knowledge of foreign regulations and laws.

Fluctuations in exchange rates affect the profitability and sustainability of the Company in the global market. Fluctuations in the exchange rate can adversely affect the profitability of the business.

Whether it’s a regional or multinational company, it can’t avoid challenges that emerge from cultural differences. Due to differences in cultural norms, and values between the two operating units of a business, there will be issues in communication, business ethics, and work environment. While operating in the global market, companies face problems in managing their supply chain and dealers. With the rise in complexities in supply chain management, the likelihood of the companies indulged in unethical and illegal activities increases.

• Opportunities of globalization

If executed properly, global business expansions open a floodgate of opportunities. By operating businesses in the global arena, companies get a vast number of customers. It doesn’t only improve the profitability of the company but also boosts its brand awareness. By going global, companies can acquire skilled employees and the best talents across the globe. It would improve the innovation, and scope for idea generations and creativity.

P3: How does globalization affect the organizational structure, functions, and culture of an organization?

Globalization affects leadership, and management functions through the market and customer base. Management needs to consider the full impact of globalization on the workplace. As a company adopts new trends and becomes global, it experiences changes in the structure and culture of the organization.

While some changes are good, others might not be that positive.

• Increased cultural diversities

As a company becomes global, it experiences increased cultural diversity within the workspace. It requires large and small companies to adopt new policies and guidelines. Increased cultural diversity yields positive outcomes, as companies gain insights from marketing and management perspectives.

• Standardizing workplace ethics

As a company becomes global, it needs to adopt the western standard by increasing workplace standards and providing better workplace security. It has a direct impact on employees who were working in unsafe or unhygienic conditions. Though conditions might worsen in some places, the concern over workplace safety is noticeable.

Religious, ethnic, and religious diversity necessitates employee training and education programs.

Important Leadership Theories

There are many different leadership theories out there, and no single one is the right fit for every leader. It’s important to understand the different theories so that you can adapt your own leadership style to best fit your team and your organization.

Some of the most popular leadership theories include:

• Contingency theory: This theory posits that the best leadership style depends on the situation at hand. A leader who is effective in one situation might not be as effective in another. The contingency theory of leadership suggests that you need to adapt your style to fit the specific circumstances.
• Path-goal theory: This theory posits that leaders can help their followers achieve their goals by providing support and direction. The path-goal theory of leadership is about setting a clear path for your team and then helping them to achieve their goals along the way.
• Situational leadership theory: This theory suggests that there is no one best leadership style. Instead, the best style depends on the situation. The situational leadership theory suggests that you need to be able to adapt your style to fit the specific circumstances.
• Transformational leadership theory: This theory posits that leaders can transform their followers by providing them with a vision and inspiring them to achieve it. The transformational leadership theory is about motivating your team and helping them to see the potential in themselves and the organization.

These are just a few of the most popular leadership theories out there. As you can see, there is no one right way to lead. The best leaders are those who can adapt their style to fit the situation and the team.

M3: Evaluate the influence of globalization applying relevant models and theories.

Hofstede’s hypotheses serve as the foundation for research in multifaceted psychology. It helps researchers to study various aspects of global business and relations. Dimensions proposed by Hofstede represent the embedded values and beliefs of diversified cultures. It shows how individuals from diverse cultural backgrounds act. It also projects their behavior.

• Power Distance : It depicts the level at which societies with less power expect the unequal distribution of authority or power.
• Uncertainty avoidance : It is the degree to which individuals are not at ease with uncertainty.
• Independence versus Collaboration : It specifies whether individuals prefer independence or collaboration with colleagues.
• Feminine versus Masculine : Masculine relates to an individual’s preference for achievement. Feminine shows a preference for cooperation and modesty.
• Short-term versus long-term goals: Long-term direction the inclination of society toward virtue. Transient direction represents people, who get inclined toward the foundation of truth.

How to curb the barriers of globalization

While globalization has brought many benefits to businesses and economies around the world, there are still some barriers to its full potential. One such barrier is the lack of trust between business people in different countries.

There are a few things that business leaders can do to help break down these barriers and improve trust between businesses in different countries. First, leaders should try to get to know their counterparts in other countries. They can do this by attending trade shows and industry conferences, or by connecting with people on social media.

Second, leaders should make an effort to understand the culture of the country they’re doing business in. This includes understanding the country’s customs and etiquette, as well as its laws and regulations. By understanding the culture, leaders can avoid misunderstandings and build trust with their counterparts.

Finally, leaders should always be respectful of the people they’re doing business with. This includes being honest and transparent and keeping communication lines open. By following these simple guidelines, business leaders can help to break down the barriers of globalization and improve trust between businesses in different countries.

Organizational structure should support globalization across the boundary. A hierarchical structure might not work in all situations. So the company should follow a scatter organizational structure, it would empower the low-level management to make decisions on their own.

It brings in innovation in the planning and manufacturing process. Oftentimes, companies ignore the communication planning aspects that result in a lack of communication and failure of strategies. Ford needs to ensure that its executives and managers get information from a well-structured channel. The plan should address cultural diversity while fostering workplace harmony. The automobile company needs to customize services and products to meet the needs of consumers in the target market. It helps the organization gain customer trust in the long run.

This report discusses the benefits and downfalls related to business expansion. Irrespective of the size and nature of the business, global expansion is challenging and includes threats like cultural diversities, currency fluctuations, poor organizational structure, and more.

It requires management to comply with international laws and regulations. Global pricing strategies create issues for the firm. Taxes, fees, charges, and other expenses will vary depending on locations. It likewise points out the opportunities related to business expansion.

By operating businesses in the global arena, companies get a vast number of customers. It doesn’t only improve the profitability of the company but also boosts its brand awareness. Cultural diversity yields positive outcomes, as companies gain insights from marketing and management perspectives.

Finally, it discusses the measures that management ought to take to counter the adverse effects of globalization.

Get solved Global Business Environment assignment

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1.2 Understanding the Business Environment

• What are the sectors of the business environment, and how do changes in them influence business decisions?

Businesses do not operate in a vacuum but rather in a dynamic environment that has a direct influence on how they operate and whether they will achieve their objectives. This external business environment is composed of numerous outside organizations and forces that we can group into seven key subenvironments, as Exhibit 1.4 illustrates: economic, political and legal, demographic, social, competitive, global, and technological. Each of these sectors creates a unique set of challenges and opportunities for businesses.

Business owners and managers have a great deal of control over the internal environment of business, which covers day-to-day decisions. They choose the supplies they purchase, which employees they hire, the products they sell, and where they sell those products. They use their skills and resources to create goods and services that will satisfy existing and prospective customers. However, the external environmental conditions that affect a business are generally beyond the control of management and change constantly. To compete successfully, business owners and managers must continuously study the environment and adapt their businesses accordingly.

Other forces, such as natural disasters, can also have a major impact on businesses. While still in the rebuilding stage after Hurricane Katrina hit in 2005, the U.S. Gulf Coast suffered another disaster in April 2010 as a result of an explosion on the Deepwater Horizon oil-rig, which killed 11 workers and sent more than 3 million barrels of oil into the Gulf of Mexico. This event, which played out for more than 87 days, severely affected the environment, businesses, tourism, and people’s livelihoods. Global oil conglomerate BP, which was responsible for the oil spill, has spent more than $60 billion in response to the disaster and cleanup. Seven years after the explosion, tourism and other businesses are slowly recovering, although scientists are not certain about the long-term environmental consequences of the oil spill. 7

No one business is large or powerful enough to create major changes in the external environment. Thus, managers are primarily adapters to, rather than agents of, change. Global competition is basically an uncontrollable element in the external environment. In some situations, however, a firm can influence external events through its strategies. For example, major U.S. pharmaceutical companies have been successful in getting the Food and Drug Administration (FDA) to speed up the approval process for new drugs. 8 In recent years, the five largest companies in the S&P Index— Google , Facebook , Amazon , Microsoft , and Apple —have spent close to $50 million on lobbying activities in the nation’s capital in an effort to help policy makers understand the tech industry and the importance of innovation and an “open” internet. 9 Let’s now take a brief look at these varied environmental influences.

Economic Influences

This category is one of the most important external influences on businesses. Fluctuations in the level of economic activity create business cycles that affect businesses and individuals in many ways. When the economy is growing, for example, unemployment rates are low, and income levels rise. Inflation and interest rates are other areas that change according to economic activity. Through the policies it sets, such as taxes and interest rate levels, a government attempts to stimulate or curtail the level of economic activity. In addition, the forces of supply and demand determine how prices and quantities of goods and services behave in a free market.

Political and Legal Influences

The political climate of a country is another critical factor for managers to consider in day-to-day business operations. The amount of government activity, the types of laws it passes, and the general political stability of a government are three components of political climate. For example, a multinational company such as General Electric will evaluate the political climate of a country before deciding to locate a plant there. Is the government stable, or might a coup disrupt the country? How restrictive are the regulations for foreign businesses, including foreign ownership of business property and taxation? Import tariffs, quotas, and export restrictions also must be taken into account.

In the United States, laws passed by Congress and the many regulatory agencies cover such areas as competition, minimum wages, environmental protection, worker safety, and copyrights and patents. For example, Congress passed the Telecommunications Act of 1996 to deregulate the telecommunications industry. As a result, competition increased and new opportunities arose as traditional boundaries between service providers blurred. Today the dramatic growth in mobile technology has changed the focus of telecommunications, which now faces challenges related to broadband access and speed, content streaming, and much-needed improvements in network infrastructure to address ever-increasing data transmissions. 10

Federal agencies play a significant role in business operations. When Pfizer wants to bring a new medication for heart disease to market, it must follow the procedures set by the Food and Drug Administration for testing and clinical trials and secure FDA approval. Before issuing stock, Pfizer must register the securities with the Securities and Exchange Commission . The Federal Trade Commission will penalize Pfizer if its advertisements promoting the drug’s benefits are misleading. These are just a few ways the political and legal environment affect business decisions.

States and local governments also exert control over businesses—imposing taxes, issuing corporate charters and business licenses, setting zoning ordinances, and similar regulations. We discuss the legal environment in greater detail in a separate appendix.

Demographic Factors

Demographic factors are an uncontrollable factor in the business environment and extremely important to managers. Demography is the study of people’s vital statistics, such as their age, gender, race and ethnicity, and location. Demographics help companies define the markets for their products and also determine the size and composition of the workforce. You’ll encounter demographics as you continue your study of business.

Demographics are at the heart of many business decisions. Businesses today must deal with the unique shopping preferences of different generations, which each require marketing approaches and goods and services targeted to their needs. For example, the more than 75 million members of the millennial generation were born between 1981 and 1997. In 2017 they surpassed baby boomers as America’s largest generation. 11 The marketing impact of millennials continues to be immense. These are technologically savvy and prosperous young people, with hundreds of billions of dollars to spend. And spend they do—freely, even though they haven’t yet reached their peak income and spending years. 12 Other age groups, such as Generation X—people born between 1965 and 1980—and the baby boomers—born between 1946 and 1964—have their own spending patterns. Many boomers nearing retirement have money and are willing to spend it on their health, their comforts, leisure pursuits, and cars. As the population ages, businesses are offering more products that appeal to middle-aged and senior markets. 13

In addition, minorities represent more than 38 percent of the total population, with immigration bringing millions of new residents to the country over the past several decades. By 2060 the U.S. Census Bureau projects the minority population to increase to 56 percent of the total U.S. population. 14 Companies recognize the value of hiring a diverse workforce that reflects our society. Minorities’ buying power has increased significantly as well, and companies are developing products and marketing campaigns that target different ethnic groups.

Social Factors

Social factors—our attitudes, values, ethics, and lifestyles—influence what, how, where, and when people purchase products or services. They are difficult to predict, define, and measure because they can be very subjective. They also change as people move through different life stages. People of all ages have a broader range of interests, defying traditional consumer profiles. They also experience a “poverty of time” and seek ways to gain more control over their time. Changing roles have brought more women into the workforce. This development is increasing family incomes, heightening demand for time-saving goods and services, changing family shopping patterns, and impacting individuals’ ability to achieve a work-life balance. In addition, a renewed emphasis on ethical behavior within organizations at all levels of the company has managers and employees alike searching for the right approach when it comes to gender inequality, sexual harassment, and other social behaviors that impact the potential for a business’s continued success.

Managing Change

Balancing comes easy at h&r block.

In an industry driven by deadlines and details, it’s hard to imagine striking a balance between work and everyday life for full-time employees and seasonal staff. Fortunately, the management team at H&R Block not only believes in maintaining a strong culture, it also tries to offer flexibility to its more than 70,000 employees and seasonal workers in 12,000 retail offices worldwide.

Based in Kansas City, Missouri, and built on a culture of providing exceptional customer service, H&R Block was recently named the top U.S. business with the best work-life balance by online job search site Indeed. Analyzing more than 10 million company reviews by employees, Indeed researchers identified the top 20 firms with the best work-life balance. H&R Block headed the 2017 list, followed by mortgage lender Network Capital Funding Corporation , fast food chain In-N-Out Burger , Texas food retailer H-E-B , and health services company Kaiser Permanente , among others.

According to Paul Wolfe, Indeed’s senior vice president of human resources, empathy on the part of organizations is a key factor in helping employees achieve balance. Wolfe says companies that demonstrate empathy and work diligently to provide personal time for all employees tend to take the top spots on the work-life balance list. “Comments we have seen from employee reviews for these companies indicate ‘fair’ and ‘flexible work environments,’” he says. Surprisingly, none of the tech companies known for their generous work perks made the top 20 list in 2017.

In this 24/7 world, when no one is far from a text or tweet, finding time for both family and work can be difficult, especially in the tax services industry, which is so schedule driven for a good part of the year. Making a commitment to help workers achieve a healthy work-life balance not only helps its employees, but it also helps H&R Block retain workers in a tight labor market where individuals continue to have choices when it comes to where and for whom they want to work.

• How does management’s support of employee work-life balance help the company’s bottom line?
• What can other organizations learn from H&R Block when it comes to offering employee perks that encourage personal time for workers even during the busy tax season?

Sources: “Career Opportunities,” https://www.hrblock.com, accessed May 25, 2017; “About Us,” http://newsroom.hrblock.com, accessed May 25, 2017; Abigail Hess, “The 20 Best Companies for Work-Life Balance,” CNBC, http://www.cnbc.com, May 4, 2017; Kristen Bahler, “The 20 Best Companies for Work-Life Balance,” Money, http://time.com, April 20, 2017; Rachel Ritlop, “3 Benefits Companies Can Provide to Boost Work-Life Balance,” Forbes, http://www.forbes.com, January 30, 2017.

The application of technology can stimulate growth under capitalism or any other economic system. Technology is the application of science and engineering skills and knowledge to solve production and organizational problems. New equipment and software that improve productivity and reduce costs can be among a company’s most valuable assets. Productivity is the amount of goods and services one worker can produce. Our ability as a nation to maintain and build wealth depends in large part on the speed and effectiveness with which we use technology—to invent and adapt more efficient equipment to improve manufacturing productivity, to develop new products, and to process information and make it instantly available across the organization and to suppliers and customers.

Many U.S. businesses, large and small, use technology to create change, improve efficiencies, and streamline operations. For example, advances in cloud computing provide businesses with the ability to access and store data without running applications or programs housed on a physical computer or server in their offices. Such applications and programs can now be accessed through the internet. Mobile technology allows businesses to communicate with employees, customers, suppliers, and others at the swipe of a tablet or smartphone screen. Robots help businesses automate repetitive tasks that free up workers to focus on more knowledge-based tasks critical to business operations. 15

Concept Check

• Define the components of the internal and the external business environments.
• What factors within the economic environment affect businesses?
• Why do demographic shifts and technological developments create both challenges and new opportunities for business?

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FLM401 Business Environment Level 4...

FLM401 Business Environment Level 4 Assignment sample 

This is the sample assignment of FLM401 Business Environment Level 4. FLM401 Business Environment Level 4 introduces students to various aspects that impact businesses from government legislation and regulatory issues, international trade agreements, or regional economic policies; each with unique challenges for executives at all levels within a company.

By exploring these topics thoroughly and learning how they affect both current global markets as well as their own companies' potential future strategies, organizations can mitigate risk while achieving success on an unprecedented level.

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Assignment solutions of  FLM401 Business Environment Level 4 Certificate Course

Assignment activity1. explain the impact of external factors on the entity..

External factors have a demonstrable effect on the entity's profitability and market share. Their direct influences include:

- Market competition in a particular region, which may be more or less competitive depending on whether the entity is considered to be more or less innovative than its peers in that industry;

- General economic conditions, such as localized hardship of recession;

- Business interest rates, which do not directly influence consumers' purchase decisions but do affect what businesses charge for credit.

In addition to these external factors, other aspects of how governments and the public perceive and respond to the business are highly relevant for their success

Assignment Activity 2. Identify compliance requirements related to the entity.

A compliance requirement refers to a rule, regulation, or standard that sets guidelines for the behavior of an individual or organization. Compliance requirements may also include notification requirements and deferral provisions related to environmental compliance. It's important to identify these before you start and the risks related to falling out of compliance.

There are two primary categories with different considerations when it comes to complying with the stipulations in a requirement: baseline external compliance and situational internal compliance (supersedes the general external baseline).

The difference between submitting on time vs late is whether there are sanctions for not meeting a deadline, usually a financial penalty assessed by some type of regulatory body. There will also be ramifications such as fines, inconceivable loss of reputation;

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Assignment Activity 3. Describe the impact of internal factors on the entity.

A company's internal culture has a significant effect on its external brand. Recent studies indicate that employees who are passionate about their job and take pride in the company they work for are more engaged and have higher morale.

This may be due to the fact that proactive, highly engaged employees see opportunities for themselves within their roles, which translates into leadership skills. This means they're more inclined to go above and beyond in terms of supporting the values of their organization while delivering high levels of customer service–facts that both buyers and customers prize when making purchases.

From a business perspective, implementing an organic corporate culture is key. This helps foster motivating factors like meritocracy where employees feel empowered by promoting team spirit—a sense of community

Assignment Activity 4. Different leadership styles.

Different leadership styles can be classified into 3 distinct categories,

1.Autocratic - Autocratic leadership is a style of authoritarianism that has been used in different times and locations around the world to create an order for cultures. Leaders with this type of power typically believe it's their duty as an individual, not just anyone else's right, to make decisions for the group without any input from followers at all. They are usually people who consider themselves more knowledgeable or wise than those they lead since they often do not accept advice from others because sometimes there may be things about which even these great leaders don't know anything about!

2.Democratic - A democratic leadership is a style of shared decision-making. Democratic leaders include members in the process and take their input into account when making decisions for the group.

A democratic leader will make sure they involve all participants, including themselves, before coming to any conclusions or taking actions that may affect them. This type of management does not rely on one person dictating everything but rather allows everyone's voice to be heard from start to finish,

3. Laissez-faire - Laissez-faire leadership is an approach to management that insists on the freedom of employees. It takes a hands-off approach and believes in trusting its workers with important decisions, which are made without interference from supervisors or other managers.

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Assignment Activity 5. Identify appropriate leadership approaches in specific contexts.

The leadership approaches required for different tasks can be different. Leaders that are excellent at long-term strategy might struggle with daily operations, while leaders who are good at short-term firefighting could fail on long term strategy (Think about how it feels when the person you work for gets awarded a promotion and then proceeds to completely ignore everything they were good at).

Some of the different contexts for business include developing products, running a meeting, planning out strategies, leading an interview process. For each context, there is an approach or set of approaches that will be more successful in achieving success.

Assignment Activity 6. Work in a team towards an entity’s objective

In today's business environment, working in a team is often the best way for an organization to stay competitive. Teams have their own special abilities and usually consist of one leader, specialists in various skills areas, and the other employees required to complete projects as needed or assigned. Each individual has their own talents which combine into a group effort that can be more powerful than any one person working alone.

A team is responsible for getting everything done on time and on a budget without slacking off or counting free hours. All members make important contributions and everyone works hard towards achieving their objective while still maintaining an easygoing spirit through daily laugh sessions!

Assignment Activity 7. Achieve positive workplace relationships.

In order to achieve positive workplace relationships, it is important to have a good understanding of yourself and your colleagues. Employees should do their best not to take issues at work personally, learn from successes and mistakes, communicate effectively with others, develop effective team working skills and engage in meaningful activities while at work. When employers start hiring employees who are well-suited for the specific job requirements they want them to do then they will soon begin having positive workplace relationships.

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