Public organizations are publicly traded within the open market with shares being purchased by a variety of investors. Apple's best organizational features includes the sustainable and credible image. STRENGTH & WEAKNESS INTERRELATE WITH EXTERNAL MACRO FACTORS Economic Factors : Interest rate, business organization is financially viable it has sufficient financial resources than changing in these rate will not affect the pricing and marketing strategy of the organization Political and Legal : Legal Rules and Regulation and Policies . Andrejovsk, A. Governments position on marketing ethics. Under functional organisation structure subordinates are managed by experienced personal that has speciality in the same field and company will also receive advantage of such expertise knowledge. The United, state is a federal system in which authority and powers are shared among central and state. Write by: . In order to full fill a client expectation, between market and organization a link exist which is named as marketing. This document covers the criteria for Pearson BTEC Level 4 HNC Business Unit 1 P6 - Explain how strengths and weaknesses interrelate with external macro factors. Trusted by 2+ million users, 1000+ happy students everyday, You are reading a previewUpload your documents to download or Become a Desklib member to get accesss. For development, technology is taken to be in motion, whereas development is also get affected by technologys maturity.as operation of company exist throughout globe, therefore communication in terms of worldwide is one more major prominent factor. There are mainly two types of partnership namely, limited partnership and, Organisations performing there functions in this form of private legal structure run, their business activities with a motive to run more and more profit and did not offer their or issue. So, with the use of these analysis tool company can ascertain the effect of macro environment on the organisations decision making (D., Margea, C., Hurbean, L. & Artene, A.S. 2014). Company is following Nike as well adidas strategy in production outsourced in Asia.in comparison to America and Europe, Asian nations provide low cost for taxes as well workers, that is main reason of production outsourcing.as company is multinational and is widespread worldwide is producing as well selling its items, companys performance may get affected by political instability (Wang, Tsai and Tsai, 2014) It also describes different business analysis tools such as PESTEL and SWOT analysis which should be carried out by the strategy maker of theorganisation. | All rights reserved. 79-86. Company sustained status is improved by studying environment of business. Copyright 2023 @ Global Assignment Help Australia. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. In figures it is 1, 40,000 workers are employed and make its contribution to the company. Internal factors such as strength and weakness are internally related to external factors such as opportunity and threats and here strength related to opportunities and weakness related to threats and the relation may hamper the performance of the firm's activities. Free resources to assist you with your university studies! . These external factors include economic, legal, cultural and social factors, technological changes and natural forces. In understanding micro and macro environments a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is commonly used in retail. Analysis of legal environment helps in identifying change in legal regulations related with any special act, changes in duties and taxation policies. One such example of running comfortable foot wear is MEXICO 68 for football that consist of screws having innovation of soles with brush. Cumming, D.J. Internal analysis helps in identifying and evaluates organisations specific characteristics like its core competences, its capabilities and availability of resources. Business environment can be describe as a collection of macro and micro factor that has impact over organisation as well as its decision making (Babu, 2012). Mostly group of people which comprises of two to twenty owned this kind of business. Lifestyle domain is also been incorporated by Puma. Nations stock exchange is responsible for registration of private company. It has 950 stores in U.K. and also has a turnover 1 billion pound. Firms like Puma make their clients aware in respect to their items by using plans of marketing. In the chapter, the role of the public is discussed as an important attribute to the success of these agencies and administrators. The private sector is funded by private investors, these invest capital into a business in hope of returning a greater capital in the future, they are generally profit drive. Departments work together and communicate with each other to solve issues. These firms can comprise of shareholders, as well private company can issue stocks, whereas IPO (initial public offering) do not offer Stocks and public exchange do not trade in shares of stocks (Wetherly and Otter, 2014). This is accountable to share political powers with the federal or, It is the political authority which governs an nation. This report explains different types of business and environment in which they operate. Conduct internal and external analysis of specific organisations in order to identify strengths and weaknesses Explain how strengths and weaknesses interrelate with external macro factors Micro as well macro factors of environment are connected with strength as well weakness of organization. Economical Factors: The economical factors include level of government spending, avenues for capital creation, government outlook towards interest rates, banking finance, exchange rate mechanism, inflation etc. This report take John Lewis company for case study, which is U.K based company. As a good customer image and also has good qualified employees around the world. their share to general public through a mode of Initial public offer. Disclaimer : The documents provided by Global Assignment Help Australia are only for reference purposes. Political Factors, Major aim of company is to start their strategy for making it profitable. Weaknesses are internal characteristics that have the potential to limit accomplishment of mission and objectives. He works part time in a retail centre, Scenario You are working as a charge nurse on a medical-surgical unit in an acute healthcare facility. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. Funds as well structure related, there exist a status that is dual structured by partners (Sethi, and Guisinger, 2002). The private sector is made up of companies that operate to make a profit. are the examples of private firm. These factors may either be internal to a company or external. Each division contains a complete set of function. There are so many departments which supports the company to achieve their goals and objectives on the time. Because of frequent events in sports industry, company is able to get more sponsorship. people, innovative ideas and communities and simultaneously improve their living standards. c) Matrix Structure: Some organisation adopts matrix structure which is more flexible than any other. P5 Conduct internal and external analysis of specific organisations in order to identify strengths and weaknesses. NGOs can also run them. But divisional organisational structure may invite office politics rather than strategic thinking which shares and provide view over achieving organisational objectives. 2013, "Economic and Business Environment", Vision: The Journal of Business Perspective, vol. Manager give information that is use in preparation of sub task with strategic plan of corporate action for management of functions, leadership of bureaucracy is followed by Puma. How stable is the political environment in the country? Various items of lifestyle related to sports like accessories, shoes, attire is marketed, developed, designed as well sold by PUMA. Jacob, W. 2013, "Economic and Business Environment", Vision: The Journal of Business Perspective, vol. 2023 | A2Z Pte.Ltd. Germany economic condition with respect to stock exchange as well issues of monetary is present situation there. 2023 | A2Z Pte.Ltd. Apply TOWS (SO,ST,WO.WT) and justify how they influence decision making Finally Evaluate using your own judgement and opinion how During 1948, first logo of company comprises of a beast jumping through a d as well square. Course Hero is not sponsored or endorsed by any college or university. However, throw-light on how functions of organizations are interrelated and impact the the, The distinguished types of private (Amazon), public. This structure allows divisions to focus on a particular product or service with a leader. This, report includes three different types of organizations with their purpose, size, scope and legal, structure. For this M&S is a perfect example in this case. In context with this, Crown Prosecution Services situated in, England and Wales is mainly a public prosecution agency offer legal advices to police and other, Crown Prosecution perform their activities with a core purpose to provide correct and, effective advices to police and other investigative agencies and bring right prospective in a right, Organisations running their business operations in public sector are those, whose formal rights are owned and controlled by government. 85-87. Technological Factors: Technological factors are very vital factors which always brings favourable outcome to the company but it creates huge cost burden on the company and affects the companys revenue income and their operations. Who are the experts? Optimists: It could have been worse; Pessimists: It could, CARRERAS, M. (2016). & Bnociov, A. related with objectives and structure of company. No plagiarism, guaranteed! For maintaining ongoing development, various local as well international laws need to be focused because of reality that company will outsource from other nations. Large companies adopt this respective structure as its nature is complex and cannot be followed by all small firms. Analysis of economic factors whether there is any change in interest rate, inflation rate and inflation rate. . Internal environment is a component of business environment (Cheung and Pires., 2015), it is composed with the various different element which is already present in the organization. Both the factors are interrelated to each other and they may increase the risk of external macro factors in the organization. Table of Contents. It has significant impact on the success of the business. Question: LO4 Determine the internal strengths and weaknesses of specific businesses and explain teir interrelationship with external macro factors Select two organizations Apply SWOT model to identify strengths and weaknesses. Study for free with our range of university lectures! 3, pp. flow of cash as well business requirements because of enough funds are also ensured by it. 15, pp. Business operations that are been carried out in outside aspects of macro environment are of great concern and importance.in external environment few of important factors are described below: Import as well export regulations that are altered, are few of political elements which effect strategic position of organization. Internal factors include customers, suppliers, employees, shareholders whereas external factors are economic conditions, government rules, technology, competitors (Anl and Ficici, 2017). important information with respect to firms financial functions are provide by finance function, function of finance in Puma is concern to utilizing resources of organization for different process. There are many different types of organizations performing their functions with a separate, purpose with a motive to satisfy consumer need an earn profit. Strength and weakness are the opposite factors that give power and weakness to the organization. It uses its funding to pursue a specific purpose, such as charitable cause, rather than pursuing profits for its own benefit as a for profit business does. Social Factors: The social factors include demographics, distribution of income, social mobility, life style changes, consumerism, educational levels which creates huge effect on the decisions and strategy of the companys. It also allows individuals in increasing their knowledge through sharing. Positive impact: If the educational level in the particular country is good means that all the people are educated in that country then the company can operates their business easily by providing various online technologies to their customers like online purchasing which increases the sale of the companys business. e.g. This service is unavailable right now. In comparison to Adidas and Nike, shares in market are limited as well tough for Puma. Daniels, J., Radebaugh, L. and Sullivan, D. (2015). plan and thus large share of market will be able to be controlled by the firm. Puma is required to make amendments in financial policies as well plans of budget because of continuous as well rigorous competition in market which is affecting policies of Puma in regard of war in price (Cumming and Zahra, 2016). External analysis is a process of analysing the environment in which organisation operate. Only an individual is liable to own, profits rights, paying debts, control. 2013). Governments policy on the country economy. Partnership is a formal written agreement in between two or more individuals those, who willingly come together to start a business with a motive to generate profit or any other, mentioned reason ). America professional football as well basketball teams 25% making of clothes is owned by Puma. Retrieved from: https://au.globalassignmenthelp.com.au/free-samples/business-and-business-environment/m5089845-strengths-and-weaknesses-with-macro-environmental-factors, Global Assignment Help Australia. It adopts standard policies procedures and culture. Business Environment includes micro and macro environment. This information exchange before decisions increases employees motivation and morale. February 27, 2023 equitable estoppel california No Comments . Copyright 2012-23 Zucol Services PVT LTD. All Rights Reserved. Matrix organisational structure helps in developing strong communication system by efficient exchange of information. Jurigov, Z. Sethi, D. and Guisinger, S., 2002. Companies run business activities in private sector, helps nation to strengthen its GDP by creating more and more job opportunities. Internal and external factors create a impact on functionalities of organization. for the customer. [Internet]. Scenario Choose any organisation of your choice. Most Affordable Assignment Service (2015). LO 04 Determine the internal strengths and weaknesses of specific businesses and explain their interrelationship with external macro factors. Interrelationship with the strengths and weakness of the macro environment which is affecting the decision making of the business (Bryman and Bell, 2015). Interrelationship between macro environment factors and organisation's strength and weakness are as follows: Economic Factors: Economic factors include change in interest rate, inflation rate exchange rate in the market. Do you have a 2:1 degree or higher? M&S also earn the good brand image in the foreign countries for this image lot of customers are attract towards their retail outlets (Crane and Matten, 2016). Two brothers Adolf and Rudolf Dassler, formed Gebruder Dassler Schuuhfabrik in 1924. Negative impact: If the above issues are very rigid and the governments policies so hard in that country for the MNCs. These are discussed below: Size: It is one of the biggest supermarket chains in the retail industry which deals in variety of the products like foods, household items, clothing, and other useful items which are needed to the customers. Schirone, D.A. M4 Apply appropriately SWOT/TOWS analysis and justify how they influence decision- making. Economic Factors. Contact us to get the best assignment writers for your assignments. BMW as well Ferrari are few renown companies that are partners of Puma. P5 Conduct the internal and external analysis for the chosen organisation in order to identify the strengths and weakness. According to budget of various departments, resources of finances are measured as well funds are allocated by finance function. For this, financial strong foundation needs to be building up. 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Such type of organization is explained briefly below: Private organization: The private organization refers to any individual, partnership, association, corporation which is not public company (Rossi, Vrontis and Thrassou, 2012). Operations of business are influenced by regulation as well policies of government. The organisations are required to offer a service which will benefit the whole of society for example the NHS. These differences seem very fundamental and very valid in the light of our own exploration of the subject in previous articles. This report is based on H&M which a Swedish multinational organization. The other three are Principle of uniformity, Principle of external financial control, and Principle of service motive. SWOT Analysis: Bringing Internal and External Factors Together. types of organisations mentioned below with their purpose: Organisations performing their business activities in Private organisations are mainly, owned and run by an independent person or in a partnership with a common purpose to earn, more and more profit (Anl and Ficici, 2017. Resources include financial resources, physical resources like plant and machinery, human resources, intangible assets resources and cultural resources. and Zahra, S.A., 2016. International business and entrepreneurship implications of Brexit. Strategies of marketing as well advertisement are of high standards which has make items attractive all over globe because of presenting items in a better way. 41) There is an expectation of the people for administrators to have a role in politics despite the neutral stance that politicians, interest groups and history has told them to have. A SWOT analysis can be broken down into two distinct parts: the strengths and weaknesses, based on internal environmental factors, and the opportunities and threats, based on external . For puma to operate efficiently as well effectively, employees need to be efficient as well competent because without them it is going to be very challenging. religion, education as well humanity are main focus of these firms and they are different from others. The public company can issued securities directly to the public with the help of IPO and raise their funds. 1. We review their content and use your feedback to keep the quality high. So, company should regularly make efforts in improving its weaknesses (Gupta, J.L. Whether it be the company they work for, the retail store they purchase their groceries or the NHS dentist they attend individuals of society are all affiliated, controlled and in control of business organisation. This project will explain in detail the structure of those organisations,list the documents required to set up every single one of them and will also mention about financial accounts needed to inform stakeholders about the business activities. The powers are also distributed in the same hierarchy. Negative impact: If the educational level is the low in that country, then it creates adverse effect on the companys sales and profits. Also, we have experienced assignment writers who can provide the best and affordable assignment writing services, essay writing services, dissertation writing services, and so on. Partnership benefits related to tax are allowed as well enjoyed, because of structure that is hybrid in shrink liability, that allow partners, trade owners as well shareholders to limit their own liabilities. Organisations working under private sector are governmental funded groups or, companies perform their business functions with a motive to serve people in best possible way, rather than to generate profit. The sports and event business environment refers to all the factors which affect INTRODUCTION To help them understand the complexities of writing, we are providing "samples" on various subjects. 351-360. Organizations performing there, functions in different types of organizational heads not only aid in satisfying every essential, needs of consumers but also benefit a country to strengthen its economy. It is apparent that for the legitimacy of these agencies and administrators political involvement is necessary. Company has sponsor renown football players like Johan Cruijff, Maradona, Gianluigi Buffon and many more as it is famous for its footwear in football. Environmental problem is one of them. Set of policies as well some rules and regulations are incorporated in structure of organization together with rules directing various responsibility that the firm coordinates, control as well collect. Legal factors: The legal factors include the rules and regulations in the particular country where the retail outlets are established or want to establish by the company. 2015). If you continue to use this site we will assume that you are This report is based on public (, the children UK) organization. Business-led sustainable consumption initiatives: impacts and lessons learned. Linking transformational leadership and employee creativity in the hospitality industry: The influences of creative role identity, creative self-efficacy, and job complexity. In M&S Company these departments performed their functions jointly to attain common organizational goals and objectives. After World War 1, programmers that were initiated by Red Cross include wellbeing of water, nursing well-being general program, and treatment during emergency during that time a very positive as well affective achievement was accounted in relation to this organization. Different functions of organization are involved in this plan. Daily management is not looked after by one partner while investment in business is equal for inactive member. The business environment includes all the internal and external environmental factor which affects the ability of business in maintaining long term customer relationships which help it in earning profits. Strategic plan of corporate action support as well implement objective of corporate at Puma. New as well old players in industry, are giving competition to each other. *You can also browse our support articles here >. Global Assignment Help Australia. Strength and weakness of the organization are linked with the external macro factors because in some cases organization may be affected by the outside factors. Whereas, in relation to problems of environment, more people as organizations are focused on them. To perform different activities of business, individuals as well group of people make use of mediums as well various channels. and Tsai, M.T., 2014. There are differences between the small, medium, organisation, and large that called speed that mean how to make decision making attitude towards risk, in terms of allocation of resources, by understanding of business models and the management of the business models. Company should adopt organisation structure around its function. They make sure to attain outstanding results for coming generations, individuals, and societies as well communities through using effective public valuable resources, as well high standards of health services are delivered. b) Divisional Organisational Structure: In this organisation structure function of business is divided as a particular division or branch on the basis of geographical, market, product or service group. JP Morgan has strong position in market and has the . Scope of the company also decides where they want to go and how much they have to earn more profits with their strengths (Gharajedaghi, 2011). Few factors that comprises of inside environment are as follow: For running all functions of business, investors are loaded as well provided with resources related to finances. the children UK) organization and their purposes and legal structure are discussed as follows: In the competitive world sole traders need less amount of finance to start a. business. for achieving high rate performance as well higher efficiency, therefore, HRM at Puma focus in managing workers. Micro environment is concerned with internal environment of the organisation it includes following factors: Macro factors include external factors of the environment in which organisation operate. Explain how they influence the decision-making process. The Essay Writing ExpertsUK Essay Experts. WHAT IF BUSINESS COULD SOLVE THE WORLD BIGGEST. http://pestleanalysis.com/economic-factors-affecting-business/, https://markets.businessinsider.com/stocks/puma/company-profile, http://pestleanalysis.com/internal-factors-affect-business-organization/, Approximately 8300 workers are recruited globally by Puma as well it exists in almost 90 nations. There are many types of organisational structures available which are designed as per objectives and functions of organisation.
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