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Business environment Report - Essay Example

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In the rapidly changing environment of globalization, change is essential for development and organizations tend to adapt to the constantly evolving business environment…
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Business environment Report
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Business environment Report

The changing business strategies to cope with the fast transforming socio-economical paradigms of the times have become crucial factors that enable the businesses to compete against their rivals. The external factors are often the major proponents that necessitate organizational changes.
The world economy is presently undergoing tremendous turmoil. In the recent past, the American economy has been under tremendous strain with its deteriorating job market and dismal performance of its various public private companies. Its offshore business has also suffered as a result of bad economic policies of the current republican government, headed by George Bush. The bankruptcy of few of its major financial institutions has resulted in the financial meltdown that has created a serious crisis situation in the American economy that has cascaded down to the rest of the world. The recessive trend in the American economy has forced the businesses to meet the challenges with creative business strategies and embrace the changing business compulsions with vigour and vitality.
In a news report in the ‘Guardian’ on 3 December 2008, it was reported that UK’s top retailer, Tesco was really struggling against ‘Morrisons’ to maintain its position. While Tesco had registered its worst sales in 14 years during the Christmas, Morrisons had surged ahead towards the position of top retailer! The article was succinct in describing the cause and effects of the current recessive trend in the retail industry and the various ways through which they were trying to meet the challenges and attract customers to increase their sales. In yet another news item in the same issue, Christ Hirst had highlighted the ‘Christmas supermarket advertisements’. Hirst has revealed that the advertisements play a significant role in the boosting the sales figure and Morrisons’ ‘The campaign is about freshness and provenance, ... Read More
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