Topic – Business
Structure of Report:
- Title page
- Table of content
- References: 30 (journals and books)
Word count – 3300 words
Internal Audit and Strategy
The elements of the internal environment
- Management structure
- Work environment
- Corporate image
- Financial resources
- Technological capabilities
- Physical and human resources
- Mission & objectives of Business
- Labor management relationship
Apply the Tows matrix here
Emphasize on how each factor affects the organisation and how they can use this information to their advantage.
- Microeconomics factors and implication
- Porters five
- Price elasticity
- Market structure
Product Life Cycle
The launching of the product is done. Sales grows slowly as people are not much aware about the product. Generally, informative advertising is used and usually there is no profit.
Sales starts to grow rapidly. Persuasive advertising may be used and the prices may be reduced as new competitors enter the market. This leads to starting of profits.
The sales starts growing slowly and the intensive competition in the market leads to competitive or promotional pricing may be used. Advertising expenditure is managed in order to sustain growth. Profit may soon start to take rise by entering the stage of maturity.
This is the situation where sales will fall and product starts losing its appeal. There is a stiff competition in the market and advertising is reduced and then stopped. It may also lead to stop the production in future.
- Critically evaluate the relevance of business environment and the key elements.
- Critically examine the market structure and then emphasize on the structure of UK.
- Determine the laws of demand and supply, and how it affect your chosen organisation with the help of diagrams.
- Please link the above to elasticity of demand and supply, price and income with the help of diagrams.
Key Points to Consider in The Essay:
1. Micro Environment
a. theories, concepts and models
b. supply and demand
e. Key diagrams - Supply + Demand curves
- Price Elasticity
- Cross Elasticity
- Income Elasticity
f. Internal Audit - Productivity with strategy diagrams which are related to Mobile phone company.
g. Example - How and Why the company would help in gaining profit from the insights of such analysis.
2. EXTERNAL AUDIT - Diagram of PESTLE, give a brief description of this with the relevant mobile company.
a. SWOT and TOWS MATRIX
b. SW is internal
c. TO external
3. LIMITATIONS OF MICROECONOMICS -
example, decreasing the prices that may impact the Pay as you go/ contract phone market.
a. Breaking contracts, rise or increase in international students and how that impacts the demand/supply, competitors which follow these market leaders.
REFERENCES (20, 30)
Internal and external are two major elements of business environment, in order to gain success in the market companies are required to analyses its market positon and have to implement effective strategies so that it can grow well in the market (Cho and Lee, 2017). Present study is based on Sony mobile corporation. It is the firm that offers personal consumption products to consumers across the world. Study will analyse internal and external environment of Sony. It will explain supply-demand graphs and will describe price and income elasticity. SWOT, product life cycle in respect of Sony mobile corporation.
Key Elements For Internal Environment
Sony is operating globally; it has great financial capacity. Firm utilise its funds in significant manner and its fund management strategy is good that helps the firm in running operations successfully. Adequate financial resource helps the firm in implementing necessary changes at workplace easily (Gallemore and Labro, E., 2015).
Physical and Human Resource
Sony has skilled workforce; these talented staff members are very positive towards the brand. This human resource help Sony in serving consumers well and creating competition in the market. This effective human resource is helpful for the company to grow well in market and gaining competitive advantage as well (Wahab, bin Mohamad Shah and Faisalmein, 2019).
Sony also has adequate infrastructures, adequate equipment’s that helps in producing right quality and quantity products. That is the reason that firm is able to meet the demand timely and serving consumers well.
Mission and Objective of Business
- Mission of Sony mobile company is to connect with consumers emotionally and raise curiosity among them to buy products of Sony.
- Objective of Sony is to raise profitability by entering into global market and enhance satisfaction level of consumers by offering them satisfactory goods and services (Kraja and Osmani, 2015).
Management structure plays significant role in business unit, companies always want to retain talent for that there is need to build their relationship by building effective structure. Sony mobile company has flat management structure, managers ensure to have smooth flow of information between top management and all level of workers. Managers give rights to all employees to share their views so that they feel happy and like to work in the firm for longer duration. Employees of Sony always share their feeling and ideas that is implemented by the firm to enhance operational efficiency of the organisation. This type of structure is helpful for enterprise in order to build relationship with staff members and making them loyal. This encourage workers and people work together to manage the demand. This is beneficial for the Sony company in order to work better in the market and gain competitive advantage as well (Sloberg and Nilsson, 2019).
There is limited layers and transparency is high. People are involved in decision making process that assist business in making more accountable and sound decision for the growth of Sony co