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Role of Globalization in the Growth of Company

Answer :
Organization Selected : Marks and Spencer

INTRODUCTION

Globalization is a process for communicating and interacting with people and companies at global level. It is taken place due to high competition in local market, advanced in transportation and advanced technology. To better understand this concept, Marks and Spencer has been selected. It is a British multinational retailer headquartered in city of Westminster, London. The aims, objectives and time frames is being discussed on chosen theme. A small research is also being done in order to gather and collect data. A management plan is produced in this report which includes the cost, scope, time, quality, communication, risk and resources. Apart from this, work breakdown structure and a Gantt chart is prepared in this report. The recommendations are being given on the basis of research data

P1. Project aims and objectives

The company Marks and Spencer is a medium size firm which deals in retail store across the globe. It has retail stores around the world which deals in clothing segment. The main focus of this organization is to expand their store globally so they can sustain in this competitive markets. As globalization is very important for sustaining in this competitive business market. Globalization plays an important role in order to affect a big or small business operations. This stage will help Marks and Spencer to gain more market share at global level. The company can launch its new product in the global market like some ethnic wear so they can attract more consumers globally. It will aid to maximize their profits as well as gain more market share (Polonsky and, 2018).

Globalization for business includes various implication increasing trade across border of goods and services. As increase level of labor migration between countries’. It is helpful in emergence of globalization. Apart from this expansion of foreign direct investment is also important for business operations.

The primary aim of this Project is to analyze the importance of globalization on the marketing department of Marks and Spencer's

The main objective of this report is to identify the significance of globalization to Marketing function of Marks and Spence. As with the help of globalization one can use this to achieve organizational objective (Peppet , 2014).

Objective of Project

  • To explore the impact of globalization on retail industry.
  • · To identify economical and ethical effect of globalize activities on marketing in Marks and Spencer's plc
  • · To recommend the ways through which Marks and Spencer can expand its business successfully at globalized level.

Research question:

  • What are the impact of economic, cultural and ethic of globalize activities on marketing department of Marks and Spencer ?
  • What is the impact of globalization on the retail industry ?
  • Which issues are faced by managers of Marks and Spencer in operating business at global level?

P2 Conduct small-scale research, information gathering and data collection to generate knowledge to support the project.

Project is associated with period of time duration and for specific purpose to formulate. It is related to particular task and it involves planning and management of it. The Marks and Spencer has its store across the world like in UK, USA, Germany, India etc. As company has around 1035 stores in UK only. It has involves various resources such as: technology, personnel, intellectual property and personnel etc. It has many elements like: risk, scope, cost, communication, time and quality. Globalization can impact the business of Mark and Spencer (Pekuri and et. al.,2014). The Sales/ profit data are attached in Appendix. Elements are discussed as:

Scope:

Globalization has tremendous impact for the company as well as the country. It can help Mark and Spencer to spend their business activities at different countries and establish its brand image across various nations. It has broader scope in context to company and the country. For the growth and development it contributes a lot. Its helps to maximize the GDP and economic development. Organization can expand its business and improves its goodwill and it help the corporation to achieve the goals and objectives of it (Nicho, lasa nd Steyn, 2017).

Cost:

There is huge cost involves in the globalization because company have to set up its infrastructure with machinery and plant. It have to new employees in that country where it wants to start its business. It have to develops marketing, finance and human resource team so that Mark and Spencer can perform its business activities effectively.

Forecasted Budget

Particular

Amount in £

Cost of acquiring plan and machinery

25000

Advertisement cost

8500

Infrastructure cost

20000

Cost involved in hiring of people

7000

Total cost

60500

 

Time:

It is very essential to complete the project on time. If it is finished in particular time duration then it brings the satisfaction and increase the efficiency. Mark and Spencer can encourage its workers to manage the task within stipulated time frame. The deadlines allows the employees to bring innovative methods do that task can be finished in required time duration (Morris and Geraldi, 2011).

Quality:

Quality is primary and considerable factor for any task. It can maximize the performance as well as productivity in the organization. Manager of Mark and Spencer can encourage its workers to perform its roles and duties effectively so that quality of work can be seen in their performance. As a result marketing, finance and HR functions of different departments can put their maximum efforts to maintain the quality in work. It helps the company in Globalization and grab the more market share (Boniface, 2013)).

Risk:

It is involves in every business activity and it can hamper the performance of organization. Before starting of project risk should be analyzed properly so that it does not affect the operations of company. Corporation can take calculative risk so that chances of faults can be minimize and outcome can be maximize. Marketing, finance and HR departments can perform its functions effectively when risk is appropriately evaluate. Organization can provide training to the workers so that it can be reduce.

Communication:

Communication is very essential for the growth and development of an organisation. It help in completion of task in effective manner and smoothly. It minimize the barriers between the different departments of company. Effective communication can increase the performance of marketin, Human resource and finance department and its functions. Its helps to improves the efficiency in task and build a better team in the Mark and Spencer.

P3. Work Breakdown Structure and Gantt chart which provide time frame and stages

Work breakdown is a form of table that contain the work related important information and exercise of business operation which shows relationship among individuals and team as a whole. The aim of this chart is giving detail information related to task which will assist manager to predict results basis on different scenarios. So that significant decision can be taken about which procedure should be followed. The aim of Marks and Spencer is to go global with a pre set goal and differentiate practical and intend and objectives (Adzic, 2011). This activity is helpful in improving management skills of users and this give a clear image about what targets needs to be achieved. The work breakdown system is helpful for company as it assist organization to know the demand and need of customers. With the help of this, organization can make better decision and strategy for the achieving goal of organization. These charts are prepared on basis of aim of business, which is explained below:

  • Main aim and objective of research
  • Narrative re-evaluate
  • Conflicts which are featured by company
  • Intend of researcher
  • Choice of target
  • Shaping the appropriate plans
  • Figuring and pass decision on collect data.

The Marks and Spencer is a small and medium size firm which is looking for global opportunity to sustain in market (Porter, 2012). The employees and other member of organization have organized research which have some question which is related with the objective of business. For this 35 personal has been selected. As all activites of research should be finished within given period of time so task can be completed on time. For this polling method has been chosen as a source of research.

 

The above Gantt chart is showing definitive time period for completing task. As this can be seen from above chart that literature review is being planned to complete in 5 days which is based on task 2. The research methodology is supposed to be finished in 12 days that is based on task 2 and 3. The gantt chart is representation of particular task schedule in graphical way. As per the above information a Gantt chart is being prepared for Marks and Spencer which helps in scheduling, managing and monitoring various activities of project which is shown below:

The most important part is keep related with determine way and set up greatest time bound for performing activities. The critical path for this above business plan is discusses below:

 

TASK 2

P4 Carry out small-scale research by applying qualitative and quantitative research methods appropriate for meeting project aims and objectives

Questionnaire

Q1. Should company depend on its marketing department for globalization?

A) Yes

B0 No

Q2. Which department of company will be highly responsible for the globalization?

 

A) Marketing and advertisement department

B) Finance and accounts departments

C) HR department

D) Research and development department

Q3. Which of the following has the highest impact on business ?

 

A) Economic condition

B) Culture

C) Ethics

Q4.How company can increase its global reach?

 

A) Implement new strategy in new market

B) By identifying the competitive edge

C) By understand the culture

Q.5Which department function should perform better for globalization?

 

A) Finance function

B) Marketing Function

C) Human resource function

Q.6 How organization can gain competitive advantage?

 

A) By using new technology

B) Effective product development plan

C) By market segmentation according to the culture

Q7. Do you agree that ethical factors affect the operation of Marks and Spencer's?

A). Strongly Agree

B) Agree

C) Strongly Disagree

D) Disagree

Q.8 What are the issues which can faced by organization in globalization?

 

A) Political issue

B) Socio- culture issue

C) Economic issue

D) Technological issues

E) Legal Issues

 

P5 Conclusions should be based on research objectives.

The Marks and Spencer is a standard size organization in UK which is dealing in retail sector. The management has decided to go global for gaining more market share and take competitive advantage. As trend of globalization is increasing from last some years due to high competition in local market and less growth in local market. The main aim of this retail firm is to give quality products to its customers and attract more number of consumers (Aarseth, Rolstadås and Andersen, 2013). From above research it has been seen that various types of origin source should be operated to assertion answerable and valuable data. The main objective of this research is to get clear and concise outcome from this. It has been suggested to Marks and Spencer that company should start its operation at global level it will help company to get more growth and gain more market share. Although company has its store at global level but company can open their new stores in the different countries where they are not operating currently. The globalization is an important tool to overcome its competitors and make presence across the world. The marks and Spencer is closing their store in various cities like Paris and Canada as due to losses. So as a recommendations company can come up with new marketing and advertisement tools in order to be sustainable and convert their loss to profits. As Marks and Spencer should go global as it is very important to capture global culture though it will have huge impact on the different functions of organization but similarly this can give opportunity to company to grow at their best possible level. The company should go for globalization in order to expand their business as the conditions are favorable for the company. In the globalization company to take competitive advantage company should come up with some new product development.

TASK 4

P7. Reflection on the value of undertaking the research

Management and authorities have pass by various issues in a range of insight while directing assessment. As due to limited time of research I have selected only 35 respondents to ask questions. To manage task and trouble, appropriate task creation was standard point of evaluation n inspection and to achieve that I have chosen less amount of evaluation of in close proximity time and cash. From the questionnaire method I have selected survey procedure in which 10 questions were formed and 35 people were selected. As one side of survey I have moreover used mixture of supporting well springs of research. As an example regular newspaper, articles, book which helped me to gather data and information about impact of globalization.

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CONCLUSION

In the conclusion, it can be said that globalization plays an important role in growth of company. As it has huge impact on the functions of organizational function like marketing, finance and operation. As to complete research project it is important to develop aim and objectives. A proper management plan is very important which includes cost, time, quality and scope. The work break down structure and Gantt chart is helpful in making strategies and a proper framework. The qualitative and quantitative research methods are useful for collecting data and meeting the objectives. The interpretation is very helpful in order to understand data which gets from the qualitative and quantitative research. As to complete research a reflection is very important which includes individual learning throughout research.
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