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1054 Downloads I Published: 08 May ,2020
Business environment plays a vital role in context of running business so that positive results can be gained in an appropriate manner. In modern era which is full of diversity, it has became really very important for every single firm to better understand about both external and internal environment so that it won't put much impact on business firms and on its honour as well (Abuznaid, 2017). Internal factors includes various elements like employees, organisational cultural, demand, supply, laws and legislations which is being made by administration. Along with this, external environment includes various factors like political, economic, social, technological and so on. It is responsibility of both leaders and managers of a company to locate issues that are being faced by organisation and take initiatives so that to resolve them. Company which has been taken under this assignment i.e. Industrial Rubber Ltd that is dealing in rubber and plastic product industry. Report will put light on influence of external environment that can affect Industrial Rubber Ltd and its operations as well. Lastly, the theme which has been chosen under is corporate social responsibility and sustainability.
PESTLE analysis of Industrial Rubber Ltd :-
Political factors : This type of factor can directly and indirectly put impact on business operations of firm therefore, it is must for administration of a company to consider all the aspects in an appropriate manner so that it won't put much impact on business ethics and on employees interests as well of the company (Crane, Matten and Spence, 2013). Usage of plastic and rubber in an excessive manner can harm the situations that can put positive or negative impact on environment of world which may become a reason of increase in global warming.
Therefore, it is must for administration of Industrial Rubber Ltd. to consider all the aspects that are related to this factor so that business can run in successful manner (Freeman and Hasnaoui, 2011). Along with this, Industrial Rubber Ltd should keep on considering all factors related to political that are related to benefits so that goals and objectives can be attained right on time. Beside, if the political condition of country is co-seismic then performing in such territory will become too hard as organisation cannot make long term plans and of actions as well so that to attain benefits for a longer period of time.
Injury corporate and legal belongings.
Strict laws and legislations for foreign organisations
Get rid of sales and profitability.
Public violence, corruptness and aggression
Hurdle in supplying qualitative services to buyers.
Economic factors : It has been analysed that this is another element that can put impact on business operations of Industrial Rubber Ltd. It is must for this organisation to rapidly look into areas where modifications are much needed. With the help of this, firm can grab good position at marketplace which will aid in hitting targets in much more effective and efficient way. Along with this, it has been located that in the year of 2007 when recession took place there were ample number of firms that started struggling as citizens of United Kingdom were not using products and services in the way they were using before (Gitsham, 2012). Unemployment was seen at the same moment as companies were not hiring employees which has putted impact on economical condition of the country.
Importance : It has been located that if an economical condition of a country is much good then it may be possible that firm will start attaining goals and objectives in an appropriate way as government also helps influencing foreign clients so that they bring business or do business in country in order to hit targets right on time.
Social factors : Another element which is being considered as the main one that may put impact on management of an organisation and that can help firms in hitting targets in much more effective and efficient way (Groves and LaRocca, 2011). Away from this, Industrial Rubber Ltd. is facing issues where its goodwill is being affected and it is may be possible that in front of citizens of country reputation of organisation may get reduced. People in UK understands that saving money is not only beneficial for them but also for overall society. In recent years, market trends are totally change, individual saves their money in private banks so as to gain higher returns in future.
Technological factors: Changes in technology has been seen located as a rapid thing. Therefore, this is another element that can create issues that can be faced by organisation. Competitive advancement can be seen if firm is rapidly using latest technology in order to manufacture its products and services so that to fulfil needs of consumers and of others as well.
Importance - Technology had putted impact on administration in an effective way so that benefits can be gathered right on time. With the help of this, firm has already grabbed a good position in United Kingdom under this sector. On the other hand, changing technology and using it in an appropriate way may help a firm in enhancing both profitability and productivity at the same moment,
Legal factors: Laws and regulations that are being made by government of United Kingdom do comes under this factor and it has been located that these rules may affect the business environment in a certain country when a firm is doing business in it in order to gain competitive advantages. There are some employee related laws that should be kept in mind by management of Industrial Rubber Ltd. So that it won't put much impact on business and on profitability as well.
Importance :- Its importance is that it plays a vital role within an organisation as when firm do not follow rules and regulations which has been made by government it may be possible that conflicts may get raise right on time (Hopkins, 2012).
Environmental factors: This can be stated as the last factor which belongs to external environment. It include climate changes, weather changes, geographical location etc. Banks and surrounding environment in which it is operating is highly interrelated to each other (Hopkins, 2012). The environment of banking sector is dynamic and competitive in nature.
Importance : - Energy management are being considered by various firms in global market. Focus is made to encourage companies to publish their environmental report annually in which they highlight the achievements done to contribute in protection.
Industrial Rubber Ltd. which is one of famous industry in all over United Kingdom for its products and services that they are manufacturing. Along side this, it has been located that there are ample number of problems and elements that consist within an organisation. Some of these elements are employees, culture, structure, investors and so on that can affect working of an organisation which needs to be considered in an appropriate manner. In order to understand them in a better way SWOT analysis is being done below:
Strengths: Industrial Rubber Ltd. has good number of manpower which is helping them in hitting their targets. Along side this, it has been examined that there are ample number of issues that can be faced by this firm but as workers are much talented they resolve all the problems right on time which is aiding them in sustaining at marketplace for a longer period of time.
Weaknesses: In modern era, business environment is consist full of modification in technology sector. It has been examined that Industrial Rubber Ltd. do not prefer to adopt new tools and techniques which are related to technology on a regular basis which may reduce productivity of them.
Opportunities: Rubber industries are less in numbers in all over United Kingdom because it harm environment in a very huge number. Along side this, it has been located that Industrial Rubber Ltd. has a great opportunity that may aid in hitting their targets right on time which is much helpful form them in generating high revenues.
Threats: Foreign industries have introduced their products and services in United Kingdom. A lot of people are also looking into this sector to build up their business. These are two elements which may reduce goodwill in marketplace of UK.
Porter's Five Forces Framework is an effective tool which assessing the completion at market place. Basically this tools helps in reducing the negative impact on business organization. By this company enhance their market share and at the same time also incite larger number of customers at market place. It include five forces such as threat of new entrants, threat of substitutes, Bargaining power of customers, Bargaining power of suppliers and industry rivalry. All these help company to assessing the actual performance level by evaluating the strategic position at market place. With the help of this, firm enhance their market share by establishing production position.
In present world, marketing is a wider concept that every organisation whether large or small keeps in association in order to make business activities more popular in market then it is clear that to gain desired profit and competitive advantages in marketplace, marketing functions should be conducted (What is a marketing communication Mix, 2018). Marketing department of a firm can aid in hitting their targets in much more effective ways as supervisors of this section are much familiar with marketplace of both international and domestic sectors. With the help of this administration keeps on making alterations in their products that directly put impact on their sales. Failure into this, may lead firm to face losses as competition is raising in a continuous manner where new companies are introducing products and services with various innovation. There are various departments of corporation that aid marketing functions like research and development, merchandising and distribution etc. Marketing communication mix refers to those methods which are selected for promoting and publicising company in the eyes of customers.
It has been located that there are ample number of problems that can be faced by an organisation while operating its business. It is must for administration of firms to rapidly look into those areas that may put negative impact on both productivity and profitability of company. Research and development are two factors that are covered under this sector that may aid firm in hitting its targets in much more effective ways. Along with this, merchandising, distribution processes and pricing are other elements which should be considered in an appropriate manner by organisations. The communication mix is much enclosed with various sort of methods that are being used to promote products and services which have made by the company. Marketing communication mix includes sometime five factors and seldom it contains six factor and sixth element is event sponsorship. Elaboration of factors of marketing mix is described below:
Advertising: This is a most common element of communication mix model. Sometimes marketing and advertisement are considered as same thing by people. Advertising is a method of spreading message about company's offering to customers and clients (Huimin and Ryan, 2011). It includes some modes that can be taken into consideration. For example, TV, Internet, Print Media, Electronic Media etc. With the help of this, organisation can rapidly enhance sales of products and services which are being offered at marketplace to consumers. Along with this, advertisement do not need much funds and can grab attention of customers in huge numbers at both domestic and international level. Away with this, most of firms are using this sort of media to promote their goods. Here, Industrial Rubber Ltd. which is a manufacturer of plastic products and also delivers offers customer services and have a good name in all over United Kingdom. As this is a manufacturing firm therefore, it is much needed for them to keep on making alterations in their products and do market research so that better products can be made.
Personal Selling: This section includes than when a person, personally meets and then sells the products and services in market. This is also called as direct marketing component. In this section, distribution channel suppliers are sales force whom is efficient in conducting direct selling in marketplace. In previous years, business people used to hire candidates where those person are being called as sales man. These human beings were authorized to go to different places and ask consumers to buy products. But, it has been analysed that this process used to take time where it was much needed for firms to raise funds and to earn good money as well in order to give salary to employees who were going from door to door selling of products and services that has been made by Industrial Rubber Ltd. Along with this, it has been located that this process used to take much time as person had to go to every single industry and house as well where he/she had to influence them so that they buy goods. But, there was no surety if consumers got influenced and ready to purchase products which that person is offering.
Discounts & Promotions: This is similar as to advertising but this methods contains mode of paid communication. Most prominent sales promotion is discount because this pattern invites more number of buyers towards company. This may comprises coupons, percent off, rebate of maximum selling price etc. After online or broadcasting ads of promotion. This sort of elements comes as the second choice as discounts reduces the profit margins of company that they were offering previously. Therefore, it is must for organisations to consider this as the last option. Along with this, as this factor is much eye catching for consumers that are willing to fulfil their needs and wants it has been located that Industrial Rubber Ltd. Can give various options to consumers with many sort of approaches in order to enhance their sales. Promotions are much concerned with ads and mostly in today's world firms are looking forward and trying to hit their targets which are rapidly enhancing their worth in front of society. Apart from this, it has been examined that there are various sort of strategies through which Industrial Rubber Ltd. can grab attention of huge numbers like developing an ad which is showing their machines and working style of employees and standardisations which are being taken care by them.
Public Relations: This is similar to advertising when message of company is spread through mass media. Major difference of this and advertising is that people do not have to pay for time and space for getting message. When a person watches television and then inspires from an advertisement then makes a purchase and become regular customer of corporation then it is like that client is maintaining relation with association. Most of firms in both public and private sectors have adopted this sort of marketing strategy as most of people in world have televisions in their houses. Therefore, it becomes easy for companies to convey messages that they have and information of products and services that they are offering at marketplace with the aid of this management of a company can directly communicate with its customers and give information which they are willing to give in order to enhance their profitability and productivity at the same time.
Direct Marketing: This mode of marketing communication mix includes both aspects of sales promotion and personal selling. Direct marketing is an interactive communication system where sales force seeks for response of customers and clients. Most common format of this method is E-mail and direct mail. Industrial Rubber Ltd can directly reach to its customers and communicate with the in order to give details to them so that sale of products and services that they are offering at workplace. Along side this, it has been examined that direct e-mailing and giving customers details about rubber products and services which may aid firm in attaining goals and objectives that are related to sales department. Reputation gets raises when consumers starts knowing about brand through looking at their logo. Away from this, it has been examined that it do not cost much to companies like Industrial Rubber Ltd and gives details to clients in very huge numbers.
Event Sponsorship: This method sometimes feel isolated and is left out from all elements of marketing communication mix (Ihlen, Bartlett and May, 2011). This function occurs when corporation conducts some programs or provides investment to many events like, sports matches, cultural events etc. This can come under as a tool of advertisement but it is totally different from it. It is must for different organisations to keep on making this sort of sessions in which they can invite investors as well so that to influence them to invest money so that future plans can be attained right on time.
By undertaking these methods, corporation can develop their image and recognition in market for generating higher sales volume and to become eye candy in the eyes of customers. Industrial Rubber is plastic making company which is operating its business operations in United Kingdom and using marketing communication mix because public recognition of corporation is moderate and company wants to make it high (Jo and Harjoto, 2012) . In present time company is using print media and electronic communication but now association has to modify their marketing function and to make this function more efficient then company should take help of marketing communication mix. Industrial Rubber Ltd has some specialities in custom rubber moulding, thermoplastic and Rubber Injection Moulding, Compression and Transfer Rubber Moulding of all types of Precision Moulded Components. Along with this, they are famous in all over United Kingdom about their flexibility, technical ability, customer service and quality of products and services which is being manufactured by them. Away from this, organisation has thousands of employees that are working in continuous manner so that better experience can be given to customers in much more effective ways (Barker and et. al., 2011). On the other hand, firms in various countries gives them order as they use good quality rubber and plastic as well at the same moment so that it won't put much impact on environment of the earth because of products which has been manufactured. There are some impact that system of marketing communication mix has on decision making and policies framing of Industrial Rubber company in market. These effects are described as beneath:
Finance Department: When an organisation adopts channel of marketing communication mix then it means association is upgrading on the basis of technologies. But it is required from corporation that they take permission from financial functional area that funds of corporation allows to install new technologies or to accept new concept after analysing need of introducing novel technologies, finance department allows or refuse to employ these methods. It is must for both financial and marketing department to interrelate with each other and carry a good relation so that to resolve issues that are being faced by Industrial Rubber Ltd so that to gain competitive advantages at marketplace of United Kingdom and in other countries as well. Financial manager of the company has make financial statement thus includes profits and loss account, training account, income statement, balance sheet and various kind of ratio which help organisation to spread information related to firm market position among all interested people. It is a management responsibility to make strategies in order to invest money into several kind of project. Accounting manager construct budget for all department with in a enterprises in order to run whole business activities in an effective manner.
Human Resource Department: If Industrial rubber company starts using models of marketing communication mix then it is required from workforce that they should be updated so that methods could get adopted in most profitable manner and use of marketing communication mix impacts decision of human resource department like whether training and development session should be done or not. Along with this, it has been analysed that firms hires candidates in bulk when they face heavy work load or makes a plan to hit their targets where management recruits candidates from society that have some specialisation in targeted market. It is human resources management responsibilities to organise training program in order to enhance employees skills, knowledge which help to increase performance as well as productivity in long period of time effectively. For this they want to analysis workers needs, want, preferences, attitude, perception, motivation factors and many more and produce product and services in an effective ways to appropriate manner. One of the other important work of human resources management is recruitment and selection talented candidates in order to achieve goals and objectives in limited period of time in appropriate manner. It is a HR manager responsibilities to take feedback form their all staff member related to employees behaviour, attitude, perception etc. toward firm as well as their product and services.
Research and Development: How a company could analyse that they are in need of making adoption of marketing mix communication channel then answer of this question is responsibility of research and development department that they conduct appropriate analysis upon this. This type of action is helpful in making business activities more efficient and improvises recognition of association in industry by publicising and enhancing recognition of association. Management of the company has conducing research to know customer's needs and wants accordingly they are produce goods as well as services. Through this, firm are able to gain high market share as well as profitability in long period of time in an effective manner in given time frame. It help to gain target customer's information like their perception, thinking, attitude and many more. It is a management responsibilities to make strategies in order to sell product as well as services in an appropriate manner.
Marketing Department: Acceptation of marketing communication models is a function that improvises levels of marketing department and brings more efficiency in corporation (Kim and Park, 2011). Before adopting this method, marketing functional arena was using traditional marketing methodologies and now association has to make decisions upon whether new mode of promotion would be accept or not.
Effect in policy framing: Framing of policies and strategies should be flexible so that all new and relevant change could be accepted by management of firm. In this sections, it is illustrated that each and every corporation are in need to frame smooth policies (Lantolf, Thorne and Poehner, 2015). When association is using traditional method and adoption of novel tools and technologies are not in concept of corporation then it is required from venture that they revise their policy and should accept new channels of marketing and these channel and in future policy should allow to access new tools and technologies in association should be add.
At current moment, if an organisation is looking forward to expand its business from domestic to international level. Therefore, it is must for firms to analyse both external and internal environment so that issues that are being faced by them while enlarging firm may aid in hitting targets in much effective ways. This organisation is also listed under London's stock exchange. Government plays an important role under business environment as they make rules and regulations of a country in order to better serve to the citizens of United Kingdom or to raise economical growth of an organisation. Raise in tax rates, duties and other charges will automatically enhance product's manufacturing cost which will put impact on consumers pocket.
Market analysis is being stated as an essential part that can help organisations in achieving goals and aims right on time. With the help of this, firm can better understand about consumers needs and can attain goals and objectives right on time (Bean, 2012). Along with this, Industrial Rubber Ltd should also keep on considering about legal aspects so that benefits can be achieved in specific time of period. External analysis of the environment should be done on a regular basis by Industrial Rubber Ltd and take initiatives if any risk has been located by them. Uncertainties can be resolved in short period of time by doing marketing research in proper way.
Along with this, it has been analysed that major issues that are being faced by Industrial Rubber Ltd which are related to hiring right candidate at correct moment. Therefore, it is must for this organisation to have effective human resource department. Failure into this, may create losses for this company which will directly put impact on goodwill as well (Crane and Matten, 2016). Another factor which can affect profitability of Industrial Rubber Ltd that is must which is organisational structure which can delay the process of manufacturing plastic and rubber products right on time. Hence, it is important for Industrial Rubber Ltd to make determinations so that competitive advantages can be gained by administration of the company at both domestic and international business market. By this, barriers can be resolved in specific time of period so that organisation can influence its stakeholders at the time of conducting researches right on time.
Above analysis is presenting that marketing communication mix is a tool that is helpful in analysing appropriate method and tools for making business functions more popular in marketplace in order to gain higher rate of profit along with advantages of business rivalry as this new marketing concept is efficient in bring all these desired outcomes in firm. Industrial Rubber company is quite good and finely running their business functions in market and in order to improvise these activities, association is in need of accepting latest methods of marketing in order to deal with market conditions in most appropriate manner (Lawless and Findlay, 2015). By taking help of this, venture can popularise their status and can enhance market value of venture by portraying brand image of venture in industry.
From the above mentioned report, it has been concluded that there are ample number of external factors that can put both negative and positive impact on business of an organisation. In order to better understand about the these elements there are various elements like political, economic, social, technological, legal and environmental. Along with this, communicating mix is much relevant that mat aid firm in gaining good and competitive advantages at both domestic and international marketplace.
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