Macro Factors in the UK`s Economy - STEEPLE Analysis
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It can be said that the UK was recognised as one of the strongest as well as largest economies within the European Union in almost every aspect. These shifts and changes within the environment can be identified with a clear understanding of a female role within the market has augmented and presently, they play an important role in the development of new goods and services. This paper discusses the Macro Environment of the country with the examples of products and services, as the statistics of the UK shows a significant increase in the female activity rates which has resulted in the development of many new products and services.
Recent trends specify that consumers within the UK have progressed to ‘one-stop` as well as ‘bulk` shopping since there is a diversity of social modifications. Since years, the UK has industrialised into a multiracial, multicultural as well as a worldly state with a huge population of white and other smaller group of individuals from different countries (Saaty & Vargas, 2013). The way of life is among the most noteworthy all around and the arrangement of social welfare is one of the best on the globe. There are numerous cultures within the UK, thus, organisations also create different types of clothing products due to massive culture diversification. On the other hand, according to Gupta (2013), female activities have significantly altered and currently, more than fourteen million women are employed which is record-breaking. In the UK, the trends in businesses of food items are also changed due to the diversification of the culture. Social media and social networking websites such as Facebook has made easier specifically for women to shop online and sell their homemade items such as convenience meals and prepared food products. Businesses have also emphasised in manufacturing the household products to which they sell over the social media targeting women at home particularly.
It has been observed that technology has revolutionised essentially in the contemporary business environment and for this reason, organisations in the UK are giving massive emphasis towards the latest technology in order to progress their business operations (Trkman, 2010). As far as the technological factors are concerned, it is noticed that due to the change in the household trends, technology is also utilised within the homes by females for different purposes such as cleaning and cooking which derived businesses in the UK to produce innovative products like washing machines, juice extractors and etc. as well as other time-saving machines in order to facilitate females at home. Car manufacturers in the UK have recently focussed on the development of small cars with affordable prices targeting the female households and workers. Similarly, ironing, particularly in the UK, had traditionally been recognised as terrible household responsibilities in the older times, principally in a hot climate when the kitchen stove was to be kept warmer for most of the day; these were weighty and the process was needed to be done regularly to make it hot. Nevertheless, electronic irons relieved this burden (Teece, 2010).
The economic factors influence each and every organisation throughout its lifespan. It is noticed that the UK claims of great per capita GDP as well as a constructive investment environment; nonetheless, the administration is confronted by a great discrepancy and debt that has compelled it to restrict expenses. The administration of the country reduces corporate tax in an offer to boost the development; however, the economy remains struggling because of the stationary progression and the banking sector which continues to be at risk because of its exposure to Europe (Uddin & Boateng, 2011). Thus, businesses are affected by such economic factors in both positive and negative way. The marketers due to the changes in the business trends have focussed female working staff significantly, and at present, particularly for marketing, Human Resources and other related areas of working, female staff is hired. According to Cowling & Liu (2015), it is noticed that after the economic recession of 2008-9, the household products has essentially risen and presently, it is one of the key contributors to the economy.
It can be said that the UK is reflected as the strongest in worldwide legislations and likewise has a great part to play in setting upcoming international guidelines. Progressively, world frontrunners are observing environment modification and sustainable growth as worldwide matters that necessitate concentrated universal determinations as well as the UK has a key part to play in convincing other nations to pledge to this cause. It has been observed that the economy of the UK, as well as the businesses, rest on international trade and resources. Nonetheless, aspects such as environment variation and an increasing population of the globe demonstrate that there is an additional burden on energy, natural resources as well as the broader environment (Gupta, 2013). Businesses should make sure they utilise tools to help decrease the ecological influences of their procedures and supply chains, comprising ecological administration structures as well as tools to report greenhouse gas productions. On the other hand, products must be manufactured by considering the environmental factors and thus, they must be eco-friendly. It is also observed that ‘Eco-innovations` are novel or enhanced innovations, goods or services which lessen the effect on the surroundings along with the usage of natural resources. Thus, the products such as food items should be manufactured as per the environment of the country. Similarly, the production units should likewise protect energy and fuels in order to become eco-friendly during the course of their business operations (Teece, 2010).
Organisations are greatly influenced by the political factors of a country and likewise, the businesses in the UK are affected. The UK`s political background is intensely rooted in the character of democracy as well as the unchanging structure of domination safeguards that there is a virtuous constancy in its policies. Moreover, tightness among pro-Europe Liberal Democrats as well as Eurosceptic Conservatives within the range of combination with EU probably endures out breaking British politics. Additionally, a struggle of belief among the 2 parties on matters like welfare restructuring, immigration as well as the economy are draining relationships. These issues have a substantial effect on the businesses and their processes (Trkman, 2010).
It has been observed that the legal arrangement in the UK is prearranged, fair and transparent, as well as effectual. It creates a setting which is favourable to business, as regulation is approved in an applied way, considering each every stakeholder. In the meantime, this enactment is implemented in a reasonable way by various organisations set up for checking particular ranges (Uddin & Boateng, 2011). Laws that influence the UK`s business surroundings have been made and revised because of the premiums of speculators. It is obvious from the point that national and overseas players have publicised an unceasing pledge to capitalise in the state. The mainstream of international companies grounded in external Europe favours controlling their European processes from the UK.
Notwithstanding the fact that there are ethical concerns like parting that put on to all zones of business, all business parts have its individual specific ethical matters. As an example, manufacturers who go about as specialists should assure they are providing a sound exhortation. On the other hand, certain key ethical matters result from enlisting, terminating and managing employees. For instance, incompatible situations may bring about ethical concerns in associations, predominantly when that they are family run. At the point when individual family issues meddle with business choices, this is an irreconcilable circumstance and an ethical concern (Ferrell & Fraedrich, 2015). A few exercises that appear to be unethical, for example, a food merchant offering low-quality vegetables while making amazing desires, are usually worthy practices. This conveys to light the way that there are guidelines of the business in all business classifications that alleviate the ethicality of a business strategy. Part of the ethical assessment of an activity may be whether it is an "expert" or "amateurish" one.
It can be concluded that mounting much quicker as compared to other economies, UK is shifting the system of worldwide manufacturing and trade, the nature as well as the way of investment drifts, along with the arrangements of natural resource utilisation. In addition to this, it has been observed that due to the substantial change in the overall business trends, organisations have changed their ways of doing businesses, and have specifically emphasised in manufacturing producing products and services which ease the customer, particularly emphasising the households who need to work within their homes. All the macro factors one way or another influences businesses and their operations either in an optimistic way or distresses them. By giving a strong emphasis on these factors, organisations prepare themselves for either entering a market or introducing new innovative products for their targeted customers.
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