Assignment Sample on Business in a Global Context
Introduction
The main purpose to conduct this report is to analyze the sunglasses company’s industry performances in two countries of the UK and India. Basically in this report, the main topic is to discuss the Eyewear company that is saturated in the UK and the Fastrack company that manufactures their sunglasses in India marketing statuses and what kind of issues are faced by the company in the current scenario. Also, analyze both companies’ business performance in previous years to make an opinion about the company’s current situation. All the factors of the other companies that can affect the company’s performance such as political issues, economical issues, technological problems and most important trade issues and differences of both companies. Also, the discussion will be held on differences and similarities of both companies who are situated in two different types of countries economically and ethically. And to resolve the differences of the companies, what kind of strategies the company uses to improve their business performance.
Business performance analysis of both companies
UK eyewear business market share
In the UK the eyewear company in the year 2022, Eyewear Company is projected to extend by 6.0 per cent in esteem. In 2021, the normal volume per individual in the Eyewear business is anticipated to be 4.59. Non-extravagance items will represent 85% of deals in the Eyewear Company’s business by 2021. In the current year, the total revenue amount of Eyewear Company is $5,054 million US dollars. The eyewear company’s market is wand expand, and achieve annually 3.10% of growth percentage. In 2021, the main target of the company is to promote their brand new segment of Spectacle Lenses. In the global sunglass industries, the most revenue is generated from the US; the approx amount is 25,289 million US dollars. The eyewear company generated 74.10 dollars from each individual person in 2021.
India eyewear business market share
In India, the sunglass market generates revenue from the sunglass segment is 1,048 US dollars in the year 2021 (Žemgulienė and Valukonis, 2018). The Indian eyewear market is assumed to make the growth of .66% annually. As per the global eyewear market of Indian comparison, India’s most revenue is generated from the United States amount of 4,138 million US dollars. In relation to the total population of India, the per individual person’s revenue is 0.75 US dollars, according to the year 2021. The companies in India are expecting the volume in the sunglass segment to be approx 128.86 million pieces by the year 2025. The segment of sunglasses expected their growth of 11.08 per cent in between next year. In the year 2021, the average sunglass segment volume is expected by the company’s approx 0.07 pieces.
Factors that influence business performance within two countries
Macroeconomic analysis of UK
Political environment:
The changes are made in corporation tax in UK countries and also in international sunglass industries. With proper analysis, operations conducted in Europe and across the world. The political system can be beneficial for foreign investment (Murmura et al. 2021). The carbon tax could generate future issues for the eyewear company in the UK.
Economic environment:
As per the eyewear company’s revenue, progress and the company want to achieve proper growth in the sunglass industries. But in the current situation, the company faces many problems regarding the economy. So as the last result the company is really in a recession prawn situation right now. And for that, it’s quite impossible to make changes in the price to resolve the economic issues of the company.
Social environment:
In the recent scenario, continuous changes in consumer behavior are common. For that, company can generate opportunities and can face several problems for that (Lee and Seo, 2018). Opportunities for the company such as most of the high-income group of people are now very interested to buy a high range of sunglasses nowadays. In addition, it helps to grow the sunglasses trends as a fashion accessory. Now in the current scenario, the peoples of the UK and from other countries are now thinking about sunglasses as such eye care products. And that thought process influences the demand for the product in the market. These changes also have a negative impact on the company like it pressurized the company to monitor the company’s labor’s skills and knowledge. And the company needs to generate proper educational activities for the laborers to improve the skills and support eye care needs (Jin and Shin, 2020). This time companies can face a lack of supply due to heavy demand from consumers.
Technological environment:
Changes in retailing measures, like online spec deals and online arrangement planning, with patients accepting an email containing their arrangement data and booking reference when they book on the web. The organization’s administration and organization are completed on IT frameworks that are open by means of secure workers, bringing about paperless assistance, taking into account greater adaptability in the activity of the stores. To give an incorporated bookkeeping capacity to its 830 UK and European stores, the eyewear company has presented another adaptation of one structure for the record board (Zangrande, 2018). The innovation of innovative focal points would likewise open up specialized conceivable outcomes as far as focal point cost decrease and quality improvement.
International trade environment:
In the UK, the country offers a friendly environment to every business to expand and make an investment. The UK is the world’s oldest democratic country; the company offers a stable environment regarding legal issues and regulatory issues. The UK government conducts a very flexible and transparent lace system for the cooperative world. That helps their companies to run their business in a very much easy way. The UK country is very well established diplomatically, it influences the world with it, and it helps to create the political strengths and developed culture (Sharma and Jaiswal, 2018).
Macroeconomic analysis of India
Political environment:
The new engagement tax system in India is GST. This tax system can be beneficial for the corporate business industries. By the proper analysis of the Indian tax system, this is a good choice for the foreign industries to make an investment. As per the above discussion, the sunglasses industry is growing for several years and all of India has the potential to make more growth in the next future years.
Economic environment:
The Fastrack Company is now highly popular in the India country and as per India’s growth ratio; the company is continuously maintaining its growth in several few years. But on the other side, India has a population of uncertain income (Bhattacharjee and Agrawal, 2018). It affects the companies selling growth nowadays.
Social environment:
Expanded interest for eyewear has come about because of rising visual debilitation and the requirement for vision rectification. The more youthful age is progressively dependent on advanced gadgets, investing most of their energy in mobile phones, PCs, and computer games. Moreover, medical problems, for example, diabetes disable individuals’ vision, bringing about visual impairment. Accordingly, diabetics ought to have their eyes minded an ordinary premise to forestall vision issues. Thus, during the conjecture period, rising visual imperfections and vision disabilities will affect the eyewear market’s turn of events (Banerjee, 2019). In addition, this is an opening for Fastrack organizations to display their items worth to the purchasers.
Technological environment:
On the technical side in India most of the peoples are not much attached to technological things as compared to other foreign countries, on the other side, India is mostly a youth country now. So in the reflection in the current scenario, India is now connecting to the technology (Sophia et al. 2019). Therefore, the Fastrack Company uses the opportunities to make a move on the technical aspects of their sunglasses and convince consumers of their futuristic approach.
International trade environment:
MSMEs and new fare potential are projected to be the need of an unfamiliar exchange strategy from 2021 to 2026. The focal government declared plans in March 2021 to make another framework to improve import screening and ensure homegrown makers. The worldwide exchange technique 2021-26, which is booked to begin one year from now, will give subtleties on the new screening system. According to this new system, the Fastrack Company is going to have more benefits in the future.
Two Prominent factors affecting UK eyewear business:
In the UK the eyewear company clearly faces economic issues in their business (Issah and Antwi, 2017). In the UK, the eye-ware company is now in a prawn situation. In this situation, the company is not in financial health to reduce the product price to reach the segment to the consumers.
Social factor: In the UK country, the consumer behavior is changed in everyday situations. For that, the company gets the opportunities to launch new and innovative sunglasses in the market. On the other hand, this behavior also causes some issues for the company as well. Changing behavior on a regular basis can be problematic for the company. Suave as the company can face supply issues and at the same time, the company could face the lack of new ideas for engaging the consumers of sunglasses (Forte and Portes, 2017).
Two Premont factors affecting India eyewear business
Technological factor: As per the above discussion, the Fastrack Company faces technological issues in the Indian market. In India, there is a lot of the population who are still not familiar with the technological things, but on the other side, India is most of the youth generation and underdeveloped countries, therefore the new generation is well familiar with the technology (Tvaronavičienė, 2018). Thus, the company needs to make every time for every type of generation in India online and offline also.
Social factor: In the Indian market, still most people are using sunglasses as the production of eye vision. The younger generation is becoming increasingly reliant on modern technology, devoting the majority of their time to cell phones, computers, and video games. Furthermore, medical issues such as diabetes affect people’s vision, resulting in visual impairment. As a result, diabetics should have their eyes checked on a regular basis to avoid vision problems. For that reason, the Fastrack Company has an unstable market issue.
Comparison of similarities and differences of business environment
Differences
Registration of property: In the UK country, the resistance of property for business is a little difficult as per law (Nabernegg et al. 2017). In the United Kingdom, development is moderately quick, taking under 100 days and requiring just nine techniques. The most tedious and costly angle is getting arranging endorsement from the proper specialists, just as acquiring water and sewerage associations. To register a property for commercial use is a very lengthy process in the UK country. On the other side in India registration of the property is easier than in the UK legally. And in India, the registration process is easier for the commercial use of a property.
Investment: In the UK country, the most inverter invests their money in the market more frequently. Because in the UK country the market is more financially valuable (Hazra and Cui, 2018). Moreover, in India, it is difficult to find an investor for any business, because the Indian market is riskier rather than the UK market.
Paying tax: The expense plot in the United Kingdom is broadly muddled, inferable from the country’s overall set of laws being carried out piecemeal. Finishing the imperative assessment duties, which can go from corporate and work charges to natural and deals charges, requires around 110 hours per year. Having neighborhood charge help can be amazingly useful. On the other hand, in India, it’s easier to pay tax for the income from the business.
Similarities
Market issue: In the current scenario in both countries, they are suffering from the market issue due to the current pandemic situation (Kundu et al. 2018). Most of the consumers are avoiding the market products in the current timeline. In India, most people are suffering from money issues and on the other side, Indian consumers do not have sufficient to afford a brand product in the current situation. In the UK the consumer does not have those issues of money but in the current scenario, they also avoid the high price product as per the survey.
Consumer behavior: as per the above discussion in both countries have the consumer behavior issue. In both countries, consumer behavior is changing every day continuously, for that in both countries the sunglass companies is facing difficulties to fulfill the consumer demand every day. In the UK, the consumers are using the glasses as fashion accessories but now the consumers use the glasses as shade and also a fashion product.
Supply issue: Because of some, political issues in the past few years in both countries UK and India. Both countries are now boycotting China for a few political reasons. In that reflection, the countries are facing the issue of product supply at a cheap rate (Ahuja and Kalra, 2020). For that, both companies in both countries are suffering from supply issues.
Business environment implications on business performance of two countries
Implication on Fastrack Company
As in the above discussion of the Fastrack company business in India, the company has to consider some strategies to implement in their business. As per India, there are many issues to get an investor to invest to provide liquid money for the business. In addition, the company has consumer behavior issues due to current pandemic issues worldwide and happens in India as well. There are more problems in India to run a business, such as in India most of the population is suffering from a low money crisis. In that type of situation, the company needs to implement some resolving business strategies in the business (Sharma et al. 2018).
For a better investment, the company needs to provide marketing events for the investors to show them the values of the product and believe them that they are investing in the right product. For the consumer behavior issue, the Fastrack Company required to implement consumer behavior strategies to monitor the consumer demand on the product and try to develop it. The company needs to consider the current situation that created the pandemic. Because of the low money problem in the Indian population, the company was required to consider it and try to resolve the issue by providing affordable products to the consumers. To make more revenue, the Fastrack Company needs to expand their reach on a big scale in India. For that, the Fastrack Company was required to manufacture more affordable products for the Indian consumers.
Implementation on Eyewear Company
As stated in the previous discussion of the Eyewear Company’s business in the United Kingdom, the company is considering several strategies to incorporate in their operations. According to the United Kingdom, there are numerous challenges in attracting an investor to invest in order to provide liquid funds for the company. In addition, the organization is experiencing customer behavior problems because of current pandemic issues that are affecting people all over the world, including the United Kingdom. There are further difficulties in running a company in the United Kingdom, such as the fact that the majority of the population is experiencing a cash shortage in the current pandemic issue. In such a scenario, the organization must adopt some resolving business strategies. For a stronger return on investment, the company can host marketing activities for investors to demonstrate the product’s appeal and convince them that they are investing in the right product (Bergin et al. 2017).
In order to address the problem of customer behavior, the Eyewear business needed to incorporate consumer behavior techniques in order to track and develop consumer demand for the product. The corporation must take into account the current situation that led to the pandemic. The business was forced to understand the problem in the UK population and try to address the issue by supplying customers with affordable goods. The Eyewear business needs to extend its presence in the UK on a large scale in order to generate more sales. As a result, the eyewear business needed to create more affordable products for UK customers.
Recommendation
According to the report, the companies of the UK and in India both have opportunities and both have some issues to face. In both countries, companies need to apply some marketing strategies to resolve tire issues. As in the UK, the eyewear company needs to implement market strategies to reach their product in the market to generate more revenue. To generate more revenue the company needs to understand the consumer behavior of their own local market’s consumer. The company of the UK countries does not have that many issues as the Indian market has. So the eyewear company needs to focus on the more revenue generated in the UK market.
On the other side, in India, the fast track company had a lot more issues to deal with. In India, the Fastrack Company automatically has a huge number of customers. But they are also at the same point. In India, most people are suffering from the low budget crisis. So the Indian consumer mainly avoids the high price brand products like sunglasses. To do that the company needs to use consumer behavior strategies to get the consumers to need and demand the product.
Conclusion
By conducting this report its being clears that in UK and in the India both countries have personal issue and opportunities. In the uk eyewear company have face some consumer issues and social demand issue. However, the country has opportunities to generate more revenue from the market. by on the other side the fastrack company from India is facing more issues than other countries. The company faces the consumer behavior issue, as well as some investment issues also the company faces the budget issue from the consumers. To resolve all the issues the Fastrack Company needs to apply some marketing strategies and consumer strategies to monitoring the consumer behavior regarding the market needs. The company also needs to resolve the investment issue to forge better business performance and better financial revenue from the consumer market.
References
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