MSc Management Business Project Assignment Sample
Executive summary
Unilever PLC is a consumer goods organisation having its headquarters present within London, England that was founded during September 2, 1929. It was founded by Alan Jope that generated revenue of around 5072.4 crores and has a stock price of 3776.50 GBX. Though Unilever generates a high amount of revenue each year, there are certain challenges like economics, investment and models of business that need to be addressed. This report tends to analyse challenges that are faced by Unilever along with its impact on stakeholders. This report would take help of secondary data that are readily available so that necessary recommendations and solutions be provided to Unilever which would help in addressing those challenges.
Main challenge that Unilever faces is Covid 19 that is constantly hampering business activities that are being undertaken. With onset of Covid 19, Unilever is undergoing transformational challenges and facing difficulties in implementation of advanced technologies that can help in easily adapting within existing markets (Muff, 2021). Another important challenge that Unilever faces can be attributed to presence of a poor business model within organisation that is restricting it from implementation of modernisation in a proper way. It has been noticed that management present within Unilever have a presence of poor planning capacities that is again restricting it from implementing modern tools and techniques within business as a whole.
Economic crisis that is present within UK has reduced investment capacities of Unilever and lack of sufficient financial resources is restricting Unilever in running its operations in a smoother way. Economy that is present within UK is fluctuating constantly as a result of which Unilever constantly faces challenges in making proper plans that would help it in identifying opportunities in relation to further investments. As commented by Buica et al. (2021), it can be inferred that the majority of operations in relation to entire business that are initiated by Unilever are traditional in nature, which again acts as a significant challenge on part of Unilever. With emergence of Covid 19, the entire business structure of Unilever was highly impacted as it solely focused on offering its products through offline platforms. Products that are offered by Unilever have minimal presence on online platforms and it falls important on part of Unilever to make its presence on online platforms too.
Having less presence on online platforms and fewer advertisements have restricted Unilever to convey customers regarding availability of its products. It was identified that Unilever incurred huge amounts of losses due to not having its presence within online platforms and also due to poor forms of advertising. Unilever’s business model that is traditional in nature has been restricted in getting a clear idea and knowledge regarding customers as a result of which it could not devise necessary strategies required to satisfy needs of its targeted customers. Thus, this report has been prepared in such a manner that would help in identifying and addressing challenges that are faced by Unilever so that it can maximize its revenue generation capacities.
Section 1: Introduction
Unilever is a renowned company and has its sectors of business all over this globe. This particular company has a wide consumer base and earns a huge amount of revenue each year. Due to this company’swell-planned business process and activities, Unilever has been able to capture a renowned place among all the companies across this globe and has been able to gain the trust of customers through its services. Unilever has also been able to create a good brand image and in this consultancy report, a discussion on this company would be carried out. This report would help to reflect upon the challenges that are faced by this company currently and through analysis of these challenges, this report would provide necessary measures that can help to solve the issues faced by Unilever.
Unilever has been facing some issues currently it is known that COVID has affected the business activities in a substandard way and for this various issues and challenges are faced by Unilever. One the major challenge that is faced by this firm is related to transformational challenges. It is noticed that this company is unable to bring in proper technological transformation that can help this form to adapt to new existing markets and provide better services to consumers. The second challenge that is noticed is related to business models. It is often noticed that due to lack of a proper business model a company cannot function properly. Unilever due to lack of proper modernization of business models are unable to excel in its present business market. Unilever also lacks proper planning that can help this firm to invest properly. Hence, this is also considered as another form of challenge that is affecting business of this firm.
This report would be structured in such a way so that this report consists of sections that discuss challenges more vividly and carry out stakeholder analysis to provide measures to overcome such challenges. Other sections would include secondary discussions from various articles, journals and books and then finally recommend strategies based on the discussions. Hence, readers can expect to know about challenges faced by Unilever and gather knowledge about significant measures that can help this firm to overcome the issues.
Section 2: Challenges client is facing
It is noticed that currently the major change that took place in the market is due to the pandemic and this pandemic has changed a variety of aspects in an organization. As mentioned by Delabreet al. (2020), similarly for Unilever as well these changes took place as due to this pandemic customer needs changed along with that organizational requirements and needs also changed as a result it led to a variety of challenges for the organisation. Due to the current pandemic situation, every company including Unilever has been facing some serious economic issues. This is because the economy of the globe has already declined and for which companies doing business are equally affected due to this particular situation. According to Farmer (2020), due to the economic crisis Unilever has been facing some serious investment and financial related issues. Due to lack of sufficient financial resources due to this pandemic, the company is unable to make investments in its business sectors that would lead to smooth business activities. The economy is constantly fluctuating and for this Unilever isfinancial, resources are equally impacted. Due to these fluctuating financial resources, Unilever cannot make proper plans that can help them in making proper investments to develop their company and bring changes. As mentioned by Nadeem et al.(2018), the majority of business firms used to follow a traditional form of business model where they did traditional marketing and advertisement of products.
However, after the emergence of this pandemic the entire structure of business was disrupted. It is because all the offline functions of a business were stopped and due to this, consumers were slowly moving to digital platforms to purchase products. As mentioned by (Unilever.com, 2021), Unilever has been using a traditional format of marketing and carried out traditional advertisements. This company also has minimal online presence and due to minimal online presence, this company was unable to meet requirements of their consumers initially. Due to lack of this online presence, Unilever had not been able to convey its presence and advertise its materials properly. Thus due to lack of proper amount of online advertising and marketing Unilever suffered from financial loss and degraded the company’s image in front of customers. As mentioned by Painter‐Morland et al.(2018), it is further stated that in apandemic situation customers’ needs changed and they were more focused in purchasing materials that are affordable.
Lack of an advanced business model in Unilever restricted this firm from understanding the needs of their customers properly at that point of time. Not only that due to insufficient business model they have not been able to implement required strategies and plans that can help Unilever to cope with the situation properly. According to Azeez (2019), it is mentioned that Unilever also lacked proper technologies that can help to run functions in this company smoothly and more efficiently. During these pandemic period technological advancements helped firms to cope with the existing situation and deliver better services to consumers. However, due to lack of technologies they have not been able to deliver products on time, analyse customer requirements and provide quality services. Insufficient technological advancements restricted Unilever from gathering real time data about customers and existing markets. Hence, these issues are faced by Unilever during this current situation.
Section 3: Purpose of this report
The report is made so that all the issues that are faced by Unilever currently can be noted down. Through the help of this report, it is found out that due to the current situation Unilever has been facing a variety of challenges and due these challenges Unilever has been losing a lot of its market share. Through this report proper evaluation of Unilever’s issues are made so that through this evaluation Unilever can implement necessary measures that can help this firm to overcome the issues that they are facing currently due to this pandemic scenario. It is noticed that Unilever has been facing issues due to lack of its technological implementation along with that it is also noticed that Unilever has an outdated business model that is not providing any type of fruitful results in this pandemic phase. Evaluation of all these issues can help to bring out the best strategies that can lead to a proper solution of these complexities faced by Unilever.
Section 4: Impact of issues on stakeholders
It is also noticed that Unilever has a specific set of stakeholders and it is the duty of this company to implement strategies so that relations with stakeholders can be maintained properly. As mentioned by Erhardt et al.(2019), Unilever gas both of its internal and external stakeholders and through implementation of measures Unilever has to maintain both of its internal and external stakeholders properly. The internal stakeholders of Unilever are mainly involved in carrying out internal operations and deploy strategies for the betterment of the firm. In this case, Unilever’s set of internal stakeholders includes its employees, owners, managers, board of directors. These groups of people in Unilever are primarily concerned with improving the performance level of Unilever. According to Amadiet al. (2018), employees are concerned with delivering proper performance so that Unilever can grow and the board of directors examines Unilever’s business condition and uses necessary measures to improve it. As mentioned by Marques (2021), external stakeholders of Unilever include its customer base, investors, supplier of products, government and agencies. These sets of people through their work influence this company and ensure growth of this firm. As mentioned by Damanpouret al.(2018) without customers Unilever cannot grow, investors invest in Unilever to carry out its developments, suppliers supply the necessary products and government assures working of this firm. Hence, these stakeholders share an intimate relation with this report.
This report would help Unilever to understand the ways through which they need to engage their stakeholders so that issues that they are facing can be diminished. After evaluation of internal stakeholders through this report, it becomes easier to understand the amount of work that is needed by each of the internal stakeholders to overcome the issues that are faced by Unilever. Along with that, the evaluation of external stakeholders would allow this report to analyse the amount of work needed to be done by investors and suppliers so that Unilever can make necessary changes and attract a customer base.
After evaluation of stakeholders, this report would be affecting each stakeholder in a different way. Through this report the issues that it is currently facing by Unilever can be analysed and based on these issues Unilever’s board of directors , owners can take necessary decisions that can help to overcome the issues. As mentioned by White et al. (2018), the board of directors can analyse their current business situation and implement necessary strategies like new business models, new updated technologies so that Unilever can cope with its current marketing conditions. Managers after looking after the strategies can implement necessary measures and training so that employees are able to learn about the new implementation and technological changes. According to Derakhshan et al.(2019), these measures and training strategies would allow employees to gain knowledge and deliver their best performance to help their company Unilever to overcome the issues. According to Zhong et al.(2021), external stakeholders as investors need to invest in Unilever so that technological changes, implementation of new business models can be carried out smoothly. Without investments made by investors, changes cannot be made. Along with that, suppliers have to make the necessary supplies so that Unilever can make the changes to overcome the challenges faced by it. As mentioned by Svensson and Hambrick (2019), government agencies have to understand the condition of Unilever and allow them to make the changes so that this firm can overcome challenges. Customers of Unilever after encountering a new evolved Unilever would be attracted towards this company. Hence, in this way this report would affect the stakeholders of this company.
Section 5: Evaluation and analysis of secondary data
Stakeholders are referred to as individuals who have invested in an organisation and are directly affected by operations and performances. Stakeholders can be both internal and external where internal stakeholders refer to those individuals who have interest and direct relationship with an organisation. External stakeholders are ones who have no direct relationship with an organisation but are highly affected by daily operations and outcomes that are generated by a business. As opined by Assets.unilever (2022), Unilever showed a high pattern of growth despite bearing additional costs in relation to Covid 19 during 2020 and operating profits fell by 0.7% at constant exchange rates. Focus of Unilever was to protect presence of cash within organisation and operations run in an efficient way that again helped in generation of €7.7 billion cash flows.
Covid 19 and Unilever
It was witnessed that the majority of organisations like Unilever, Tesco and Sainsbury have been highly impacted with the onset of Covid 19. Unilever was one such organisation presents within UK that suffered huge losses with outbreak of the pandemic. With onset of Covid 19 global revenues that are generated by Unilever within UK fell to 50.7 billion euros, which was 2.4% lower than in 2019 (Statista, 2022). Though Unilever was considered as a leader within Fast Moving Consumer Goods Sector it was noticed that Unilever suffered huge losses with onset of Covid 19 as consumers reduced their spendings towards luxurious goods that are offered by Unilever. It was also witnessed that people present within UK changed their buying patterns from daily items towards products that were primary in nature that again impacted Unilever to a great extent.
Figure 1: Revenues of Unilever from 2007-2020
(Sources: Statista, 2022)
Theory in relation to Covid 19
Theory in relation to consumer behaviours initially stated that customers are willing to pay less and get access to products and services at cheaper rates. There has been a huge change that is being reflected within customers of Unilever. Consumers prefer those products that are risk free and have a presence of high quality even though they have excess prices for getting access to those products. As stated by Nassar et al. (2021), it can be inferred that pricing and good quality products are presently one of most influential factors that would enable organisations like Unilever in maximising their revenue generation capacities. Since outbreak of Covid 19 customers present within UK are ready to pay more for products that are being offered to them as long as quality assurance is being given within products that are being offered.
Modern theory of consumer behaviours states that after covid 19 states that customers present within UK are highly aware regarding quality within productions as they are highly active on social media platforms. Customers tend to attribute multiple factors like colour, taste and texture associated with a product before making a purchasing decision. It becomes increasingly important on part of Unilever to maintain high quality within its products that are being offered as it would enable maximisation of revenue generation capacities.
Impact of Covid 19 on Unilever’s Customers, Employees Investors and Shareholders
Covid 19 had a devastating effect on wellbeing of employees present within its organisation throughout world and it was underpinned that more than 120,000 were severely affected. As commented by Zamri et al. (2021), more than 4,700 employees of Unilever died with onset of Covid 19 which was a remarkable figure. Unilever has realised the importance of protecting the lives of employees present within its organisation and is constantly promoting a positive form of environment by implementation of strict maintenance of Covid 19 protocols.
During covid 19 pandemic in 2020 Unilever observed a good demand for its products as a sense of fear generated regarding stock out of its products. It was observed that after a certain period there were no stocks left as a result of which a situation of crisis was created within markets. Due to a lockdown that was imposed within UK restricted movement of goods that were manufactured to targeted customers that again created a challenge on part of Unilever. According to Gupta (2021), it can be referred to that Unilever followed a concept of Just In Time Process of production within entire organisation that again possessed a challenge in making goods available to targeted customers. It was observed that there was a presence of high demands within markets for products that are offered by Unilever but shortage of raw materials restricted it from making them reach their targeted customers.
Unilever observed a negative growth within its underlying figures of sales that reduced by 0.2% during 2020 compared to that of 2019. As stated by Turner et al. (2021), it can be inferred that sales of Unilever fell by 1.8 % during 2020 compared to 2019 within markets that are still developing within UK. This reduction in sales dropped revenue generation capacities of Unilever to 50724 billion euros that significantly reduced dividend declaration to 36.14 per ordinary share during first quarter of 2020. Reduction in dividends that were declared during 2020 resulted in reduced income generation of shareholders and as a result of which they avoided investing further within Unilever. New investors present within markets also avoided investing within Unilever as they had presence of minimal funds with themselves that they could invest in for generation of significant results.
Unilever and Online Platforms
Another important challenge that can be attributed to be present within Unilever is not having its strong presence within online platforms that again possessed as a huge challenge during Covid 19. Zhang et al. (2021), in their studies opines that Unilever faced several problems while offering its products to customers as they preferred online modes of shopping rather than that of offline modes of shopping. This in turn resulted in huge losses for Unilever as competitive brands like Procter and Gamble and Johnson and Johnon offered their products through online platforms that enabled them to maximise their revenue generation capacities. Unilever generated a revenue of around 60.41 billion euros whereas Procter and Gamble by offering its products through online platforms generated a revenue of 76.12 billion euros that was comparatively high (Statista, 2022). It falls highly important on part of Unilever to ensure that its products are present within online platforms so that revenue generation capacities are maximised.
Theory of Consumer Decision Making Process
Brands present within UK tend to utilise theory of consumer decision making process within their organisations while listing their products within online platforms that enables them in influencing customers. Customers are readily available within online platforms and tend to choose online platforms while making purchasing decisions. Organisations present within the UK use this theory to get customers aware regarding the need for a particular product and tend to make sure that they are interested in the product that is being offered to them. Further this theory helps organisations present in the UK to make consideration towards buying that product that is being offered to them and ensure that the product is being purchased (Panwa et al. 2019). It falls important on part of Unilever to ensure that its products are listed within online platforms and should use this theory as it would ensure maximisation of revenue generation opportunities.
Impact of Covid 19 on Unilever
It was identified that due to non-presence within online platforms reduced turnover of Unilever by 0.4% during 2020 that was higher than of 2019. Quarterly dividends that are offered by Unilever also fell by €0.4104 during 2020 that was comparatively lower than that of 2019. As commented by Shankar (2020), prices of home care products that are offered by Unilever also fell by 0.2% during 2020 and figures of sales fell by 2.4% that was higher compared to that of 2019. Foods and refreshment segment of Unilever also fell by 1.8% against a positive pricing of 0.1%. It can thus be easily inferred that Unilever products that are being offered to targeted customers suffered huge forms of losses for not being present within social platforms. It is recommended on part of Unilever to enlist their products within online platforms and also undertake successful forms of marketing campaigns as it would enable to maximise its revenue generation capacities.
Unilever and Business Model
Unilever tends to follow a business model that is traditional in nature and as a result of which they fail to implement required strategies and tools that would enable them to recover. Unilever tends to have a presence of technologies present within themselves that are traditional in nature and due to which it is not being able to implement proper technologies within its organisation as a whole. As stated by Mihalacheet al. (2021), it can be implied that presence of traditional forms of technologies within Unilever has restricted it from ensuring that products are being delivered to targeted customers within time and also ensuring that requirements of customers are met. It was also noticed that presence of traditional forms of business and technologies restricted Unilever in getting access to €500 million of cash flows within organisation as a whole during 2020. Beauty and personal care products that are being offered by Unilever and not having a proper form of innovation led to a 0.3% loss during 2020 that was again comparatively higher than that of 2019. Home care products of Unilever suffered a loss of around 2.4% with an negative pricing of around 0.2% and food and refreshments fell by 1.8% though there was a positive pricing of 0.1%.
Theory of Scientific Management
Theory of scientific management states that scientific methods that are adopted while performing tasks within an organisation helps in ensuring that productive results are generated. Leaders present within organisations of UK tend to implement this strategy as it helps in simplifying tasks that are present within an organisation. It also helps in identifying ways by which advancement within business model can be introduced so that they can sustain well in this type of pandemic. As opined by Wren and Bedeian (2020), it can be inferred that this theory if implemented by Unilever would help in ensuring that maximum efficiency is enforced within workplace and ways be designed so that it can be easily achieved. This theory would also help in ensuring that Unilever that there is presence of requisite training within employees and members present within organisation for implementation of advances business models during situations of pandemic.
Impact of Business Model on Unilever
It was primarily noticed that Unilever did not have a presence of a business that was sustainable in nature as a result of which significant problems were observed during growth stage. Due to presence of traditional forms present within Unilever it faced significant problems in meeting demands of its stakeholders both present within and outside the organisation as a whole. As stated by Brendzel-Skowera (2021), stakeholders present within Unilever have incurred multiple losses in recovering their invested capital as a result of which they failed to introduce further capital within the organisation. It was also witnessed that new investors willing to invest within Unilever feared to invest as they were not sure regarding sufficient returns to be generated on their investments. It is highly recommended on part of Unilever to implement proper advanced technologies and direct to customer business models that would help it in addressing requirements of customers and stakeholders present both within and outside organisation as a whole. Proper implementation of this business model would also help in ensuring that it is well prepared for unforeseen events that may reappear again in future. Theory of scientific management if well utilised within Unilever would also help in ensuring that it is well ahead of its competitors within this high form of competitive markets.
Section 6: Conclusion and recommendation
Conclusions
Main purpose of this report was to highlight challenges and problems that Unilever is facing currently and examination of those problems from the perspective of a consultant. This report also analysed how issues that are current in nature are impacting stakeholders both present within and outside organisations. Evaluation and analysis were performed using data that were collected from sources that are secondary in nature. Solutions were also prepared in such a manner so that they can be well implemented and help in reducing challenges. Thus, the aim of this report was to improve the position of stakeholders and also identify solutions that would help Unilever in overcoming challenges that it is facing.
Most important challenge that Unilever is currently facing is impact of Covid 19 that is constantly affecting operations that are being undertaken. Transformational challenges are another important challenge that is present within Unilever and is leading to problems while implementation of advanced technologies. Management that is president within Unilever have poor planning capacities as a result of which again implementation of modern techniques and tools become a challenge. UK is presently passing through a economic crisis that is again restricting Unilever in identifying significant investments opportunities that is again reducing the earning capacity of shareholders. Products of Unilever are rarely found in online platforms, which again posed a huge challenge with onset of Covid 19 as customers preferred online modes of shopping rather than offline modes of shopping.
Revenue generation capacities of Unilever fell sharply with onset of Covid 19 as compared t0 2020 as spending of consumers towards luxurious goods declined due to reduced earning capacities. Another significant impact that was noticed included increased awareness amongst customers regarding quality within products that were being offered to them. Customers present within UK are ready and willing to pay more prices towards goods offered to them if quality was ensured. A decline within dividends that were offered to shareholders was noticed as a result of which their earning capacities reduced and they feared to introduce further capital within organisation as a whole.
It was also witnessed that reduced presence of products offered by Unilever and poor marketing within online platforms led to a huge fall within prices of its products and as a result of which profit generation capacities got reduced. Business model that was being followed within Unilever was traditional in nature that restricted it from meeting demand of consumers and stakeholders present with both and outside organisations as a whole. Unilever also does not have the presence of proper technologies and tools that can help it in identifying changes within behaviours of consumers so that those can be addressed in a positive way. Unilever also did not have innovative capacities present within itself and most of its products offered are homogeneous in nature that restricts from competing within competitive markets. There is a lack of presence of proper requisite knowledge within management of Unilever that again restricts from implementation of proper forms of innovations within organisation as a whole.
Recommendations
It is recommended on part of Unilever to focus and shift its production from luxurious goods towards products that are primary in nature so that needs and wants of people present within UK could be addressed. It falls important on part of Unilever to ensure that products that are being offered are of high quality and free from any kinds of risks as it would enable offerings through increased pricing. Unilever should also focus its quality of products through online shopping platforms and online marketing as it would help in increasing customer base and ensure increased sales. Unilever should not only focus on JIT time method of production but should also ensure and identify alternative ways of production so that situations of stock out can be met easily and products be delivered on time.
Unilever should also focus on identifying investment opportunities so that shares of the market can be increased and also dividends that are offered to existing shareholders get increased. Another important recommendation on part of Unilever is to ensure its products are readily available within online shopping platforms as customers tend to choose online platforms when making purchasing decisions. It is being observed that competitors like Procter and Gamble and Johnson and Johnson are making use of online platforms to be leaders within markets and it falls important on part of Unilever to adopt online shopping platforms along with online modes of advertising. Consumer decision making process is an important theory that if implemented by Unilever would help in ensuring maximisation of revenue generation capacities along with ensuring that customers are influenced towards buying products that are being offered.
Unilever also needs to implement a business model that is advanced in nature so that required strategies and tools be implemented that would help in easily recovering from challenges of Covid 19. Advanced form of business model would also help in ensuring that products that are being manufactured are readily available to targeted customers so that shares of the market are increased. It is highly expected that making products appear within online platforms would help Unilever in generating a €500 cash flow within organisation as a whole. Business model of Unilever also needs to be sustainable in nature so that significant problems in relation to meeting problems of stakeholders present within and outside organisations could be addressed. Proper implementation of business model would also help in ensuring that it is well prepared for unforeseen situations that may arise in the near future. It is also needed on part of Unilever to ensure that there is presence and implementation of advanced tools and techniques so that challenges that have arisen with Covid 19 could be addressed in a positive way. It is also recommended on part of Unilever to have a presence of proper management who can help in analysing changes that are taking place both within and outside an organisation as a whole. Thus, it is recommended that following this strategies would help in ensuring that revenue generation capacities are maximised and it is well ahead of its competitors.
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