Business In Practice Assignment Sample

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Introduction : Internal and External Factors Impacting Financial Success

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Introduction of Burberry Group plc

Burberry Group plc commonly known as Burberry is a UK-based fashion retail company and its headquarters is situated in London. The key retail activities of the organization consider several departments such as eyewear, cosmetics, fashion accessories and leather goods which are segmented into different distribution channels. The fashion organization was founded by Thomas Burberry. According to the information collected from a strategic report in the year 2021, the company expanded its business to 541 stores all over the world. The main initiative of the organization is to explore its financial strategies and policies that can help in maximizing the financial wealth of the business.

The inaugural period of its business was fully considered as a family-owned business and later part of its operational period, the business was listed on the stock exchange of the UK. The overall number of stores of Burberry plc reached more than 59 countries and its motto is to concentrate on global acquisition that can help in paying the financial access to its business. The incorporation within Burberry plc was observed in the financial year 1955 as before that period the organization was fully a family-controlled business. Currently, a total number of 10,170 employees are working in Burberry plc and as per the strategic report of the organization, the company wants to increase its workforce strength in the upcoming few years.

Brief discussion about internal and external factors of Burberry plc

Internal environment

The three major internal factors that affect the financial and operational services of Burberry plc are human resources, current technology and financial prospects. The overall strategies and the development of the financial schemes of the business depend totally on the value system of the organization. As opined by Toppinen et al. (2019), the identification of the financial techniques and the valuation of the business issues should need to be effectively measured to evaluate the financial factors. The clear execution of the objective and mission for a stipulated period is considered as one of the major pieces of evidence to evaluate the financial things and procedures of the business. Thus, it can be evaluated as the evaluation of the organizational structure that should need to be maintained for a specific period (www.burberryplc.com, 2022). The technological capabilities and physical resources are two major internal factors that make an impact on the financial growth and development of the organization.

External environment

The several aspects of the financial policies such as industrial production activities, and leverage external data analysis should need to be maintained to evaluate the financial performances over a specific time. As stated by Utomo and Kurniasari (2020), the proper usage of the raw material costs and the price of import and export should need to be maintained over a fixed period. The evaluation of the business strategies and the procedures should need to be maintained to develop the financial prospects over a stipulated period of months. The financial procedures and the classification of the financial procedures should make an impact on the evaluation of the strategies that are considered as the external prospects should need to be maintained to develop the financial procedures of the business (www.burberryplc.com, 2022). The consumer sentiment and the visualization of the strategies make an impact on the evaluation of the promotional aspects that can help in reflecting the financial growth prospects of the organization.

Methodology

The main significance of using the present evaluation is that it can help in measuring the financial evaluation of the business and it can help in managing the potential aspects of the business (Gray et al. 2018). The sources of income and adequate evaluation of the managerial factors are analyzed in this assessment to determine the internal and external factors in the business. As discussed by Miki? et al. (2019), the minimization of the financial procedures and the evaluation of the sources of income are relevant procedures that can help in the evaluation of the necessary objectives and fulfilment of the strategies of the organization. The managerial activities and the analysis of the financial policies should need to be evaluated as it helps in managing the external environment and technological managerial aspects within the business. The legal, political, social, technological and demographic values are evaluated to assess the financial growth and certain business strategies of the organization (www.burberryplc.com, 2022).

The relevance of internal components and level of competition has to be developed in such a manner that can help in managing the promotional aspects of the business. The technical capability and estimation of the value of the sales force should need to be maintained to manage the financial techniques and the managerial financial values of the business. As believed by Erdei et al. (2022), the evaluation of the managerial activities and the valuation of the businesses should need to be maintained to develop the managerial activities of the business. The projection of the business status of the financial performances should need to be improved to minimize the financial growth analysis. The several important techniques, managerial factors and areas which will need to be developed have been analyzed in this part (www.burberryplc.com, 2022). The analysis of the recent growth prospects and valuation of the marketing approach has been visualized in this present evaluation (Febrian and Ahmad, 2021).

Results

The external and internal environment make an impact on analyzing the financial strategies and the relevant usage of the financial analysis. The whole organizational activities of Burberry plc are divided into macro, market and microenvironment through the help of several business environmental approaches into the business. As narrated by Chiarini et al. (2021), the evaluation of the financial policies and the modification of the financial system are observed as adequate in improving the financial development within the business. The operational activities of Burberry plc have been improved as the proper consideration of the managerial aspects makes an impact in narrating the financial activities of the business (www.burberryplc.com, 2022). The various factors of the external and internal environment have helped in accumulating relative data on the aspect of taking effective information about the sociocultural, market, economic and political environment (Turayev, 2021).

The growth in the financial performance of Burberry plc has been observed as the company has used to modify its operational activities as it can help in making the utilization of the financial resources of the business. As believed by Latif and Adruce (2022), the classification of the financial analysis of the different variables and the usage of the managerial activity can help in maintaining the financial growth and utilization of the business strategy. The increase in the profitability of the business in the last few months has been able to visualize the development into the financial strengths and make a sustainable impact on the financial performance of the business. The concentration of the managerial aspects and the Identification of the relevant factors should be properly maintained as it can help in evaluating the financial status of the business (Nzioka and Kariuki, 2021). The progressive financial approach and usage of the e-commercial platforms have visualized the financial capital asset improvement and the financial development of the fashion organization (www.burberryplc.com, 2022).

Different ways that make an impact in the external environment Burberry Group plc

The technological factors that the application of scientific techniques can help in improving the fashion design and quality of the products. The significance of assessing the present evaluation as it can help in assessing the legal and political factors that make an impact into the business. As Chiarini et al. (2021), the improvisation of the financial strategies and consideration of the business techniques make an impact on the valuation of the financial strategies and the managerial techniques of the business. The maintenance of the financial schemes and projections can help in improving the ethical and development of the financial factor of the Burberry Group plc (www.burberryplc.com, 2022).

Conclusions and recommendations

Conclusion

Based on the above discussion, it can be concluded that making improvisation of the financial growth and analysis of the results should make an impact in implementing the financial growth of the business. The changes in managerial techniques are going to be required as they help in managing the financial issues and maintaining the financial techniques of the business. The selection of the financial prospects and the investment should be made in those sectors that can help in increasing the total volume of the profitability of the business. Factors such as technology, legal, economic, sociocultural and environmental are required to be properly maintained as it help in managing the financial activities and managerial deficiencies of the businesses.

Recommendations

• Concentration should need to be given into e-commercial activities as it can help in proper channelization of the financial structure and relevant analysis of the financial development of the business.
• The design of the products of Burberry plc should need to be developed based on managing the financial resources and optimization of the relevant aspects of the business.
• Implementation of the policies and the customer service activities should need to be properly developed as it can help in measuring the financial growth utilization of the operational resources within Burberry plc.

Reference list

Journals

Brownson, C.D., 2020. Internal Factors that Stimulate Business Startups in Southern Nigeria. European Journal of Business and Management Research, 5(4).

Chiarini, A., Castellani, P., Rossato, C. and Cobelli, N., 2021. Quality management internal auditing in small and medium-sized companies: an exploratory study on factors for significantly improving quality performance. Total quality management & business excellence, 32(15-16), pp.1829-1849.

Erdei, E., Kossa, G., Kovács, S., Popp, J. and Oláh, J., 2022. Examining the Correlations Between Industry 4.0 Assets, External and Internal Risk Factors and Business Performance Among Hungarian Food Companies. Amfiteatru Economic, 24(59), pp.143-158.

Febrian, F. and Ahmad, N.F., 2021. Internal and External Factors Affecting the Sales of Hype Drinks in Online Platform. Jurnal Minds: Manajemen Ide dan Inspirasi, 8(1), pp.89-106.

Gray, B., Kirkwood, J., Monahan, E. and Etemaddar, M., 2019. Internal factors influencing effective opportunity identification in a Tongan social enterprise. Journal of Small Business & Entrepreneurship, 31(4), pp.323-347.

Latif, N.A.B. and Adruce, S.A.Z., 2020. Internal Factors Affecting Perceived Impact of ICT on Rural Business Potential: The Mediating Role of Productive Internet Usage. International Journal of Asian Social Science, 10(9), pp.471-482.

Miki?, M., Primorac, D. and Milovanovi?, B.M., 2019. Multidimensional approach to the role of internal business factors in internationalization of manufacturing SMEs. In Eurasian Business Perspectives (pp. 155-167). Springer, Cham.

Nzioka, C. and Kariuki, P., 2021. Influence of Strategic Internal Factors on Competitive Advantage of Commercial Banks in Nairobi County, Kenya. Journal of International Business and Management, 4(7), pp.01-16.

Toppinen, A., Sauru, M., Pätäri, S., Lähtinen, K. and Tuppura, A., 2019. Internal and external factors of competitiveness shaping the future of wooden multistory construction in Finland and Sweden. Construction Management and Economics, 37(4), pp.201-216.

Turayev, K., 2021. Improving the Application of Internal and External Factors of the Corporate Governance System. International Journal of Business, Economics & Management, 4(2), pp.283-286.

Utomo, P. and Kurniasari, F., 2020. Investigating factors impelling the innovation performance: A perspective from internal corporate new business venturing on manufacturing industry. In Conference Series (Vol. 3, No. 1, pp. 695-705).