Introduction to Business studies

MAIN BODY

Developmental understanding of the collaborative work in the company

Collaborative work

Build relation between employees

Collaborative practices will help to make good relations between employees, So they can understand each other. It will increase communication between them, and they will work together in the task. If employees will work together then they will be motivated, and they will give their best to achieve the goals and objectives of the company. Mark & Spencer will achieve growth opportunities in the market, Will be due to show their presence In the market and , it will help them gain competitive advantages.

Engaged employees

One of the best ways to get Engaged employees to improve teamwork. IT is important for the Leaders and mangers of the M&S company To provide group practices which can help them build the sprites of camaraderie in the employees. Widespread collaboration can lead them to the fully engage to take on the new projects. If they all will be engaged then it will help to create better working environment for the employees of the company.

Save time

If employees of the M&S will work as a team then they will take less time to do any task, and they will able to achieve the objective of the company. It is important for mangers to provide them collaborative work practices at their workplace.

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More productive meetings

Efficient collaboration in the Mark & Spencer company can result in more effective meetings. More proactive teamwork helps to build the corporate culture, The employees of the company need meetings when they accomplish their tasks to be made aware their work progress or delegate work that need to be done. This will help them to create understanding in the employees for company goals and objectives.

Increase knowledge

 Collaborative practices will increase knowledge of the employees because they can work with their seniors and seniors will help them understand the task and it will increase the knowledge in the new workers. There are many employees in the M&S who have been working in the company or many years, and they have knowledge about tasks and other operations happening in their off the company, so they can teach the employees who are facing problems to complete their task, giving advice from them for better work.

Internal and External factors That can affect business

PESTEL Analysis of M&S

Political Factor

On of the most positive effect M&S get from the polices because government of the UK allow M&S to for the free trade. Free trade allow this company to import other county's product for sales in their stores. Company is getting benefits from the government because they are getting product in cheap price, and they are selling in high cost.

Economic

there are many other competitors of the M&S who are marketing huge product discount forcing M&S to also drop their prices, affecting in this way the company financial profit. product in huge discount and this is affecting profitability. And some new competitors in the UK market are stilling shares of the M&S company by providing huge discount on clothing.

Social

Trends in the fashion is changing with the time and it is important for the company to provide satisfaction to the people. It is impacting on the mangers of the company in decision-making process because they have to make new strategies for the change in the trend.

Technological Factors

Technological factors helps M&S gain competitive advantages and helps the company achieve success in the online market. They are selling their product online earning profit and customers loyalty.

Legal

M&S is having all the legal rights for their business, and they are following rules of the government and paying their taxis.

Environmental

fair trade which created for the better compensate with the other countries product. And also has been impact on the environment. It is because of the smaller manufacturer and producers. M&S company take decision to sell fair trade product and it has an environmental benefits by selling fair products.

Internal factors

Employees

Theemployees of the company are the most important part, because they are the Once working to achieve the objectives and goals of the M&S business. It is important for the superiors in the company to treat them equally and recognize their efforts.

Mangers

They are the ones managingall the employees of the company, and they also help company in planning, controlling and organizing. Anything the Mangers of the company monitor the employees and record their performance.

Leaders

 Team Leaders in the M&S company motivate employees to achieve the goals and objectives. They show the employees the right way and help them complete this tests. He lead the team as a team, and trying to find the best way to motivate the employees, in order to advice the aim of the company and provide them a right direction and help employees to their task in more effective ways. Leaders work in a group, and they motivate employees and communicate them to achieve the Aim of the company.

Owner

The Owner of the company take the profit from of the company, and invest it money in the business, in order to make it always better

CONCLUSION

As the above report has provided the understanding of the collaborative working practices in the M&S company in which report has been concluded, relation ship between employees , engagement of the employees , time saving etc. and in the other task report has been demonstrated internal factors and external factors of the M&S, In the External factors report has been explained PESTEL analysis and in internal explained employees, leaders, mangers and owner of the company.

For more - Financial Accounts on Frenza Trading Ltd

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