btec business level 3 assignment 2

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Exploring Business Assignment 2

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This document includes 47 detailed pages of distinction graded coursework for Unit 1 Exploring Business Assignment 2, covering: P4,P5,P6,M3,M4,D2 and D3. This assignment is on Tesco and Cancer Research UK and can be used as a guide of exactly what you need to include to achieve a Distinction in the unit.

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P4: Discuss the internal, external and competitive environment on a given organisation. P5: Select a variety of techniques to undertake a situational analysis of a given organisation. P6: Explore how the market structure and influences on supply and demand affect the pricing and output decisions for a given business. M3: Assess the effects of the business environment on a given organisation. M4: Assess how a given business has responded to changes on the market. D2: Evaluate the extent to which the business environment affects a given organisation, using a variety of situational analysis techniques. D3: Evaluate how changes in the market have impacted on a given business and how this business may react to future changes.

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Btec Level 3 Business Studies Unit 1 Assignment 2

Subject: Business and finance

Age range: 14 - 18

Resource type: Unit of work

Last updated

22 February 2018

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Assignment 2 unit 5

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Unit 5: Assignment 2 External factors that influence international businesses Introduction During this assignment I will be covering a one of the UK’s biggest and most successful privately-owned high-street companies with over 250 stores operating all over the world and is still growing. River Island is based at their London headquarters and is a fashion brand. It was founded in 1948 in the east end of London by Bernard Lewis and brothers, owned by the Lewis Family meaning they are a family incorporated business; with over 60 years of fashion retailing experience, they are a very well-known brand on the high street. One of the company philosophies is focusing on finding new talent and bringing them up to contribute to the new high street trend, collection after collection is required to meet with demand of customers who searching for the latest look every day. In order to do that, every two weeks, Style Challenge is launched by one of our insiders. The themes will be different each time to make sure there’s something for everyone. Youthful could consider being the inspiration for each design, but still could suit any age range as long as they are the person who is seeking a celebrity or catwalk style at a cheaper price. River Island always concentrated on the style and the quality. The company clothes are so trendy, chic, young, affordable and of an extremely high quality. I will be examining whether River Island is suitable to expand into either South Korea or Portugal. I will enquire this through a pestle analysis of both countries and also 5C’s analysis or Porters 5 force’s; this will help me understand which country will be more suitable to expand into. After this I will explain how business support systems enable a selected business to trade internationally which entails discussing the influence of the internet (speed, ease and change to process) and discuss the international payment methods, whether this be cash in advance, letters of credit, open accounts etc, and the cultural differences affecting the international business. This will include specifics like language barriers, ethnic make up of populations, social structures, religion, values, and attitude to businesses. Following this, I will conduct a situational analysis; this will include details I have analysed within the 5C’s analysis and/or the Porters 5 Forces. I will consider the external influences and business systems and include advantages and disadvantages to my findings. Pass 5: Pestle analysis on South Korea Political factors affecting South Korea are things such as the government system; they follow the presidential system of government where the president in the states head. It is a country that successfully functions as the democratic government (believes in, encourages and support freedom and equality between

people. Abuse of power, bribery and corruption are some of the severe issues that South Korea is facing. The political corruption poses a risk of pushing away potential businesses that want to set up manufacturing units there. Economical factors that contribute include the consistent growth and progress, becoming one of the worlds most developed and advanced countries. Imports and exports also contribute to economic growth as exports are the primary source of earning of South Korea; the main exports for South Korea are phones, vehicles, spare parts for said vehicles and integrated circuits. They export these to countries like Japan, Hong Kong, Vietnam, and the USA. South Korean leaders have also made quick and timely decisions in recent history, and they have helped the country minimize the loss. For instance, the pandemic of covid-19 has impacted the global economy. The government provided support of 12 billion dollars to the businesses and ordinary. Social factors include demography, cultural influences, and trends. They are one of the most prosperous and developed countries in Asia. Approximately more than 51 million people are populating the country. Daegu, Incheon, and Busan are some of the main cities. Roundabout 56% of people do not believe in any religion. The remaining people believe in Christianity and Buddhism. Seniority, age, and ancestors are some of the factors that influence South Korean culture and society. They used to have a major influence. However, social hierarchy, economic, and marital status are some of the other impacting social factors. South Korean people love classic architecture, sports, art, and food. However, the country is also facing some the challenges like increasing the aging population, expanding the gap between rich & poor, housing crisis, and low fertility. People are converting their offices and hotels into rental houses to address the shortage of houses in Seoul. Technological factors include how highly advanced they are and the industries they have. They are the world’s leading technologically and digitally developed country. She has the world’s largest Incheon Airport; it has features like facial recognition, AI, and walk through security tunnel. However, the government has made considerable progress in robotic technology. For example, they have robots that teach within the kindergarten’s (nurseries) and primary schools.

However, there are some social aspects in Portugal that need sorting, like housing problem, social exclusion, and migrant crisis. Technological factors effect Portugal due to them having a substantial proportion of people having cellular phones and computers, they also have a high rate of internet penetration. In fact, more than 84 percent of the population have access to it, which is good for an EU country. They are highly innovative which definitely contributes to the GDP. Environmental factors – Portugal is a beautiful country with pristine natural wonders that attract tourism each year, high season is May to October and any school holidays. The diverse geography within the beautiful coastal areas also leaves room for horror. There are challenges for sustainability as the nature is not evenly distributed and can cause horrific scenes, something like wildfires. Legal factors against Portugal include the Portuguese Constitution, adopted in 1976 with amendments through to 2005, is the supreme law of its people. It defines organisation of the countries institutions and guarantees a variety of rights and liberties to all citizens. The employment law also has a reputation for This is Duayne Boachie on the left and Jamie Lomas on the right. They are commonly known for playing Zack Loveday and Warren Fox in the soap opera Hollyoaks. (The lady in the front is my nan, who lived in Portugal for over 9

its high degree of employment protection. It markets a long-term approach in labour retention and forbids labour turnover. 5C’s analysis on South Korea Company – River Island would modernise the shops around South Korea; they would stand out by offering unique designs inspired by South Korean culture. They could be inspired by hanbok patterns or even traditional Korean colour palettes. Customers – South Korean fashion oftens includes a mix of traditional and modern styles like streetwear influences. River Island could take traditional garments influence by the modern fashion trends by blending cultural elements with contemporary designs. Younger generations like to stand out and that is usually by non-traditional outfits, however, if River Island were to incorporate both that would definitely be a yes from all. Collaborators – currently the top fashion brand is Stylenanda; other trendy shops are Chuu, Ader error and gentle monster. They all offer streetwear, K- fashion, and retro styles. These are things like Oversized blazers, bucket hats and monochrome outfits; all outfits that river island would offer. They cause also ask for collabs between known influencers, other stores and even celebrities of that culture. Competitors – As previously mentioned the top fashion store is called Stylenanda; they offer a variety of different trendy clothing, accessories and beauty products like lip tints, cushion compacts and sheet masks. (This could be something that river island collab with to include beauty products. Climate – South Korea’s business climate is currently very vibrant, with focus on innovation, technology, and global competitiveness. There innovative products are thriving with things like 5G networks, hologram concerts and smart cities thrive; Smart city is for energy efficiency, traffic management and also public services. 5C’s analysis on Portugal Company – River Island would modernise and add in the extra pizazz within the les developed country. Both Portugal and river island would have to change ways for each other. River Island would have to adhere to laws within shops, such as the disability law where anyone that is disabled goes to the front of the queue and if they are refused service they are fined, and Portugal would have to allow for current ideas and fashion. Customers – Portuguese and other citizens of Portugal are not really traditional dressers and there isn’t a certain dress code for them. They just need cool and relaxed clothes due to the weather they have all year round. Collaborators – They would receive a lot of support as they are all in the ship together, “bombeiros” which is the fire authority which would over see the building of the stores. It is also a fantastic place to open a store as they have a

This is a financial document issued from the bank that guarantees a payment to the seller, it provides assurance that they will get paid. It is generally common for businesses that use international trade to use these to ensure transactions for safety with unknown sellers/buyers. It is not known if River Island use letters of credit specifically, however it would be an ideal factor when internationally trading. This would mean that they can give suppliers the assurance they will get paid after checking the quality of the products. Export Credit This is a type of financing that helps exporters by providing funds, guarantees or insurance to support the international trading. It helps with the risk of no- payment by offering favourable terms to buyers. River Island to my knowledge do not use this however, it would be a good method. It can offer favourable financing terms to the buyer making it a more competitive market. It can also achieve diversification specifically to River Island. Bank loan A bank loan is where the bank lends money to an individual or company. It is a repayable amount with interest over a specific period in order to make profit. River Island potentially uses bank loans to provide necessary funds to support expansion into new markets. It means they could establish a presence in a foreign country, invest in inventory and stock and marketing strategies. It could be a valuable financial tool to support their international growth. Open account This is an agreement between the customer and a business where the customers pay for goods after they have been received, it differs the payment. Consignment A consignment is where one company gives goods to another company to sell, however the consignee can give the goods they were unable to sell back to the company. This would be an innovative idea within South Korea to see whether River Islands products would be successfully sold within this country before moving a business over there. This would also be good for Portugal as well because even though the countries government is in debt, they do not have to pay for the goods they receive they only have to send the money they make or the products they do not sell back. International credit cards These are international bank cards that have a set amount of money on where you can use to purchase things in foreign currencies. Merit 3: Porters 5 forces –

Internal rivalry – South Korea: The top fashion store is called Stylenanda; they offer a variety of different trendy clothing, accessories and beauty products like lip tints, cushion compacts and sheet masks. The market sector is run by casual wear; Impacted by the COVID-19 pandemic, the casual wear market grew as people tended to buy more casualwear that they could easily wear at home. Portugal: the main competitors are Modelo Continente, Boutique Explosiva and for a bigger choice – Algarve shopping centre. They are already a modernised culture when it comes to clothing and most stores sells a selection of them. Revenue in the Fashion Market is projected to reach £1 in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10%, resulting in a projected market volume of £1 by 2028. In the Fashion Market, the number of users is expected to amount to 4 users by 2028. Threat of new entrants – South Korea: Some of the challenges faced by U. companies attempting to conduct business in Korea include unique industry standards, less than transparent regulations, resistance to foreign business models, and competition and price pressures from domestic manufacturers. small- and medium-sized enterprises (SMEs) must remain flexible with Korean business counterparts pertaining to contract terms, such as renegotiating price, quantity, and delivery terms, following business deals or bilateral contractual agreements. The traditional approach to business deals in Korea, where the signing of a contract is perceived as just the beginning of a business relationship, differs significantly. Portugal: The Government has publicly promoted the importance of foreign investment and fostered economic stability and growth, enabling Portugal to surpass EU growth predictions. Portugal’s successful vaccination campaign contributed to its GDP’s growth at 4% in 2021. This growth was also supported by tourism, European funds, and the pent-up savings amassed during the months of the strict lockdown being channelled into consumption. While the recovery was significant, it was still insufficient to offset the historic drop

values continue to be respected. Many business people still consider a personal contact and a handshake to be a kind of informal contract, but they are also accustomed to formal contract procedures. Business customers demand an elevated level of support and most wholesalers or distributors offer excellent customer service. Advantages of porters 5 forces – - Helps estimate the competitor in the industry. - Showcases the strengths and threats that exist. - Displays opportunities to expand into which country. - Allows you to understand the corporate risks. - Allows for strategy and vision to go into either country. Disadvantages of porters 5 forces – - Limitation on the composition such as technological and external forces. - Unavailability of quantitative data. - Impractical use for larger companies – its to analyse a company in a single industry. - Does not consider business risk factor. Conclusion: I believe that River Island would be more success within Portugal; this is because they carry more of a modernised and laid-back attitude to new businesses starting up a new store. They allow you to have support and collaborate with different people. They will also develop more of a colonised idea within the country as they already have over 100 Aldi’s in Portugal as well. That shows that Portuguese do like English businesses. I think River Island would struggle in South Korea as they have not got that support in the country and would just have to fend for themselves. They would also have a strict change to align with traditions. Pass 7: Language: South Korea – According to Google’s Oxford Languages Dictionary, a language barrier is “a barrier to communication between people who are unable to speak a common language.” It is important to understand how complex language is to overcome barriers to communication. Some language barriers are obvious and straightforward, like when you do not understand a Korean vocabulary word, or a sentence said with a regional accent. However, all these forms of communication matter and are crucial to your understanding of how to overcome the obstacle of

language barriers. You may need to incorporate a translator into the planning stages and potentially employ them to teach the language. Portugal – English is widely spoken in Portugal which offers a better communication for the store; especially in urban areas and tourist destinations. Ethnics make up: South Korea – The country is highly urbanized with over 92% of its citizens living in urban areas with over 50% of them residing in Seoul. South Korea is one of the most ethnically homogeneous countries in the world with almost a negligible percentage of foreign immigrants. The immigrants mostly come from the People’s Republic of China, United States of America, Vietnam, Thailand, and the Philippines. Portugal – The country has a total of 10 million people, the majority of whom are of Portuguese descent. Ethnic Portuguese account for 95% of the population, while the remaining 5% are composed of minority groups of Brazilians, Han Chinese, and people from Portugal’s former colonies in Africa and Asia. The ethnic Portuguese and minority groups are united through the national language (Portuguese), culture, and religion (Roman Catholicism). Social structure: South Korea – In the Korean social hierarchy, the yangban refers to the elite class of office holders or government officials who had passed the prestigious civil service examinations based on the Confucian classics and their neo- Confucian interpreters. The chungin class is lower to the yangban in the social hierarchy and above the commoners and is comprised of small cluster of technical and secretarial officials. The vast majority of around 75% of the Korean population belongs to the Sangminor commoners’ class in the social hierarchy. Common merchants, farmers and craftsmen belong to this class, and they bear the burden of. They were subject to military enrolment as well and live a hard life compared to yangban and chungin. The base people or Ch’ommin are considered below the commoners, and they normally do the despicable or low-grade jobs. This class is inclusive of the slaves and servants in the government offices actors, jail keepers and convicts, female entertainers (kisaeng), shamans, shoemakers, Buddhist monks and nuns, professional mourners, and executioners. Portugal – Portugal is a culture that respects hierarchy. Society and business are highly stratified and vertically structured. Both the Catholic Church and the family structure emphasize hierarchical relationships. People respect authority and look to those above them for guidance and decision-making. Rank is important, and those senior to you in rank must always be treated with respect. This need to know who is in charge leads to an authoritarian approach to

confrontation or will tell others what they want to hear rather than tackling issues head on. Portugal – Portugal has a laid-back business culture. People generally place an emphasis on building relationships, which can take some time. As a result, you will often have several meetings before reaching an agreement or closing a deal. The Portuguese also tend to have a relaxed approach towards punctuality and deadlines, which can be frustrating if you don’t know the local etiquette. However, they do intend on having a siesta during the day but can stay open longer which River Island would have to work around. Merit 4: South Korea – the cultural differences from the United Kingdom to South Korea is a big leap. From attitudes to work and religions and even values it is a substantial change for River Island to jump into. They could potentially damage their reputation by making that move without clear ideas that coincide with traditions of South Korea. Portugal – cultural differences between United Kingdom and Portugal are not that far apart from each other. They have similar values and attitudes to life and work as each other which would allow them to make an easier transition to there lifestyle and fashion industry. Advantages and disadvantages of cultural difference (South Korea) – The cultural differences between Britain and south Korea can bring unique perspectives but could cause misunderstanding. In south Korea respecting your elders is crucial while for Britain, queueing etiquette is important. In south Korea there is a strong emphasis on group harmony while in Britain individualism is valued. These differences can affect styles, decision making processes and social interactions in both countries. British directness may clash with south Korean indirect communication causing misunderstanding. Decision making speed in south Korea may clash with Britain’s more deliberative approach. Advantages and disadvantages of cultural difference (Portugal) – Portugal is a safe country for travel, as well as for living. Portugal takes sixth place in the Global Peace Index out of 163. Portugal is one of the warmest countries in Europe with a Mediterranean climate. It experiences mild temperatures all year round. one of the best places to live due to its arguable affordability. Those who work in Portugal under the NHR tax regime pay a 20% flat rate on personal income tax, with high-value jobs related to science, art, or technology. Additionally, there is no tax on several types of income, including dividends, interest, royalties, and rental income from real estate outside Portugal. In Portugal, it can be difficult to find a well-paying job, regardless of whether you earn the minimum wage or the average salary. As of 2022, the national minimum salary is €705 per month before tax, which equates to around €630 after paying income tax. If you plan to move to Portugal long-term, learning Portuguese is

essential. While English may be sufficient in Lisbon and Porto, it may not be enough in other parts of the country, and not knowing the language could lead to difficulties. Pass 5 on south Korea PESTLE Analysis of South Korea | Business Management & Marketing (swotandpestleanalysis) Pass 5 on Portugal PESTEL analysis of Portugal (Portugal country profile) - howandwhat 5C analysis on south Korea 3CE│STYLENANDA (stylenandaen) 15 Korean Fashion Trends for Spring (Women & Men 2024) (seoulkoreaasia) 5C analysis on Portugal Doing Business in Portugal | World Business Culture Pass 6 South Korea Exploring the Growing Sustainable Fashion Movement in South Korea – KAESA® Fashion Industry in South Korea | Fashionbi Pass 6 Portugal An Overview to The Portugal Textile Industry: A Strong Industry Known For Its Craftmanship And Quality - fashionabc Merit 3 – porters 5 forces on South Korea South Korea: fashion market structure by category 2022 | Statista South Korea - Manufacturing

European Values Study: what are the values of the Portuguese – Fundação Calouste Gulbenkian Portuguese business culture | Expatica

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Module : Business btec level 3 (.)

University : telford college.

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