Global Business Environment for Organization Growth
Business factors for efficient growth
Environmental Scanning is considered as one of the most important part of analyzing global environment. Assessment of global environment refers to macro environment that consist of market, companies, industries and competitors. It is a study of interpreting economic, social and cultural factors (Kunkel, 2010). In this report, analysis has been made on scanning business factors of Camden Market which is one of the most visited attractions in London. It briefs about how this market paves contribution in London's overall growth and development. It comprises wide network of large retail markets which is fourth most popular visitor attraction in Camden Town, London. This attractive place enables many visitors to explore market which rounds above 100,000 people every weekend (Leslie and Sigala, 2006). This reflects sustainable and financially sound business development of nation.
Camden is well established to fulfill the economic challenges and opportunities that came over last thirty years. The objective of providing employment to number of domestic people in order to reduce the travel time and establish local economy. Camden flashes the benefits that support tourism in following ways:
As per the survey in 2012, Camden Country's tourism industry:
By assessing impact on tourism's economic impact, the policy framers can design informed decisions in context of finance and prioritization of development of tourism. It can cautiously regulate its growth and future demand (Culiuc, 2014).This is the reason why this sector is as important as other economic sector as employment, wages, tax creation, gross domestic product etc are part and parcel of this sector. Tourism economic impact consists of tourism industry in addition to spending of government and capital investment. This enable overall economic impact analysis, inclusive of induces, direct and indirect consequences.
This industry estimates gross turnover of between 955 million and 1,166 million, which represent 15% of gross turnover created by Inner London (Liu, 2006). It is also provided by supply chains that are linked to the market for economic generation. Camden maintains stronger connection in employment growth. It has its sub-sectors as Publishing, Advertising, Radio and Television, Computer and Games, Software, Electronic Publishing, Photography, Architect and many more. As a matter of opportunities availed by this sector, large number of short as well as long term opportunities supported by various business opportunities.
There are factors which affects business of Camden in many ways as:
Recession: Across the board, there is pressure on income field that causes impact on commission, box office, grant aid etc.
Workspace: The pressure of affordability for commercial business especially for smaller units.
Business capacity building: Better connection can be developed with better information in innovation sector.
Shortage of training opportunities:Gap in skill and lacking training opportunities level the growth downward.
Diversity lacking: Difficulty in achieving new horizons of change in respect to diversity is also a factor proving as a barrier.
Tourism economy is framed to provide relevant, high value, robust of tourist sector that flashes the dynamics of global and local economies. By compiling the quantitative and qualitative methods of industry knowledge, analysis of project feasibility, analysis of tourism policy and impact of economy, tourism economy is designed (Lyons and Wearing, 2008). Economic development implies a range of analyses to various people. It is about regional focus and strong link with the South West Region with various partners. The results being reflected from A Prosperous Economy in Camden in 2040 are:
Analyzing on various aspects of business also contribute to tourism sector. Thus a strongly defined strengths, weakness, opportunities and threat are also very relevant:
With the successful growth of market contributing in the economy of London, Camden affects the environment to some extent. As a primary motive of earning money, this objective of sustainable environment to live in should also be the focus of industry (Buda and McIntosh, 2013). Environmental Statement [ES] should include the objectives approach of one size fits all that must be recognized to felicitate people living in urban area. Lack of proper mitigation has promised to ensure that Camden reimburse for blight. In planning policy statements, the Mayor of London London Plan sets a framework of social, economic, and environmental factors. Thus assessment of environmental factor deprives sustainable strategies by identifying potential harmful impact and suggestions that helps to reduce them.
Health: There is health impact to communities by the work done in the market. Therefore assessment is done for minimizing the risk involved (Uzama, 2009).
Local and business economy: Lack of understanding and analyzing the effect of scheme thrive tourism industry.
Services for children: No significant effect to school going students should be there. An ES is adapted well to work without compromising with the effect to these future assets.
Housing: Investing in community facilities and need for affordable homes for the localities there must be taken substantial care as a part and parcel of environmental concern.
Air and noise quality: Pollution from train and vehicles used for exchange of goods from outer region create environmental impact.
Ecology and open space: Construction, replacement of market area gives a negative impact on environment in some or the other way (Boniface and Cooper, 2009).
Heritage: Camden maintains a good heritage environment. Thus the concern of tourist attraction to market minimizes the attraction towards these heritages.
Climate and water: Compensating in regards to climate or water consumed for the purpose of industry must be recognized.
There is a key role of Council Operating Environment in response to indicate the strategy for environmental development. The crucial highlights in light of environment sustainability are as follow:
Camden welcomes and encourages the promotion of investment in sustainable tourism. It includes eco as well as cultural tourism further inclusive of medium and small businesses with various sources of fund generation (Becken, and Hay, 2007). The various strategies that support sustainable tourism in nation include:
By welcoming major groups by various techniques of art, music or drama (Mehmetoglu, 2004).
There is regional cooperation which is also considered to promote and develop sustainable tourism.
Maintaining sustainable development is not an add up to existing environment. Rather it is an attached to organizational responsibility (Reisinger and Dimanche, 2010). By enacting the assessment to the working of the industry, the organization must aware about the importance of its working and so on. For the same following four broad areas need to be tackled with more responsibility:
Government arrangements: The accountability of progress of work done is assured by sustainability agenda which comprises accountability and scrutiny, vision and strategy, and governance structure.
Mechanism: It gives the way to get things performed (Damonte, Collins and Megehee, 2012). The key factors are reporting or monitoring, assessing tools or methods and framework for performance management.
Enablers: This category delivers action for learning by improving the attitude, culture and applying the theories of core business.
Camden can utilize the social and cultural factor in growth of its industry. Firstly a wide area market with number of visitors from various parts to visit this place. Every other person carries his own social and cultural value in itself. Thus the impact is from various different locations but the Creative and Cultural Sector in this industry maintains a diversified range of products that facilitates the exchange of many products available in the market (Aktas, Aksu and ccedil;izel, 2003). Also the contribution to tourism sector enables the industry which is productive and creative. Cultural working is accepted all over as a parameter of innovation, open and creative society.
There are cluster of many sub sectors that evidences how well the market is segmented into as:
The most core reason of visitors to become a part of Camden is the visiting shops and market. Contribution of what makes London so distinctive is remarkable by its various markets and shops that are enjoyed by many tourists. The markets are very important in place making and paves drastic effort in economic development in analyzing efforts in London.
Recent years marked a development and growth in specialty markets which marks a good reference for customer growth. In parallel they bring wide benefit to broad community. Studies reveled that during occasion of Christmas, market expands a lot to foster more social equalization.
As a section of fringe occasion in Bradford International Film Award ceremony, the three day boll wood market connected street theatre with music and dance. This helped the local market to generate £320,000 from 30,000 visitors that promoted social, cultural and economic development altogether (Buda and McIntosh, 2013). These markets are part of social communication and interactions especially for women. At weekend it is a platform that foster a social connectivity for large group atone place. Important social inclusion role are significant for this market. There is special arrangement for disable people visitors to these markets so that more connectivity can be maintained. It is basically the social life of traders associated with the working of buying and selling. It depends on the manner they perform a task of attracting many visitors the shops by their working. It is just a vibrant atmosphere (Damonte, Collins and Megehee, 2012). It fosters social links and connectivity with the trader community and shoppers as well.
There are several factors that are crucial and important for market to function as social spaces. Essential qualities of features are like matching with the local needs, tastes and preferences, various range of products available, food vans and a sense of engagement. To support market role, there are limited local and national policy for encouraging social and economic space. It is evaluated that there are efforts implemented for capitalizing the social benefits of market. There are activities that are framed by the local traders for initiating more sales and capitalize more and more profits. There are instances when the coordinated efforts of market generate a good cultural and social environment (Damonte, Collins and Megehee, 2013). The benefits from social and cultural development fosters better than economic development. The research analyzed how well Camden has worked to call out a mass with its valuable learning, enrichment, and associate team working with it. It is all about giving world class cultural activities at one place. Thus a very attractive and vibrant environment is a creation of this strategy of market. Often tourism development have been initiated without concerning about the well being of other associate factors but Camden works keeping a track of all the other social, economic or environmental factor together with the local communities as well. This pattern brings a change in behavior, lifestyle and quality of life of people living there too. In addition, it fosters an exposure of significant working environment by affecting dimensions as:
Camden effective and efficient growth can be accessed from the kind of environment in which it is working. It should be flexible enough so that alteration in any business plans and opportunities can be easily adapted. This report of Instant Assignment Help UAE mentions the analyses of factors that support and facilitate the market for prospective growth and progress. These encompass scanning of business environment that supports the vibrant success of the whole industry. There are strategies that are framed to cognizance the environmental dynamism and task not performed.
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