SUPERMARKETS-GLOBAL BUSINESS ENVIROMENT Essay Example | Topics and Well Written Essays - 750 words

SUPERMARKETS-GLOBAL BUSINESS ENVIROMENT - Essay Example Changes in the Business Environment With the competitive market environment today, there is a great influence of the changing business environment to the process and strategies with which a company or business is run. Business environment can be considered as the social or cultural environment in which the business is operated. It also comprises the internal factors which are penetrating within the business. The basic elements making the entire business environment can be the company’s customers, competitors, employees, suppliers and other individual bodies which are directly influencing the business. Since supermarkets hold an essential place for almost everybody, therefore it is getting more popularity and expansion within people. With the passage of time, the number and range of people using services of supermarkets has also expanded to an enormous level, including both the high class and the middle or low class people (Richards, 2013). This has opened opportunities for sev eral small supermarkets to enter the business and acquire the market share of the big and leading enterprises. With the growing number of market entrants over the period of 2006- 2012 in the UK supermarkets, the business environment has become further intense and competitive. ... As the technology has prospered tremendously over the years, demands and expectations of consumers have also reached to a new level. Businesses can no more expect customer’s satisfaction by providing conventional services, which does not offer ease and benefit together to customers. For this reason, many of the supermarkets have expanded their range of products, to provide more stuff to customers under one roof (-Poitier, 2001). This idea has been incorporated by the Asda supermarket, which has enabled it to increase its overall sales, by opening more options for consumers. In this way, many customers coming to buy grocery are attracted towards furniture or household items, and this allows the business to make more sales (Ayushveda Business, 2009). The effect of globalization cannot be negated in this respect, as it has been one prime reason of the changes occurring in the business environment. A big difference in the supermarket of today, from what it is used to be some 15-20 years back, is the types and range of products they offers to their customers (Business Education, 2013). This depicts that there are emerging brands in various parts of the world, which are entering the global world. Therefore, the number of product suppliers for these supermarkets have increased to a large number, which has introduced the challenge of supplier satisfaction and proper channelling. All suppliers prefer the supermarkets that can give their product maximum hype and sales. Therefore, if a supermarket is just focusing of customer’s satisfaction, then it will soon lose the interest of new product suppliers, and they will certainly go for other retailing stores in the market (Experian, 2011). The change in the