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Management Report and Analysis of Bodas UK

University: NESCOT COLLEGE

  • Unit No: 6
  • Level: Undergraduate/College
  • Pages: 25 / Words 6316
  • Paper Type: Assignment
  • Course Code: MORG 4038
  • Downloads: 24
Question :

This assessment will cover certain questions which are like - 

  1. Elaborate the internal analysis in relation to entrepreneurial relations
  2. What are the strategies undertaken for ethical and corporate planning?
  3. What are the effective strategy for growth and alliances in Bodes.
Answer :

INTRODUCTION

Management report refers to planned and organised structure for collecting appropriate information about completing the task. In this report, there is discussion about managing operations and getting proper advantages of it (Bocken and Short, 2016). There will use of management reports for different purpose, through which individuals are able to complete the task properly. It is important and relevant for people to understand and evaluate changes properly. In this report, there is discussion about growth opportunities for emerging small business organisations,. It is important and significant for people to understand and evaluate changes properly. It is essential for people to determine ways through which small scale organisations can excel in industry. It is important and relevant for people to determine and understand changes which business activities might gets affected.

This report is based on Bodas UK which is small organisation operating in UK. This association have products and services in inner wears, swim wear, night wars for women. So in this study, there will emphasise on getting information through which organisation can grow and sustain in industry for longer time (Boyd and et. al., 2017). In this study, there is complete information about internal analysis, environmental study, determining opportunities, strategic analysis and growth opportunities for association.

Aim:

To identify various opportunities exist in market for small scale organisations.

Objectives:

  • To study the concept of emerging business opportunities.
  • To examine different emerging business opportunities for small scale organisations dealing in clothing industry.
  • To determine the various approaches that could be use by small organisations to grasp the opportunity exist in market.

Research questions:

  • What is the concept of emerging business opportunities?
  • What are the different emerging business opportunities for small scale organisations dealing in clothing industry?
  • What are the various approaches that could be use by small organisations to grasp the opportunity exist in market?

Identification of topic

For small scale organisation there is requirement of understanding and leading changes properly. There will change in business activities, when business wants to excel in industry. Bodas is the organisation which can expand in market or make diversification in business activities, when they have change and evaluate activities properly. In order to determine and evaluate changes, then it will be easy for managers to make activities properly. The main aim of conducting this report is:

To determine different emerging business opportunities for small scale organisation in the clothing industry.

With understanding and determining different ways to perform operations properly, it will be easy for people to evaluate and perform activities for expansion (Chan, Ngai and Moon, 2017). But expansion and availing opportunities is not also so easy and specific for conducting operations. In case organisation is small scale, then it will not easy for people to determine and conduct activities for getting positive outcome. Managers of Bodas have to determine and evaluate changes properly because there is lack of resources of this association. It is important to determine and scope of working small scale organisation as well. There will change in business activities and working criteria, so it will be easy for managers of Bodas to perform operations properly. There are some objectives which has to be set for getting success in industry.

With setting objectives, it will be easy for people to understand and determine strategies with which objectives of the association can be achieved. In order to maintain good image in the association, business growth must be done on the format through which activities will be performed properly. When there is change in business activities, it will be easy for people to determine and evaluate changes properly (Chiu, 2018).

In clothing sector, there is much scope of growth and development because employees are able to get positive outcome, when they are getting proper outcome from conducting activities. There are some models which are discussed here through which growth scope and opportunities can be analysed. This assist in determining and evaluating changes properly. Bodas have different criteria which has to be satisfied, hence it is specific and concurrent for people to evaluate people properly. In order to expand in market, there is requirement of change because there are many changes taking place in market. If there is alterations in working operations, then activities will be performed for betterment and getting positive impact. For making alteration in operations, it is essential that external market factors have to be considered. This assist in planning and executing activities for betterment.

Growth strategy proposal

Market led approaches

These are approaches which is having a relation with identifying and researching of various promotional techniques which have to be applied in case of a organisation like Bodas. This is a approach which is completely followed in this organisation in this approach a “hard sell” approach is used by organisation (Goffee and Scase, 2015). They rely fully on increasing sales of the organisation. Various promotional techniques are used in order to maximize sales and this leads to a complete focus of the company on increasing their sales and not on other functions as profit is also not a major motive in this case but maximization of sales is only motive of this company. This is a brand which has been very true on its principles which was to provide and offer product which actually is willing to wear and according to specific requirements they used to design their products. This differentiation feature of this brand in their marketing techniques and which had a impact in increasing their sales as there was a positive mouth publicity of this brand by their exiting customers. They have adopted innovative technologies, new ideas very frequently which has made this brand getting popular very fats as compared to its competitors.

Resource led approaches

This is a approach which is related with utilisation of resources in a more effective manner so that maximum benefits can be extracted from limited resource which are there with a organisation. Bodas is also a non government company and they posses resources very limited authorized capital which leads to a need of maximizing benefits from such resources. In this more focus is on how resources can be utilised in a effective manner so that main mission of company which is to provide quality products to their consumers can be fulfilled in a more better way (Huq, Chowdhury and Klassen, 2016). This is a approach which is very beneficial for any organisation as it will help in optimum utilisation of resource which are available with them and delivering maximum value to their target customers.

Partnership & alliances

This is related to formation of various strategic alliance which can help a company in getting competitive advantage as compared to their competitors in the market. They have paid attention to their differentiation strategy which was always to maximize their satisfaction level, of their female customers. Till now this company has been making effort that they can survive in market by usage of products which are according to their customer specification and quality is the tool which they are using to expand their market share. Customer loyalty has been established by this brand since the year 2001 the time when they started their operations. This company has till now not made any strategic alliance with any brand but they rae planning to make merger and acquisition with other established companies who are catering to same target market in London. This approach will be very helpful for Bodas in elimination of competition and having a monopoly in their target segment of customers (Kohtala, 2015).

Literature review

Internal Analysis

Internal analysis is an exploration of cost position, competitive viability and competency of organisation at marketplace (Craig and et. al., 2017). According to view of Patty Mulder, 2019, internal analysis is conducted through TOWS which is opposite of SWOT that helps business to match their internal strengths, external opportunities for developing maxi-maxi strategies conducted in order to know about strengths and weaknesses of business within it. The resources helps in conducting activities and operations of business. They are explained in context of Bodas which are as follows:

Strength/Opportunity (SO)- Major strengths of respective organisation includes manpower, design, fabric used which helps in enhancement of opportunity at marketplace. These both assist in maximum achievement of business results through utilising strength in proper manner to grab opportunities. Respective organisation has to utilised all resources and influence their employees and working force to use strengths in best possible manner so that they can grab opportunity for business. These both should be high and leads in achievement of profits and gains.

Weakness/Opportunity (WO) - There are large number of competitors of Bodas which produces innovative designs of inner wear for female segment. As there is frequent change in trend and taste of consumers due to which respective organisation is unable to grab opportunities. Therefore, Bodas should focus on reducing weakness and grab opportunity from marketplace. The opportunity is gained by providing appropriate training and development to employees and working force in order to reduce weaknesses.

Strength/Threat (ST)- Bodas has strength in different terms such as manpower, using of raw materials, fabrics and so on which used be used in best possible manner so that threats can be reduced. The business has to face threat of competitors and changes in trends of consumer (Helmreich and Merritt, 2017). They have to use their strengths as a weapon to reduce threats from business. For profit attainment, it is important to utilise resources of organisation in best possible manner for reduction of threats. Here, strengths should be high and threats should be low.

Weakness/Threat (WT)- Bodas has weakness in terms of skilled manpower, resources and so on which create problem in achievement of business goal and objectives. They have to improve their weaknesses by providing orientation and training to employees so that they can enhance their knowledge and skills and manufacture best products that reduces chances of threats from business. It is responsibility of organisation to improve their weakness in order to avoid threats faced by them (TOWS Matrix, 2019). Market analysis also helps in reduction of weaknesses and threat of respective organisation.

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Environmental Analysis

In order to know about emerging business opportunities at marketplace, environmental analysis has to be performed by firm. This is regarded as strategic tool that helps in identification of internal as well as external elements which impact performance of organisation. The environmental analysis has done through help of PESTLE model. According to the article published at groupmap technology, 2019, PESTLE analysis is tool that is used for identification, analysing, organising and monitoring external factors which has impact on organisation and in future time period (PESTLE Analysis, 2019). This framework helps in examining threats as well as opportunities due to political, social, technological, social, legal, economic and environmental forces in order to make proper planning and decision making at business place. It also helps in knowing about global, regional, emerging market, social cultural influences, competitors and so on. PESTLE analysis of Bodas in context of UK country are described below:

Political Factors- These are the factors that affect business and their activities and operations. It includes political stability, government policy, trade restrictions, tax policy and so on. The political condition of UK is stable which does not impact on Bodas products and services. There are no such laws related to manufacturing of lingeries products at United Kingdom. Therefore, change in such factors does not impact to respective organisation and can conduct business activities and operations in effective manner.

Economic Factors- It is defined as those factors that affect what business is trying to do at environment (Huq and et. al., 2016). There are various types of economic factors that impact business such as industry growth, inflation, interest rates, consumer disposable incomes and so on. UK is regarded as 5th largest economy in world which has good economic condition at market. With the help of economic stability in UK Bodas can take advantage to expand their business at great extent and gain moiré economical advantages in a well defined manner. For instance, tax rebates that have been provided by UK government to organisations benefit company to duly expand their organisational offerings. If respective organisation conduct their operations and functions at United Kingdom then it does not have to face any difficulties in terms of market and investment. As it has free economy market and large number of population are living that contribute in profit making.

Social Factors- It represents attitudes, trends which influence business and target market (Kuo and et. al., 2015). This includes customer service, attitudes and shared beliefs, population growth and so on. United Kingdom has high social standard where people prefer luxury and high quality products and service. In context of Bodas, it has an opportunity to serve their products to high class female segment as their standard of living is high as compared to others. Therefore, respective country is highly densely populated with more than 64.1 million inhabitants.

Technological Factors- It affect the ways in which products and services are distributed, communicated and made at marketplace with use of new technology. The example of technological factors are emerging technologies, research and innovation, intellectual property rights and many more. People living in UK prefer high quality products manufactured in innovative skills. In context of Bodas, it is small organisation which is not possible for it to adopt new and updated technology for emerging market. It focus on producing innovative and designer products for their target consumers. In this company by not taking advantage of new technologies can also offer attractive services to customers by making regular updates in cost effective manner in their already existing software’s.

Legal Factors- The current as well as future regulatory and legal requirements which impact on business. It includes various types of laws such as consumer protection, labour, health and safety, data protection and others (PESTEL analysis of the UK, 2019). Bodas has to follow all legal factors in terms of their employees such as equality act, health and safety act, minimum wages, holiday leaves and many more. UK is strict in following of such laws for their employees in order to provide them with safety and equality. This helps respective organisation to enhance their brand value and goodwill at marketplace.

Environmental Factors- These factors impact customer and business geographical location, surrounding, resources of organisation (Lock, 2017). The environmental factors are weather, climate, footprint, pollution law, targets and so on. The respective organisation has to consider all environmental factors while doing their manufacturing process such as considering government legislation related to environment as well as they can also adopt several practices. For examples, reuse of waste materials, use natural dye and so on. In this company can take advantage of strategies and policies related to environmental safety as to engage in the manufacturing process by reducing carbon footprint. In addition with this entity can also take use of renewable raw materials as to conduct their operations. This will not only allow company to have concern over environment but also help them to conduct their business activities in cost effective manner.

Analysing Opportunities

In order to run business and their activities and functions at marketplace, it is very important to identify opportunities so that maximum gain can be attained in appropriate manner. The business opportunities can be analysed with help of model. According to opinion of Ovidijus Jurevicius, 2019, opportunities of organisation are identified through helps of Porter's five force model. It is defined as tool used by industry for determining intensity of competition in business and their profitability level. This model is analysed by Bodas which is described below:

Threat of New Entrants- This force identifies about how business are enter into particular industry (Porter's Five Forces, 2019). In context of Bodas, it is small organisation that deals in inner wear of female segments such as night wear, swimming wear and so on. It has high entrant as requirement of capital is low, no regulation of government. Other business dealing in same segment can easily enter at marketplace in order to provide products and services to consumers.

Bargaining Power of Suppliers- There are more number of suppliers providing raw materials to organisation dealing in inner wear (Melloni, Stacchezzini and Lai, 2016). The bargaining power of suppliers are low as organisation can switch from one suppliers to another. Bodas has high power to bargain with their suppliers who are providing raw materials to them.

Bargaining Power of Buyer- It is defined as bargaining power of consumers or buyers who are purchasing products from marketplace. When organisation is more then buyer has many option which leads their power to be high and vice-versa. In context of Bodas, bargaining power of buyer is high as they have huge options and can easily switch their products and services from to another.

Threat of Substitute- In this force, consumers easily find substitute products for original one. The respective organisation is dealing in manufacturing of lingeries, swimming wear, night wear and so on. In this case, consumers does not have option to switch their products as they can switch their brand from one to another. Here, threat of substitute is very low as users has no option to purchase other products. 

Industry Rivalry- It is defined as force where competitors are earning high profits margins (Papadopoulos and et. al., 2015). There are many competitors of Bodas such as Victoria Secrets, Clovia, Zivame and so on dealing in manufacturing of designer, unique lingeries, night wears and so on. Therefore, the threat of competitor is high for respective organisation due to their high quality and uniqueness in products. 

Strategic Analysis

Strategic analysis is defined as procedure which involves researching environment of business in which it is operating their activities and operations. It is very important for organisation to analyse risk analysis, scenario planning with help of strategic analysis. As per opinion of Ovidijus Jurevicius, 2019, strategic analysis is measured through value chain model. It is defined as strategy which is used for analysing internal activities of firm. It is divided into two parts such as primary as well as secondary activities which are as described below:

Primary Activities

It is defined as activities that are concerned with transferring input into output and are core functions of business. It includes:

Inbound Logistics- It includes activities such as receiving, distributing, storing and so on in order to make products and services available for operational procedure (Value Chain Analysis, 2019). The respective organisation has to perform such activities in proper manner along with stock control, transportation and so on.

Operations- It is the activity in which Bodas convert raw materials into final product for sale. This includes packaging, assembling and machining and so on. It is essential for company to conduct each and every activity in a well defined manner as to satisfy customers with best. In this company is required to ensure that they operate every functions within proper time as to deliver timely services to customers.

Outbound Logistics- In this Bodas has to perform outbound logistics work such as storage, collecting and delivering products to final consumers.

Marketing and Sales- Bodas is small organisation which has to used effective marketing tools such as marketing research, public relations, advertising, promotion in order to increase their sales in best possible manner (Sennewald and Baillie, 2015). With the help of effective marketing and sales activities company can effectively able to attract large base of customers towards their organisational offerings that further lead towards more profitable advancements of business organisation.

Service- In order to maintain value and goodwill of organisation, Bodas has to provide services like exchange, financing and others. In addition to this, it is essential for company to provide well effective and qualitative services to their customers in order to ensure their loyalty towards organisation. This will not only allow company to satisfy their existing customer base but also benefit them to attract more customers through positive value of company within marketplace.

With the help of considering all these activities in well defined manner company can not only able to satisfy their existing consumer base but also create more set of customers by attracting them towards best effective services and products that has been offered by company in a qualitative manner. It also help them to expand their services in more domestic marketplace that may further lead towards international expansion.

Secondary Activities

These are supporting activities to primary in accomplishment of goal and objectives. They are as follows:

Procurement- Bodas has to provide all inputs to their employees in terms of material, machinery, items for performing primary activities.

Technology Department- For conducting business operations and activities at marketplace, it is very important for Bodas to use new technology for manufacturing products.

 Human Resource Management- The respective organisation has to hire skilled and capable staff for work performance. They have to conduct selection, retention, promotion in better way.

 Infrastructure- Bodas has to perform various activities for their infrastructure in terms of planning, finance, legal, government affairs, quality control and so on (Stankey, Clark and Bormann, 2017).

These tool helps in identifying risk for business and both primary and secondary activities provide positive outcome or profits to organisation. Both activities are depended on each other for achievement of business goal and objectives.

Ethical and Corporate Social Responsibility Issues

According to view of Joanne Bauer, 2019, there are various types of issues which are faced by organisation in context of CSR such as working conditions, corruptions, gender inequality, consumer interests, taxes and so on (The problem with corporate social responsibility, 2019). It is very important for respective organisation to follow ethical practices in business to avoid issues and problems arised. In today's scenario, CSR has to be followed by each and every business to conduct their operations and activities in best possible manner. This helps in enhancement of brand value, goodwill at marketplace. Therefore, it is responsibility of every business to contribute in development of society and community in which they are operating their business activities and operations.

Data Collection

Data collection is one of the most important and crucial section in which organisation can perform operations properly. There is requirement of change in business strategies of the association, so it is essential for individual to collect information. There are two ways through which information can collected i.e. primary and secondary source (Krotov, 2017). In order to make study authentic and relevant, data collection procedure has to be safe and secured. This report is performed for collecting information about conducting activities in appropriate and specific manner. With understanding and evaluating changes, there will completion of task and making activities in specific manner. With collecting and performing activities properly, information is collected from online sources which are relevant and specific for completing the study. For completing this study, information is collected from secondary sources.

Secondary source is the way to collet and gather information which is already collected by others. So this method is easy to collect but sometimes unauthentic because of lack of awareness among researcher. There are different ways to collect secondary information i.e. online sources, newspaper, books, journals, etc. But in order to complete this study, there will use of online sources of completing this study (Ozdamar Ertekin and Atik, 2015).

As there are many ways through which information is collected but with collecting information through online sources, it will be easy for researcher to get to know about different sources it is easy to collect complete information about opportunities for emerging business enterprises. There is requirement of changes in working style as well, so it will be easy to determine impact of that change. The main components considered while collecting secondary information is that source must be authentic and properly dated. With specific date, it will eb easy for people to understand how relevant specific dated it. There is study of different model regrading competitive advantage, internal and external analysis of business environment, etc. There is proper study of risk which might affects operations and strategies for growth through which small scale organisation can sustain in industry for longer time (Pal and Gander, 2018).

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Data Analysis

Data analysis refers to compiling and collection of information through which information collected from secondary sources can be understood and clear to reader. In order to analysis of data there is use of thematic analysis which is one of the most appropriate and specific way. In this method, there is formation of different themes which has to be discussed and determined under different themes (Pickles, Plank, Staritz and Glasmeier, 2015). These themes provides specific overview about topic which is discussed in literature review.

Internal analysis

There are many organisations working but it is important and significant for people to understand and evaluate changes properly. Information is collected about internal factors through TOWS analysis. It is specific and relevant for people to determine ways through which managers can understand and changes operations in specific manner. With change in business operations, there will ease in determining and evaluating changes properly. As for Bodas, strength is manpower, designing of product, fabric quality, etc. hence it is important for managers to determining and evaluate changes properly. With change in business activities, strength assist in getting growth opportunities to Bodas, hence managers have to frame strategies to overcome with it. There is change in design and trend among consumers, so it is tough for managers of Bodas to determine and evaluate ways to complete the task (Siqueira, Webb and Bruton, 2016). It is specific and relevant for people to determine and evaluate changes properly. With proper planning of man power and use of fabrics, it is easy to deal with threat which Bodas is facing.

There is change in demand of consumers, and current market trends in clothing sector, so in this case there is requirement of alteration in policies and it is specific for people to evaluate and determine changes properly. There is threat with weakness as well. As it is not easy for managers of Bodas to deal with weakness i.e. change in demand. This might arise as threat for the Bodas. This affects operations of organisation and it is easy to deal with it. With understanding and determining internal sources of the association, it will be easy for managers to determine and understand and evaluate changes properly. With change in business activities, managers have to determine and evaluate changes. This assist in making operations properly through which strength improves and weakness goes decline.

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Environmental analysis

There is requirement of external environmental analysis because there is change in business activities due to which individuals are not able to communicate about changes which are taking place in external market. There is use of PESTLE analysis through which market factors can be known. These factors are not in control of managers of Bodas, hence in this case managers of organisation have to change their working style as well. In case of political factor, UK have stable policies with there is minimal changes in working style of association. There is use of specific policies for clothing sector and they does not get changed properly. UK is the country which has one of the finest economy in the industry. Hence it is essential that they must determine and change policies properly (Tambunan, 2017). Inflation rate is fluctuating due to which individuals are not able to complete the task properly.

Social factor is also fluctuating in UK, managers of Bodas have to make flexible strategies with which managers can deal with it. When there is change in consumer demand, there is requirement of alteration in operations and provide product in specified manner. But this is costly and time consuming for Bodas. Technological sector is one of the fast growing sector and there is change in use of technology as well when association is working at UK. There is requirement of determination and complete information to consumers so they can implement it properly. There are some legal laws and regulations and they are changing with fast speed, so it is tough for managers to implement it, hence there is requirement of legal advisor for smooth running of operations. Last environmental changes are also affecting operations of Bodas, if they have to grow or expand in market because as per change in geographical region, there is change in operations as well. There are many changes taking place in environment such as pollution, climatic changes, etc. hence there is change in working style of Bodas as well, so managers have to determine it for smooth running of activities (Todeschini and et. al., 2017).

Analysis of opportunities

Organisation can grow and perform activities in the industry, when they have complete and relevant information about conducting activities. It is specific and appropriate for managers to determine and evaluate policies in effective manner. For determining opportunities porter's Five Force Model is used. In this model, there is discussion about scope of growth by determining role of substitute, consumer's bargaining power. Threats of new entrances, etc. it is essential for managers of Bodas to understand and evaluate all these factors properly, so they can understand and determine changes properly (Bocken and Short, 2016). There is high threat of new entrances because in clothing sector, it is easy for entry of new organisations. Bargaining power of suppliers is low because there are many other organisations which are dealing in similar sector and it is easy for managers of Bodas to evaluate ways to deal with it. There are more substitute for Bodas because there are many organisation dealing in this sector and providing proper services to them. So there will complete and specific information to managers about threats, so it will be easy or people to understand and determine changes properly. There are many organisations working in this sector, so high impact of rivalry arises. There is change in business activities as well, hence it is important for people to determine and make proper changes in effective manner.

It is clear that there are many issues which Bodas might have to face. It is important for managers to determine changes through which people can perform activities in appropriate manner. There are specific and relevant changes in business activities, so they can sustain in industry. If all the organisations are providing same products and services, then it is important and specific for completing the task properly (Boyd and et. al., 2017).

Strategic analysis

Strategic analysis is also important to determine because until there is no proper way to complete the task, then it will not be easy and specific for managers to determine and understand external market. There is requirement of change in business strategies as well through which operations can be performed properly. This assist in determining and understanding ways to communicate with external market. There is use of value chain analysis framework through which activities are organised and resources are planned properly. There are two types of resources in this i.e. primary and secondary resources (Chan, Ngai and Moon, 2017). In primary activities core resources are discussed through which operational activities can not be performed. This is the best and specific way to communicate and determine changes properly. While in secondary resources managers have to come with other resources as well as back up, hence if they can not perform task perform, then they can use it. But both the resources give outcome as profits which is most important for organisation. It is specific and relevant for managers of Bodas to understand and implement changes properly.

Primary resources are one of the most crucial and relevant sources which assist in determining changes properly. If managers of Bodas can not plan activities, then it is not specific that they can launch or improve their performance. In order to determine and maintain good changes in the association, there will positive change in performance. If there is requirement of complete and appropriate alteration in activities, then they have make proper arrangements of primary and secondary resources. If planning is not proper then quality of product goes down and cost goes higher (Chiu, 2018). Strategic analysis fit with research topic as it allows to effectively take advantage of effective strategic options in a well defined manner. In addition to this, with the help of strategic analysis conduction of research can be done in more effective manner with the help of different data and information’s. Further it has been identified that, it also allow company to plan their activities and business functions and further gain more competitive advancements and profitability.

RECOMMENDATION

From the above given information, it has been recommended to Bodas to first carry out analysis of environment as this help in identify and evaluate the factors that largely influence the success and operations of enterprise. Further, analysis of environment support in identify the opportunities exist in market that help company in formulate strategy accordingly and also help in attain its set goals and objectives. Different strategies are there that could be employ by enterprise to expand its business activities in other areas. It is essential for company to first study the advantages and disadvantages of every strategy that then choose the best and effective strategy. Further, analysis of both internal and externa, elements should be done by entity in order to be aware about the changes that take place in environment so that company can formulate better and effective policies to deal with those changes.

CONCLUSION

From the above discussion, it is clear that for small scale organisations, scope of growth and development is more. There is requirement of change in activities as well, so this provides assistance to excel in industry. With the help of TOWS analysis, it is clear that small scale organisation is not getting proper opportunities because there are some changes which has to be complete and performed to determine better options through which organisation can sustain in industry. There are some legal policies in UK through which operations are performed properly. There is change in business activities because of change in legal factors to reduce government and legal interference in society. With use of porter's five forces model, there is requirement of study of complete and specific information about consumers demand, because there are many other organisations working in this sector and consumers does not have much close related substitute. There is risk of changing pricing strategies, political parties, etc. which has to be considered in order to smooth running in industry. There is growth to small business with market led approach because in this approach, there will complete information about market and it will be easy for people to evaluate best strategies.

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  • Huq, M. S. and et. al ., 2016. The report of Task Group 100 of the AAPM: Application of risk analysis methods to radiation therapy quality management. Medical physics. 43(7). pp.4209-4262.
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  • Tschopp, D. and Huefner, R. J., 2015. Comparing the evolution of CSR reporting to that of financial reporting. Journal of Business Ethics. 127(3). pp.565-577.
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