MGT501 Business Environment

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MGT501 Business Environment

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MGT501 Business Environment

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Course Code: MGT501
University: Laureate International Universities is not sponsored or endorsed by this college or university

Country: United States

This assessment addresses the following subject learning outcomes:a) critically evaluate the effect of the external environment on firmsb) select and apply appropriate frameworks to resolve the challenges faced by firmsc) analyse and synthesise industry specific factors in the context of firm decision-making processes
Part B of the environmental scan is aimed at proposing solutions to the environmental challenges faced by firms. Using the tools and frameworks provided in the content of the subject, you must:• Discuss general and historically relevant responses to the four types of factors which can influence the environments in which businesses operate• Categorically and comprehensively respond with a solution to all of the environmental risks and challenges laid out in Part A

The report helps in the analysis of the factors which can create a huge influence on the environment in which the business operates. The company that has been taken in this respective report is National Storage and the main aim of the report is to provide solutions to the different kinds of environmental challenges faced by the different firms in the entire market.
Furthermore, in the previous section, this has been noticed that there are different environmental risks which is required to be solved by implementing different solutions in an effective manner. National Storage is considered to be one of the largest self-storage based provides which are able to tailor the self-storage solutions to more than 35,000 commercial customers and residential customers as well (National Storage Australia. 2018).
The number of storage centres that are present in the country are 100 in New Zealand and Australia. The offerings that are made by National storage to the customers include, business storage, self-storage, management of records, wine-storage options that are climate controlled in nature and packaging. The storage centres of the company are mainly able to reflect the commitment that they have towards the convenience, service and quality. The major expectations that the customers have from National Storage are mainly based on the clean, modern and secure premises that are provided to them by the company (National Storage Australia. 2018).
The report will be mainly based on the solutions that can be provided to the challenges that are faced by the organization in the industry in various departments and operations. The four major factors that have been considered for the environmental scan of National Storage are, the government regulations, behaviour of the customers, economic policies, strategy of the competitors. The issues that are faced by the company with respect to these factors will be a major part of the analysis in the report.
Analysis of different factors that affect the organizational operations
Solutions to the issues faced due to Government regulations
The heavy demands related to the accommodation have further increases construction activities in the suburbs of various cities. This has also reduced the opportunities for National Storage to purchase the storage for its customers. The government has started taking steps towards resolution of the issues that are being faced with respect to the space that is available close to the universities. This has however has not been of any use for the profitability and revenues that are gained by National Storage in these areas. The company has started losing customers as it is not being able to provide enough amounts of space to them (Bryce 2017).
The regulations that have been made by the government have also stated that the commercial storage spaces cannot be located in the suburb based areas of the country. The company thereby needs to take steps so that it is able to provide enough amounts of space according to the requirements of the customers. The business also needs to search for spaces that can be appropriate with respect to the demands of the customers which can further be helpful for gaining a position in the market. The regulations that have been implemented by the government cannot be violated by the organization, however, National Storage needs to find out ways which can be help in increasing the revenues and complying with the rules (Camillus, Bidanda and Mohan 2017).
I would further like to recommend the company to acquire appropriate license for the purpose of operating in a profitable manner in the market. The storage of goods according to me is an important factor which is based on the licenses that are issued by the government. The company thereby needs to form a team which can work on the ways by which licenses can be obtained for conducting business operations.
Solutions based on the issues faced due to Customer behaviour
The continuous growth of online sales has increased the need for new technologies that require skilled workforce. The skills that are required by the workforce is also quite advanced in nature. This also requires advanced skills so that more accurate and efficient management can be implemented for the storage based facilities. I would like to recommend the company to attract the customers towards their services with the help of innovative ideas.
The customers in the modern era are more attracted towards the feasibility that is provided to them by the companies while renting or purchasing the storage spaces. The user friendliness that is provided to the customers is an important way by which the companies are able to create a loyal customer base (Cosenz and Noto 2016).
The ability that is granted to the customers to provide their feedback based on different issues that are faced by them is an important part of the successful implementation of technologies. The implementation of modern technologies however requires high levels of digital skills so that the employees are able to create a good experience for the customers. According to me, National Storage thereby needs to provide appropriate training to the employees so that they are provided with optimum information related to various technologies. The advances that have occurred in the technological environment needs to be communicated to the employees so that they are able to provide the optimum levels of service to customers (Daspit et al. 2017).
The sales of the company can also increase in the future due to the technological advancements that are implemented by the management. The behaviour of the consumers towards the services provided by the organization are thereby based on two different applications which are, marketing strategy and the studying the consumer behaviour. The marketing and promotions of the services and products offered by the organization are an important part of the consumer behaviour based activities of the company. I can recommend National Storage to select the right group of people for the purpose of promoting the products and services that are offered to them. The ways by which consumers of the organization perceive the products are also important for National Storage (Durand, Grant and Madsen 2017).
According to me, the organization thereby needs to choose the areas with respect to the desires and needs of the consumers. The company can thereby formulate appropriate strategies that can help in the proper promotion of services that are provided to customers. The plans that will be made by the company will be based on the costs that are related to the ways by which it can operate in the particular areas. The recession based issues that can occur in the economy of the country can affect the ways by which the consumers behave towards a particular product. National Storage thereby needs to implement effective strategies that can help in the attracting more customers.
Solutions to the issues faced due to Economic policies
The economic policies of the country are mainly based on the intervention of the government authorities. The different systems that are related to the economic policies of a country are formed by the government. The factors of the economic policies are thereby based on the two major sub factors which include, fiscal policies based on the government actions and the monetary and spending based policies that involve the central bank actions with respect to money supply. The size of the business and company as a whole does not affect the individuals, the entities and the businesses (Dyer et al. 2015).
 The economic policies thereby affect the environmental scan based activities. The fiscal policy of the government is mainly related to the sales tax rates on the purchase of property. According to me, National Storage can therefore lose a huge number of customers as they are required to pay sales tax. The organization needs to plan the increase that can take place in the tax rates and the cost that is related to the products. The increase in property tax also acts as an important factor which can be mitigated by National Storage with the help of proper planning based on the various activities that are undertaken by the management. The company thereby needs to raise more capital so that they are able to maintain the increase and changes in taxes that have taken place (Ethiraj, Gambardella and Helfat 2018).
The monetary policies are also able to affect the increase that has taken place in the costs based on the purchase of the storage spaces and the mortgage. The other minor government policies are also capable of affecting the ways by which an organization operates in the environment. I think, National Storage needs to take appropriate steps which can help in mitigating the risks that are faced by the company in the industry. The economic risks can be maintained by the company with the proper maintenance of surplus resources. The availability of the resources will further be helpful in reducing the risks that are created due to the changes that take place in the taxes and other factors.  
Solutions to the issues faced due to Competitor strategy
The environmental scan of an organization is also considered to be an important part of entire marketing plan that is created by the business. The analysis of the competitors can also establish the products and the services that are offered to the customers. The detailed analysis of the competitors in the market can be helpful for the company to create unique products. The competitor evaluation is important for placing the customers in strategic groups so that the company is able to gain a share in the market. The business organizations need to list the products and the services that are provided to the customers.
The levels of profitability of the organization, the strategies, the cost structures, weaknesses and strengths and the sales of an organization are important factors that affect the competitor analysis. The different competitors of National Storage in the market are mainly, Ultimo Document Storage and Frys Storage (Foss and Hallberg 2014). The competitors in this case have a greater share in the market as compared to National Storage.
According to me, the main strategy that can be implemented by National Storage in the market is based on the ways by which it can compete with the other organizations are related to effective marketing and advertising. The marketing and the advertising strategies that are used by the other organizations in the market need to be adopted by National Storage. The implementation of the strategies that are used by competitors can further be helpful for the company to enhance its position (Frynas and Mellahi 2015).
The rent based costs that are applicable in entire nation can be different for the different regions. However, I think the company needs to analyse the steps that are being taken by its competitors in different regions. This will help National Storage to formulate effective strategies to compete successfully with the other organizations. The prices that are offered by the other organizations can then be matched by National Storage to establish its operations in the market. The company can also aim at offering prices that are lower than that offered by the other organizations.
National Storage will be able to gain a huge share in the market with the help of effective promotions and marketing of the products that they offer to the customers. The lower prices of service can also act as an effective step for the company to offer products to the customers.
The report can be concluded by stating that National Storage can act upon the strategies that need to be formed so that it is able to attract the customers from different areas. The company needs to formulate the strategies in such a manner which will help in improving its position in the market. The regulations that have been implemented by the government have led to the reduction of profits of the organization. On the other hand, the market share of the competitors of National Storage are much higher as compared to the others.
This has led to the lack of profits for the company. The company can thereby take the appropriate steps which can help in creating a profitable position in the market. The company always needs to take care analyse the strategies that are being implemented by the competitors in the market. This is essential for National Storage to formulate effective strategies to operate in the country.
Bryce, H.J., 2017. Financial and strategic management for nonprofit organizations. Walter de Gruyter GmbH & Co KG.
Camillus, J., Bidanda, B. and Mohan, N.C., 2017. The Business of Humanity: Strategic Management in the Era of Globalization, Innovation, and Shared Value. Productivity Press.
Cosenz, F. and Noto, G., 2016. Applying system dynamics modelling to strategic management: a literature review. Systems Research and Behavioral Science, 33(6), pp.703-741.
Daspit, J.J., Chrisman, J.J., Sharma, P., Pearson, A.W. and Long, R.G., 2017. A Strategic Management Perspective of the Family Firm: Past Trends, New Insights, and Future Directions. Journal of Managerial Issues, 29(1).
Durand, R., Grant, R.M. and Madsen, T.L., 2017. The expanding domain of strategic management research and the quest for integration. Strategic Management Journal, 38(1), pp.4-16.
Dyer, J.H., Godfrey, P., Jensen, R. and Bryce, D., 2015. Strategic management: Concepts and cases. Wiley Textbooks.
Ethiraj, S.K., Gambardella, A. and Helfat, C.E., 2018. Theory in strategic management. Strategic Management Journal, 39(6), pp.1529-1529.
Foss, N.J. and Hallberg, N.L., 2014. How symmetrical assumptions advance strategic management research. Strategic Management Journal, 35(6), pp.903-913.
Frynas, J.G. and Mellahi, K., 2015. Global strategic management. Oxford University Press, USA.
National Storage Australia. (2018). About Our Company – National Storage Australia.

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