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Requirement
ENVIRONMENTAL FACTORS IN BUSINESS
A New Business for a New Environment
Solution
Introduction
The environmental factors that created an opportunity for the company are closely interrelated. The business organization is growing because of the investment resources along with environmental factors and closes all the gaps by meeting all the needs and demands of the customers are termed as companies. The growth and development of companies and organizations are influenced by the environmental factors which help in providing opportunities helping them attain competitive advantage. (Voiculet, Belu, Parpandel, & Rizea, October 2010). Additionally, the internal factors also contribute to the success of the organization.
Equity Bank Limited is an infamous organization operating the banking industry and helps in providing their customers and corporate social activities with banking transactions. The company has contributed to various environmental factors helping the founders to put the steps forward in order to start the bank. Various environmental factors have been seen to attribute to the success of the company along with various internal factors. For instance, the organization was initiated for providing solutions towards the–then regulations of the bank by the-then banks. The customers did not want to open their account and had no interest in transacting because of the regulations and the extra expense.
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The purchasing pattern of the company due to the technological advancements, the bank has evolved. For instance, with the internet banking the customers can transact online without going to the bank and can even access their account using their smart phones. These changes resulted in high customers and the purchasing pattern of the customers was seen to change. (Holsapplea & Joshi, 2000). All these changes and improvements are only because of the ever-changing technology.
The environmental scan of the company shows various trends. The Social, economic, technological, competitive and regulatory trends are always seen to take place owing to the competitive environment and its nature. The changes in people and their relationships related to the company are seen to concerns under the social trends. With the easily accessible accounts the company has been among the population’s favourite leading to transformation in the social life of the clients. Economically, the customers can withdraw their accounts to zero which is highly affordable for all the classes of clients. With low interest rates, it is easier of the clients to take loans. In terms of technology, the customers can make transactions in seconds using internet banking in a reliable manner. The company requires constant innovation so as to gain competitive advantage (Fairfield, Harmon, & Behson, 2011). In the end, the regulations are associated by the law and company needs to adheres to these rules and regulations for their flexible operations. Therefore the organization has been operating within its boundaries and is growing, developing and even rising.
Differentiation strategy of the company has helped it focus on the right set of customers. The major competition tricks that are being used by the current organizations are usually termed as differentiation strategies. All the organizations have been seen to adopt to their particular differentiation strategies so as to gain competitive advantage and have high profitability and smooth operations. (Bajwa & Ross, 2002).
In the recent years, the Equity Bank Limited will be introducing unique transaction method using their sim card which will enable all the customers to make transactions easily. The strategy is innovative and has never been seen to be implemented by other companies and therefore will prove out to be beneficial for the company in terms of revenue generations. (DeTienne & Koberg, November 2002).
The lessons learned from the case study can be applied in future decision making areas. With the help of the Geek Squad case study, it can be seen that with the change in the environmental factors the companies are bound to change their own dynamics. A turning point was seen when a leading consumer electronics retailer named Best Buy purchased Geek Squad for a whopping price of $3 million. A high return rate was observed by Best Buy for all the complicated products. The new products were bought enthusiastically by the shoppers, who would get frustrated while making these products work and used to come back to store wanting their money back. Therefore, it can be said that the services were seen as an integral part of the purchase by the consumers. The Best Buy consumers, after the acquisition of Geek Squad were seen to welcome the change. Therefore the changes are not hazardous for the business and might be highly advantageous.
For suggestions, Geek Squad ought to expand its stores and services in various nations and extend its administrations to incorporate, for instance, consultancy services and other related services which are highly required by the customers, resulting in company’s expansion and therefore the economies of scale.
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1. Bajwa, D. S., & Ross, S. C. (2002). Factors influencing the Adoption and Implementation of Organizational Intranets. Journal of Management and Social sciences, 7.
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2. Fairfield, K., Harmon, J., & Behson, S. (2011). Influences on the Organizational Implementation of Sustainability: An Integrative Model. Organization Management Journal, 43.
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3. Holsapplea, C., & Joshi, K. (2000). An investigation of factors that influence the management of knowledge in organizations. Journal of Strategic Information Systems, 27.
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4. Voiculet, A., Belu, N., Parpandel, D. E., & Rizea, I. C. (October 2010). The impact of external environment on organizational development strategy. Journal of Business Management , 5.
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5. DeTienne, D. R., & Koberg, C. S. (November 2002). The Impact of Environmental and Organizational Factors on Discontinuous Innovation Within High-Technology Industries. IEEE Transactions on Engineering Management Journal, 13.
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