Impact of Changes in Economic Environment on Business

Understand The Impact of Changes in Economic Environment on Business

The Effects, of Changes in the Economic Environment: Economic changes have a significant impact on business organizations. It is a process of creating wealth in the country and maintains them properly without any damage or wastage. Economic environment analysis is very important for the organization to ensure its future prosperity, growth, and sustainability (Anon, 2017). The factors of the economic environment can influence business in global and national sectors which will describe more descriptively for the selected organization.

McDonald’s UK has faced various changes for economic environment change and struggles a lot to ensure its business sustainability and profitability. Those changes and effects are described below:

Inflation

Inflation is known …

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Understanding the Mechanism of Cessation of Employment

Mechanism of Cessation of Employment

Cessation of employment means stopping someone from doing their regular work because of some specific reasons. The cessation of employment can take place for various reasons. The reasons for Understanding the Mechanism of Cessation of Employment in Harrods are given below:

 

Identify the Reasons for Cessation of Employment

  • Resignation: An employee can resign anytime from an organization for various reasons. He just has to clarify his valid reason in an exit interview and submit a written resignation letter with proper documentation.
  • Layoff: Unlike any company, Harrods can lay-off employees as per company rules and regulations or if the company faces any financial difficulty. They can also lay-off an employee when a certain position is

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Diverse Activities of Marketing Department

Diverse Activities Carried Out in the Marketing Departments of Business

Proper understanding of diverse activities of marketing departments of business needs to know to ensure better management of marketing activities. The marketing concept is the philosophy of dealing with customers’ needs and makes the decision of choosing the best way to satisfy them with produced goods and services and taking care of the delivery system. It is a method by which a firm or company can identify the customer’s need for interchanging and creating value for both of the parties. Marketing is the process of creating and offering value to customers for achieving organizational goals. It is a combination of different kinds of activities to create value for ensuring customer

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Understanding Personnel Management

Understanding Personnel and Human Resource Management

Human resource management or HRM is the most important area of management. It is the core department of an organization was recruiting, selecting, evaluating and monitoring the human power of the organization take place. The HR department is needed to choose the best-suited employees for an organization. All the hire, fire and retain process of employees is done by the HR department. Human resource management not only selects or recruit employees but also train them for their development of skills and expertise and take care of all the necessary advantages given to them to get the best outcome for the organization (Bonias, 2009). Here the research focus on the company Harrods, which is the …

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