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Business Principles

Executive summary

The concerned study is focused on identifying the implication to evaluate business principles of Naked Wines PLC from the UK. The overall discussion has explored different business dimensions of the mentioned company. It would help to understand the ways to operate business domestically as well as internationally. In this context the analysis regarding operational planning has been aligned with the external environment of Naked Wines PLC. In addition, the influential factors associated with the retail industries have been explored through this study.

Introduction

The aim of this study is to identify the legal structure of the organization and the comparison has explored the implication of business initiatives taken by Naked Wines PLC. Furthermore, the operational plan, activities and managing international trade have been explored through the profound discussion. 

Investigation about Naked Wines PLC and its legal structure

a. Organizational Findings along with benefits and limitations of the legal structure on business performance

The case organization, Naked Wines PLC was formed by 12 friends in the year 2008 to change the wine industry in a better way. The wine retailer is being helped by over 100 of winemakers from 65 different places worldwide. 207 employees are operating this business and it has ranked 30th in the list of top 100 companies to work for in the UK in the year 2021 (b.co.uk, 2021).

Naked Wines PLCis able to achieve a highly reputed business profile by being a public limited business company. The major advantage of this business type is it helps the management team to access the suppliers. Moreover, it would help the governing authorities to find business opportunities from the contemporary business market. In addition, the concerned company gets benefited by liquidity such that the shareholders can sell their shares(Berdiev, 2021).

Naked Wines PLC’s business performance is facing disadvantages regarding public limited business type. The major concern may be arising due to privacy concerns regarding financial management and strategic business initiatives. Furthermore, a company’s values would be determined by the norm of the trade which is determined by the contemporary financial market (Osinubiet al. 2019).

b. Contrasting the purposes of the different organisational forms

Partnership and the private limited company are the different organisational forms.  The comparison of the organizational forms are as follows

LLP Private Limited Company
It has no separate identity It has separate existence
The agents are the partners in the concerned business form. The concerned types of organisations through associations of the business persons.
It is not possible to transfer the shares without the permission of the partners. It is rules by its representatives

Table 1: Comparison between two organisational forms

(Source: Influenced by Hooghe, 2019)

Naked Wines PLC is intended to perform CSR activities and in this context, it has many partnerships regarding charity.  The partners share companies’ ambitions from the rest of the world. It would help this organization to achieve competitive advantages(nakedwinesplc.co.uk, 2021).

c. Two contrasting legal structure of Naked Wines PLC’s business

Hierarchical structure within organization

The concerned company is focused on the hierarchical structure. In this context, determination of obligations and positions are required to be under concern.

Advantages

  • It would help the organization lead the organizations strategically.
  • It can increase degrees of competitiveness in the business marketing field.

Disadvantages

  • It can cause lack of collaboration in the workplace environment
  • It may create changes regarding communication in the workplaces

Simplified Operational structure

The concerned company is intended to simplify isoperational structure to improve business efficiencies.

Advantages

  • It can remove complexity and it makes the organizational process simpler.
  • The business would be able to achieve competitive advantages.

Disadvantages

  • The workload is increased fort the owner of the organization.
  • The decisions will not effective for few specific business purposes.

Relevant tools and models to assess the organization

a. Tool for external environment analysis: PESTLE

Political

According to the business norms of the mentioned company it has been noticed that tax rates are manipulated by political influence. Moreover, instability regarding the governing political parties sometimes creates obligations in respect of Naked Wines PLC’s business performance. Changing features of Government taxes create difficulties for this company to achieve business profits.

Data Analysis and Findings

Economic

The management team of the mentioned organisation is focused on understanding requirements of the potential consumers. Moreover, the executive authority of Naked Wines PLC is intended to reduce the cost of the product. It has been observed that cost efficiency helps the business organizations to achieve competitive advantages against rivals.

Social

Customer centric business norms have been unnoticed in the concerned organizations. Naked Wines PLC is trying to accommodate the requirements in terms of the organic products. Furthermore, the concerned company is performing corporate social responsibility (nakedwinesplc.co.uk, 2021). It would help the organization to make brand reputation in front of the customers. The company has taken initiatives to provide ways for healthy living. Furthermore, the mentioned company is taking initiatives regarding educational opportunities. Rights of human beings in the supply chain have been maintained by the concerned company.

Technological

The use of advanced technology has been radically changing over the past decades. In this context Naked Wines PLC is intended to implement advanced technological applications regarding commercial purpose. The company is providing facilities in respect of online shopping as per convenience of the potential consumers. Moreover, this company is providing self-service checkout points to provide convenience for the consumers. It has been noticed that the use of advanced technology helps the organization to reduce costs which are determined for the labourers (nakedwinesplc.co.uk, 2021).

Environmental

The management team of the mentioned company is intended to make the consumer aware about environmental sustainability. Naked Wines PLC is trying to minimize the waste products to protect the environment through its business operations (nakedwinesplc.co.uk, 2021).

Legal

It has been noticed that Government rules regulations and legislative structures may create implications regarding organisational performance of Naked Wines PLC. Instability in political systems may create obligations regarding formation of tax rate. Changing features of tax create difficulties for the companies to achieve considerable profits.

b.Naked Wines PLC’s operations planning

The sales and marketing team of the mentioned company is intended to focus on brand advertisement regarding business reputation in the competitive world (Son et al. 2018).  Company’s vision is focused on serving the consumers as per their requirements. The company has promoted digital marketing regarding operating business to cope up in the contemporary business marketing field. The concerned company is such types of organization which is service oriented(Nozariet al. 2021). The concerned company is maintaining working hours regarding day to day operations. The value of the concerned company has been assessed by managing financial aspects. The operational planning of the mentioned company is focused on the operational strategies for UK and international operations. As per the concern of UK business market operations various types of store formats have been operated by the size and size of the different products which are sold. Moreover, according to the business scenario of the mentioned company 1800 stores have existed internationally.

According to the external environment analysis of the mentioned company, updated technological infrastructure accelerated convenience for online shopping. It is required specifically in terms of international business operations (Vadanaet al. 2019). Business operational planning of the concerned company is focused on different areas. All these areas are as follows inventory management opening in accordance with capacity designing and managing supply chain (Jones and Comfort, 2020). Moreover, quality management and performance evaluation are the major factors regarding the operational initiatives of the mentioned company.  In this context it can be said that it is important to follow the trade restrictions for the different countries to operate in the business marketing field. As per the external environmental analysis of the mentioned company, changing features of tax rate may create obstacles regarding business (Lim and Winkenbach, 2019). Naked Wines PLC should follow Government regulations of the international countries in respect to operating business. It has been noticed that corporate social responsibility of this organisation helps to achieve competitive advantage against rivals. Furthermore, brand advertising would help the organization to sustain brand business reputation.

c. Effect of the two factors for retail industry

Impact of advertising

Advertising has proved to be beneficial for the retail industries to draw the attention of the potential consumers. In this context it can be said that advertising helps the organisation to eliminate negative impact over business. The business scenario would be more familiar to the customer through brand advertising (Awadari and Kanwal, 2019). The companies belonging from the retail sectors would be able to expand their business marketing field through brand advertising (Colicev,Malshe and Pauwels, 2018)

Purchasing habits of the customers

According to the business norms of the concerned industry it is consumer centric. The business initiatives should be in accordance with the purchasing decisions of the consumers. In this context it is pivotal to observe age and trend wise preferences of the consumers to retain them for long term. Preferences of the consumers have been dynamically changed in the comparison with the past decades. Consumer’s buying behaviour impacts a lot in terms of the world economy (Husnainet al. 2019). The overall business scenario of the retail sectors has been evolved by evaluating the changing norms and consumer preferences. Disappointment of the consumer can cause business disruption for the concerned industry.

Discussion about two main drivers of international trade

a. Two drivers of international trade

Restrictions in terms of import

The series in respect of tariffs and non-tariffs challenges may create difficulties regarding control of the volume of the products. It has been noticed that tariffs increase prices and it is the vital cause to reduce the quantity of the products. Moreover, tariffs have a negative impact regarding the employment, GDP rate of the organisation and wages.

Implication of Government policies

The business organisations would be able to operate business out of domestic countries as per Government international trade policies. It is important to overcome legal obligations by following government rules and regulations regarding international exports and imports. It can drive considerable financial growth in respect of the business organizations. Moreover, movement of the product and services to the business market required adequate rules and regulations. Governments of the different countries are focused on to accelerate advanced technological application and innovations in terms to control international business operations.

b.Impact of Naked Wines PLC’s business regarding international trade

Naked Wines PLC is a renowned retail company in the UK. It has been noticed that, the management team of the concerned company was intended to expand their business marketing field for long term purpose. Moreover, the commercial application of the advanced technology has been radically changed regarding international business operations. Subsequently Naked Wines PLCcan achieve a more influential customer base by operating in the international business marketing field. It would help the organization to gain considerable profits. The concerned company has promoted click and collect online service to cope up with the changes existing in the contemporary business marketing field. As an example, the impact of the World Trade Organization OverNaked Wines PLC has been discussed. World trade organization (WTO) free trade which helps Naked Wines PLC to reduce cost of living (Wto, 2020).It would help the organization to increase disposable income. WTO helps this organization to achieve a high consumer base in respect of international business operations.

c.Implication of globalization regarding for retail industry

It has been observed that the retailers are intended to increase business opportunity in respect of web presence and capital stores.  It would help the mentioned industry to establish new business in the different countries. Retailers are focused on to draw the attention of the existing and the new consumers by improving its in store experience. Moreover, the major implication of globalization with regards to the retail sector is it helps to increase intensity of research and development. The marketers of the concerned industries should be involved in the extensive investigation to identify potential trends of the latest business market. It would help the retailers to identify the areas of risks which should be mitigated to status in the international business market.

Two operational activities of Naked Wines PLC

a. Two Operational activity of Naked Wines PLC

The two major operational activities of Naked Wines PLCare as follows, Human resource management and technical development

b.Operational plan

The business objectives which are determined by Naked Wines PLC are as follows

  • To understand the preferences of the consumers
  • To improve shopping experience through online
  • To attract the potential consumers
  • To serve the communities and customers

Operational plan regarding human resource management and technological development

Operational activities January to June (2022)
Tasks January February March April May June
                    Human resource management Planning for the practices regarding HR management            
Evaluation of organizational plans            
Set up new action plan            
Balancing regarding to handling the projects            
    Technological development Demonstration regarding technological applications            
Identification of market requirements            
Addressing the issues and generate possible solution            
Budget determination            
Controlling Time management            
Reviewing            
Monitoring            
Evaluating            
  Execution            

Table 3: Operational planning

Interpretations

Human resource management plays significant roles regarding selecting and retaining the employees. It has been observed that human resources are considered as the greatest sources regarding the overall welfare of the organizations. The aim of the concerned company is to serve the consumers and the communities as per their preferences. Moreover, the management team is intended to draw the attention of the potential consumers. For this purpose, it is important to make the employee efficient. HRM performs the responsibility to develop skills and competencies of the workers. Improvement regarding technological infrastructure helps the organization to improve the services and facilities as per the preferences of the customers. Use of advanced technology helps to reduce operating and labour cost. It can increase business efficiency to a great extent.

c.Managing operational plans

Three considerations regarding to manage operational plans

Several key considerations have been noticed regarding control operational planning and among them three key considerations are as follows cost quality and time. Determination of budget is the key considerations in respect to the operational planning. Moreover, it is important to create a schedule in terms of completing the tasks. Furthermore, it is important to maintain quality of the operational planning initiatives to avoid any kind of further difficulties.

Two techniques to evaluate operational plans

Realistic approach

The management team of the business organizations should be aware while creating operational planning for business. It must be realistic in respect to the contemporary business marketing field or the company would not be able to meet the required business destination. In this context it can be said that the company should compare recent business performance with the past. The stated operational areas are the major part regarding Naked Wines PLC’s business to achieve sustain its reputation in front of the world.

Strategic alignments of the operational initiatives regarding company’s objectives 

The operational initiatives must be aligned with the business objectives which are determined by Naked Wines PLC. It would help the organization to get over the difficulties. The executive authorities of the mentioned organization should be considered regarding the investment for business operations and overall profit. HR practices initiatives and technological innovation would help this company to achieve business objectives.

Conclusion

After analysing all the facts, it can be concluded that, the globalisation of the retail sector hasbeen evolved by analysing the changing preferences of the consumers. In this context different business planning regarding Naked Wines PLC in respect of international trade has been explored in this study. The operational activities are evaluated by its realistic approach as well as relevance with the business purpose.

Reference list

b.co.uk, 2021. Naked Wines: We are a UK online wine retailer investing in independent winemakers, in return for delicious wines. Available at: https://www.b.co.uk/companies/naked-wines [Accessed on: 4/01/2022]

Berdiev, T.B., 2021. THE STATE OF CORPORATE GOVERNANCE IN BANKS BASED ON THE ANGLO-AMERICAN MODEL (based on the example of HSBC Holdings Public Limited Company). Экономика: анализы и прогнозы, (1), pp.37-42.

Christodoulou, A. and Cullinane, K., 2019. Identifying the main opportunities and challenges from the implementation of a port energy management system: A SWOT/PESTLE analysis. Sustainability, 11(21), p.6046.

Colicev, A., Malshe, A. and Pauwels, K., 2018. Social media and customer-based brand equity: an empirical investigation in retail industry. Administrative Sciences, 8(3), p.55.

Grogan, M., 2019. Structured for security. Property Journal, 12(7), pp.52-53.

Hooghe, L., Lenz, T. and Marks, G., 2019. A theory of international organization. Oxford University Press.

Husnain, M., Rehman, B., Syed, F. and Akhtar, M.W., 2019. Personal and in-store factors influencing impulse buying behavior among generation Y consumers of small cities. Business Perspectives and Research, 7(1), pp.92-107.

Jones, P. and Comfort, D., 2020. A commentary on the United Kingdom’s leading food retailers’ resilience plans in the face of climate change. Journal of Public Affairs, 20(2), p.e2047.

Lim, S.F.W. and Winkenbach, M., 2019. Configuring the last-mile in business-to-consumer e-retailing. California Management Review, 61(2), pp.132-154.

nakedwinesplc.co.uk, 2021. The Wine Industry Needs Naked. Available at: https://www.nakedwinesplc.co.uk/about-us/business-model/default.aspx [Accessed on: 4/01/2022]

Nozari, H., Szmelter-Jarosz, A. and Ghahremani-Nahr, J., 2021. The Ideas of Sustainable and Green Marketing Based on the Internet of Everything—The Case of the Dairy Industry. Future Internet, 13(10), p.266.

Osinubi, T.S., Amaghionyeodiwe, L. and Okoye, C.C., 2019. Assessing the optimal capital structure: a case study of Afren Public Limited company–a small exploration and production oil and gas company. Journal of Management Economics and Industrial Organization3(1), pp.25-50.

Son, J., Baek, J., Park, H. and Kim, C., 2018. The localized merchandising for international retailers: A study of Tesco’s failure in Japan. Ritsumeikan Business Review, 56(5), pp.1-20.

Vadana, I.I., Torkkeli, L., Kuivalainen, O. and Saarenketo, S., 2019. Digitalization of companies in international entrepreneurship and marketing. International Marketing Review.

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