Describe about the Business Society and Planet for Business Enterprises Functions.
The objective of the assignment is to focus on the business operations of the two selected companies. The two selected enterprises in the assignment include Kmart from Australia and Wall Mart from India. The assignment is classified into six questions, which will focus on different kinds of business operations of the two selected organizations. The business operations of both the companies are different from each other. The difference is made due to the political difference of the country. The following part of the study will ensure in the process of developing a proper comparing analysis of the two selected retail organizations.
1. The answer to this particular question will describe the background of the two-selected organization in the study, Kmart from Australia and Walmart from India. Both of the organization operates its business in the same business platform, i.e. in the retail industry. The political condition of Australia is better as compared with the political conditions of India. The retail industry is one of the growing as well as one of the booming industry across the world. The retail market structure of Australia falls under the notion of the perfectly competitive market structure, similarly the retail market sector of India falls under the concept of the perfectly competitive market structure (Aaker, 2013). In this particular market structure, the purchasing options for the buyers are diversified, and all the buyers get the maximum option in the purchasing decision.
Kmart Australia Limited is an Australian chain of discounted departmental stores, which operates its business in different cities of both Australia and New Zealand. It operates 191 stores in Australia and 18 stores in New Zealand, along with its headquarters located in Mulgrave, Australia (kmart, 2016). On the other hand, Walmart is an American retail organization, which operates its business in the major cities of the world. However, the business operation of Walmart India is highlighted in the study. The total contribution of the world’s retail sector is about 27%, and the retail sector is organizing in a faster and a better manner.
Australia is a developed nation and India is a developing country (Armstrong & Kotler, 2013). The overall marketing strategies in a developed country will be different towards from the marketing strategy in a developing country (Coombs & Holladay, 2012). The concept of the departmental stores believes in two important factors, which includes all less than one roof and convenience for the customers. Walmart India owns and operates 21 best price modern wholesale markets, which offers cash and carry to its clients (“Walmart India”, 2016).
2. The answer to this particular question will cover about the social responsibility, which both of the organization follows in the overall business process. Marinating a proper corporate social responsibility is one of the major parts in the firm ethics, which majorities of the organizations irrespective of the nature of the company needs to follow in the overall business operations. With the application of a proper corporate social responsibility, will allow both the organization to be benefited in particular manners. The following part of the study will analyze what are the different kinds of contributions made by the organization in the process of developing a proper concept of corporate social responsibility.
As compared with Kmart Australia Limited, Walmart is one of the leading organization operates its business in the retail sector. It is quite similar that the social responsibilities of Walmart will be more as compared to the social responsibilities of Kmart Australia Limited. However, both the organizations operate its business in the same sector. Based on different kinds of reports it is concluded both the firms follows the different mode of the CSR models and practices in the business operations (Coombs & Holladay, 2012). The effort of corporate social responsibility of Walmart is very much remarkable in the overall business process. Based on the statistical information of the year 2005, the organization started actively addresses its global impact, which includes the operation of adopting a proper sustainability program (Grewal & Levy, 2013). Walmart towards organizing a proper business operation in India have contributed to the process of development of an appropriate CSR program, which includes a contribution process of a green environment.
3. The selected countries in the assignment are Australia and India. The economic conditions of both the countries differ from each other. Australia maintains a healthy Gross Domestic progression in the economy and on the other hand, the Gross Domestic Production of India is low as compared with the gross domestic production of Australia. The mode of business, which this particular organization operates, falls under the same category. However, both the organizations need to develop a proper plan of activities based on the requirements of the demographic conditions of the country.
The demographic state of Australia differs from the demographic conditions of India. The study of populations is known as the demographic situation of the country. The demands and wants of Australia will differ from the requirements of India. It is more important to conclude about the standard of living of both the countries. The standard of living is one of the most crucial factors towards deterring the economic activities of the country. Australia is an industrialized country, where the prospect towards organizing a business is sounder as compared with India.
Some of the key features of developed country include democratic government policies, free market economy, lack of corruption, most importantly more dependent on manufacturing as well as in industries rather than agriculture and maintains a good pace with the technological advancement (Hood, 2013). On the other hand, developing countries such as India are the third world country, which lacks in underdeveloped industries, lack of modern technology and low-level incomes. To some extent, one of the most common as well as one of the most important factor is the pricing factor, which is common for both the countries.
Pricing decision is one of the most crucial factors, which hampers the purchasing decisions of the customers. In the era of globalization, the purchasing options of the buyers are more diversified (Kamothi & Pithadia, 2012). Both of the retail organizations maintains as one of the most discounted pricing policies in the overall business process and operations. It is one of the most important factors, which reflects the purchasing decisions of the customers. Walmart India as well as Kmart from Australia develops the most discounted price in the retail sector organization.
4. This part of the study will highlight the application of the social accounting approaches, which this two-retail organization follows in the overall business proceedings. The application of the social accounting approach is the process towards communicating with the social as well as the environmental effects of the companies, which will conclude the economic actions to particular groups of people within the society (Werhane, 2012). Of the selected retail, organization Walmart and Kmart believes in the process of accountability and in the process of the management control, which will focus on the operational process of the managerial decisions. Based on different kinds of reports some of the key factors as well as well as the objectives of the social accounting are highlighted in the following part of the assignment. Effective utilization of resources, helping employees, helping society, helping customers and helping investors of the organizations are the common factors which both the organization believes in the process of developing a proper as well as a strong social accounting (Ortas, Gallegoâ€ÂAlvarez & Álvarez Etxeberria, 2015).
The overall concept concludes in the process of following three important steps, which includes planning accounting and reporting as well as auditing. Planning is the first steps, which is known as the identification process. The second step is the setting and developing an overall social accounting system. The final step is to collect information based on the requirements.
Both of the organizations follow different social accounting approaches. The reason behind is the economical conditions of both the operating counties differs from each other. Based on the requirements of the country the organization has decided to apply the notion of the social responsibility accounting (Edgley, Jones & Atkins, 2015). Kmart has decided to use the notion of the classical approach and on the other hand, Walmart has decided to use the notion of the descriptive approach. The applications of both the methods are different from each other’s. With the application of the classical approach, the organization will be able to focus in profit maximization within the constraints of the existing legal as well as ethical framework (Moatti et al., 2015). On the other hand, the application of the descriptive approach is the simplest as well as the traditional methods of reporting social information. With the use of this method, the social activities of the business organization are presented along with the financial statement in the narrative from (Kaur, 2015).
5. The answer to this particular question will conclude the stated value of the companies, which is reflected in the social reports. The report will conclude about the mission and visions of both the companies, business principles and about its business values. The idea of the stated value is assigned to a corporations stock in the overall accounting process. Stated value of any organization is not related to the market value (Shagal, Shagal, & Sharma, 2016).
The mission and vision as well as business value of the organization is to develop a proper business operation in a cash and carry wholesale format. Based on the latest reports the organization operates 21 best price modern wholesale stores, which offers nearly 5000 items (“Walmart India”, 2016). On the other hand, the mission and vision as well as the business principle of Kmart are to organize proper operational activities in the business process, which will provide the customers with the following benefits. One to three day metro delivery and free in store return service to all the customers are the two significant service with this particular Australian retain organization provides to their customers (kmart, 2016).
6. The answer to this particular question will summarize the findings of the two selected organizations. Both the organizations operate its business operations in the retail industries in different countries. All the important points, which will summarize the effectiveness of the retail sector organization, are highlighted in this particular assignment. The main difference, which is reflected in the study, is the economical background of the two-selected country. Australia falls under the categories of developed country and India falls under the category of developing countries. This particular question will reflect the analysis, which is done, based on the group discussions.
The group discussion will reflect about the social reports and its contributions made for the societies. In this particular group, discursion different members shared their personal opinion on the overall research process done on these two particular retail organizations about its respective countries. All the factors and elements such as backgrounds of the operating countries and about the operations of the business that includes the notion and practice of CSR, social accounting approaches, issues on the social reports and many more.
Conclusion
The assignment is classified into five questions, which will focus on the business operations of the two companies. The two-selected organization in the study operates its business proceedings in the retail sector of Australia and India. An research process is organized in a proper manner, which will identify and describe the background of the companies as well as backgrounds of the countries in the required manner.
However, the most significant impact, which is reflected in the study, is the description of the social report and the performance issue, which the organizations faced. All the questions are answered based on real facts and findings keeping in mind about the requirements of the organizations in the retail sector industry. Developing a proper business plan, meeting the customer demands, developing a proper pricing policies and techniques are some of the important factors which both the retail organization focus on.
Reference List
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Coombs, W. & Holladay, S. (2012). Managing corporate social responsibility. Malden, MA: Wiley-Blackwell.
Edgley, C., Jones, M. J., & Atkins, J. (2015). The adoption of the materiality concept in social and environmental reporting assurance: A field study approach. The British Accounting Review, 47(1), 1-18.
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Grewal, D. & Levy, M. (2013). Marketing. New York: McGraw Hill/Irwin.
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Ortas, E., Gallegoâ€ÂAlvarez, I., & Álvarez Etxeberria, I. (2015). Financial factors influencing the quality of corporate social responsibility and environmental management disclosure: A quantile regression approach.Corporate Social Responsibility and Environmental Management, 22(6), 362-380.
Shagal, S., Shagal, G., & Sharma, A. (2016). VISUAL MERCHANDISING: A KEY ELEMENT IN RETAIL INDUSTRY. Management, 2(2), 115-120.
Walmart India. (2016). Wal-martindia.in. Retrieved 4 September 2016, from https://www.wal-martindia.in/
Werhane, P. (2012). Globalization and Its Challenges for Business and Business Ethics in the Twenty-first Century. Business And Society Review, 117(3), 383-405. https://dx.doi.org/10.1111/j.1467-8594.2012.00410.x
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