Discussing (Tata Steel) and its current approach to managing Essay

Discussing (Tata Steel) and its current approach to managing environmental drivers in their market. You should identify and an - Essay Example In this context, the discussion of this report critically examines the major influencing factors along with the responses made by TATA Steel while performing its steel manufacturing processes in the global countries. Additionally, the discussion would also incorporate the major drivers within the present steel making industry, their potential impact on TATA Steel and provide relevant theoretical implications in order to effectively address the key driving factors in the respective business industry. Table of Contents Executive Summary 2 1. Introduction 4 2. Brief Description of the Company and its Exposure to Global Business 4 3. Introduction of the Chosen Framework and Evaluation of TATA’s Response 5 4. Analysing Major Influencing Drivers in the Steel Making Industry and TATA’s Response 6 4.1 Regulatory Process 6 4.2 Cost Reduction Strategy 8 4.3 Buyers’ Power 9 4.4 Suppliers’ Power 9 4.5 Competitive Rivalry 10 6. Conclusion and Recommendations 12 Referen ces 13 1. Appendix 18 1.1 PEST Analysis 18 1.1.1 Political Factor 18 3.1.2 Economic Factor 18 3.1.3 Social Factor 19 3.1.4 Technological Factor 19 1. Introduction The present business environment of global organisations is often identified to be influenced by various factors. In this regard, the influence of external environment is one of the major determinants for the modern business organisations, assisting them to successfully accomplish their desired business goals (Teodorescu & Costachie, 2011). Organisations are often recognised to highly comply with the influence of primary external environmental factors in performing various operational and corporate functions. In this regard, the political, economic, social along with environmental and legal aspects can be duly considered as the primary external influencing factors for any organisation, aiding it to build long-run sustainability in the competitive business market (Oxford University Press, n.d.). Keeping with the major influ ence of the external environmental factors in business, the primary objective of this report is to analyse the business operations of TATA Steel in the fiercely growing steel manufacturing and marketing business industry. In this regard, the report will identify the chief drivers of the steel industry and discuss how these drivers affect Tata Steel. Moreover, the report will also lay utmost focus upon evaluating Tata’s responses to the identified drivers along with providing appropriate actions to ensure sustainable success of the company. 2. Brief Description of the Company and its Exposure to Global Business Established during the mid of the year 1907, TATA Steel (TATA) is regarded as one of the leading steel manufacturing companies in the Indian and global business industry. It is one of the major subsidiaries of the TATA Group with a large number of market shares in producing and marketing of steel across overseas locations (Mahajan & Ives, 2003). The company attained gre ater success in the respective business industry due to its adoption along with execution of continuous diversification strategy in its various business fields. Currently, the organisation is involved in performing diverse operational functions that include motor vehicle manufacturing, steel production, chemical, financial service along with healthcare division and telecommunication