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By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. To browse Academia. Journal of Business and Technology, Special Issue , Welcome to the Special Issue of Journal of Business and Technology JBT in a post-pandemic era of rapid technological advancement and evolving business situations. In this special issue, the contributors delved into the dynamics of these issues exploring how businesses can adapt and thrive. From innovative advertising to strategic practices, the articles presented in this issue have a comprehensive view of current trends and future directions of the business. In this issue, Gazi Abdulla-Hel Baqui, in his study on good governance, explained how the cultivation of human values, compliance of ethical principles, and obedience to laws, pave the way for nurturing good governance of the organization. Hemanth Kumar examined talent retention strategies in IT sector of India and found, most of the employees consider organizational culture and job satisfaction as the key factors to stay in the organization. Fatema Akter and her associates identified growing gap between actual compensation and marginal output and found exploitation in RMG sector of Bangladesh. Nazrul Islam and his associates recommended the small fast-food entrepreneurs to focus on nearness, cost, food quality, service quality, and the reputations to attract young customers. AYM Abdullah identified the need for developing industry-academia collaborations, access to knowledge, and innovations to face the present challenges of businesses. Bharati, in her paper, emphasized the need for advertisement by which consumers become better able to evaluate competing brands of identical products. Shejuti Haque and her associates found the need for training for the rural borrowers of Bangladesh for pursuing their agricultural activities better. In this regard, Azadul Bari and his associates identified an overwhelming proportion of the dairy farmers who expressed their satisfactions toward uplifting their living-standards. Maran and his associate found a dramatic increase in start-up numbers in the North Zone of India despite a temporary decline in due to reduced foreign investment confidence. In past few years, policymakers have underscored the importance of resilience in business. The insights gained from the articles published in this issue are invaluable for businesses aiming to build robust strategies that withstand shocks of the external environments. This issue showcases contributions from scholars and practitioners across diverse disciplines of this region. The articles published in this issue will serve as a testament to the relentless pursuit of knowledge and the unwavering commitment to excellence. Improved accountability: The role of perpetrator intervention systems, Introduction to my book Disputing the Deluge, ed. Hugh C. Log in with Facebook Log in with Google. Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. Need an account? Click here to sign up. Lloyd Tiu. AU Class , , Page 32, No. Management Dr. Supaprawat Siripipatthanakul. Nazrul Islam. Ayeet Daniel. Mahadi Hasan Abu Salah Md. We would like to recall with gratitude, the tremendous support and encouragement, which we received from you. WE have tried our best to implement the knowledge in this assignment that we have learned. As an Instructor and Advisor, you provided valuable insights and academic training to improve the quality of our work. We are grateful for your stimulating guidance and encouragement during the period of preparation this assignment paper. Without your guidance, this would simply not have been possible. There may have many omissions and errors on our assignment but we have tried our level best to prepare this paper the required standard. We are looking forward for your kind appraisal on this assignment. From which we have earned a wonderful experience and have learned many things. As a part of our studying Business Administration, our course instructor of Business Environment had assigned us to prepare an assignment paper external and internal factors of Ecstasy Bangladesh. To do that it requires a great deal of help from others, which we got from our classmates and friends. We are grateful to all of them who helped us. Ecstasy lifestyle store offers quality, exclusive and trendy merchandise to their customers. There are 23 outlets of Ecstasy are there in Bangladesh. Only Dhaka city has 17 outlets. Ecstasy has an outlet at Dubai also. It is matter of great achievement that the apparels of Ecstasy are in an International standard and made by Bangladesh. Ecstasy has a plan to increase the amount of outlets in Dhaka city along with Bangladesh and they have well prepared plan to set up show rooms at abroad They have taken a place where a few can possibly take over. There are a lot of brands except Ecstasy but it seems that young people have a soft corner for Ecstasy because the brand was launched at with T shirts and after that they never looked back. On the other hand, there have SWOT analysis is a tool that helps to oversee how strong the company or the brand is against the competitors. In a larger sense, in a fashion market, SWOT will help you understand the fashion marketplace and your brand's place within it. Though ECSTASY has much great strengths, it also has many weaknesses that have been hindering if from being the best fashion house of the town. Opportunities are external factors that have a positive influence on you achieving the goals Threats are all the externals factor of a company that can prevent the major concern for ECSTACY is being how they can please their customer more and how they can keep the trust of their customers and by offering various new kinds of products as well. On the other hand YELLOW is also becoming a fast growing clothing brand as it is also very popular he company from reaching its goat the end of the day even though ECSTACY can achieve a lot more things it has become a big asset for this country. We would suggest everyone to visit ECSTACY and buy their products as it offers us with things that we daily need and also have international products. From clothes to small ornaments we get a lot to choose from. If they continue to develop we can no longer have to go abroad to buy quality clothes and accessories and objectives. Introduction Ecstasy is a well-known rugged brand in Bangladesh. Tanjim is a sister concern of Ecstasy. Ecstasy has been innovative and interesting in the line of fashion industry. The brand is the innovator in fashion product. It will continue to innovate and design unique strategies. They offer limited edition items, which allow creating perfect personal look which is updated throughout the season. They always work on wearable products. Since the premiere of interesting washed T-shirt in , which had a major influence on street fashion, was a natural consequence. Ecstasy has broadened its concept to include a newer, edgier image, appealing to all styles, trends and ages, while keeping the product in the purest form it provides customers with a rugged, trendy yet fashionable sense of clothing. Ecstasy has a plan to increase the amount of outlets in Dhaka city along with Bangladesh and they have well prepared plan to set up show rooms at abroad also. People nowadays are getting fascinated specially the young generations by the advertisement of Ecstasy. People are getting attracted and Ecstasy is raising its market share day by day. Ecstasy Bangladesh is now in the front row of the fashion era of Bangladesh. People are now buying the stuffs of Ecstasy with pleasure and this brand has made their own identity at the mind of customers. They have taken a place where a few can possibly take over. Their market share went up and up and now they are at the number one position. At first they wanted to establish this Bangladeshi brand as an International brand but due to the lack of financing they could not do it so, they had started selling various types of brands under one umbrella. They have made their own position in the market by selling exclusive types of apparels and stuffs. Here the internal and external factors are been described below that have direct influences on the organizational performances: Internal Environment The internal environment is the environment that directly affects the business. Here are some internal factors which are generally controllable because the company has control over these factors. The internal factors fundamentally incorporate the inward strengths and weaknesses. Internal factors can influence how an organization meets its objectives. Strengths favorably affect a business. Weaknesses harmfully affect the firm. Value System The value system of the founders and those in charge of undertakings has essential bearing on the decision of business, the mission and the targets of the association, business strategies and practices. Mission, Vision and Objectives Vision implies the capacity to consider the future with creative ability and insight, Vision is a vital factor in accomplishing the goals of the association, The mission is the medium through which the destinations are accomplished. Management Structure and Nature The structure of the organization additionally impacts the business decisions, The organizational structure like the arrangement of top managerial staff, impacts the decisions of business as they are internal factors. The structure and style of the association might postpone a choice making or some different aides in settling on brisk choices. Organizational and Operational These are a part of the operational and managerial procedures. This incorporates complicated or off base record keeping. Intrusions to Ecstasy's production network and obsolete or flawed IT frameworks are also factors Ecstasy ought to assess. If Ecstasy cannot overcome these, their clients may consider them to be problematic. Ecstasy can likewise lose all their information. Strategic Risks These influence Ecstasy's capacity to achieve the objectives in the strategy for success. They could be because of the effects of changes in technological developments or customer demand. These elements could pose as threats as they can alter how customers perceive your product. It is crucial to stretch one stage beyond. Innovation could come in the form of marketing. It could likewise be through promotional initiatives in the marketing plan, staff training, and welfare. Grasping new innovation is the most ideal approach to stay aware of technological progressions. An absence of advancement can represent a serious risk to a developing business. No innovation will cause a company to remain boring. The organization will become dull, stagnant and immaterial. Financial The monetary risk relies on upon the money related structure of Ecstasy's business. It is additionally subject to their business transactions and the financial systems. For instance, changes in interest rates or being excessively dependent on one customer could influence business. Employee Development Employees are fundamental to business success. The strength of workers is additionally a vital internal business component. They check on a regular basis if representatives are motivated, persevering and capable. They will deliver better results contrasted with an unmotivated and less talented workforce. The procedures and connections between and inside of offices can likewise enhance adequacy and productivity. In a high performing working environment, the laborers have ability, as well as work better together. The employees and departments collaborate on ideas and resolutions. The role of company leadership is an essential internal factor. Often, firms provide a formal structure with its mission and vision statements. Some cultural implications which result from leadership approaches are: Value of employees The positive or negative nature Effectiveness of communication level of family-friendliness Some examples of areas which are typically considered in internal factors are: Financial resources like funding, investment opportunities and sources of income. In this research, we, team Atlantic, have had an over through analysis on ECSTACY to find out all of its strengths, weaknesses, opportunities and threats. Firstly, SWOT analysis is a tool that helps to oversee how strong the company or the brand is against the competitors. Variation in the product line could be strength of ECSTASY as it provides many lifestyle brands starting from pants, shirts and ranging to from body spray and watches. Its Brand name and its employees are also a part of its strengths. Environment is also strength for the company as the company provides a safe and secure place for shopping to the customers. The company has a very strong brand name and is popular among the buyers and it can also be said that ECSTASY is the first choice of many buyers for their clothing. While we visited to ECSTASY for our better research purpose, we found that all the employees were very much conscious about their job and were in a amicable mood towards the customers, and such type of attitude helps to sustain a good relationship with the customers and also create a good brand name. ECSTASY always tries to keep in touch with the changing fashion combined with culture, which is also a great strength for the company. Weakness: Though ECSTASY has much great strengths, it also has many weaknesses that have been hindering if from being the best fashion house of the town. Our research has found that not all people can afford their products except for the upper middle and topper class people. Also, not being able to establish their branches in many other districts and countries is a weakness. The managers of Banani, ECSTASY has informed us that if they had their branches in every districts of the country, their profit would boost up to as much as double. Hand watch is such a product as these are limited in number in all of its branches. Opportunities: Opportunities are external factors that have a positive influence on you achieving the goals. Opportunities are where the company can go with the flow of the environment based on its strengths. As the country is being more digitalized, hence online shopping and E-commerce are the opportunities of this fashion house. As more people are trending towards online shopping and that online shopping is a trend, the company can get advantage out of it and also make profit. Young group of designers who are always designing clothes in line with the changing fashion is another opportunity. The company can hire such designers whenever needed while expanding their business. Threats: Last but not the least; Threats are all the externals factor of a company that can prevent the company from reaching its goals and objectives. These are the factors that can fuel the company leg behind and loss its credibility. Also, the economy of the country can turn down in any time and that can affect the company badly to achieve its goal and this is what the company is very much concern about. As a result of globalization, even more famous and more credible company can penetrate into the country and that can affect the company. This is also a threat for the company as such penetration would badly switch the interest of the customers and thereby affect the company to reach its goals. The analysis of group Atlantic over the internal and external factors of ECSTASY has found that, in spite of having some Weaknesses and Threats the company has a strong position in the market and a great customer demand. Moreover, an association all alone can't influence these components. For example, government may impose a new taxation rate on total income. Political factors include revenue enhancement insurance policy, Fiscal policy, trade tariff etc. Taxation policy Taxation policy plays an important role in any business organization because how government takes decision for business environment. For instance, during political recession demand for products go down so ECSTASY have to minimize the supply to protect themselves from loss. For example, during recession product price goes down so they have to focus on specific area in which they can fight against recession. Economic factor include inflation rate, interestingness charge per unit, foreign substitution rates, economic growth patterns etc. There are also some other factors like- Unemployment level Unemployment level plays crucial role in business as peoples buying power depends on it. For example, as ECATASY sells product at premium price, people need to earn smart salary where if potential customers are unemployment their sales will go down. Inflation rate Inflation rate has a long term effect on business because it has a direct effect on peoples buying power. Social: Social environment like cultural tendency, demographic, universe analytics etc. For example, in special occasions like Eid, Puja people like to buy new dresses then price is no matter for them. For example, during Eid or puja people go with their family and they buy new dress. Change in lifestyle As people are getting more fashionable and follow western lifestyle they are buying more premium dresses. They are trying to copy western cultures where they are buying dress related to that specific culture. Technological These factors pertain to innovation in technology that may affect the operation of the industry in favorably or unfavorably. The innovation of new technology has made the work easy and time sustainable. The fast advance of innovation requires snappy reply by organization so as to get by in a developing focused environment and stay aware of new patterns and imaginative administrations which different contenders may be putting forth. These innovative components can incorporate both items and forms and can introduce opportunities and peril however it is indispensable for upper hand and is an effective driver in globalization. Items can be promoted in new ways and procedures present tremendous Value to the business. These divisors pertain to foundation in technology that may affect the operations of the industry and the market position. This refers to automation, research and exploitation and the amount of technological awareness that a market possesses. If any organizations want to sustain in the long run they have to strong online services. Ecstasy has strong online services in the market. They also sell their product through online in the Bangladesh. Legal These factors have both external and internal sides. There are certain laws that affect the business environment in certain country while there are certain policies that company maintain for themselves. Legal analysis takes into account both of these angles and then charts out the strategies in light of these legislation. For example, consumer laws, safety standard, labor laws etc. As developing country Bangladesh will have more investor those who will be interested to invest. Therefore government will reduce the tax rate and make it as good and easy market. They should emphasize on Consumer protection, Competitive regulations, Current legislation home market, Future legislation, Regulatory bodies and their processes, Environmental regulations etc for doing better and sustainable business. Environmental These factors include all those that influence or are determined by the surrounding environment. Factors of a business environmental analysis include but are not limited to climate, weather, geographical location global changes in climate, environmental offsets etc. Once we've identified the changes that are taking place in your business environment, it's time to look at each change, and brainstorm the opportunities that this could open up for you. They try their best to avoid the harmful activities in their organization. The Natural condition of Bangladesh says that it is country of natural calamities. Flood occurs very frequently here. That generally hampers the supply chain as well as business. The geographic position and the present global warming are liable for this. This five forces model by Porter comprises of the buyers power, the supplier power, rivalry amongst the existing firms, threats of new entrants and substitute products. This model is applied to show that the rivalry forces that influence the fashion industry feasibility extend beyond competition amongst the existing sellers and comprises of forces from the other four factors. These forces enable people to evaluate the viability of the industry in relation to realization of profits. In the fashion industry, competitive rivalry is so high where the market is taken as a field of battle. Industry with strong forces is less attractive compared to the industry with weak forces. Buyer Power: Moderate In spite of the existing world economic crisis, the garment retail industry has continued to grow strongly at a commendable rate. Coupled with lack of costs for switching by the buyers and the high variation of the product, there is an implication that competition existing within the industry is not more than average. Customers of Ecstasy in general range from middle class to upper class that considerably possess a high buying power as they seem to have more income at their disposal. There are also other garment retail suppliers who distribute considerably same line of products to Ecstasy; as a result the buyers might finally call for more innovative or fashionable line of products in comparison with the present products offered. In the fashion industry there is a high rivalry amongst the sellers. Fundamental strategies of fighting the competition is attraction of the buyers with lower prices, more designs that are unique, high quality designs, efficient customers services as well as a solid image of the brand. The preferences by the buyers form the center of focus for the business which entails satisfying their special needs. It is notable just like Ecstasy, most firms react rapidly to the up to date trends of fashion which are found in the business reports, published in magazines and made available to the public through internet or in printed form. For instance, the philosophy by Ecstasy is to capitalize on the competitive advantage of the new fashion trend. The company has a motto to have precise fashion at reasonable prices within the right time. The company true to its word is faster compared to its rivals in obtaining the right designs into the market and improving its sales revenues considerably. As a result its reputation has gone high among its competitors. The demoralizing factor in this case is that demand by the buyers goes down hence firms could end with excess inventory at their disposal. The buyers have been found to make comparisons amidst the retail shops which force the firm to differentiate its products by putting into account the economic aspects and environmental changes. Therefore a huge battle exists for the sellers given that the buyer has relatively more power to decide where to buy. The companies have craft strategies that will attract the customers to their products. Supplier Power: High to moderate Suppliers as one of the forces in this industry has been noted to be considerably high hence it consumes more time to establish quality partnerships. The supplier power of bargaining is more solid when the members in the industry experience higher costs by switching to a new supplier since the suppliers are well knowledgeable on standards of safety and quality hence firms have a tendency to sustain a strong and stable supplier network. Therefore suppliers tend to have a more arbitrage by exercising monopoly power in price setting based on limited inputs which firms seem to prevent. In addition, as stated in the case the company has 1, suppliers to which they get their raw materials, even though there are doubts on the supplier quality. Furthermore suppliers are weakened by the absence of dynamism which makes the apparel industry increasingly significant to their operations. Ecstasy organizes the various licenses offered to all suppliers and hence with the existing licensing contract, the power of the suppliers is further weakened as they are required to stick to particular provisions which minimize variation or manipulation of the designs. New Entrants: Low The world garment industry has developed diffidently in the recent years, which constrains its attraction of the new entrants. Hidden costs of switching for the consumers imply that they are at liberty to transfer their tradition to new entrants. Reprisal by the present players, like initiation of price war, is potential, particularly where the new player shifts into a more focused segment in the market. Even though Ecstasy has a long background and wealthy heritage, similar products from new entrants that have reduced price has a great effect. The force of new players is high since the garments and fashion industry in Bangladesh is very attractive. It pools more new entrants to the fashion market which poses a strong probable threat. Ecstasy for a start has a reputable brand and supply strategy which makes it rigid for new players with intention of reaching out to new geographical markets. A new player must have adequate resources to enhance development of new lines of fashion and make them make use of technological gadgets in the efficient innovation to trigger demand from the existing and new markets. Substitutes: Moderate to low Clothing has a diverse use compared to simply keeping the wearer warmer. It does act as symbol of the socio-economic class and a way of demonstrating personal identity. Duplicate fashion can be considerable threat to the revenue realization in some market such as India, China and Indonesia. In this case the substitute products are a weak factor in the clothing industry. This is because good alternatives are not available or rather they are costly with poor quality. Another aspect is the less stiff the rivalry pressure presented by the substitute products the higher the cost of switching. Nevertheless, consumers from a dynamic culture have unique tastes and might have preference to visiting tailors to make their design with the cost determined by the tailor. Nevertheless, most tailors might be good enough or yet might not be accessible. In this scenario, the consumers have no option but to buy from the retail shops. Rivalry: Moderate pressure There is a segmented fashion and garments industry in our country. Hence there is allowance for a considerable number of smaller firms in this industry. Over the past five years there has been an industry performance of not more than average. They are more concerned about the reputation of the brand. It is notable that buyers tend to be influenced by certain news through a word of mouth which impact greatly to the sales revenue. As a matter of fact, the image of the brand is a vital aspect for popularly known firms hence they normally inspired to scale to the top of the game. The buyers purchase in small quantities which imply that they have no power to bargain based on the small quantities. Besides, an increased demand establishes a market for the seller and moves the power of bargaining to the sellers. Therefore a company such as Ecstasy offers quality which makes the buyers to lack other close options. Amongst the five forces the competitive rivalry for the current players is most high followed by the threats of new entrants which reduce the attractiveness of the industry. These two aspects trigger a company to respond aggressively but morally to guarantee customer loyalty in offering substitute choice in the garment industry. Generally, the combined force makes it very hard for majority of the firms to make considerable returns. The pressure from these forces demonstrates that firms which maintain costs as low as possible to make profits. The prospects by Zara are efficient, even in the early phases of growth, the company has shown resilient faster rate of growth over its rival which is evident in its profit growth. The garment industry is a feasible industry for the intention of investment. With continued innovations, market pattern movement and dynamic response from the customers. Based on the estimates in the case, the industry has a successful outlook as firms diversify their area of comfort in attracting new players. The main concerns experienced in the industry include economic downturn, fluctuation in the personal income, dealing with customers prefers, stern regulations in the less developed nations in connection operation and the ability to be innovative and creative in the industry. All these must be regularly reviewed by the company to remain competitive in the industry. But they are not targeting the middle class people of the country which represents a huge portion. They should also target the middle class people to increase the competitive rivalry of the organization and increase maximum profit. They can do so by making some products which are affordable to middle class people. Secondly, the political situation of our country is very poor for conducting a well-organized business. In order to reduce the loss from the political turmoil they need to increase the network of their organization. They can introduce their products to foreign countries. For example, they can target India as the fashion products and choices of the customers are almost similar to ours. Thirdly, they are not creating a brand value like Grameen or competitors. They need to make some extensive marketing to make their brand known to the people of our country which will in the future increase their total sales of the product. Fourthly, the threats of new entrants of the company are very high. It makes the organization more vulnerable. So they can remove this problem by promoting and making the products quality better than other rivals. Finally, they can promote their products on environmental perspective like Grameen did in the past. Grameen made their products known to the people as hand craft and made by fine artisans. This in turn made their product more valuable and culturally acceptable to the people of the country. Reference Bdjobs. Retrieved from bdjobs. Retrieved from www. The Tree of Prevention: Understanding the relationship between the primary, secondary, and tertiary prevention of violence against women Michael Salter. Laporan Modul 4 Line Balancing ibnu fakh. Det historiska cykelarrangemanget Sven Rosborn. Internet Research Article information prithvi chauhan. Carlos Nowatzki. Between coercion and protection. Locationes censoriae in the times of the Roman Republic Anna Tarwacka. Unity in Diversity Heiner Benking. Synthesis and evaluation of 2-halogenated-1,1-bis 4-hydroxyphenyl 3-hydroxyphenyl -ethylenes as potential estrogen receptor-targeted radiodiagnostic and radiotherapeutic agents Mary Jo Ondrechen. HOX genes are expressed in bovine and mouse oocytes and early embryos Isabelle Donnay. Profile and perceptions of future rural educators upon entering Public University Laura Gisloti.
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ECSTASY: Internal and External factors
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