Business Environment - Primark
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Added on 2020-01-23
Business Environment - Primark
Added on 2020-01-23
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Business Environment
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................41.1 Identify the purposes of different types of organisation ......................................................41.2 Describing how Primark is able to meet the objectives of its stakeholders..........................51.3 Explaining the responsibilities of Primark and there strategies............................................5TASK 2 ...........................................................................................................................................62.1 Economic system of different countries...............................................................................62.2 Impact of fiscal and monetary policy on business organisations and their activities...........72.3 Identifying with the competition policy and regulatory mechanisms in UK........................8TASK 3............................................................................................................................................93.1 Market structures determining pricing and output decisions of businesses..........................93.2 Way in which market forces shape organisational responses..............................................93.3 Business and cultural environments shaping the behaviour of Primark.............................10TASK 44.1 Significance of international trade to Primark............................................................114.2 Impact of global factors on UK business organisations .....................................................114.3 Impact of policies of the European Union on UK business organisations.........................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONBusiness may be defined as an activity directed towards procuring as well as acquiringwealth. Business bustle comprise all the economic activities which are related to the productionalong with the exchange of goods and services which helps in attaining returns in economy(Aula, 2010). employment environment refers to the aggregate of all conditions, events alongwith influences that surround as well as affect the business. It includes different factors whetherinternal or external, they are having a huge impact on functioning, performance as well as ondecision making of a business. Business environment involves the production and sales of goodsand services. Further, it also requires a certain investment which will help in earning maximumprofits. In the report, Primark is considered as a multinational subsidiary company of AssociateBritish Group and it offers the best products and services to their consumers to satisfy theirneeds. Report has discussed demand of products which directly affect the supply of merchandise.The stock of business entity is mainly sourced from the suppliers in Europe as well as Asia(What is Business Environment? Explain its types. 2016). Along with this, discussed uponsignificance of international trade as well as impact of policies of European union on thebusiness organisation. TASK 11.1 Identify the purposes of different types of organisation Primark is one of the leading retailer organisation and provide the fashionable products ata cheap rates. The company members sell the product at a reasonable price so that they canattract many consumers and by that they can attain the maximum profits. The purpose of thisbusiness entity is that they have to maximise the sales and profits during the year. Along withthis they have to create the loyalty for a long period of time.Public Sector – The main competitor of Primark is Tesco who deals in home ware products,grocery etc. The main purpose of this business entity is to maximise the sales and profits byproviding the best products (Berger, Klapper and Turk-Ariss, 2009).Charity – There are so many organisation and one of them is Save the children. This firm is ainternational non-government organisation which helps in promoting and supporting for thechildren rights and by that they can provide the relief in the developing countries. The vision and
mission of this business entity is that every child in the world get a right to survive. Along withthis they get a protection from the government. Cooperative – This type of business entity owned and operated by a group of people or theindividuals for their mutual benefits as well as sharing of profits. The Cooperative organisationin UK is Royal London Mutual Insurance Society limited and the aim of this company is torender the different services to the consumers (Blanchard, Tolbert and Mencken, 2011). 1.2 Describing how Primark is able to meet the objectives of its stakeholdersPrimark is one of the largest retailer and this company includes so many stakeholders likeconsumers, governments, employees. The consideration of every stakeholder is different. Customers- In the market, business can not exist with the consumers. The main aim of Primarkis that they have to provide the best, qualitative as well as innovative products to the consumersto satisfy the requirements. As it helps in improving the sales of the business entity and earnmaximum profit. Along with this they has to treat friendly with the consumers (Chavis, Klapperand Love, 2011). Employees- The company have to provide the job opportunities in the different countries. Theemployees is also the main stakeholders of the business entity. In Primark, the working staff isgood and also provide the positive environment so that they can do best work and by that theyget encouraged. Suppliers- These are the person who are very close with the corporation and also work betterwith the staff members of the factories. The manager of Primark have to provide the appropriatetraining so that they can understand the rights of suppliers. These are those person who providethe support in fulfilling the needs and wants of consumers (Chow and et. al., 2011).Government- They make the rules as well as policies for the betterment of the business entityand company members have to follow that so that they can attain the goals and objectives. Byusing the rules and regulations which are made by the ministry bodies Primark can attainadvantage at the time of high competition. 1.3 Explaining the responsibilities of Primark and there strategiesThe members of Primark having a different type of responsibilities so that thy can fulfilthe needs and satisfy the consumers along with the stakeholders so that they can attain theobjectives of the business entity.
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