Key Issues in Business Environment : Assignment
Added on -2020-07-22
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THE BUSINESS ENVIRONMENT1
TABLE OF CONTENTSTHE BUSINESS ENVIRONMENT...............................................................................................1INTRODUCTION...........................................................................................................................3Task 5:..............................................................................................................................................35.1 Key issues in business environment......................................................................................35.1 B Impact of the issue that impact on business.......................................................................55.1 C Reflect on any two challenges you faced in ‘a’ and ‘b’ above..........................................6CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................92
INTRODUCTIONBusiness environment means all the external and internal factors that affects companydirectly or indirectly including customers, management regulation, employees, suppliers etc. Allthese factors are connected with each other. External factors are not controllable like political,microeconomic, macroeconomic, social, technological factors. And internal factors includeorganizational culture, employee satisfaction, working environment. These all factors of thecompany relate with each other. To overcome from this problem company, adopt marketingplans, business plans, or strategies. Task 5:5.1 Key issues in business environmentBusiness environment is the total of internal and external environment. That is directlyimpact on business growth but business factors help company to understand the needs and wantsof the customers. And helps to create business plans accordingly (Leitner, 2016). We took anexample of the booker limited company this company offer food items and beverages it's a retailbased company in Wellingborough that this company faces the problems regarding businessenvironment external factors affect its prices of goods and services and the demand of theproduct external factors reduces the purchasing power of the customers and changes the needsand wants. The Following factors are including in external factors. External factors are those factors that impact directly on the company. Externalfactors include competitors, supplier, customers, political, legal, technologicalfactors.External environment includes political environment which is very important forbusiness to follow government rules and regulation which is necessary forconsumer protection. For example, laws, regulations, tariffs, trade barriers, warand social turbulence. These factors reduce the profit efficiency of the businessand also from this factors company changes their prices of products for examplegovernment impose high taxes on retail companies in this situation Booker3
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