IMPORTANCE OF BUSINESS ENVIRONMENT ASSIGNMENT 2022

Business
Environment
Running Head: BUSINESS ENVIRONMENT 0
S t u d e n t N a m e :
S t u d e n t U n i v e r s i t y :
Woolworths

BUSINESS ENVIRONMENT 1
Executive Summary
 Business Environment is an important part of any organization which can be
evaluated by estimating internal and external factors which affect the business.
 Stakeholders are the major part of the organization which evaluates the environmental
impacts and affect the operations of the business.
 Internal stakeholders exist within the organization like employees and shareholders
whereas external shareholders exist outside the organization like customers, suppliers,
and government.
 It is important to maintain a relationship with them for positive impact and to avoid
the issue by corrective measures through implementing plans and policies within the
interest of the stakeholders.

BUSINESS ENVIRONMENT 2
Contents
Contents......................................................................................................................................2
Introduction................................................................................................................................3
Functional Areas in the Business...............................................................................................3
Marketing Department...........................................................................................................4
Human Resource Department................................................................................................4
Finance Department...............................................................................................................4
Operation Department............................................................................................................4
Customer Service Department...............................................................................................5
Stakeholders...............................................................................................................................5
Internal Stakeholders..............................................................................................................5
Employees..........................................................................................................................5
Shareholders.......................................................................................................................5
External Stakeholders.............................................................................................................6
Customers...........................................................................................................................6
Suppliers.............................................................................................................................6
Government........................................................................................................................6
Nature and Degree of Main Stakeholders Interest.....................................................................6
Stakeholder Theory................................................................................................................7
Implications of Conflicting Interests......................................................................................7
Stakeholder Analysis..................................................................................................................8
Stakeholder Matrix.................................................................................................................9
Stakeholder Comparative Analysis..........................................................................................10
Conclusion................................................................................................................................11
Bibliography.............................................................................................................................12

BUSINESS ENVIRONMENT 3
Introduction
Business environment relates to analysing of resources and exploiting the
opportunities in order to ensure the productivity of the organizations. The environment of a
business can be internal and external. When making an analysis of the external environment,
micro and macro environmental factors are considered for analysing the opportunities to
expand the business also evaluating the risk areas in order to make proper strategies to avoid
the risk (Hillary, 2017). However, the report is being prepared for making an analysis of
internal and external stakeholders of Woolworths which is a leading retailing company in
Australia. It is considered to be the largest supermarket in Australia dealing with grocery
products and is expected to have 976 stores in Australia (Group, 2019). Woolworths was
originated in 1924 and have huge experience in the retailing industry because of which the
company got the first rank by the suppliers in Food Retail Advantage Survey. The mission of
the company is to provide financial security to members of the company. The vision of the
company becomes the most responsible retailers for the customers. The purpose of
Woolworths is to add quality to life by ensuring a high quality product to the customers
(Group, 2019). The report is prepared on making an analysis of internal and external
stakeholders.
Functional Areas in the Business
Functional areas of the business include the daily activities of the business and every
company has various functional departments to manage their day to day operations.
Similarly, Woolworths have different functional departments which are explained below:
Marketing Department
Marketing department includes the marketing activities of the organization such as
promoting the product and after-sales activities of the organization. The purpose of this
department is to gain maximum of customers by making marketing strategies. However,
Woolworth is engaged in delivering innovative products and has a marketing department to
look after the marketing aspect by providing a personalized experience for the customers
(Group, 2019).
Human Resource Department
This department is related to the recruitment of skilled people by filling up the job
vacancies by selecting the right candidate with adequate knowledge and experience (Guest,