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Assignment on Business Environment | Primark

   

Added on  2020-01-07

20 Pages5719 Words301 Views
STUDENT NAME:STUDENT ID:SUBJECT CODE: ASSIGNMENT NAME: BUSINESS ENVIRONMENT

Table of ContentsIntroduction......................................................................................................................................3Task 1 Understanding purposes of different business organisations...............................................31.1 Identification of the purposes of different organisational types................................................31.2 Strategies to meet stakeholder objectives..................................................................................41.3 Strategic implementation to meet objectives of the stakeholders..............................................5Task 2 National business operations................................................................................................72.1 Resource allocation systems in different economies.................................................................72.2 Monetary and fiscal issues of business organisations..............................................................112.3 Regulatory framework of Primark...........................................................................................11Task 3 Organisational market behaviour of Primark and Nestle...................................................123.1 Impact of market structures on the pricing strategy................................................................123.2 Formation of organisational responses through market forces................................................133.3 Environmental framework.......................................................................................................14Task 4 Formation of business activities through global factors....................................................164.1 Importance of foreign trade.....................................................................................................164.2 Effect of globalisation on organisations..................................................................................164.3 Effect of European Union policies on UK business organisations..........................................17Conclusion.....................................................................................................................................17Reference List................................................................................................................................182

IntroductionEnvironment signifies the surroundings within which the events and occurrences of everyday lifetakes place. Attachment of the action of business signifies the environment within whichbusiness organisations carry out their activities. Combination of both these sentences reflects theimportance of a comfortable workplace environment to achieve efficiency within theorganisational tasks (Botha et al. 2014, p.90). This assignment, through the examples of Primark,other business organisations and Brexit, attempts to specify the surroundings in which thebusinesses are carried out. The surroundings in the previous sentence enhance the contribution ofstakeholders and shareholders towards the native organisation. This contribution helps thebusiness organisations to achieve success within the competitive market. The thesis statement ofthe study is to analyse different business environment and approaches to meet objectives. Task 1 Understanding purposes of different business organisations.1.1 Identification of the purposes of different organisational typesVariation in the organisations assists efficient execution of activities. Sole trader, partnership,private, public, co-operatives, incorporation, municipal enterprises along with non-governmentalorganisations are the types of organisations. Figure 1: Types of business organisations(Source: Wetherly and Otter, 2014, p.89)3

a) Public sectorThe main purpose of this organisation is to transform the economic scenario. The guidance ofdirectors aids the management to impart authentic economic information to the general public(Baden and Mangematin, 2013, p.420). This results in a fair stock exchange trade. Consideringthe growth of private sector radically transforms the position of the organisations in terms oftheir performance within the market. b) CharityUnlike private, public or cooperative organisations, charity organisations do not operate formaximising their profit margin. The main aim of these organisations is to ensure the wellbeing ofthe public domain as a whole. Development in the fields of education, religion nullifies the wordprofit for this type of organisations. c) CooperativeThis type of business plays an active part in ensuring the welfare of the customers, employeesamong others (Wetherly and Otter, 2014, p.89). The functionality of this organisation reflects thecooperative nature towards the organisations as a whole. Within this type, equality acts as acornerstone in maximising the profit margin, which is appropriately shared. Primark can be considered as a fragment of umbrella organisation, Associated British Foods. Asa result of this, Primark achieves support to carry out the business activities. This assistancehelps Primark in the achievement of large scale customer loyalty. From another perspective,subsidiary ownership limits Primark in their establishment as a separate brand (Reynolds andRohlin, 2014, p.21).1.2 Strategies to meet stakeholder objectivesManagement personnel of Primark never compromise with customer satisfaction and innovation.At the first instance, the management of Primark identifies their key stakeholders. Thisidentification helps in specifying their target audience. As a sequential step, strategic planninggains the second position in terms of fulfilling the needs, demands and requirements of thestakeholders. This step acts as a central doctrine for carrying out the important tasks within thestipulated time (Kim et al. 2013, p.5600). Focusing on the primary stakeholders first and then onthe secondary stakeholders helps Primark in the achievement of positive results. Conductingevaluation proves beneficial in analysing the performance in terms of stakeholder satisfaction. 4

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