Business Environment Challenges and Strategies

This assignment delves into the complexities of the business environment, examining various factors that impact organizations. It analyzes challenges faced by businesses in a globalized world, including economic fluctuations, technological advancements, and changing consumer behavior. The assignment also explores strategic approaches to mitigate risks and capitalize on opportunities within the dynamic business landscape. Case studies are utilized to illustrate real-world examples of successful strategies employed by companies.

BUSINESS ENVIRONMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1 UNDERSTANDING THE ORGANIZATIONAL PURPOSES OF BUSINESSES........3
1.1 Identifying the purposes of organisations.............................................................................3
1.2 Describing the extent to meet the objectives of different stakeholders.................................5
1.3 Various responsibilities as an organisation and the strategies it employs to meet them.......7
TASK 2: TO ADDRESS AND EXHIBIT AN UNDERSTANDING TO THE NATURE OF
THE NATIONAL ENVIRONMENT IN WHICH BUSINESSES OPERATE..............................8
2.1 Determining different types of economic-system with example..........................................8
2.2 Assessing impact of fiscal and monetary policy on Iceland Supermarket............................9
2.3 Evaluating the impact of competition policy and other regulatory mechanism on Iceland
supermarket.................................................................................................................................9
TASK 3: TO UNDERSTAND THE BEHAVIOUR OF ORGANIZATIONS IN THEIR
MARKETING ENVIRONMENT ................................................................................................10
3.1 Market structures determine the pricing and output decisions of businesses.....................10
3.2 The way in which market forces shapes Iceland Supermarket responses...........................11
3.3 Judging the business and cultural environments that shapes the behaviour of Iceland
Supermarket..............................................................................................................................11
TASK 4: UNDERSTANDING THE GLOBAL FACTORS AND ASSESSING THEIR
SIGNIFICANCE TO SHAPE NATIONAL BUSINESS ACTIVITIES.......................................12
4.1 Discussing the significance of international trade to Iceland Supermarket........................12
4.2 Analysing the impact of global factors on Iceland Supermarket........................................13
4.3 Evaluating the impact of policies of the European Union on Iceland Supermarket...........14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Business environment is a kind of surroundings that enables the managerial aspects to
perform the entire set of activities related to their businesses. It is necessary that an organisation
should develop effective and professional working environment in order to mark better presence
in the sector and attain desired form of objectives. The set of factors has different internal and
external elements which impacts the business environment of the organisation and their present
Human Resource (HR) team (Ahmed, 2012). In addition to this, the group of internal
environmental factors consists of 5 M’s that are management, material, money, machinery and
man (workforces). On the other side, external environmental factors includes the elements that
are impacting from the outside of surroundings of the business which are demo-graphical,
economical, socio-cultural, political factors, government and legal factors.
Iceland supermarket chain is one of the biggest and leading network of stores that offers
wide range of frozen foods like precooked meals and vegetables in United Kingdom (UK). The
chain is generally famed for delivering food products at affordable prices and a maintained level
of high-quality in the foods.
TASK 1 UNDERSTANDING THE ORGANIZATIONAL PURPOSES OF
BUSINESSES
1.1 Identifying the purposes of organisations
In current era of globalisation, every organisation has their own mission, vision and set of
objectives which defines their purpose of performing the business operations in the concerned
sector (Camacho, L., 2012). Thus, it is crucial to understand and assess the information about
their strategy and objectives in order to identify their purposes that are stated as:
 Private firm – When a firm is controlled and functioned by a group of private bodies who
generally do not share any part or their owning with government and any other public
parties are termed as private firm (Baer, 2001). They manage all the requirements of
funds and investments by their own and share profit among themselves.
◦ Iceland Foods Ltd – It is a UK based business of frozen food supermarket chain
which wide range of ice stored food and meals. The company has a share of 1.8% in
UK food market which includes 850+ stores in the national region and 200 stores in
international sector. Being as a private firm, their main purpose is to increase their

earning capacity and market value every accounting year. The owners of the cited
company is mainly focused on developing new ways of attracting many investors and
maintaining their retention by providing them high profits against their shares.
 Public firm – It is a kind of firm which is generally owned by public that have shares and
stocks disposed among all of them. Such firms have large amount of capital and high
form resources for addressing new opportunities.
◦ Kentucky Fried Chicken (KFC) – KFC is among the leading fast food chain of
restaurants that offers wide range of products and is mainly known for its
specialization in fried chicken. The cited company is based in US and has its market
in 125 countries with 20,000 restaurants all over the world (Crowther and Aras,
2010). It is a subsidiary of Yum!Brands which is a public company and has its stock
exchanges is mostly owned by public bodies. Their purpose is to provide better
benefits to the market and the public owning their shares.
Illustration 1: Iceland operating profits every year from 1981
(Source:Kale, 2014)

 Statutory corporations – The ordinary companies that are owned and controlled by the
government parties. In this form of organisation, the entire set of abilities for taking
effective actions and implementing them held with the government bodies at state or
national level (Dettwiler, Lindelöf and Löfsten, 2002).
◦ Transport for London (TfL) – It is ranked as the most responsible corporation
which offers a brilliant and timely transportation for the public in Great London. The
local government body is controlling the whole system with an aim to give various
forms of services and medium of moving from a place to another.
 Non-Governmental Organisation (NGO) – An organisational structure that is owned and
managed by different types of firms and corporations whose purpose is to provide
functions and operational activities for the society and public who are incapable of living
good life and attain betterment (Campbell and Craig, 2008).
◦ Cancer Research (CR) – This is ranked among the biggest independent cancer
research centres of charities at global level that mainly conducts exploration or
operations over preventing cancer, identifying origins and reducing their impacts. The
cited NGO has a vision of bringing down the level of cancer deaths per year by
applying various actions and campaigns.
1.2 Describing the extent to meet the objectives of different stakeholders
Stakeholders are the elements of the business that supports the organisation and their
workforces in conducting the entire business operations systematically and effectively which
eventually enables them to gain higher form of profits and overall achievements. In that respect,
it is necessary for an enterprise to maintain their relations and connectivity with each and every
stakeholder in order to continue its sustainability in the concerned sector (Dickinson, 2010).
Similar to this, the activity of holding up strong relations with the stakeholders need to be also
processed by the managerial aspects of Iceland supermarket.
In that context, the organisational team of Iceland supermarket should consider the
requirements and expectations of their stakeholders and accordingly determine their approaches
of meeting the objectives that are:
STAKEHOLDER MAIN OBJECTIVES ACTIONS FOR CONTRIBUTION
Directors (Internal Generally known as the decision Iceland Chain has effective

stakeholder) maker and thus, determine the
business strategies and conceptual
plan for Iceland supermarket. The
have the entire sort of controlling
and power of managing the
operations.
management and directing system
which supports them in performing
better business activities and they
would continue this approach for
future practices as well.
Shareholders
(External
stakeholder)
Shareholders has the aim of taking
dividends after deducting taxes
from the profits. They have a
sharing part in business
profitability and its achievements
based on an appropriate price
(Fernando, 2011).
Shareholders of Iceland mostly
invests more funds when a company
is in needs for expanding the business
in new market. In return to this, they
require profits for their share and
overall investments.
Workforce (Internal
stakeholder)
All employees should be rewarded
fairly as per their work and efforts
given in the business activities.
The management team should
develop the working environment
favourable, professional and
elegance for their employees.
Iceland employees are actually
dedicated towards their work which
enables the business to provide better
services in the market. They are truly
willing to intensify their reputation of
handling their customers by
supplying high-quality services
(Gatti, Gallegati and Kirman, 2000).
Customers (External
stakeholder)
Customers should get ‘good value
in return of their money’ after
buying products offered by
Iceland. Moreover, customer
service should be perfect and
organisation should attain proper
feedback from them (Goyal and
Goyal, 2013).
Iceland supermarket has maintained
their customer's services by offering
them the high-quality food products
that enable them to gain high
reputation and satisfaction from the
customers.

1.3 Various responsibilities as an organisation and the strategies it employs to meet them
Being as a popular and well-known organisation, Iceland supermarket has to maintain a
strong hold on various responsibilities that supports them to function properly and effectively in
order to meet up their desired set of objectives and mission. For this, it is vital for them to
develop and implement different effective strategies for overcoming the responsibilities (Halbert
and Ungulli, 2011). It includes the approaches of providing high-quality products to their
customers, sharing profits with the shareholders, giving job security to the entire workforces, etc.
Along with this, they need to overlook and consider the responsibilities that comprises of
areas like ethical values, legal terms, health and safety norms, and practical implications. In that
regard, Iceland supermarket has determined various approaches and strategies for overcoming
these obligations and responsibilities that are: Legal responsibilities – An organisation like Iceland Supermarket is bound to follow
entire set of legal rules and regulations that are implemented for them. As per these set of
policies and procedures, they are oriented to take effective actions for developing better
business operations (Yamak, 2004). Moreover, Iceland supermarket has specifically
defined proper norms and standards which includes health and safety values and
consideration that are also determined by their government.
 Practical responsibilities – In the specified form of responsibilities, the management
team of Iceland supermarket needs to improve the level for their morale values and brand
assistance towards their workers and aimed customers. In addition to this, the cited
enterprise has implemented approaches that are vital in maintaining their control on
practical responsibilities which are like:
◦ Improving their supply chain system by adopting better technology and
communication system (Wright, Marston and McDonald, 2011).
◦ Implementing global forestry policy for their consumers for being responsible over
packaging and other sectors.
 Ethical responsibilities – The major focus of Iceland supermarket is on following
aspects:
◦ Developing a global forestry policy that applies to their products' price range.
◦ Designing an attractive and advanced packaging for the food products by considering
environment.

TASK 2: TO ADDRESS AND EXHIBIT AN UNDERSTANDING TO THE
NATURE OF THE NATIONAL ENVIRONMENT IN WHICH
BUSINESSES OPERATE
2.1 Determining different types of economic-system with example
Economic-system is a kind of environment that develops ways for their member
organisations to allocating resources in the market and utilising them systematically for attracting
the aimed customers and gain benefits. This enables them to generate values for their clients and
support them to operate effectively in the concerned sector (Wantao and et.al., 2012).
Similarly, Iceland supermarket also requires understanding about the information related
to the economic-system and their relation with the market in order to determine the effectiveness
of establishing their business in the region. Furthermore, following information is to be
considered by Iceland for the types of economic structure in different countries that are: Free economy – In this kind of economic system, government has no intervention over
defining the level of demand and supply and processing decisions. As these decisions are
made on the basis of market structure, condition and overall mechanism. In free market
system, Iceland has the privilege of exporting or importing products from other foreign
countries with less restriction (Viswanathan and Dickson, 2007). Examples of market are
UK, France and Germany. Command economy – In a command economy, government has the power of making
decisions and administering resources. Along with this, only government has the right of
distributing the entire resources as per the demands of the market and demographic
values. For instance, China has a command economy system. Mixed economic-system – A combination of Free market and command economy is
stated as mix system of economy (Stuart and Gregory, 2013). The best example of mixed
economy is United States of America.
 Transitional economy – A kind of economy which is developed itself from centrally
planned economy to market economy and China is a common example for transitional
economy.

2.2 Assessing impact of fiscal and monetary policy on Iceland Supermarket
It is ascertained that fiscal and monetary policies are highly impacting the business
approaches and activities of an organisation. Firstly, the power of developing the set of fiscal
policies are held by the government which includes defining the rate and amount of tax paid by
the enterprise, structuring the rate of lending and borrowings money, etc. In that context, the
situation when government increases the level of taxation, firms has fewer opportunities to earn
and has low capital for investing. This eventually impacts on the state like organisation charges
increased prices from their customers (Sledge, 2011). On the other hand, if the situation changes
where government imposes low charges, firms starts investing in other sectors which creates job
opportunities for many people.
Monetary policy is generally controlled by Central bank and any changes in it, results in
great impact over business organisation and the entire system. As it defines their ability to get
loans and borrowings. The rising implementation of monetary values affects the capabilities of
the organisation to invest more in the foreign markets and increase their market boundaries.
Along with this, the monetary policy defines the exchange rate policy which is directly linked
with the organisation's ability to earn higher values and income from the other countries via
import and export of the products (Russell, Reynolds and Chadalavada, 2001).
2.3 Evaluating the impact of competition policy and other regulatory mechanism on Iceland
supermarket
In present era of innovation and development, an organisation has to face great impact of
competition that enables their management to either earn more revenue or result in great loss of
capital. It is crucial for an enterprise to consider the competition policy defined by the
government in order to determine their strategies and approaches of gaining competitive
advantage and position better in the market. However, competition act 2013 of UK has stated
that the organisation needs to be competitive enough in order to gain privilege of defeating their
challengers (Riddle and Ayyagari, 2010). The policy promotes professional competition for
making the market finer and improves the abilities of various organizations. In addition to this, it
ensures wider customer choice, advance form of working among the organisation and technical
support for innovating new ways of attracting market. As it helps them in promoting dynamic
efficiency and implementing proper price competition among the entire supplies given in the
market.

In that context, Iceland supermarket need also to ascertain the information related to the
competition policy and accordingly, ascertain the values that is required to be changed. It has
become challenging for the cited firm to perform business operations in their concerned market
(Power, 2004). As due to the rising competition from the organisation, like Asda, Aldi and
Tesco, Iceland supermarket has to face great impact on their business for pricing and quality of
products and services.
TASK 3: TO UNDERSTAND THE BEHAVIOUR OF ORGANIZATIONS IN
THEIR MARKETING ENVIRONMENT
3.1 Market structures determine the pricing and output decisions of businesses
The structure of the market is the major factor that determines the pricing and output
decisions of the present organisation members. As the market structure has a direct link with
organisation's capabilities for earning and marking better presence in the sector. In addition to
this, it also insures about the level of competition faced by each and every organisation which
supports them to define their efficiency in leading the market (Paul, 2008). The international
strategy of Iceland supermarket is aimed on assessing the information about the market structure
in order to ascertain the price and output value in every country. For this, they should consider
the following aspects and understanding: Monopolistic market – The number of firms are high and every organisation has a limited
part of the market share. Thus, they have constricted power of implementing changes in
price and output level of offered products and services. Oligopoly market – In oligopoly market structure, there are few numbers of firms which
together manages and controls the entire functions of the market which allows them to
share their values and to determine the price and supply. As per this form of market
composition, the number of sellers are quite higher than the buyers due to which sellers
attempt to keep price at low as much as they can (Pace, 2011). Monopoly market – In this kind of market structure, there is single buyer who has the
entire power of determining the pricing and supplying strategies. During the critical
situation where the demand of the products rises in the market, the company increases the
price of the product.

 Perfect competition – The most common market structure which is generally evidenced
in the countries are perfect competition in which there are unlimited number of buyers
and consumers, along with this, price is perfectly elastic.
3.2 The way in which market forces shapes Iceland Supermarket responses
Market forces are the factors present in the external environment of the business and
impacts their functioning and overall performance to gain benefits and mark better presence in
the sector. The major impact of the market forces is on the demand and supply of the products
offered by the organisation which mainly affects their effectiveness in generating higher value of
profits and market achievements (O’Connor and Netting, 2009). In addition to this, the market
forces includes the changes in customer perception, economic conditions, advancements in
technologies and trending labour values. In that respect, Iceland supermarket has to maintain
their control and manage their approaches of working and executing the business by considering
the stated information:
 Demand and supply – The cited company should maintain a proportion of supply of
their products with the level of demand for the same. This would help them in
maintaining their approaches to reduce the impact of the specified market force
(Moxham, 2010).
 Customer perception – It is ascertained that customers are the main factors of the
market that determines values for the concerned organisation. Thus, Iceland should
significantly ascertain the mental representation of their customers in relation to their
products and services offered in the market which would enhance their brand image and
reputation.
 Economic condition – The pricing strategies of the Iceland supermarket needs to be
implemented by considering the market economic condition in order to gain better
response (Mababaya, 2001). As the economic condition defines about the purchasing
power of the customers.
3.3 Judging the business and cultural environments that shapes the behaviour of Iceland
Supermarket
It has been evaluated that business and culture environment plays a vital role in shaping
the organisational structure and behaviour for the concerned market. It includes the factors that
has direct as well as indirect impact over the organisational working and its effectiveness of

leading the firm to greater heights. The factors are economic system, policies and conditions that
has a direct contact with the business environment whereas political, social and technological are
the major indirect elements that are present in the cultural environment. Moreover, the business
of Iceland supermarket has around 200 stores in international market which are also impacted by
such factors (Leon and Garcia, 2011). As their operations are largely depended on the business
and cultural environment of the countries in which they operate and functions. Different
economic environment in countries are the main reason for impacting the earning capacity of the
cited company. For instance, per capita income of Pakistan and UK is different as UK has better
economic conditions compare to that of Pakistan.
Political parties that defines and structure the import and export policies of the country
creates restrictions and regulation which are to be maintained and followed by Iceland. For
example, export-import policy and foreign investment policy are not similar in UK and Pakistan
which creates great impact on the organizational behaviour (Kew and Stredwick, 2005).
Moreover, social factors also has a significant impact over the business of Iceland supermarket
that forces them to consider the social belief, understandings and values which should help them
in implementing better marketing strategies. Like, they should not offer pork meat and food
products in Pakistan.
TASK 4: UNDERSTANDING THE GLOBAL FACTORS AND ASSESSING
THEIR SIGNIFICANCE TO SHAPE NATIONAL BUSINESS
ACTIVITIES
4.1 Discussing the significance of international trade to Iceland Supermarket
International trade is termed as the best opportunity for a local business to gain better
benefits in form of revenue and shares from the foreign market. The approach of trading
internationally enables the organisation in improving their efficiency to deal with large number
of buyers present in different countries and attract attention of large number of foreign clients
(Lee, 2003). In that context, Iceland Supermarket should also address the significance of trading
internationally by considering the stated information: Reduction in cost of production: International trade is a wider and strategical idea which
is mainly experimented with an aim to gain competitive advantage. Iceland supermarkets
decreases the gap of competitive costs of production and expenses over supply by

importing low cost but high value raw materials from other countries that enables them to
produce better and effective.
 Market Expansion: With the ability of providing range of food products by crossing the
geographical boundaries of countries, Iceland supermarkets is expanding its market areas
that is helping them to lead the market and gain higher reputation at international sector.
It increases its market share of growth and overall development by innovating new ideas
and strategies to acquire higher market attention (Kale, 2014).
4.2 Analysing the impact of global factors on Iceland Supermarket
Global factors are determined as the elements that generally impact the foreign business
of a local organisation and force them to implement changes in their present international
strategies of acquiring market attention. Similarly, Iceland Supermarket also faces many
challenges and impact of global factors over their international business which are like: Rising global growth: The increasing growth in global boundaries and rising
development in countries gives better opportunity for the cited business to expand itself
in all over the world. International trade supports UK economy: Global market offer an opportunity to the
cited organisation to enhance their international trade and boost up the UK economy
value (Jeffs, 2008). Improving market opportunity: Iceland Supermarket has high reputation in UK and its
neighbouring countries which includes their strong hold over the advancement in
technology sector. It supports them to attain the success of leading the business to greater
heights of earning and conducting operations all over the world.
 Protectionism: The economic policy whose purpose is to maintain a restriction of
international trade by the way of implementing tariffs, policies and regulations on
imported and exported goods (Jones and Scott, 2011). It includes the implication of rules
for conducting fair competition among each and every organisation which are to be
followed by Iceland Supermarket.
4.3 Evaluating the impact of policies of the European Union on Iceland Supermarket
It has been contributed that being a member of European Union (EU), UK and their
businesses have to maintain and follow the entire set of rules and regulations that are defined by
the EU. The laws determined by EU are same for all the countries which are the members of the

council and thus, every state has to comply Union’s legislation. Iceland Supermarket is mainly
based in UK and has most of their stores in European countries which enforces the business to
precede every rules and regulation defined by the EU (Business Environment, 2007).
Moreover, Iceland Supermarket is working in food sector and offers a wide range of
processed food products to different aspects of the countries. Hence, it is crucial for them to
assess the entire policies that are required to be followed by them in order to perform business
operations in EU countries and that are: Food policy: As per this policy, Iceland Supermarket should is acknowledged to label the
list of ingredients and composition of food material used to prepare the whole product.
Along with this, they are required to make sure of the statement that the ingredients used
to cook were appropriate and fresh (Conner, 2003).
 Health and safety policy: According to this regulation, every food producing
organisation should maintain a control of health and safety measures that holds up the
level of quality and freshness of the products. The main aim of the policy is to secure the
customers' rights and beliefs over UK based products.
CONCLUSION
The report is articulating information about the importance of implementing professional
business environment within the organisation by assessing situations and market conditions. As
it helps in attaining higher values and overall success in the sector. Moreover, the report
concluded information about the economic system of the country which is directly linked with
their ability of earning profits and economic existence. It is crucial for a foreign company to
identify the economic-system of the country prior to enter their market. The organisational
environment includes various factors that helps in creating better and successful functioning
structure which enables the individuals in processing their assigned tasks and accomplish goals

REFERENCES
Books and Journals
Ahmed, W.M.A., 2012. On the interdependence structure of market sector indices: the case of
Qatar Exchange. Review of Accounting and Finance. 11. pp.468 – 488.
Baer, W., 2001. The Brazilian economy: growth and development.5TH ed. Greenwood Publishing
Group.
Camacho, L., 2012. ReferenceUSA and Mint Global: a comparative examination of two business
directories. Reference Reviews. 26. pp.5 – 7.
Crowther, D. and Aras, G., 2010. Governance in the Business Environment. Emerald Group
Publishing.
Dettwiler, P., Lindelöf, P. and Löfsten, H., 2002. Business environment and property
management issues: A study of growth firms in Sweden. Journal of Corporate Real Estate.
8(1). pp.110 – 130.
Dickinson, G. P., 2010. SMEs and the business reality of Estonia's tax regulation environment.
International Journal of Law and Management. 55(4) .pp.273 – 294.
Campbell, C. and Craig, T. 2008. Organisation and the Business Environment. UK: Butterworth-
Heinemann.
Fernando, A. C., 2011. Business Environment. Pearson Education India.
Gatti, D. D., Gallegati, M. and Kirman, P. A., 2000. Interaction and Market Structure: Essays on
Heterogeneity in Economics. Springer.
Goyal, A. and Goyal, M., 2013. Business Environment. FK Publications.
Halbert, T. and Ungulli, E., 2011. Law and Ethics in the Business Environment. 7th ed. Cengage
Learning.
Jeffs, C., 2008. Strategic Management. SAGE.
Jones, S. and Scott, J. G., 2011. Changing business culture: theory and practice in typical
emerging markets. Emerging Markets Case Studies Collection, 10(4).
Kale, V., 2014. Inverting the Paradox of Excellence: How Companies Use Variations for
Business Excellence and How Enterprise Variations Are Enabled by SAP. CRC Press.
Kew, J. and Stredwick, J., 2005. Business Environment: Managing in a Strategic Context. CIPD
Publishing.

Lee, Y. T., 2003. Development of management philosophy for Chinese business environment.
Management Decision. 43(4) .pp.540 – 560.
Leon, M. M. I. and Garcia, M. A. J., 2011. The influence of organizational structure on
organizational learning. International Journal of Manpower. 32(5/6). pp.537-566.
Mababaya, P. M., 2001. International Business Success in a Strange Cultural Environment.
Universal-Publishers.
Moxham, C., 2010. Help or Hindrance? Examining the Role of Performance Measurement in
UK Nonprofit Organizations. Public Performance & Management Review. 33(3).pp. 342-
354.
O’Connor, K. M. and Netting, E. F., 2009. Organization Practice: A Guide to Understanding
Human Service Organizations. John Wiley & Sons.
Pace, F. L., 2011. European Competition Law: The Impact of the Commission's Guidance on
Article 102. Edward Elgar Publishing.
Paul, J., 2008. Business Environment. 2nd ed. Tata McGraw-Hill Education.
Power, D., 2004. The comparative importance of human resource management practices in the
context of business to business (B2B). Information Technology & People, 17(4).
Riddle, L. and Ayyagari, M., 2010. Contemporary Cleopatras: the business ethics of female
Egyptian managers. Education, Business and Society: Contemporary Middle Eastern
Issues. 4(1) .pp.165 – 190.
Russell, L., Reynolds, J. J. and Chadalavada, S., 2001. Case study: how a Weyerhaeuser unit
executed a winning strategy using Desert Storm’s fast-cycle, strategic action approach.
Strategy & Leadership. 32(2) .pp.44 – 54.
Sledge, S., 2011. Dynamic competition: a look at firms in the FortuneGlobal 500.
Competitiveness Review. 21(5). pp. 428–440.
Stuart, R. and Gregory, P., 2013. The Global Economy and Its Economic Systems. Cengage
Learning.
Viswanathan, N. K., and Dickson, P. R., 2007. The fundamentals of standardizing global
marketing strategy. International Marketing Review. 24(1). pp. 46–63.
Wantao, Yu and et.al., 2012. Effects of business environment on international retail operations:
case study evidence from China. International Journal of Retail & Distribution
Management. 40(3). pp. 218–234.

Wright, S., Marston, G. and McDonald, C., 2011. The Role of Non‐profit Organizations in the
Mixed Economy of Welfare‐to‐Work in the UK and Australia. Social Policy &
Administration. 45(3). pp. 299-318.
Yamak, S., 2004. Changing institutional environment and business élites in Turkey. Society and
Business Review. 1(3) .pp.205 – 215.
Online
Business Environment. 2007. [Online]. Available through:
<http://www.iiml.ac.in/faculty_staff_business_environment.html>. [Assessed on 16th
August 2016].
Conner, C., 2003. Challenges in business environment. [Online]. Accessed through <
http://www.forbes.com/sites/cherylsnappconner/2013/03/04/the-8-great-challenges-every-
business-faces-and-how-to-master-them-all>. [Accessed on 16th August 2016].