INTRODUCTION In the present context, business of companies is affected by range of environmentalfactors. The strategies are to be designed accordingly (Kemp and Vinke, 2012). Analysis of thesurrounding conditions is important so that constant improvements related to business can bedecided. The purpose of this research study is to understand the responsibilities of firms towardsthe different stakeholders. It also shows the impact of fiscal and monetary policies on thebusiness activities. The significance of the global factors is also understood in order to find outhow the company reacts at the global level. At last the report will end in discussing the impact ofEU on UK firms.1.1 Primark is an Irish clothing retailer operating in different countries around UK andEurope. It is a type of subsidiary company of the ABF (Associated British Foods). The productsof the company are mainly sourced from suppliers in Europe and Asia. It offers kid clothing,women wear, men’s wear, accessories, footwear etc. The main purpose of the organization is tooffer great value along with innovative products to the consumers. The brand makes a greatcontribution to the contemporary fast fashion trend. The purpose of one organization in the following categories is as follows:(a) The Public sector - The public sector companies are those which are under the control andregulation of the government. Stocks of these kind of firms are traded publically. The mainpurpose is to serve the public of the country (Ahmed, 2012). For example NHS in UK is anational healthcare system in England which is also publicly funded. It is one of the largestsingle payer healthcare system across the world which gives healthcare service to every singleresident in England. (b) Charity - Charity organization is a kind of non-profit business however it differs from theother NPOs. The main focus is on achieving philanthropic goals as well as the social wellbeing.For example, NSPCC (National Society for the Prevention of Cruelty to Children), is a charitybody working for the prevention of child (Leon and Garcia, 2011). The main purpose is to assurethat children must be protected from all kinds of violence and exploitation. (c) Cooperative – Cooperative is an independent association of individuals who jointlycontributes towards a common economic, social and cultural objectives. For example, Baywind3
Energy Co-operative is one of the largest cooperatives which owns the business of wind turbinesin UK. 1.2Stakeholders are the persons or groups who are always interested in the performance ofthe company. Primark also meet the objectives of the different stakeholders in the followingmanner:Customers - The Company believes in offering its customers the right goods at the rightprices and at the right place. It always aim to provide unbeatable value without havingany comprise with the innovation and quality. The expertise lies in understanding thepeople and their requirements.Suppliers – Suppliers are the ones who provide raw materials and inputs for conductingthe business activities. Primark believes that success can be achieved through working inclose integration with the suppliers to produce goods according to the specifications. Theproducts for the brand are mainly sourced from suppliers in Europe and Asia. Company’sown supplier code of conduct is the mandatory requirement within which all its supplierswork. Employees – The organization is having over 57,000 employees. As a retail outlet,Primark has to focus seriously on its workforce. Their commitment to employeedevelopment is evident from the fact that it has established a world class ManagementDevelopment Program to build the career of the employees at all the levels (Conner,2016). The management encourages ideas, team spirit and passion across all the businessdivisions. The promotional opportunities are also advertised by the organization for theexisting workers.Communities - Company has also entered into a partnership with BSR (Business forSocial Responsibility). There is an initiative started in this regard which is known asHERhealth (Health Enables Returns). It is about safeguarding the health of the femalesworking in the factories which make products of Primark. In this way the organization isfulfilling its corporate social responsibilities towards the society. 4
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