Report on Impact of Business Environment

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Added on 2019-12-03

Report on Impact of Business Environment

Added on 2019-12-03

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BUSINESS ENVIRONMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Purpose of different type of organizations.......................................................................11.2 Extent to which organization meet objectives of stakeholders........................................21.3 Responsibilities of an organization and strategies employed to meet needs of stakeholders................................................................................................................................................2TASK 2............................................................................................................................................32.1 Economic system and allocation of resources..................................................................32.2 Impact of monetary and fiscal policy on organizations....................................................42.3 Impact of competition policy on British Airways............................................................4TASK 3............................................................................................................................................53.1 Role of market structure in pricing and output decisions.................................................53.2 Impact of market forces to shape organization response..................................................53.3 Impact of business and culture environment on the British Airways...............................6TASK 4............................................................................................................................................74.1 Significance of international trade to UK business organizations....................................74.2 Impact of global business factors on business organizations...........................................74.3 Impact of policies of European Union on UK business organizations.............................8CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................9

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INTRODUCTIONBritish Airways in terms of fleet size is the second largest airline in the UK. This report isprepared on business environment in order to help readers in understanding the impact of changein business environment. In this report, stakeholders and their importance from company point ofview is discussed in detail. Along with this, strategies are also mentioned in the report that can beadopted in order to maintain good relations with the stakeholders. Further, fiscal and monetarypolicy and their impact on organization are also discussed in detail. At the end of report,significance of international trade on the UK aviation industry in respect to British Airways isalso discussed in detail.TASK 11.1 Purpose of different type of organizationsThere are three kinds of organizations like public, private and nonprofit organizations.Purpose of these organizations is given below.Sole trader- These are mainly small sized business that have limited resources. Theirmain aim to increase their profitability. Due to this reason their main purpose is to controlcost as much as possible.Partnership- In this mode of business multiple people as an owner of business operate afirm. Their main purpose is to increase profitability of the firm by taking mutualagreeable decision.Public organizations- The main purpose of such kind of organizations is to createemployment opportunities. Welfare of existing labor force is another important objectiveof these public sector organizations. Due to this reason these firms mostly run in loss orthey are not able to generate sufficient amount of profits.Private organization- British Airways is a private firm and profit maximization is itsprimary objective which is divided into various sub objectives (Diedrich, 2014). Theorganization is able to achieve its long-term objectives through achievement of short-term targets or benchmarks. These firms strictly follow the business policy. However inorder to earn more amount of profit, the employees’ welfare is ignored sometimes. 1

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Non-profit organizations- These are those organizations which are not established toearn profit. Mainly, these organizations operate for welfare activities in order to helpneedy people. These needy people may be crippled or uneducated people.TitleParticularVisionVision of British Airways is to become the most admired airline in theworld. Hence, it is focusing on improving its service quality.MissionMission of British Airways is to expand its operations at the globalmarket place. It also wants to enhance its brand recognition value inforeign nations. Objective (long termgoals)In order to achieve this mission, its objective is to focus on creating itsenvironment friendly image by reducing the emission of carbon fromits planes. This will create distinct image of British Airways indomestic and foreign nations. Hence, brand recognition value ofBritish Airways will be increased. Short term goalsIn order to popularize its brand in foreign land, it sets an objective toprovide quality service at premium price (Bowen, 2013). Thus, it isclear from British Airways mission, vision and objective statementsthat British Airways in long term wants to enhance its brand valuethrough enhancing its brand recognition.1.2 Extent to which organization meet objectives of stakeholdersThere are many stakeholders of the firm like employees, shareholders, government andcreditors etc. Firms must meet stakeholders’ expectations in a proper manner in order to growbusiness at fast pace. These stakeholders are explained below in detail.Employees- Employees are considered to be one of the important sources of BritishAirways. Moreover, growth of firm entirely depends on the way in which its employeestreat customers (Ditlev-Simonsen and Wenstøp, 2013). Therefore, British Airways mustmake sure that its employees are satisfied and no discrimination is done among theemployees at the workplace.In order to meet employees’ career growth needs, firm timeto time conducts the training programs. Through these programs, employees develop2

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Report on Impact of Business Environment