Business Environment | Assignment
Added on 2020-12-18
16 Pages5063 Words195 Views
BUSINESS & BUSINESSENVIRONMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Overview of different type organisations and Growth of international businessenvironment............................................................................................................................12. Explanation of different business entities ..........................................................................33. Function of private organisation.........................................................................................5TASK 2............................................................................................................................................71. PESTLE analysis of Arcadia Group...................................................................................72. SWOT for Arcadia Group................................................................................................103. Critical reflection of pestle and SWOT............................................................................12CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBusiness environment comprises the internal and external surrounding which caninfluence business directly- indirectly. These factor separately impact the business as well asaffect each others too. Present study articulate the classification of business on the basis ofownership and legal structure. Report will render understanding between different businessfunctional unit and their internation to achieve organisation goal. Lastly, PESTLE and SWOTwill be cover to know the way, internal and external factor affecting business decision. Reportwill render brief of Arcadia Group, NHS England and Wellcome Trust as example of differentbusiness types. Arcadia is famous fashion retail in UK, where NHS England is a public sectorhealthcare organisation which works under UK government. Wellcome is charitable trust, whichis undertakes by some volunteers. TASK 11. Overview of different type organisations and Growth of international business environment.A business can be classify into different categories on the basis of objective, ownership,size and legal structure. There are majorly three kind of business forms currently present inmarket, namely private company, public sector and non- profit organisation. Public sectororganisations generally, establishes by state as department undertaking,Statutory corporationand government companies. These public firms avail the fund and finance from government,which is collected by tax, fines, duties imposed by government on public. These businesses areset up with the multiple aims, like render basic and essential service and product to public and tomaintain balance in economy (Aithal, 2016). Public firms are fully controlled and operated bythe state to make major business decision. Public sector functional areas are development ofinfrastructure like roads, railways, airways, electric grids, bridges and tunnels. They also provideessential services in healthcare, public education, water supply and telecommunication.Government sector companies are accountable to tax payers through ministers and politicians.State also make partnership contract with private company, so that it can bring large technicaland operational improvement in essential service too.Legal StructureAsole traderis a one-person business, commonly found in trades where only small amounts of finance are required to set up and where there are very few advantages to the existence of larger organisations (e.g. hairdressing, newsagents, market traders).A sole trader 1
facesunlimited liabilityfor his/her debts and it is referred to as an unincorporated business - this means that there is no legal difference between the business and the owner.To overcome many of the problems of a sole trader, a partnership may be formed. A partnership is an association of individuals and generally there will be between 2 and 20 partners.Each partner is responsible for the debts of the partnership and therefore you would need to choose your partners carefully and draw up an agreement on the responsibilities and rights of each partner (known as aDeed of PartnershiporThe Articles of Partnership). The most common examples of a partnership are doctor's surgeries, veterinarians, accountants, solicitors and dentists.Some Example of Public Organisations in UK are: Audit Commission, Atomic WeaponsEstablishment (AWE), The Cabinet Office etc. Private business are come into existence with the aim of profit earning, growth andexpansion. These entities are fully operated and controlled by owner and shareholders.Entrepreneur arranges fund by personal resource or from UK stock market. Private companiesare governed by a well established and Independent management. Management has their fullconcentration on enhance the capacity of human capital, increase the operational efficiency togrow the business. Owner and manager have to present key financial report in front ofgovernment and stakeholder as they is accountable to answer both (Chang,2016). Privateindustries aimed to provide customer satisfaction, as produce luxury product and services forthem. They reinvest profit and retain earning in increase the competency of operation, people,expansion and research and development. Sole trader, partnership, limited liability partnership,corporation are the type of private sector firms.Some example of Private organisation of UK are: John Lewis Partnership, Swire, BrakeBros etc. Voluntary sector works for social care to enrich society, with minimum profit objective.They possess less or no government control. There are paid and free volunteers works asemployee. also, these organisations put their earning in back in organisation, community andsociety. State supports voluntary firms because they help government to achieve social careobjective. Business get finance from government and volunteers. As per the estimation,voluntary sector contributes almost 0.8% of total gross value added in UK economy, which isabout £11.7 billion. Charities, Community Groups, Social Welfare Organization, Foundations,Faith-Based firms, Advocacy Groups and Recreational Sports are some example of voluntary2
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