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BUSINESS ENVIRONMENT INTRODUCTION 3 TASK 13 a) Purpose of LLYOD bank

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BUSINESS ENVIRONMENT INTRODUCTION 3 TASK 13 a) Purpose of different types of organization in UK3 b) Extent to which LLYOD meet the objectives of its stakeholders 4 c) Responsibilities of LLOYD TSB and strategies employed by bank to meet the expectations of stakeholders 5 d) Types of economic system and mode of resource allocation in it5 e) Impact of fiscal and monetary policy of UK on LLYOD activities6 f) Impact of competition policy on the working of L

BUSINESS ENVIRONMENT INTRODUCTION 3 TASK 13 a) Purpose of LLYOD bank

   Added on 2019-12-04

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3a) Purpose of different types of organization in UK....................................................................3b) Extent to which LLYOD meet the objectives of its stakeholders...........................................4c) Responsibilities of LLOYD TSB and strategies employed by bank to meet the expectationsof stakeholders.............................................................................................................................5d) Types of economic system and mode of resource allocation in it ..........................................5e) Impact of fiscal and monetary policy of UK on LLYOD activities........................................6f) Impact of competition policy on the working of LLYOD bank..............................................7Task 3 ..............................................................................................................................................7a) market structures and market conditions determine the pricing strategies of LLOYD’S TSBbusiness........................................................................................................................................7b) how market forces shapes the response of LLOYD’S TSB....................................................8c) Impact of business and cultural environment on LLOYD’S TSB...........................................9TASK 4............................................................................................................................................9a) The importance of international trade to LLYOD;S TSB business ........................................9b) The impact of global factors on LLYOD bank.....................................................................10c) Impact of EU policy on the operations of LLYOD bank......................................................10Conclusion ....................................................................................................................................11REFERENCES..............................................................................................................................122
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INTRODUCTIONBusiness environment is a collaboration of external and internal factors that impact theworking of an organization. The external factors involve constraints like, micro economic,macroeconomic, technical, political that are beyond the control of business. Thereafter, internalfactors refers to employees, customers, suppliers and management etc that can be influenced bybusiness (Botha, Kourie and Snyman, 2014). The importance of studying business environmentis that it help in identifying the upcoming opportunities and reducing the possibilities of threatsby proper planning. In the present report, various aspects of business environment in the contextof LLYOD'S TSB bank will be studied. It is a leading bank of UK that provides financialservices in around 27 countries. It provide services like, personal, private, corporate banking,insurance and mortgage. In this report, key stakeholders of LLYOD bank will be identified.Further, impact of fiscal and monetary policy of UK on the operations of cited company will behighlighted. TASK 1 & 2a) Purpose of different types of organization in UKOrganization refers to structured unit of individuals working collaboratively for aparticular purpose (Björklund, 2011). In this context, purpose of LLOYDS TSB is to becomebest working place, where employees are satisfied, motivated and loyal to provide best servicesto its guest. Likewise, there are different types of organization working in UK market for variousreason which are explained as follows. Type of company (As per legal structure)Public organization: These type of business are owned and controlled by government.The main purpose of public organization is to ensure benefit of community by providinggood quality of products, generating employment and raising their living standards. Forexample, LLYOD bank is public company providing retail and commercial bankingservices to large number of customers and employing more than 60,000 employees(Craig and Campbell, 2012).Private organization: These organizations are owned and managed by privateindividuals. Such companies are restricted to list their shares on stock exchange. The3
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main purpose of private organization is to maximize the wealth of its stakeholders andincrease their revenue. NPO: They are not for profit organization whose main purpose is to increase welfare ofsociety by providing charitable services. They can operate with negligible legalformalities. For instance, Cancer research is organization that help in giving better life tocancer patients by providing health care services. Partnership: It is a type of organization formed by 2 or more individuals who consent towork collaboratively to enhance their mutual benefits (Hamilton and Webster, 2015). Themain purpose of partnership business is to increase the revenue and minimize the risk.For instance, John Lewis partnership of UK. b) Extent to which LLYOD meet the objectives of its stakeholdersStakeholder are those individual, groups or business that have interest in the functioningof an enterprise. They can be further affected or affect the operations of company. Therefore, it isimportant for bank to consider the interest of its stakeholders while working. Following are thekey stakeholders of business: Customers: They are the lifeblood for the organization as they avail the services offeredby business and generate revenue in return. The main concern of customers of LLYODbank is to get fair and transparent banking, customer care services etc. To meet theirobjectives, company keep its customers informed, any hidden charges while obtainingloan or opening account are disclosed (Botha, Kourie and Snyman, 2014). The customersare asked to register their grievances on LLYOD online help desk which are resolvedimmediately to prevent inconvenience among them. Employees: They assist organization in attaining it overall objective by providingsuperior quality services to customers. The main concern of employees is to get jobsecurity, safety, recognition, respect and career growth while working for organization.To ensure satisfaction among employees, management of LLYOD provide them healthywork environment, proper training and motivation etc (Wetherly and Otter, 2014). Theneeds of employees are identified and fulfilled in best possible manner.Government: It generate rules and regulations that must be followed by each and everyentity while working. The key consideration of government is to ensure organization4
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