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Business Environment For Decision Making

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Added on  2020-01-23

Business Environment For Decision Making

   Added on 2020-01-23

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Business Environment
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Table of ContentsBusiness Environment..........................................................................................................................1INTRODUCTION.......................................................................................................................................3TASK 1.......................................................................................................................................................31.1Organizational purposes of different businesses..........................................................................31.2Extent to which organization meets objectives of different stakeholders.....................................41.3Responsibilities of Primark..........................................................................................................5TASK 2.......................................................................................................................................................62.1 Different economic systems...............................................................................................................62.2 Impact of fiscal and monetary policy on business organization.........................................................72.3 Competitive policies and regulatory mechanism in UK including their impact on business organizations’ activities...........................................................................................................................8TASK 3.....................................................................................................................................................103.1 Price and output decisions impact on different market structures....................................................103.2 Ways in which market forces shapes organizational responses.......................................................103.3 Impact of business and cultural environments to shape organization...............................................12TASK 4........................................................................................................................................................134.1 Important role of international trade to UK business organization...................................................134.2 Impact of global factors on UK business organizations...................................................................134.3 Impact of European Union policy on UK organizations..................................................................15CONCLUSION.........................................................................................................................................15REFERENCE............................................................................................................................................17
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INTRODUCTIONBusiness environment is composition of internal and external factors of any entity whichimpacts on productivity and profitability of organization. It includes management of productswith effectiveness to make place in market. However, it also presents strength and weakness ofcompany to face competition. The present report is based on Primark and environmental factorswhich impacts on it’s business performance. It is wide spread well known retail industry sectorof UK provides clothing and cosmetic items to million customers. There is around 65,000employees work for organization. In this report, different sectors entities and their purposesincluding vision and mission can be determined. In addition to this, method to reach outcustomer needs and relationship of workers with company is to be recognized. Through thisstudy, various internal and external environmental factors which influence business activities canbe understood. However, techniques to use resources effectively and how organization can makemarket position to face competition is determined. Along with impact on business due to Brexitcan be understood through this report.TASK 11.1Organizational purposes of different businessesIn UK, there are various organizational sectors which perform transaction of goods andservices. For example, private, public and voluntary sector entities. All of these havedifferent purposes and visions to enhance quality services of transaction of products(Botha, Kourie and Snyman, 2014). Therefore, different types of organizations includingtheir purposes, mission, vision and legal structures can express as:-Public sector organization:- Companies under public sector transact goods and servicesfor social welfare. There are various various firms where government interferes inbusiness activities. For example; Tesco, Sainsbury, Iceland. Including this, objectives,vision and legal structure of public limited companies are as:- Objectives:- Public sector organizations aims to increase profit ratio through createawareness of societies towards products. It also sets goal to gain customer satisfaction athigh level. Including this, providing healthy and secured goods and services to public for
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effectiveness of entity (Menychtas and et.al., 2014). It also sets objective to contribute innation’s development at large scale.Mission and vision- These organizations set vision to make position in market. Inaccordance to this, company aims to acquire knowledge regarding effective services ofentity. Acceptance of new technologies influences quality services of products.Legal structures:- Public limited companies have to follow government rules andregulations for entity’s effectiveness (Reynolds and Rohlin, 2014). There are largenumber of government interferes in production and quality services of firms. Primark (Private sector organization):- It aims to gain profit at maximum level withcustomer satisfaction. Primark is wide spread popular clothing and cosmetics serviceprovider organization of UK. Its objectives, mission and legal structure can be obtainedas:-Objective:- Primark aims to expand business through operating new branches in othercountries. In addition to this, it sets target to increase profit earning capacity by satisfyingcustomers at high level (Granger and Schroeder, 2013).Legal structure- There are no government interventions in private limited organization.For Primark, owner and manager takes decisions related to business activities. 1.2Extent to which organization meets objectives of different stakeholdersVarious stakeholders includes employees, creditors, debtors and customers are elements oforganization to reach out the target. In this regard, purposes are set to develop entity’seffectiveness. The main aim of Primark is to gain customer satisfaction at high level. It aimsto establish effective relations with its collaborative (Niemann, 2014). Thus, private companysets different objectives to fulfill for various stakeholders can be determined as below:-Stakeholders:- These are those people who invest money for company’s capital. Further, thereturn on that share calls as dividend impacts on satisfaction level of stakeholders. Therefore,Primark aims to increasing its capital by large number of shares for enhancing profitability offirm.
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