Business Environment Factors Assignment
Added on 2019-12-03
16 Pages5771 Words151 Views
Business Environment1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Purposes of different organization.........................................................................................31.2 Extent to which Iceland supermarket meets the objectives of different stakeholders...........41.3 Various responsibility as an organization and strategies it employs to meet them...............5TASK 2............................................................................................................................................62.1 How different economic systems attempt to allocate resources effectively..........................62.2 The impact of fiscal and monetary policy..............................................................................72.3 The impact of competition policy and other regulatory mechanism.....................................7TASK 3............................................................................................................................................83.1 How market structure determine the pricing and output decisions of businesses.................83.2 Ways in which market forces shapes Iceland supermarket responses...................................93.3 Business and cultural environments shape the behaviour of Iceland supermarket..............10TASK 4..........................................................................................................................................114.1 Significance of international trade.......................................................................................114.2 Impact of global factors on the organization.......................................................................124.3 Impact of policies of the European union on the Iceland supermarket................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................142
INTRODUCTION Business Environment consists of different external and internal factors that directly andindirectly affect the operations of business organization. In order to survive in the contemporarymarketplace, establishment mainly centres upon to examining both the factors (Wetherly andOtter, 2014). However, in the globalized scenario, business environment plays a pivotal role inmost of the enterprises as it will assist in knowing the internal, external environment as well as itwill also realizes the current market trend under which establishment is operating theirbusinesses. In the present context, report focuses on the Iceland supermarket one of the privateretailing company in the UK that deals in providing frozen foods and groceries products. Thecompany covers approximately 1.8% to UK food market share. However, the supermarket isprimarily impressed and influence by the external and internal environment under which theyoperates their functions. Furthermore, the present report will discuss the main purposes of the different form oforganization that exists in the contemporary environment. However, the report will alsounderstand the nature of national environment under which businesses operates and addresses theneeds and requirement of the different customers. In addition to this the report will alsounderstand the behaviour of the organization in the different market structure as it will supportthe organization in determining their pricing and output decisions of the business. TASK 11.1 Purposes of different organizationOrganizations may have different purposes and goals that they need to achieve whileestablishing the business in the market. However, some businesses mainly operates theirfunctions to earn maximum profits whilst some other enterprise mainly runs to meet therequirement of their customers (Wild, Wild and Han, 2014). Therefore, the intention of all theorganization are not precisely same. There are different organization existing in the market thatis private organization, public organization as well as governmental organization. The differentpurposes of different organization are; a) Iceland Supermarket-The supermarket is a subsidiary company of public limited organizationthat is Associated British food in the retail sector that mainly sells frozen foods and groceries3
products in the market (Dragoi, Rosu and Draghici, 2013). The supermarket is mainly direct bythe single owners in the form of partnership or sole proprietorship. However, the main purposeor goal of the Iceland supermarket is to earn maximum profit by serving the differentrequirement of the customers and to attain higher share of UK food market (Alqahtani and Saba,2013). the main aim of public limited company is to maximize the wealth of differentstakeholder by creating higher profit ratio. However, public limited company also focuses on theensuring corporate social responsibility by developing the society in which they operates theiroperations. b) KFC- KFC (Kentucky fried chicken) is the private limited organization that is the subsidiarycompany of Yum! Brand one of the famous restaurant company. It is also considered as theprivate company that mainly exists to earn profit and increase their market share by expandingtheir activities in the other countries. c) Transport for London (TFL)- It is considered as the local governmental body that is primarilyaccountable for the transport systems within the London area. However, TFL mainly serve theareas within the UK and also manage the transport services crosswise the London. The mainpurpose of TFL is to serve the areas of UK and focus on the up-liftment of the area bydeveloping the transport systems (Cavusgil and et.al., 2014). d) Cancer Research- Another form of organization include cancer research one of the voluntaryorganization that researches into the cancer to determine their causes, treatment and preventionstrategies to cure the diseases. It is an non-profit organization in UK whose main purpose is toserve the societal needs and requirement. 1.2 Extent to which Iceland supermarket meets the objectives of different stakeholdersStakeholders are the key people those are present within and outside the organization.However, they are one that may get affected or would impact the overall operations of theorganization. The key stakeholders of Iceland supermarket are customers, suppliers, society,employees etc. there are different objectives of their stakeholder that need to be fulfilled by theIceland supermarket to sustain their stakeholders (Allen and Raynor, 2004). The objectives ofdifferent stakeholders and extent to which supermarket meet their objectives are:Customers- One of the key stakeholder of Iceland supermarket is their customers thosepurchase variety of products from the supermarket to meet their requirement. However, the main4
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