The Impact of Business Environment on Firms

This assignment delves into the multifaceted business environment and its influence on firms. Students will examine global, biological, social, and industrial perspectives, considering factors like E-Marketing adoption, entrepreneurial competency, and supply chain risks. The analysis draws upon academic research and real-world examples to illustrate how these environmental forces shape business outcomes.

Business Environment

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Identifying purpose of different types of organization..........................................................3
1.2 Extent to which Iceland supermarket meets the objectives of its different stakeholders......4
1.3 Various responsibilities of organization and strategies it employs to meet them..................5
TASK 2 ...........................................................................................................................................6
2.1 Explanation of economic systems for allocating the resources effectively. .........................6
2.2 Impact of fiscal and monitory policy of Iceland supermarket and its activities....................8
2.3 Impact of competition policy and other regulatory mechanism on the activities of Iceland
Supermarket. ...............................................................................................................................8
TASK 3 ...........................................................................................................................................9
3.1 Effect of market structure while pricing and output decisions of business. .........................9
TASK 3 .........................................................................................................................................10
3.2 Impact of market forces.......................................................................................................10
3.3 Impact of business and cultural environment......................................................................11
Task 4.............................................................................................................................................12
4.1 Significance of international trade ......................................................................................12
4.2 Impact of global factors on Iceland Supermarket................................................................13
4.3 Impact of policies of the European Union on Iceland Supermarket....................................13
Conclusion.....................................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Business environment is referred to as the combination of external as well as internal
factors that affects the corporation. Internal factors involves culture of the organization and its
structure. These factors directly affects the development of strategy including customers
perception about firm's offerings, employee-employer relations, production as well as logistics
(Palmer and Hartley, 2008). However external factor involves political, social, legal,
environmental and all the other factor that affects the activities of the business to a greater extent.
Organization is influences by both these factors to a significant level and thus it has to develop
its policies and strategies in accordance with it.
In the present study business environment has been discussed with respect to Iceland
Supermarket. The study entails to understand the organizational purposes of business. Further it
involves nature of national environment in which firm operates. The present report understands
the behavior of organization in their market environment. Along with this it makes assessment of
significance of global factors that shape national business activities.
TASK 1
1.1 Identifying purpose of different types of organization
The purpose of different types of organization has been enumerated below:
Sole trader: This type of business is owned and managed by an individual. The main purpose of
such business is to earn profits.
Partnership: It is a type of organization that is owned and managed by two or more individuals.
The purpose of such business is to work for the interest of individuals and attain common goal.
Public listed company: These firm are owned and managed by government. Further their aim is
to offer superior quality of services to the customers. Thew purpose of such firms to work for the
welfare of public. For instance, Transport for London.
Iceland Supermarkets: Iceland supermarket is British supermarket chain that has 1.8% market
share within UK in food sector. The firm is privately owned and it makes sales of frozen foods
involving prepared meals and vegetables. The firm has been renowned as fastest growing and
most innovative retailers (Björklund, 2011). The purpose of private organization is to increase its
profitability by offering quality services and products to customers. The company has
commitment towards offering safe, healthy and ethically source eatables.

KFC: It is the largest chain across the world that offers fried chicken to the customers. Kentucky
fried chicken is subsidiary firm which implies that its 50% stock or more than is owned by
another organization.
Transport for London: It is considered as government organization that carry out operations in
order to manage transport services in London. The company implement effective strategies in
order to bring effectiveness in management. The firm is statutory business which implies that it
is completely owned by government or sub government body. Such type of firms does not
possess shareholders and further they are required to offer quality services to the public without
motive of profitability. The company performs with the aim to assist the public with sound
transportation and safer routes.
Cancer Research: It is the organization that functions to carry out investigation on prevention,
investigation, diagnosis as well as treatment of cancer. The firm is non profit business that works
for philanthropic goal towards interest of public and good of everyone (Hazlina Ahmad and
et.al., 2010). The aim of such business is not profit making rather they are charitable
organization that run through donations, legacies as well as community support.
1.2 Extent to which Iceland supermarket meets the objectives of its different stakeholders
There is presence of no firm that functions in isolation. The organization like Iceland
Supermarket works with the aim to satisfy the needs of its stakeholders. These are one have
interest in the affairs of the business. Iceland Supermarket has been established in 1969 and it
possess market share of 1.8 within UK food sector. The stakeholders of the firm involves its
employees, suppliers as well as customers (Iskanius, Page and Anbuudayasankar, 2010). The
needs, perceptions as well as wants of the stakeholders possess the potential to affect the
operations and working of the firm to a significant level. In addition to this the external bodies
such as government bodies also exerts greater impact on the organization. The following are the
stakeholders of Iceland Supermarket:
Employees:
The cited business is considered as the best place one can work. The company is best at
understanding the significance of its employees. Further it makes greater efforts in providing
healthy and friendly working environment to personnel. The firm believes that working place is
the location where employees can update their skills and knowledge (Craig and Campbell, 2012).
In addition to this it also offers greater opportunities to the personnel. The management of the

business is organizing training and development program for the employees so that they can get
better exposure.
Customers:
Iceland Supermarket is renowned for its personalized and quality services as well as
products it provides to the customer. The major goal of the business is to attain customer
satisfaction as well as to offer them fresh eatables when required. The firm possess wide variety
of products in different categories so that customers can be offered with greater choices and
which could satisfy their needs. The company is efficient in offering quality services through
deliverance of differentiated product. Iceland Supermarket has been known as pioneer as it has
eliminates artificial flours and preservatives within its products. The products offered by the firm
possess attributes such as fresh, nutritious as well good taste.
Suppliers:
It is believed by the firm that sourcing of food needs to be done from authentic and
licensed place. The company offers frozen products that is raw vegetables or prepared meals
(Chavis, Klapper and Love, 2011). In order to offer best products, the firm is required to source
eatables from authenticated supplier. As such this would result in increasing satisfaction level of
customers.
Stakeholder Matrix
None Little value Some value Significance value
Significance
power Media Personnel Government Customers
Somewhat
power Suppliers Communities Creditors Creditors, government
Little/No
power Creditors Debtors Tax authorities Workers
Unknown Customers Government Employee Suppliers
1.3 Various responsibilities of organization and strategies it employs to meet them
The company is accomplishing its responsibilities in different aspects. Further it is
effectively fulfilling the needs of its stakeholders. Carol pyramid model has been used in order to

demonstrate the extent to which the company fulfil its responsibilities. Such has been
enumerated as under:
Philanthropic: In addition to with the aim to attain profitability and customer satisfaction
the firm is engaged in providing charitables services. For instance, it assists Alzheimer's
research and Iceland Everest expedition.
Economical: The company offers greater value to its customers by generating huge amount
of profitability and benefits ( Laumer, Eckhardt and Weitzel, 2010 ). Iceland supermarkets is
privately owned thus it works for profit earning and gaining advantage over competitors.
Ethical: The firm works under certain principles and values based upon which operations
and working relies. The major aim is offer superior customer service and quality products
by taking into account health of customers. Employees are crucial part of business as they
are engaged in implementing stated tasks and responsibilities. Further business
accomplishes its responsibilities by being ethical.
Legal: Iceland Supermarket complies with the rules and regulation that are being laid in
relation with maintenance of hygiene and freshness of frozen products. Several laws as well
as obligations have been laid with the aimk to inspect the edibility of food.
TASK 2
2.1 Explanation of economic systems for allocating the resources effectively.
Various economic system with their examples are explained below.
Elements Command Economy Free Enterprise Mixed Economy Transitional
Economy
Definition It is an economy
which is also termed
as planned economy
and in this
government takes
decisions regarding
the demand and
supply of products
In this economic
system there are
very few
restrictions on the
private
organizations and
their owners. The
price, products
It is a combination
of both private
and public
enterprises. Both
capitalism and
socialism are
involved in this
It is also termed as
transition
economy which is
continuously
changing to a
market economy
from the planned
economy. This

rather than market
forces.
and services are
decided by the
marketing forces
rather than
government
system. system basically
includes economic
liberalization.
Advantages  Quick
mobilization
of resources
on a very huge
scale.
 Boosting of
industrial
power.
 Quick and
easy response
to any kind of
internal
emergencies.
 The most
important
benefit of
this
economic
system is
that it
maximizes
the profits
of
companies.
 Best
products at
best
affordable
price.
 It makes
companies
to think
something
innovative
and
creative.
 Reduction
in social
cost of
various
business
activities.
 Business
activities
are closely
supervised
by the
governmen
t
 Proper
utilization
of
resources.
 Macro-
economic
stabilizatio
n
 Effective
business
manageme
nt
Disadvantages  Imbalanced
production of
goods and
services.
 It gives
initiative to
black market
 Ignorance
towards the
social welfare.
 Increase in
corruption
and
bribery.
 Increase in
income
gap.
 Sometimes
leads to
improper
allocation
of
resources
 Ineffective
planning
 Lack of
efficiency
 It is rising
the
problem of
unemploy
ment
 Inflation is
being
faced by
the
courtiers
using this
economy.
 Lack of
entreprene
urship and

skills
 Increased
corruption
Example North Korea follows
this economy which
helps companies to
grow till a certain
limit.
Government
interference is
very less in Japan
which makes
companies to take
decisions by
themselves
United States uses
this economy for
the welfare of
both companies
and society.
Russia has
liberalization
which shows that
it uses this
economic system.
2.2 Impact of fiscal and monitory policy of Iceland supermarket and its activities
The impact of both fiscal and monitory policies on the working and activities of Iceland
Supermarket is described below. Fiscal Policy: It is a combo of government spending and taxes which results to
development and growth of society and national economy. The policy helps in achieving
the objectives related to the economy of nation by creating changes in the demand and
supply of goods and products. Iceland Supermarket is affected by this policy when
changes are made to the disposable income of people. High taxes results to low
consumer's net income which at the end leads to low the expenditures. This limit in
expenditure results to decrease in sales of supermarket which affects its revenue. To
remain in competition with other companies, supermarket tries to lower its product prices
for increasing number of customers. Fiscal policy also affects the operating cost and
expenses of the food market. Users think twice before purchasing any food item due to
the increased cost of credit and mortgages.
 Monetary Policy: In this policy, central bank of UK manages the supply of money and
interest rate for achieving the economic objectives such as consumption, liquidity,
inflation, etc. Bank of England takes decision related to the monetary policy for bringing
stability in price. There are some rules and regulations related to the interest rates which
are essential to follow. Any change in these rules and regulations leads to affect the
working of Supermarket as decrease in interest rate decreases the level of expenditure.

This decrease in expenditure affects the demands of food products. On the other hand,
this policy maintains the exchange rates and provide various opportunities to the retail
industry for increasing the employment. Any changes in the exchange rates creates
trouble for Iceland as higher rates decrease the sales of food products.
2.3 Impact of competition policy and other regulatory mechanism on the activities of Iceland
Supermarket.
The Impact of competition policy and other regulatory mechanism on the activities of
Iceland Supermarket are explained below. Competition Policy: The competition policy of UK includes fixing prices, carving up
food market, fixing business terms and many more. Iceland Supermarket has a huge
competition and to maintain in the competition, firm provides fresh, natural and healthy
food products. It has also stopped using artificial flavours, colours and preservatives
which shows its loyalty and honesty towards the users. The supermarket provides quality
services which includes free home delivery at the purchasing of 25$. Any change in the
prices of food items results to affect the whole food market as if one company lowers its
food item prices then for preventing from customer switching other firms also lowers
their food prices. Supermarket uses creative and innovative techniques to attract more
customers and to increase demand of its products.
 Regulatory mechanism: Iceland obeys all the laws, policies and procedures which are
introduced by the UK government. It follows policies related to the animal welfare,
sustainable environment, quality and nutritional food, etc. This shows that the
supermarket is doing all the activities in legal form and it also pays its taxes time to time
with honesty. For animal welfare, Iceland has placed CCTV cameras at the supplier's
Any change in the laws, policies and procedures of government affects the working of
supermarket. In such condition, it has to redesign all the activities as per the new policies
and laws which somewhere affects the profit of firm. It also leads to wastage of time, cost
and resources.

TASK 3
3.1 Effect of market structure while pricing and output decisions of business.
Food industry follows the oligopoly market structure and in this, there is a huge
competition among the companies. The price decided by the supermarket should not affect the
customers of the firm and also helps firm in earring profit. The price of the products needs to be
related to the market structure of the food industry. It is important for the retailer to understand
the market structure in order to formulate pricing policies. Pricing of a product depends on the
demand of the market for the same. If the demand of the product is high in the market then the
price of the product will also increase. It is also necessary to increase the price to further increase
the profitability of the company. If the demand in the market for the product is not considerably
sufficient then automatically the production of the product will also decrease. Output decisions
of the firm are based on the demand of the product. If in any season there high demand of some
vegetable or fruit then the retailer will have to make sure to increase the output of the same. On
the same way in off seasons the output will reduce as the demand will reduce. The market of
food industry faces perfect competition due to the large number of buyers and sellers. Iceland
Supermarket is also facing this market competition which results in high price of food items.
These market prices are beyond the control of users and sellers. Due to this buyers stops buying
food which affects the sales of Supermarket. On the other hand, the market structure of this
industry is oligopoly which also affects the price system of the companies. In this structure if one
company lowers its price of food items then other also do the same for maintaining the market
position and competition. If competitors of Iceland supermarket increase the price of food
commodities than Iceland also rises its prices. Somewhere it affects the number of sales and
customers but due to the same prices supermarket does not face much loss. Pricing is also
effected by the competition and price of substitute product in the market. If their high demand of
competitors product then the retailer may decide to reduce the price in order to achieve
competitive advantage. The price of the competitors price directly affects the price of the retailer
as the customer would differentiate among two products. The final decision to buy a certain
product will be dependent on the same. Also price of the substitute product like in the case of
coffee if the price of tea will fall demand of coffee will decrease. Thus it is evident that market
structure greatly affects the output ad pricing decision of Iceland supermarket.

3.2 Impact of market forces
There are various market forces that influences the operations of business in different
manner. However, such forces consists of supply, demand and marketing to customers. Mainly
operating in Britain market Iceland Supermarket has seen several ups and downs with the
economic conditions (Telkamp, 2012). Despite of recession attacks, UK economy is showing
constant improvement which feasible for the future contingency of Iceland Supermarket.
Furthermore, at the duration of economic recession, spending power of such a dominating
country has been hampered that directly influenced the sales of cited firm. There were different
portfolios which were suffering from lack of demand and sales.
Furthermore, increasing competition in retail industry of UK is one of the major market
forces for the company. With improving the quality of products and services as well as offering
valuable discounts helping the course of Iceland Supermarket in retaining existing customers and
attracting the new for future growth.
Constantly advancement in technological aspect of retail industry has affected the course of
Iceland Supermarket. However, offering digital menu within the supermarket is assisting the
customers in identifying the products easily (Miller and Cross, 2009). Along with this,
convenience of payment mode and online website has positively affected the sales performance.
Nowadays, marketing has changed the completion of the industry because different methods and
approach has been employed by the firm in order to create awareness about new products and
services so that large number of audience can be attracted and defined aim and objectives can be
achieved. Following are the other several market forces that affects the functioning of Iceland
Supermarket. Demand: Operating in such a competitive market, demand of goods and services can affect
the entire course of functioning in retail industry. There are several companies that are
making constant efforts to satisfy the demand which indeed affects the sales of Iceland
Supermarket. At times there is high demand for goods which companies are unable to
satisfy then may affect the brand image within the market. Supply: Dealing in high competition, supply chain of Iceland Supermarket should be up to
the mark because it may lead to retain customers for long term period.
 Economies of scale: Efficiency of business depends upon its size. However, large
enterprises are more efficient in terms of satisfying the needs and wants of customers as

compared to the small enterprises. In context to Iceland Supermarket, economies of scale
includes all the benefits that firm attain the process of development. For instance,
technological advancement in retail industry will be beneficial for the cited firm if it is able
acquire the technology. Otherwise, functioning of business can be affected adversely.
3.3 Impact of business and cultural environment
People belonging to different cultural background works at Iceland Supermarket with the
aim to attain common objective. This assist in building sound working environment. It is
regarded as another major factor that affects the customers mind and attracts them towards
purchase of product. It is important for employees to offer quality services to customers so that
good mouth publicity can be done. There is greater need towards offering quick response to the
queries and complaints of customers (Dyer and Ross, 2008). Iceland needs to develop its
strategies in accordance with the difference in culture. Laws and regulation are required to be
strictly followed as firms in UK are closely monitored. Bodies including National Legislation for
Health and Safety and different food safety standards forms the behavior of supermarket. The
level of competition is high thus greater efforts are required to be made towards strengthening
the business.
Pestle analysis
Political factors: It includes policies and regulations of the government that needs to be complied
with by Iceland supermarket so that it can survive in the market for long run.
Economic factors: This factor involves inflation, recession as well as interest rate with UK that
has potential to affect the operations of Iceland supermarket.
Social factors: It involves change in taste and preferences of the customers that can be changed
with time. Thus it is essential for Iceland supermarket to offer products as per needs of the
buyers.
Technological factors: Change in technology exerts pressure on firm like Iceland supermarket to
upgrade its working. As such this would assist the firm in meeting its goals in desired manner.
Legal factors: It involves legislation that exists within the country where firm operates. In order
to effectively perform business in UK the company has to comply with rules and regulations
developed by local authority.
Environmental factors: It is important for the business to follow such practices that does not
affect environment adversely.

TASK 4
4.1 Significance of international trade
In the general context, international trade refers as the tool or platform of exchanging
goods and commodities for two or more than two nation around the globe. Nowadays, with
increasing competition at domestic level, companies are focusing on enhancing their operations
at global level. According to the present given scenario, Iceland Supermarket operates in Europe,
Ireland and UK has to abide international trade policies and procedure so as to function in
effective way (Johnson, 2009). However, rationale behind encouraging international trade is that
it assist in improving the global economy which consist of supply and demand of goods as well
as price fluctuations during the global events. Operating in such a competitive environment of
retail industry it is important for the top level management of Iceland Supermarket to trade
internationally so as to enhance the market share as well as establish its business operation
within the international boundaries. Furthermore, the main purpose of cited firm behind trading
internationally is that it helps in providing wide range of growing opportunities as well as
develop suitable platform to attract large number of audience for increasing the sales volume
(Pirttilä, 2008).
There are several benefits of international trading such as it helps in growing the market
share of Iceland Supermarket. Along with this it also leads to diversify the risks and uncertainties
associated with the functioning and lastly, increase the profit margins. In addition to it, there are
several advantages and disadvantages of international trade that top level management of Iceland
Supermarket should understand and accordingly make decisions regarding future contingency.
Advantages of international trade is that it leads to make optimum utilisation natural
resources of the country where they intend to operate. Further it also helps in stabilizing the
prices and leads the Iceland Supermarket to become large level organisation. It also leads to
enhance the efficiency of overall business functioning.
Disadvantages of international trade is that, it can have adverse effect on the development
of domestic market for the cited organisation. Along with this, it totally depends on the economic
conditions of new market. It create international rivals that can hamper the functioning of Iceland
Supermarket (Wetherly and Otter, 2006).

4.2 Impact of global factors on Iceland Supermarket
In general globalization can be defined as the process with the help of which businesses
develops international influence. Furthermore, it is the method of interaction and integration
among the people, companies, and government of different nation with the aim of generating
international trade and enhancing the economic position of the country. There are several global
factors that affects the functioning of Iceland Supermarket and it is the duty of senior managers
to make sure that they evaluate each and every factor so that required measures can be employed.
Following are the global factors:
Political environment is one of major factor that affects the functioning of Iceland
Supermarket. However, establishing its business in UK and Europe which have relatively stable
political environment does not affects the course adversely. In addition to this, economic
conditions of both countries are improving at significant pace that helps the company in
generating more revenues. Furthermore, spending power of consumers is relatively high which
increase the demand of quality of products and services offered by the Iceland Supermarket
(Damron, 2013).
Apart from this, cultural difference is one of the major concern for the top level
management of Iceland Supermarket because it can directly affects the sales performance of
products if the products and services are not according to the social lifestyle of people in UK and
Europe. Therefore, it is important for the senior authority of Iceland Supermarket to concentrate
on social and cultural aspect of targeted market as it is totally different from the Great Britain.
Furthermore, senior authority has to focus on understanding the taste and preferences of
customers and accordingly offer the products so that demand can be created as well as
supermarket can be established within the new international market (El-Gohary, 2012).
Therefore, there are several global factors that influences or create hindrance in carrying out the
functioning of Iceland Supermarket.
4.3 Impact of policies of the European Union on Iceland Supermarket
There are several European policies which top level management of Iceland Supermarket
has to abide in order to carry out business operation at international platform. However, these
policies have direct impact on the operations of business but their main purpose it is to promote
or encourage high level of employment within different parts of world as well as reduce rate
unemployment. Furthermore, another major aim of European Union policies is to encourage

different companies irrespective to their sector to fairly trade or commerce with different nations.
Following are some of the European Union policies that affects the execution of business
activities for Iceland Supermarket: Cultural policy: Looking at the complexity of functioning in retail industry, Iceland
Supermarket constantly focus on or promotes that better working environment which
assist in encouraging and engaging employees towards interest of their work. Along with
this, cultural policy helps the entity to form teams of different departments to carry out
certain specific projects of the firm so that desired results and outcomes can be generated
(Venkatesh, Rathi and Patwa, 2015). Further, with the help of this, Iceland Supermarket
is able to identify the talented pool of employees as well as encourage flexible thinking
so that operations can be carried out in the best possible manner. Apart from all,
developing diverse teams helps in identifying the needs and wants of customers
effectively so that products can be developed and offered accordingly.
 Competition policy: Operating in such a competitive environment it is vital for the senior
managers to understand the market effectively and on that basis develop and employ
smart strategies. At present there are several rivals which provide intense competition to
Iceland Supermarket and create obstacle in executing operations. In addition to this,
competition policy ensures that Iceland Supermarket, promote or market its products and
services in fair way as well as does not possess any cheat for the brand image of other
companies (Damron, 2013).
CONCLUSION
In conclusion to the above report it can be said that, environment in business is operating
plays crucial role in defining the growth and future sustainability of business enterprise.
However, functioning in such a competitive environment it is essential for the cited firm to
enhance its business operations at global level so that long term sustainability can be achieved.
Furthermore, report assist in illustrating the importance of international trade and its implications
while executing the business operations in retail industry. Lastly, researcher defines various
European policies that affects the course of Iceland Supermarket.
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