Business Environment on Iceland Supermarket Assignment
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Added on 2020-01-28
Business Environment on Iceland Supermarket Assignment
Added on 2020-01-28
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Purposes of different organization....................................................................................11.2 The extent to which it meets the objectives of its different stakeholders.........................21.3 Responsibilities of an organization and strategies employed to meet them.....................3TASK 2............................................................................................................................................52.1 economic systems attempt to allocate resources effectively............................................52.2 The impact of fiscal and monetary policy on business organizations and their activities62.3 The impact of competition policy and other regulatory mechanisms on the activities of aselected organization..............................................................................................................6TASK 3............................................................................................................................................73.1 Market structures determine the pricing and output decisions of businesses...................73.2 The way in which market forces shape organizational responses using a range of examples................................................................................................................................................83.3 Way in which the business and cultural environments shape the behavior of a selectedorganization............................................................................................................................9TASK 4..........................................................................................................................................104.1 The significance of international trade to UK business organizations...........................104.2 The impact of global factors on UK business organizations..........................................104.3 The impact of policies of the European Union on UK business organizations..............11CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................13
INTRODUCTIONBusiness environment refers to the sum total of all the factor that affects the functioningand operations of organizations operating in a country. It inculcates all the factors under theinfluence of which firm’s functions. In includes both internal and external factors. Latter arethose that impact organization on wide scale such as social, economic, technological, politicalenvironmental and legal aspects prevailing in the country while prior are its components linkeddirectly to the strategic formulation and direction of working such as its shareholders, customers,employees, suppliers and government organization. Report is prepared to elucidate the way inwhich organization get affected by these factors. For the purpose, British supermarket chain,Iceland supermarket is taken into account. With approximately, 1.8% share in UK food market,Company sells wide range of frozen and non frozen items such as prepared meals andvegetables; meat, dairy and dry goods.TASK 11.1 Purposes of different organizationIceland SupermarketsType of organization: PrivatePurpose: With the significant share in the retail industry, Iceland supermarket is selling largerange of products in frozen and non frozen items. It aims to offer quality products withoutcompromising health and hygiene of customers. Private companies function to earn profitabilityand have a strong hold in market. For that purpose, it adopts different measures such asmarketing, discounting, personal interactions with customers and others (Yu and Ramanathan,2012).KFCType of organization: SubsidiaryPurpose: Subsidiary of Yum brand, KFC is recognized as the leading fast food chain in theworld. It purposes of functioning is to comply with the laws, policies, regulations, objectives andgoals of parent firm. Along with this, it desires to establish its prominent position on its own.Transport of LondonType of organization: Government organization1
Purpose: Government aims to stabilize the situation of country in different aspects. In thatregard, there are many organizations that function under its control (George and public relations.2016). Their aim is to provide public services in different sections such as education, health,transport and others. One such organization is transport of London that caters, monitor andmaintain the transport condition in UK. Transport of London is a public organization whoseprimary function is to provide better traffic facilities to the countrymen with good infrastructureand passage.Cancer researchType of organization: Charitable organizationPurpose: Charitable organization or other nonprofit organization functions with the sole aim tobring improvement in the condition of country. Cancer research is the independent researchcenter in UK which conducts research to minimize the deaths of patient due to this terminalillness (Moutinho, 2011). Research activities are carried out to introduce new methods ofprevention and cure of cancer.1.2 The extent to which it meets the objectives of its different stakeholders.No organization functions in isolation thereby its success and development depends uponthe efficiency of its operational management. Similarly, Iceland supermarket is the large familyof employees, suppliers, customers and other trading partners. There are many entities associatedwith it. Entities that are directly or indirectly associated with the working of organization arereferred as stakeholders. Major of them are its owners, customers, Government agencies,employees working in it, creditors and many regulatory agencies such as environmental groups.Owners: Iceland operates with the number of shareholders who are the owners of theorganization. There is a board of directors who frame policies and strategies for thesuccess of organization and make them expand to the larger horizons. Icelandsupermarket realizes the importance of their need and always caters to provide the largereturn on investments to them (Halbert and Ingulli, 2011). Customers: Central part of the organizational working is their customers. Each operationis done by keeping in consideration their choices and preferences. Iceland supermarket isrecognized for its outstanding service it extends to them. Management tends to offer thequality products to them as per their need and choices. There is a separate team made byIceland supermarket to seek customer's choice by maintaining personal interactions with2
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