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Business Environment - Iceland Supermarket Assignment

   

Added on  2020-01-28

14 Pages4949 Words101 Views
BUSINESSENVIRONMENT

Table of ContentsIntroduction......................................................................................................................................1Task 1...............................................................................................................................................11.1 Purpose of various organization.......................................................................................11.2 Extent to which Iceland Supermarket meets the objectives of its different stakeholders21.3 Responsibilities of the Iceland Supermarket and the strategies it employee to meet them3Task 2...............................................................................................................................................42.1 How economic system attempt to allocate the resources properly...................................42.2 Impact of fiscal and monetary policy on Iceland Supermarket........................................52.3 Impact of competition policy and other regulatory mechanisms on Iceland Supermarket5Task 3...............................................................................................................................................63.1 Types of market structure.................................................................................................63.2 Ways in which market forces shape Iceland Supermarket...............................................73.3 How business and culture environment shapes the behavior of Iceland Supermarket.....7Task 4...............................................................................................................................................84.1 Significance of international trade....................................................................................84.2 Impact of Global factor on Iceland Supermarket.............................................................94.3 Impact of policies on European Union on Iceland Supermarket....................................10Conclusion.....................................................................................................................................10References......................................................................................................................................12

Introduction Business environment is the combination of all internal and external factors that refer tothe environment. Business environment affects the working and functions of organization inother world, it can also be said that business operations are affected by the micro and macroenvironment. In this report, case study of Iceland supermarket has been undertaken. Icelandsupermarket is a subsidiary company of Associated British Foods group headquartered inDeeside, Wakes, UK. The company was launched in 1969 in Ireland trading as Penny's. By theend of year 2012, Iceland supermarket had 238 branches across the UK, Ireland and Europe. Thecompany is focused on the sale of frozen foods including meals and vegetables. The followingreport depicts about the purpose of different organization. In this, requirements of differentstakeholders are also discussed. In addition to this, what necessary steps undertaken by companyin order to satisfy its stakeholders are also interpreted. Along with this, impact of fiscal,monetary and competition policy on company is also mentioned. In this report, an attempt ismade to understand the behavior of organization in the respect of market environment. At last,importance of the global factors that shape national and international business activities will alsobe discussed. Task 11.1 Purpose of various organizationIceland Supermarket: It is a company which deals with the sale of frozen and non-frozenfood items. The main purpose of this company is to provide all types of foods items from Pizza'sto fish and vegetables to desserts. In addition to this, it also aims to provide high quality productsand services to the customers at an affordable price (Aruoba and Chugh, 2010). Along with this,company also aims to become the number one leading company not just in UK but in the wholeworld.KFC: KFC is a fast food restaurant which is specialized in fried chicken. The main purposeof KFC is to bring joy and happiness in the world and made a place available where allindividuals can come together and be happy as one family and friends (Aswathappa, 2009). Theyalso aim to provide healthy food products with different varieties to the customers.

Transport for London: It is a government body which is responsible for the various aspectsof the transport system in Greater London in England. Main purpose of this company is to keepLondon working and growing at the fastest speed. It also aims to provide safe and secure journeyto each and every individual present in London. In addition to this, it also aims to make London abetter place to live by providing safe, sustainable and reliable transport.Cancer Research: Cancer research is a charitable institution which was formed on 4February 2002 by the merger of Cancer Research Campaign and Imperial Cancer Researchfunds. Main purpose of this institution is to reduce the number of deaths from the cancer. Inorder to reduce the number of death rate, they have conducted research for the prevention,diagnosis and treatment of disease for finding out the best solutions in order to cure diseases. 1.2 Extent to which Iceland Supermarket meets the objectives of its different stakeholdersStakeholders are the persons who are interested in various activities and operations of theorganization. These stakeholders are affected by day to day operation of the organization. Someof the stakeholders of the Iceland Supermarket are as follows:-Employees: Employees are the individuals who work for the betterment oforganization. Employees want security for their livelihood. They want continuousincrease in their salaries (Björklund, 2011). They also want that there should be faircommunication between all. Thus, Iceland Supermarket has taken into consideration allnecessary measures to satisfy its employees. Customers: Customers simply want the value for the money invested by them. Theywant high quantity product at reasonable rate. In addition to this, they also aim thatcompany should conduct all its operations in an ethical manner. Thus, IcelandSupermarket has taken into consideration all necessary steps to satisfy customers. MainaimoftheSupermarketistomanufacture better quality products at an affordable rate.Supplier: Suppliers are the persons who supply raw material to the company. Supplierswant that company should make timely payment to them for the raw material supplied bythem (Cherunilam, 2010). These suppliers are also concerned about the credit worthinessof business. Thus, in order to satisfy suppliers, Iceland Supermarket normally prefers topurchase raw material by making advance payment.2

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