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Business Environment in a changing economic system

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Added on  2020-01-28

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Business Environment TABLE OF CONTENTS INTRODUCTION 3 TASK 13 1.1 Purposes of different organization 3 1.2 Extent to which business meets the objectives of its stakeholders 4 1.3 Different responsibilities and strategies to meet them 5 TASK 26 2.1 Different types of economic systems 6 2.2 Impact of fiscal and monetary policy 7 2.3 Impact of competition policy and other regulatory mechanism 8 TASK 39 3.1 Impact of market structure to determine the pricing and output decisions of businesses9 3.2 Impact of market forces 10 3.3 Impact of business

Business Environment in a changing economic system

   Added on 2020-01-28

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Purposes of different organization....................................................................................31.2 Extent to which business meets the objectives of its stakeholders...................................41.3 Different responsibilities and strategies to meet them.....................................................5TASK 2............................................................................................................................................62.1 Different types of economic systems...............................................................................62.2 Impact of fiscal and monetary policy...............................................................................72.3 Impact of competition policy and other regulatory mechanism.......................................8TASK 3............................................................................................................................................93.1 Impact of market structure to determine the pricing and output decisions of businesses93.2 Impact of market forces..................................................................................................103.3 Impact of business and cultural environment.................................................................11TASK 4..........................................................................................................................................114.1 The significance of international trade to Iceland Supermarket.....................................114.2 The impact of global factors on organization.................................................................124.3 Impact of policies of the European Union on Iceland Supermarket..............................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................152
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INTRODUCTIONIn the present era, business environment put its huge impact on the performance ofbusiness at the time of meetings its goals and objectives. It includes different types of internaland external factors that have both positive and negative impact on the business practices of theorganization. Nowadays, both the national and international market has been changed to a greatextent (Ogórek, Lejman and Matkowski, 2014). Due to this aspect, this present report has beenformed to understand the impact and influence of business environment on the activities ofvarious business organizations. Further, main purpose of the study is to evaluate howorganization strategically organize and plan future outcomes in regard to become successful. Theexternal factors involve are government policies, political structure, technological advancementsetc. that influences operations of firm on a large scale. On the other hand, internal factors areconsumer perception regarding the offerings of company, relationship among employee andemployer etc. that directly influences the environment of business (Assaul and et.al., 2014). Here, the scenario has been undertaken of Iceland Supermarket which operates withinUK, Ireland and Europe and has 238 branches. Business provides both frozen and non frozenready meals and vegetables to satisfy the needs of consumers. The study has been carried out inorder to assess the purposes of different organizations (Guleva and Dukhanov, 2015). Moreover,management also focuses on getting sustainable growth, satisfaction among consumers and profitmaximization. Iceland Supermarket also employs effectual strategy in order to meet the needs ofits stakeholders. TASK 11.1 Purposes of different organizationOrganizationIts purposeIceland SupermarketIceland Supermarket is a public company and owns a chain ofsupermarket within Ireland, UK and Europe. Business owns around1.8% share within UK food market and attracts consumers by sellingboth frozen and non frozen food items that involves ready meals andvegetables (Shmidt and Khudyakova, 2015). However, business wasstated as the most innovative and unique supermarket chain acrossglobe. The main purpose of business is to provide best products and3
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services to consumers and maximize their profits. Thus, business aims todeliver safe, healthy and quality food to consumers. KFCKFC is a private fast food restaurant chain in the world. Businessspecializes in fried chicken and provides joy and happiness to peoplewho love visiting KFC with their friends and family. Business is asubsidiary company of Yum brand. It is a restaurant chain that alsopossesses Pizza Hut and Taco Bell chains (Mithas, Tafti and Mitchell,2013). The aim of business is to fulfill the requirements of clients byproviding them good quality fried chicken. Also, business providesfriendly atmosphere that attracts large base of consumers and enhancethe sales of firm. Transport forLondon It is a government operated transport corporation that focuses onmanaging transport services within London. Management of TFL needsto implement effective strategies so that transportation can be managedproperly within London. Here, Transport for London has the mainmotive to provide better conveyance services to public with no interestin generating profits (Dobscha, Mentzer and Littlefield, 2015). Cancer Research It is a non profit organization that operates in order to prevent, diagnoseand provide best treatment to cancer patients. Main focus oforganization is to work for public interest and attain common goals.However, business does not aim for profit maximization (Wetherly andOtter, 2014), it only works for the welfare of society and plan toovercome cancer disease from society. Cancer Research organizationmainly runs through donations, charity and support from local people. 1.2 Extent to which business meets the objectives of its stakeholdersBusiness mainly operates under the influence of its working and the requirements of itsstakeholders. These are the individual who are connected within the firm in order to meet thefirm's objectives. Iceland Supermarket also own a large group of employees, customers andsuppliers since its establishment in 1969 and its market share raised to 1.8% within UK, Icelandand Europe food market. The functions of business get affected by the characteristics, needs andperceptions of stakeholders. Further, there are various external agencies such as government and4
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