Business Environment and Management

The assignment requires a detailed examination of the business environment, including its components such as capital goods manufacturing companies, electronic customer relationship management, and sustainable development. The student is expected to analyze the impact of the business environment on the US economy and discuss various management strategies that can be employed in this context. The assignment also includes a review of relevant literature and case studies from industries such as steel products and tourism.

Business Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Purposes of different types of organisation......................................................................1
1.2 Describe the extent to which an organisation meets the objectives of different stakeholders
................................................................................................................................................2
1.3 Responsibilities of an organisation and strategies employed to meet them.....................3
TASK 2............................................................................................................................................4
2.1 Different economic systems and why are they followed..................................................4
2.2 United Kingdom Economy: Components, Type, Impact on US......................................5
2.3 Competition policy...........................................................................................................7
TASK 3............................................................................................................................................8
3.1 Pricing and output decisions of the businesses in following market structure.................8
3.2 Market forces as demand and supply shape organisational response...............................9
3.3 Enterprise and cultural environment form the behaviour of the firm.............................10
TASK 4............................................................................................................................................1
4.1 Importance of international trade to business organisation of United kingdom..............1
4.2 Impact of international factors on UK business enterprises.............................................2
4.3 Impact of EU policies on business firms of United Kingdom..........................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business is an organisational and legal entity that is build of individuals or groups in
order to meet a specific purpose. In short, the company is a body which ell the products and
services in exchange of monetary or non-monetary exchange (Chavis, Klapper and Love, 2011).
Primark is a subsidiary of ABF groups which deals with the fashions business. This not really
produce the products and services but provide the products and services to the rights place to
give access to consumer directly. The company have expanded its stores in more than United
Kingdom as well as have more than 150 stores in entire worldwide. This re[port will find out the
purpose, objectives, responsibility and strategies of Primark as well as examine various aspects
of national environment in which a business organisation operate there business. It will assess
the output and pricing decisions and ways that shapes responses of company. United Kingdom
business environment is facing large changes in the country which would be analyse in this
re[port in order to understand the elements of global market.
TASK 1
1.1 Purposes of different types of organisation
An organization is an business body which deal with commodities in market in order to
accomplish that purpose (United Kingdom Economy: Components, Type, Impact on US, 2016).
There are various types of business companies which are distinct from each other on the basis of
their uses or purpose. There are various types of companies which exists in the current business
industry which is listed as followed:
Public Sector
These organization are often under the control of government or state which render theirs
services in order to protect the national monument or services public or community (Chow and
et. al., 2011). These companies often manage funds and financial help through gathering taxes
from the public for benefiting them. Such companies include all government liabilities, defence
structure or system, police, hospitals, schools and many other organisation that own maximum
government share.
Private Sector
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The private sector are those entities for organisation which run the business in order to
earn maximum profits through dealing with products and services in the market. There are two
types of companies which focus on profits making process rather than serving consumer i.e.
 Private limited companies: The owners of private limited company are majorly hold by
private owners. Such companies do not public trade their shares and aim and function the
system of organisation according to their own convenience.
 Public Limited Companies: Such company's major shares are owned by general public
through offering IPO as swell as deals with stock exchange trade at least once.
As an example of public limited company, Primark is a private organisation (Ebert and et.
al., 2014). The purpose of this company is is to provided benefit to public or consumer through
rendering best quality of goods and products in lower cost and become the best leading company
in industry.
Voluntarily sector
These companies are also popular as the community share which is an non profit oriented
organisation. The main purpose of these organisation is to achieve the target instead of earning
profit and increasing the revenues. These companies aims to make the world a better place to live
through resolving the miserable condition and issues from the community or society. It can be
either governmental or non-governmental.
1.2 Describe the extent to which an organisation meets the objectives of different stakeholders
The provided company is the Primark which is an private organisation. The company was
established in 1969 the Penny's Ireland. By the end of 200, the company was able to successfully
establish more than 100 stores in all across Britain and Ireland. Stakeholders refer to the
individuals and groups which are interested in the operations and organizational activities and
have the part in the company's business practices. There are various types of shareholders which
holds the different parts of company or affect it in various ways. They can be situated in internal
working environment or external which company need to maintain and satisfy for proper
functioning of the operations of company.
Primark is one of leading company which required to maintain a proper communication
between different stakeholders in order to form effective channel of distribution and operate the
activities of company. The company also work with various types of stakeholder. Here the basic
stakeholders of Primark which is mentioned here:
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 Internal Stakeholders: Internal stakeholder refer to the people which work within the
organisation and affect the organisational activities. Primark includes various stakeholder
which is workers, managers, owners and other shareholder or creditors. The wage of
these stakeholder depend on their interest and power in the organisational activities and
operations. External Stakeholder: It refer to those individuals and people of company which affect
the operations from outside of the company and play a vital role in the functioning of
operations and functions of Primark. The company have included various external
stakeholder including consumer, suppliers, government and many other. These are the
major entities which influence the entire working system.
Importance of stakeholders
The need of stakeholder relay on standards and class of them. As the internal stakeholder
are responsible for the company's functioning of operations directly, despite of external
stakeholder (Fernando, 2011). These are the major bodies which helps the company in producing
products and service through helping in analysing the elements or interest of consumer as well as
providing proper support and funds in the market. These help in functioning entire operations
through cutting or reducing the complications in functioning. Through the stakeholder analysis,
Primark can easily analyse the importance of various stakeholder on the grounds of their interest
and power in activities which can avail in managing and controlling their impact.
1.3 Responsibilities of an organisation and strategies employed to meet them
The major concern of the organisation is issues linked with social, legal and morals of
company or industry. An organisation need to maintain and monitor their various stakeholders
for controlling and emphasising their positive influence of them on company. The organisation
either its a large or small business, work or deal in the society and they have some
responsibilities toward them. There are some laws that the state or government have formed for
development of society that an organisation have to comply.
Initially this idea of benefiting society was considered as the responsibility of the
organization but now it have been changed as the term of contribution in business profitably.
This is required for Primark for complying all employment laws and providing them proper
treatment as well as wages in the working environment. The company should undertake entire
rights and legislations of employee including minimum wage, working hour, effective working
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environment and many other things which would be to fulfil the requirements of workers. There
are various other duties or responsibilities of firm in respect of their nature or environment such
as pollution less technology utilization, recycle able raw materiel and wastage etc. The company
need to perform better in order to accomplish the duties or responsibility. Primark utilize those
deals of business which is not dangering the environment (Gebauer, Paiola and Edvardsson,
2010). In case, company is bale to fulfil the responsibilities and duties in regard of business, it
will crate a better and positive brand image in the society that can help them in unceasing
consumer or user base.
TASK 2
2.1 Different economic systems and why are they followed
System of economic is an organised or systematised manner in which a nation allocate
the distributed goods and resources in the public or general community. This is a country's
effector in order to achieve the requirements and expectation of general public. According to a
nation, the services or products production majorly affect the limited resources factors such as
territory, natural resource, investment and workforce etc. This is the duty of government of an
country to maintain or organise the scarcity of those resources and elements in balanced way.
Types of Economies:
Various s nations have adopted or formed many types of economies according to their
interest of people or leader decision on which the entire system of nation is generated. Here are
the major economy types that is adopted by main nations: Planned Economy: This type of economy system is also popular as the command
economy which refer to the the domination of government on the activities and decision-
making of country and those activities is put forward by them. In this, the determination
of good and services manufacture as well as its distribution would be decided by the
government and they are responsible for the major judgements of the country. Market Economy: This is also famous as Free Market Economy which the market
mechanism take the decisions of the nations according to their profit and convenience. In
this, the state do not interfere in decision making and judgements of the business
organisations in the process of production and distribution (Gecevska and et. al., 2010).
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The good production would be allocated to those firms and companies which have
invested in the activities and operations. Mixed Economy: This is a combination of b9oth free market economy and command
economy as the products and services is developed according to the organisation itself
but the functions and operations performed under the domination or limitation of
governments in order to reducing the issues and harm in the society. The state introduce
some laws and legislation which the company have to comply and than the government
do not interrupt in their process or system.
Cuba: In the state, the GDP of the commodities is scaled in value of dollar and the
amount of services and good are counted while calculating the rate of Gross domestic products
of the nation. The nation get maximum share through the help of tourism sector of country which
play vital part in providing the share or capital of foreign market· The base of industry in Cuba is
weaker in comparison of other nations. The company follow the planned economy system and
most of the business organisations and industries are functioned by the state of Cuba.
United Kingdom: The economy of United Kingdom produce more than 2.679 trillion
dollars in the year of 2015. The nation is under the 10 largest GDP rated countries with more
than 64 million people (Halbert and Ingulli, 2011). The economy of United Kingdom is
following is the mixed economy system which provide the business organisation and industry
freedom and democracy to run their own business but under the control of government laws and
legislation. After the announcement of Brexit, the country have supported small business
organisation in country and state only command on the matter of defence, education and welfare
etc.
China: China on the other hand run the system of Socialist market economy which can
also be said as the free market economy. The country is enlisted as the second largest economy
system on the grounds of GDP and purchasing power of people, also called as fastest growing
and idea economy system. In this the business persons have all the rights to open and run a
business on their own terms and condition. Government do not restrain their decisions and
judgements.
2.2 United Kingdom Economy: Components, Type, Impact on US
United Kingdom is one of most globalised economy but due to some issues and problems
in system the company faced crisis and loss in unemployment and inflation. Any country's
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economy majorly deals with assignment. Production and utilization of products and services.
Process of business is a complex procedure that have to pass through various steps such as
recovery, downturn, cycle of growth etc. the United Kingdom felt crisis due to some reason
which led the country toward lack of resources, funds, increase in inflation and heavy gain in the
unemployment rate. The nation used these two policies i.e. fiscal policy and monetary term for
recovering and stabilising the condition of the UK economy. Here are the brief of both of these:
Fiscal Policy: In this policy, the government use the techniques of tea collection for recovering
from the situation of crisis. This is the method through which the state alter their expenditure of
degree in order to impact positively on the economy of the nation. This requires a ;proper
combination of monetary policy in order to function more effectively and efficiently.
The attempt of fiscal policy is the opportunities to get or organise the activities of
economy through the help of spending of government or taxation policy (Iskanius, Page and
Anbuudayasankar, 2010). The state of United Kingdom has adopted the policy of fiscal for the
better system of economy in their nation. They have planned to provide protection and increasing
AD whenever it is required. In the year of 1970s, UK have faced large inflation and led the
nation toward heavy inflation. Then the government analyse side effects of this policy and found
hat this is only working while it is executed in the market along with monetary policy.
Monetary Policy: This is the techniques of controlling or monitoring the source of credit nad
currency and raise or decrease the level of business in a nation. This often includes the rates of
interest in employing as well as execute the additional execution of monitory to influence the
consumer expenditure or aggregate demands.
In United Kingdom, the policy of monetary majorly focus over the inflation in aim of 2%+ or -1
CPI. This also look over the the factors of macro environment of economy like unemployment
and development. The policy have developed through the committee of Monetary policy which
functions under the bank of England. They one themselves for exchanging new rates but does not
deal with the inflation target of state.
Here are some of limitation of this policy:
 Assets Trap: When state enforce are reducing the rate of interest rates that fails
sometimes in regard of arousing interest of economy.
 This is hard to monitor various goals altogether through one tool: interest rate.
 Interest rate fluctuation improve an exchange rate consequences.
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 This can upset some particular aspect of economy more than other ones.
Role of Policies
These two have played a very wide role in the United Kingdom economical system. Each
of them deal with manipulation and mechanism with development as well as both have active
use at the same time. If the terms are contractionary, the manner of level to that both of these do,
shake any lie of business upon the extent. These have helped the country in retaining in the
industry and sustaining the economical situation of nation through managing the capital affairs
and interest rates. Thus, both of these have played a vital role in the overall system.
2.3 Competition policy
Forming the policy of competition and another mechanism regulatory, they make sure
that the functioning of the mechanism of market as well as economical activities are operating
properly. The competition significance in United Kingdom is aggregatively increasing (Kubasek,
Brennan and Browne, 2016). In one market economy, anti competitive activities is adversely
influencing the another trades through foreign trade and investment. Moreover, effective system
of market can serve like an elements to enlarge and enhance the activities of economy, not only
locally but also internationally.
For any organisation of business, this is significant to compete the competitor in order to
perform in the same sector. One organisation need to be more stronger in the matter of
competitors in order to compete them in the trade and make an unique recognition among the
society. This is good for organisation to make the changes an competition for United Kingdom
business industry as it help in growing and developing as well as provide a motive to other
companies to evolve.
There are several types of terms and policies which is adopted by organisation such as
Primark in which the most famous policies is monopoly. This refer to the market in which only
one seller of products and services dominates the entire market as it is the only provider of the
specific products or services in the whole industry of that nation. Another terms of this is strict
legislation in respect of anticompetitive attitude or behaviour in which the government is taking
the actions or activities in regard of those companies which are engaged in the activities like
price fixing, and they put fine as the remedies or punishment of this. It is used for educing the
chances of monopoly of one organisation in the UK trade. The United Kingdom provide equal
chances to develop and evolve in the market to each business either small or large. The consumer
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have vital options or choices to make the judgements according to themselves and choose
products according to their preferences and convenience. There is tough competition in
consumers along with the competition in companies. The policy of composition helps in
establishing the business in international market and make the changes or develop it according to
the consequences. This also provide the entire chance to innovate or alter oneself in the global
market through entering in the wide ranger of market.
TASK 3
3.1 Pricing and output decisions of the businesses in following market structure
The influence of market structure is very vital and huge on the output decisions and
pricing. There are various types of structure according which the impact on providing and
outcome changes: Perfect Competition: This is a framework of marketing in which the structure of market
is set where various seller of a particular products are situated in the market, there is
perfect competition between them for the commodities as well as to render the effective
products to the clients inn the cost effective prices (Laumer, Eckhardt and Weitzel, 2010).
In the structure of market, the decision of pricing is taken by the consumer and output
judgements are made through the organisation which are rendering their services or
produce is in the trade according to the products demands because each rivals desire to
deal with the effective quality of services to the consumer in order to establish a unique
image in the global market. This is a good competition of businesses as well as there
remain no monopoly of one brand in the market. In case of not effective pricing,
consumer shift their creadibikl8ity toward another companies that provide substitute of
those commodities. Monopoly: In the monopoly system, there is only one company sustain in the entire
industry which provide the services or products of that kid and dominate the entire
judgements and decision makings. The output decisions and pricing techniques are
command and made by the enterprise itself according to the demands of consumer or
products. This refer to the sole business domination in the whole market and there are no
competitors exists in industry. The power of seller increase and consumer remain no
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choice but purchase the products or services in lower or higher cost. These organizations
are easily able to manipulate the entire market. Oligopoly: This is the situation in which the substitutes of the same products and services
has in the market. The command of the cost of products have in the hands of seller. In
case of the same cost of the products and services, this relay on client which company
products or services they want to purchase. So for attracting consumers, the seller use
various marketing and promotional activities for influencing customer for making a
purchase.
 Duopoly: Duopoly is the market condition when there are two wide organisation exists in
the entire products who deals with that specific products or services and both of them
dominate the entire market and its strategies. These rivals control and manage the pricing
system as well as the decisions of output is made on the agreements of both of these.
There can be situation of monopoly if both of firms merges or consolidate or become one.
3.2 Market forces as demand and supply shape organisational response
Entire organisations including private, public, cooperative or other non profits making
organisation faces the force of market (Loorbach and et. al., 2010). Marketing force refer to the
elements which influence or affect the cost, demands or commodity availability in the market.
This can be the supply or demands that effect the global or national trade as well as the company
that renders the services and products to the consumers.
Demands is the expectation, desires or interest of people, buyer or customer to purchase
the services or products. This can be states as the group, individual or person's demands. If the
product's demands decreased it indicates that the buyer is not interested in buying the specific
products and services which can lead the company toward the lower prices of products.
Illustration 1: demands and supply, 2017
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Supply shows the information that are derived from the curve of demands that represents
the amount or quantity that is needed to manufacture or produce in the matter of products or
services which the consumer is demanding and desire to have.
When the demands of product increase, the supply rate gains as consumer are more likely
to purchase the specific products or service. But if the demands decrease, the supply decrease the
cost of products and services. This is also demands on the quality of services and goodwill of
Primark which determine and affect the large part of product sales. This is required to identify
and understand the market forces for making the variable according to the need and
development.
3.3 Enterprise and cultural environment form the behaviour of the firm
Business environment refers to that factors which directly impact on internal and external
factors in the organisation. There are various external factors that includes demand and supply,
customers, rules and norms, employees and workers which are need to be follow the organisation
culture in proper manner. This is the responsibilities of company manager is to provide desired
goods and services to the customers and satisfy their demand and wants in effective manner.
Culture is that feature who take place within an enterprise and also help in analyse the behaviour
of each employee which performed in the firm (Moutinho ed., 2011). These are as languages,
habits and values and cultural factors. Cultural environment is based on beliefs, norms,
customers, duty and practices that are develop for making team or group of large number of
people which are totally different from each other in any manner.
There are various barriers which occurs within an organisation and it is necessary to
eliminate these errors for gaining profitability and growth properly. The major culture barrier is
language of a person who belong to the different location. Most of the person will come from
various places and own their culture which are best suitable for them within an organisation. This
is that part where firm business operations and its functions are directly affect to the business
growth and success level. Those people who come from different areas they are also face various
types of issue and problems in the company. They also deal with various kind of person for
making desired profitability in proper manner. The culture factors are direct impact the company
activities and its functions for performing better task or work in the firm. There are various
business environment factors that includes suppliers, employees, customers of the enterprise
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which greatly influenced the business and this will also help in taking decision which relates to
growth and increasing reputation of the firm.
Supply and demand factors are affect the whole company and business. It will assist in
give shape for the structure of an organisation and this will mainly focus on demand and supply
curve for effective products and services. Both factors such as internal and external which
directly impact in all over the business for planning and implementing in the graph.
The issue related to culture are directly affect on business operations and its various
activities and also it is need to offer some task to the people which will accept the goods
according to the analysis of behaviour of the consumers.
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TASK 4
4.1 Importance of international trade to business organisation of United kingdom
When exchange of goods and services take place between two countries than this
transaction is known as international trade (Popescu, 2013). This play a vital role in economic
development and growth of a nation. One of the main benefit of this is that it provide opportunity
to country to earn foreign exchange and at the same time build positive image of organisation
who deals at international level. This is known as one of the main source of revenues for
government of country.
Significance of international trade to business enterprises of UK
When separation of UK from EU take place that it become more essential for business
enterprises of United kingdom to enhance productivity and quality of products which they offer
to large number of customers. One of the main feature of international trade is that its attracts
large number of skilled workers. This attracts number of international skilled employees in
United kingdom. This provide strength to UK and increase its ability to offer better products and
services to international market. This results in increase reputation of country in international
market.
After the separation, it become more essential for United Kingdom to produce better and
quality products for its customers in order to maintain the positive image in international
markets. One of the main reason why international trade is more important for countries is that it
provide them an opportunity to expand its business activities and at the same time provide an
opportunity to earn foreign exchange which contribute a lot in economic development of nation.
Main advantages of global business is that provide an opportunity to to country to import the
products which can not be produced in one's country, this save production cot of company and at
the same time provide an opportunity to enterprise to sale its products in other countries which
increase profitability of company (Pulver, 2012). With number of advantages internation trade
come up with various disadvantages is that it decrease the number of local jobs and increase
country's dependency on foreign market.
When company operate its business activities on local level that it limit the number of its
customers but when company start doing operations on global level then this increase number of
consumers. Government of nation provide number of advantages to country such as subsidy,
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reduction in tax rate in order to encourage export. Basically international trade profits of
enterprises and contribute more in economic growth of nation.
4.2 Impact of international factors on UK business enterprises
International elements include those factors which exist in business environment and
directly affect the business activities of a firm which operate on international level. Main factors
include social, political, legal, economic, technological and environmental. Other factors which
affect business activities include labour, capital, land and many other elements.
One of the main factor that impact UK business is increase level of interdependency of
national economy and multi culture in enterprise based in United Kingdom (Porter and Rivkin,
2012). An approach called PESTLE can be used by enterprises to in order to summarise the
impact of global elements on UK. Further, the main factor which affect the business activities of
enterprise based in United kingdom include the following:
 Political factors: This include the policies and rules made by government of nation in
order to control business activities of various enterprises. Basically this is done by
enterprises to maintain economic growth of nation. Further, this consists stability of
government in nation, bureaucracy include in global market, various initiatives to control
trade and relation of UK with other countries.
 Economic factors: This consist economic crises, market fluctuation, rate of inflation and
deflation exist in country and many more. All this affect the decisions of enterprises
whether to expand business activities in that country or not.
 Social factors: This include the elements such as increase in migration, changes in family
pattern of individual, variations in habit and behaviours of target customers of company.
 Technological factors: Whenever a change take place in existing technology or in its
infrastructure then it directly affect the business activities of enterprise.
 Ecological/ environmental factors: This include increase in population of country, global
warming and activities which take place in international business environment.
 Legal factor: This consists the laws and regulation made by government, increase in
legal globalisation and variation which take place in cross country transaction.
4.3 Impact of EU policies on business firms of United Kingdom
Different policies of EU largely affect the economy of United Kingdom. Basically
European union has the capacity to effectively run trade practices and various agreements related
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with investment. This membership of EU largely affects the economy of UK. Policies of
European Union directly affect the allocation of resources as this was done by government of
nation as per the requirement of various sectors. Policies formulated by government directly
affect business operations of enterprise (Sørensen, 2012). Monetary policy directly affect the
interest rate and cash reserve ratio of financial institutions and banks. These policies play as a
role of regulation in inflation rate of country. Both policies monetary and fiscal directly affect the
various activities and functions of business enterprise. When government introduce a increase in
tax rate then it directly affect the business activities as now enterprises have to pay more amount
of tax which indirectly affect thee profitability of enterprise.
Various policies along with competition policy of EU directly affect the United
Kingdom. Formulation of various competition policies is made by Eu in order to keep the
business activities and practices fair. Different type of market structure such as perfect
competition, monopoly and oligopoly directly affects the pricing and marketing policy of
enterprises (Welford, 2013). To take right and effective business decision it is very essential for
business enterprises to to consider various factors such as customer, supplier and skills of
employees.
CONCLUSION
From the above report it can be summoned that this is essential to analyse the stakeholder
of organisation for making and developing any activities as well as understand the market forces
that can help a company in managing the demands and supply of services. The company which
desire to expand their business in global market need to understand the system of output decision
and pricing of the nation and market for sustaining in the market. This report also assesses the
situation of United Kingdom after the Brexit and there are various small business organisation
who have strayed their business after the Brexit.
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Demand and supply. 2017. [online]. Available through:
<ttp://resourcesforhistoryteachers.wikispaces.com/E.2.1?
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United Kingdom Economy: Components, Type, Impact on US. 2016. [online]. Available
through: <https://www.thebalance.com/united-kingdom-economy-impact-on-us-
4063000>.
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