Business Environment of European Union
13 Pages4428 Words186 Views
Added on 2019-12-03
Business Environment of European Union
Added on 2019-12-03
ShareRelated Documents
Business Environment
TABLE OF CONTENTSINTRODUCTION ...............................................................................................4TASK 1..............................................................................................................41.1 Exploring the purposes of different types of organizations ...................41.2 Relationship between organization objective and stakeholder...............51.3 Responsibilities of company and strategies employed to meetobjectives.....................................................................................................52.1 Role of economic system in resource allocation.....................................62.2 Impact of fiscal and monetary policies on business of BA......................72.3 Examining the impact of competition policy and other regulatorymechanism...................................................................................................7TASK 2..............................................................................................................83.1 Role of market structure in determining pricing and output decision ofcompany.......................................................................................................83.2 Ways through which market forces shape organizational responses .....83.3 Roles of business and cultural environments on behaviour of BritishAirways.........................................................................................................94.1 Significance of international trade to UK business enterprise..............104.2 Impact of global factors on British Airways...........................................104.3 Impact of policies of European Union on UK Business Company..........11CONCLUSION..................................................................................................12REFERENCES..................................................................................................13
LIST OF FIGURESINTRODUCTION Business environment contains information about all external andinternal factors that influence business decision of any enterprise in cutthroat competitive market. As per the given case scenario, British Airwayshas been taken to better understand the impact of cultural, economic andregulatory environment factors on company and members associated with it.BA is well known firm of UK and it offers variety of services such as auxiliaryservice and carriage of freight to their customers throughout the world. Thisreport provides detail about impact of fiscal, monetary and competitor’spolicies on performance of UK base enterprise.TASK 11.1 Exploring the purposes of different types of organizations Todays, different types of business organizations including non-profitcorporations, private sector organizations (sole traders, partnerships,companies and franchises), governmental and non-governmental enterprisesare successfully running their business. Each type of enterprise has somecommon objectives, vision and mission which they want to accomplish. Themain objective of public sector organizations is to perform national securityrelated works and providing employment opportunities to people of country(GBP, 2013). On the other side, private sector companies’ main objectivesare to earn profit and achieve growth in the industry by effective utilizationof their resources with meet expectations of stakeholders. Partnership isdone between two or more parties for the purpose of enjoy limited liabilityand share skills and the workload. Companies can be considered as a legalentity and these are typically smaller than public limited companies. Infranchise, grants permission is given to company to sell a product and tradeunder a certain name. Sole trader is most common form of businessownership. In this kind of enterprise, decisions can be made quickly (Bamber,2013). Earlier, BA was public sector company and but due to increasingaccumulated losses, enterprise was converted into private sector.Mission: Mission of the company is to make product and services moreinnovate and meet expectations of customers by following ethics in business(British Airways Annual Reports, 2010). Vision statement: Vision of the BA is to become the most responsibleairline across the world by providing cost relaxation to passengers withfollowing environment regulations.Objectives: Short term objective of company is to penetrate new customerstowards products and reduce lost or misdirected bags related problem duringthe journey (British Airways Annual Reports, 2010). Long term objective offirm is to make it world's leading global premium airline in terms ofincreasing customer satisfaction and providing benefits to its stakeholders. Goal: Maintain its position as the frontrunner in the airline industry andconcentrates on effective delivery of their services to their customers ontime at affordable price.3
1.2 Relationship between organization objective and stakeholderContribution and support of stakeholders are required for managementof BA to get success. For example, if transparency is followed while sharingbetween different departments then it will provide opportunity to firm to takeseveral advantages such as controlling cost, economy of scale and enhancebrand image and reputation etc. Internal stakeholders of company aremanagers, employees and business owners (Hamilton and Webster, 2012).Owner and manager are responsible for monitoring and running businessactivities in a significant manner.Figure 1: Internal stakeholders of BAExternal stakeholders of BA can be understood as follow. Bank and otherfinancial institutions are the main creditors of company and they provideloan to the firm for running their busienss.Figure 2: External stakeholders of BAThrough giving higher dividends and involving shareholders in decisionmaking process, British Airways has maintained better relationship with theirshareholders and it motivates them to invest money in the growth ofcompany (Stengel, 2011). Besides that, enterprise also follows governmentregulations in its business processes to effective handle environmentalrelated issues. Along with this, company also maintains good relationshipwith Boeing and Airbus suppliers. Moreover, environment related issuesincluding unfavorable whether condition, wastage and noise, and reductionof Co2 are also affecting performance of company (Dunwoody, 2007).Despite of that financial institution, employees, customers, localcommunities and use of promotional media (for conveying mission) andobjectives to the whole community are the other factors which are affectingthe entire aviation industry.1.3 Responsibilities of company and strategies employed to meet objectivesIn order to maintain good relationship with its customers and savedata, management of company has used customer relationship managementsoftware. The main aim of enterprise is to deliver innovative services to itscustomers and increases their job satisfaction level through providingservices at minimum prices compares to their competitors (Kusluvan, 2003).For the purpose of reducing carbon emission and other environment relatedchallenges that can harm the society, organization is using different newemerging technologies and filters at workplace.Table 1: Responsibilities of enterprise and strategies to achieve objectivesBA stakeholders Objectives Strategies Business owner Increase profitMonitoring entire workLucrative marketingcampaign4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Business Environment of British Airways | Studylg...
|12
|4548
|180
Business Environment in British Airways (BA)lg...
|12
|4268
|41
Business Environment and Its Factorslg...
|12
|4087
|266
BUSINESS ENVIRONMENT TABLE OF CONTENTS INTRODUCTION 1 TASK 11lg...
|14
|4739
|64
Business Environment Internal and External Environmentlg...
|16
|4341
|292
Report Of Business Environment Of British Airways - Vision, Missionlg...
|12
|4121
|161