Business Environment of Iceland Supermarket : Report
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Added on 2020-01-21
Business Environment of Iceland Supermarket : Report
Added on 2020-01-21
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Identifying the purpose of different organizations................................................................11.2 Things done to meet the needs of stakeholders.....................................................................21.3 Various steps taken by Iceland supermarket to meet stakeholders needs.............................2TASK 2............................................................................................................................................32.1 Explaining different economic system..................................................................................32.1 Impact of monitory and fiscal policy on Iceland supermarket..............................................42.3 Impact of competition policy and other regulatory mechanisms..........................................4TASK 3............................................................................................................................................53.1 Market structure determining the pricing..............................................................................53.2 Ways to shape market forces for Iceland supermarket.........................................................53.3 Ways in which business and cultural environment shape behaviour of Iceland supermarket.....................................................................................................................................................6TASK 4............................................................................................................................................74.1 Significance of International trade........................................................................................74.2 Impact of global factors on Iceland Supermarket.................................................................74.3 Impact of policies of European Union..................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONBusiness environment can be determined as all the internal as well as external factorswhich affect the business operations of organization. All internal factors can easily be resolvedby firm but it does not have any control over external factors (Tayur, Ganeshan and Magazine,2012). Factors which affect the organization externally are related to changes in technology,trends, policies and laws made by the government. On the other hand, factors which affect thefirm internally include customers, suppliers, employees, competitors, etc. (Trkman, 2010). Thepresent report is about Iceland supermarket which is a British food chain company that providesfrozen foods and also other grocery items. This report covers the purpose of different businessesoperated by various organizations. Further, it covers the nature of national environment in whichbusinesses operate. Moreover, it covers the behaviour of organizations in their marketenvironment. Lastly, it also includes the significance of global factors which shape the nationalbusiness activities. TASK 11.1 Identifying the purpose of different organizationsDifferent organizations have their own purposes and aim. This is chosen according to thetype of services or products that they provide to their customers (Kang, Lee and Kim, 2010).There are different types of organizations among which KFC and Iceland supermarket fallsunder the private companies, Transport for London is a public company and Cancer researchfalls under non-government organization.Purpose:Iceland supermarket: The main aim of this firm to provide quality services to theircustomers. Mostly, frozen products are not preferred as they are termed unhealthy or unhygienic.Organization has focused on changing the perception of people and aims to provide theircustomers with nutritious products (Iceland Supermarket, 2014). Moreover, it has listed downthe ingredients or elements which they include in their products.KFC: Kentucky Fried Chicken (KFC) has operations at different places and in order to doit effectively, they conduct market research. It is very helpful in knowing the needs and wants ofcustomers effectively. It makes changes in its products according to the trend and taste of theirservice users. In this context, they focus on providing their services users with quality product sothat they could be satisfied.1
Transport for London: This organization provides transport facilities to the people ofLondon. In this context, they focus on improving the quality of services so that they could satisfytheir customers effectively (Cronan, Douglas and Schmidt, 2011). Services included by itinvolves transportation through railways, buses and also services.Cancer research: According to this company, they conduct research so as to reduce thenumber of cancer patients and providing them with appropriate services through which theywould be able to kill cancer from the UK. In this context, they provide information about cancerin order to make people aware. 1.2 Things done to meet the needs of stakeholdersStakeholders are the one who provide support to the firm in order to grow. It is veryimportant for the organization to understand the needs and wants of customers and provide themservices accordingly which will be helpful in satisfying all the stakeholders (Khajvand,Zolfaghar and Alizadeh, 2011). Following are the stakeholders of company: Customers: Theyare the one with the help of which firm earns profit. It is very essential for the organization tounderstand the needs and wants of them so that they could provide better services through whichthey will be able to attract more and more customers.Employees: They are the face of firm. They have close interaction with customers. Theydeliver services and provide adequate information. Through skilful and capable employees, firmwill be able to attract new customers and it will also be able to retain them.Suppliers: They provide or deliver the materials which are required for Icelandsupermarket. When suppliers provide materials on time, then organization will be able to supplyfinished products effectively according to customer’s demand (Carroll and Shabana, 2010). Government: There are many cases in which government makes changes on their policiesor laws. They are very important stakeholders as it is important for the firm to follow all the rulesand regulation given by them or else it would be punishable by law.1.3 Various steps taken by Iceland supermarket to meet stakeholders needsIn order to gain profit, it is very essential for the management of Iceland supermarket tounderstand their stakeholder’s needs and wants. Accordingly, they should provide them servicesso as to satisfy them. Following are the various things which are done by Iceland supermarket tomeet the needs of their stakeholders:2
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