Business Environment of KFC
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Added on 2020-02-03
Business Environment of KFC
Added on 2020-02-03
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Business Environment
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Purpose of the organisations.............................................................................................31.2 Extended to which organisation meets.............................................................................41.3 Responsibilities of Iceland Supermarket and strategies to meet them.............................4TASK 2............................................................................................................................................52.1 How different economic system attempt to allocate resources........................................52.2 Impact of fiscal and monetary policy on Iceland Supermarket........................................62.3 Impact of competition policy and other regulatory mechanisms on Iceland Supermarket6TASK 3............................................................................................................................................73.1 How market structure determine the pricing and output decisions of business...............73.2 Way in which market forces shape Iceland Supermarket responses................................83.3 How the business and cultural environments shape the behaviour of Iceland Supermarket................................................................................................................................................8TASK 4............................................................................................................................................94.1 Significance of international trade to Iceland Supermarket.............................................94.2 Impact of global factors on Iceland Supermarket...........................................................104.3 Impact of policies of EU on Iceland Supermarket.........................................................10CONCLUSION..............................................................................................................................11REFERENCE.................................................................................................................................12
INTRODUCTION Business environment is concerned with all the internal and external factors which canaffect business operations of the company. Internal factor includes sources which affectorganization from the inner side such as employees, management, suppliers etc. External factorincludes customers, government bodies, supply and demand, etc. Business environment helps inunderstanding the vision and mission of company. It also helps in finding out the purpose androles of organisation in the industry. Business environment focuses on the nature of political andlegal environment of the country in which businesses are operating (Conner, 2003). It also assiststo understand the strengths and weaknesses of behaviour of company. Furthermore, it plays animportant role for company in order to identify its target market. Business environment helps anorganisation to identify global factors which can impact on business activities. TASK 11.1 Purpose of the organisationsa) Iceland Supermarket – It is a supermarket chain and deals with frozen foods, vegetable andmeals. This organisation is largely focused on customer’s satisfaction by providing quality mealsand vegetables. Company serves its customers with the aim to maintain long term positiveimpact on society through selling unique product and services (Wheelen and Hunger, 2011). Italso focuses on quality and innovation for the unique demand of consumers.b) KFC – It is a fast food chicken restaurant chain. This is the largest seller of fried chicken inthe world. Company focuses on providing quality and quantity food with minimum cost. KFCfocuses on maintaining the taste of food. Company's mission is to sell food in a fast and friendlyenvironment that benefits to health minded consumers. KFC focuses on satisfying customers andmaking them happy. c) Transport for London – This is a government body that manages transport services acrossLondon. Company focuses on creating value for customers with the high quality solution. TFLMain objective of TFL is to continuously optimize its business operations and improve itsefficiency. Company mainly focuses on providing high quality and good services to itscustomers (Ramírez, Selsky and Heijden, 2010). Company assures that caring of customers is themajor responsibility of each employee.
d) Cancer research – Cancer research carries out world class research to find out how to preventfrom different kinds of cancer. This assures that its findings must be helpful for the cancerpatients. It focuses on creating awareness about how to reduce the chances of cancer and howcancer starts and develops.1.2 Extended to which organisation meetsStakeholders are the people who directly and indirectly connected with the businessoperations of company. Stakeholders are from both part of company that are internal as well asexternal. It is necessary for Iceland Supermarket to satisfy its stake-holder's wants and needs.Stakeholders for Iceland Supermarket are employees, customers, shareholders, suppliers,government, banks and finance authorities (Meiners, Ringleb and Edwards, 2014).Employees – Employee’s desire is to get appreciation from the management of companyon the behalf of their work. They expect that Iceland Supermarket would offer themgrowth opportunities and job safety.Customers –Getting better quality of product and services from Iceland Supermarket isthe major requirement of every customer. They also expect low price product which mustbe good for their health. Company offers frozen food so customer desires for the safe andhealthy food.Shareholders – Shareholders are also considered as the owner of company who providefunds to the company and take share in return. They desire for good performance of thecompany so that profit will increase (Jennings, 2014). They expect to get more return ontheir investment from Iceland Supermarket in terms of dividend. Suppliers – These are the people who supply raw materials to the company. They expectregular orders from company’s side so that they can generate more revenue. Government– Government keeps track record of all the organisation in order to check their practices.Government bodies track on the transaction of company so that tax could be collected.1.3 Responsibilities of Iceland Supermarket and strategies to meet themIceland Supermarket has many responsibilities toward its stakeholders. Company focuseson fulfilling its responsibilities for satisfying its stakeholders (Weske, 2012). Responsibilities ofIceland Supermarket can define in the following ways:Towards shareholders – Iceland Supermarket has responsibilities towards itsshareholders to provide them maximum return on their investment. Company's main
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