Business Environment of Virgin Airline | Report
Added on 2020-02-05
14 Pages4542 Words142 Views
BUSINESSENVIRONMENT1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41. Identifying the purpose of different types of organization......................................................42 Identifying the stakeholders and explaining their objectives....................................................6TASK 2............................................................................................................................................73 Various responsibilities of Virgin Atlantic ..............................................................................74 Types of economic system and how they allocate the resources .............................................85. Impact of fiscal and monetary policies on the functions of Virgin Atlantic ...........................96. Impact of competition policy on the operations of Virgin Atlantic ......................................10TASK 3..........................................................................................................................................107. Types of market structure and their impact on the pricing and output decision of company108.Impact of market forces on the organizational responses.......................................................119 Impact of business and cultural environment on the behavior of Virgin Atlantic .................11TASK 4..........................................................................................................................................1210 The importance of international trade to UK organizations ................................................1211 Impact of global factors on UK business organization.........................................................1212 Impact of EU policies on UK business entities ...................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................152
INTRODUCTIONBusiness environment is comprised of internal and external elements that have directimpact on operations of the company. The external factors refer to those components external tothe business like, technology, competitors, and economic, cultural and social changes.Thereafter, internal factors include the aspects which are present within the business like,customers, management, production capacity and methods, suppliers which directly affects theperformance of the company (Klapper and Parker, 2011). Virgin Airline is a UK based airlinehaving fleet size 40 and it is rendering its services in more than 30 countries. The main objectiveof studying business environment is that, it helps in identifying forthcoming opportunities andthreats so that proper steps can be taken on time. In this report, different aspects of businessenvironment will be studied in the context of Virgin Airline. Furthermore, the impact of fiscal,monetary and competition policy on the operations of cited company will be studied. TASK 11. Identifying the purpose of different types of organizationAt present, various types of company are operating in UK market to fulfill their differentpurpose. The classification of various organizations as per their legal structure is as follows:Table 1: Purpose of various organizationsName of OrganizationLegal structure PurposeJohn Lewis Partnership Partnership Its purpose is to share profit and lossamong partners. The main aim ismaximize revenue and minimize risk.Virgin Airline Private CompanyThe objective of the private company is tomaximize its profit by providing effectiveservices to its customers (Rios and et.al.,2013). Toyota Public Company Its purpose is to increase the wealth ofshareholders, create more jobopportunities for the individuals and3
provide ethical goods to the society. Coffee shopSole trader The profit and loss is borne by owner ofthe business. Its main aim is to increasethe sales of service, ensure customerloyalty and retention. Shelter organization VoluntaryorganizationIts purpose is to provide shelter tohomeless people. It works for the welfareof society. Furthermore, classification of two important types of company is public and privatefunctioning in UK is elaborated as follows: Table 2: Types of companyParticular Virgin Atlantic Toyota Type PrivatePublic Vision To become a leading airlinecompany by ensuringsustainability of the environmentalong with the safety and securityof passengers (Gupta, 2013). To lead the future of automobile industry.To enhance the lives around the world byproviding safe and the most responsiblemediums of mobility. Mission To evolve as a profitable airlinecompany where customers like totravel and employees opt to work.The mission statement focuses on buildingthe vehicles that are best-loved amongcustomers. Goals andObjectivesTo provide superior quality andinnovative services by constantlyimproving the technology.To maximize satisfaction among customersby rendering superior quality services andproviding worth for the money paid (Riosand et.al., 2013). . 4
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