BUSINESS ENVIRONMENT - PESTLE Analysis
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Added on 2019-12-17
BUSINESS ENVIRONMENT - PESTLE Analysis
Added on 2019-12-17
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BUSINESS ENVIRONMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1Different types of company with purpose...................................................................................41.2Objectives of its different stakeholders................................................................................51.3Responsibility of Primark and strategies employed to meet................................................5TASK 2............................................................................................................................................62.1Different Economic System.................................................................................................62.2Monetary and Fiscal Policy.................................................................................................72.3Competition Policy..............................................................................................................8TASK 3............................................................................................................................................93.1Pricing and Output Decision in various Markets........................................................................93.2Market Forces Shaping Organizational Response.............................................................103.3Business and Cultural Environments shaping Organization..............................................11TASK 4..........................................................................................................................................114.1 Significance of International Trade to UK Business Organizations.................................114.2 Impact of global factors....................................................................................................124.3 Impact of EU policies.......................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES ............................................................................................................................15
INTRODUCTIONThe business activities in the market can be characterized as economic activitiesundertaken by individuals for generation of income by transacting in goods as well as services.In the modern day context it can be said that no business can termed as independent or canoperate in isolation. It constitutes to be the economic organ of any community, and hence, shallessentially accomplish all its economic goals. Simultaneously, it shall be assured by thesebusiness enterprises that the primary interests of the community are not compromised, rather arefulfilled to the maximum extent possible. Apart from this relationship between the business andthe society, a very important relation is also shared with the government of the nation. A verykeen interest is held by the government in the manner in which the affairs of the business arecarried out. In pursuance to the same the role of a regulatory body is played by the governmentof any nation. Therefore, in light of these relationships the instant report sought to understand thepurpose of existence of businesses, interplay of national environment and lastly, assess thesignificance of global factors in shaping the manner in which businesses are carried out (Palmer,Hartley, 2010). TASK 11.1Different types of company with purposeAs per the business, there are various kinds of companies established. They are privateLtd., public Ltd. and voluntary organizations. legal structure of these companies are differentfrom each other. ‘Primark’ is a famous public limited company which is incorporated in 1948and it deals in retailing business of Irish clothing. Public sector company- public sector companies are which are run by the individual butthey do it on the behalf of the government . All the major decisions were take by thegovernment. Public ltd. firms provide services on the behalf of government. Governmentkeep all the data related to company. Main purpose to form that company is to sell theirshares in the public. Local councils are included in the public sector company which runson the behalf on government.Co-operative company- then two or more than two people meet to voluntary carry outbusiness activities are considered under co-operative sectors. System u’ is co-operativecompany that is the consumer retail company (Montgomery, 2010). 3
Charity - All non profits organization or non governmental organization are covered incharity sector. Main purpose of these firms is to give employment to unemployed peopleand make no profit out of their business. NCVO is a kind of nonprofit organization.1.2 Objectives of its different stakeholdersStakeholders are the group of people who are interested to invest in the business. Whencompany is established, it is important that it must comprise of different shareholders.Stakeholder can affect or be affected by the organization’s actions, objectives and policies.Primark is having their own stakeholders and they are the owner, customers, employees,suppliers, creditors and debtors. In the organization, every stakeholder’s interest is different andthey all have to mutually take the decision for gaining better results in company. There areinternal and external stakeholders where internal are like employees of company and externalsare like supplier, customers, shareholders, etc. which is described as below:Costumers - They are the most important stakeholders for all organizations. Company isestablished to fulfill the demand of customers. If demand of the product is high inbusiness then it will help in growing the business. Company’s role is to satisfy theircustomers with offering high quality of goods and effective service (Welford, 2013).Suppliers - for the smooth running business it is necessary that the supply and theproductivity run equally. There are considered as an essential entity towards a companyas they supply raw material for production of different items because they supply the rawmaterial for the production. For Primark, that is a retailer chain, it is important that theymust have proper supply.Employees - Employees of company are the stakeholder of the company.it is importantthey must work properly as they should do being an employee of the company. 1.3 Responsibility of Primark and strategies employed to meetIn every organization it is important to take proper care of their employees and differentorganization take different steps for this. It is employer’s responsibility to take proper care ofemployees and the quality of goods and services of company. Proper marketing of product is alsoemployer’s responsibility. Success of company is also based on the employee’s work as if theywork properly than company will run smoothly (Craig, and Campbell, 2012). Employees are thereason behind goodwill of company and so, they have the responsibility to establish a positive4
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