Analyzing Business Environment Dynamics

This assignment delves into the complexities of the modern business environment. Students are tasked with examining the interplay of internal and external factors that shape business success. Key concepts covered include dynamic capabilities, supply chain risk mitigation, sustainable business models, and the influence of networking and open innovation. The analysis should consider real-world examples and draw upon academic literature to provide a comprehensive understanding of the ever-changing landscape businesses operate in.

Business Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Types of organisation and purpose.......................................................................................1
1.2 Objectives of different stakeholders .....................................................................................2
1.3 Responsibilities of PRIMARK..............................................................................................3
TASK 2............................................................................................................................................3
2.1 Different types of economic systems....................................................................................3
2.2 Assessment of Fiscal and Monetary policy...........................................................................4
2.3 Competition policies and impact of business activities .......................................................5
TASK 3............................................................................................................................................6
3.1 market structure determines the pricing and output decision of business.............................6
3.2 The way in which market forces shape organisational response..........................................7
3.3 business and culture environments shape the behaviour of selected organisation................7
TASK 4............................................................................................................................................9
4.1 Significance of international trade to UK business organisation..........................................9
4.2 Impact of global factors on UK business organisational .....................................................9
4.3 Impact of policies of the European Union on UK business organisation .........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................11

INTRODUCTION
Business environment is the concept in which all the internal and external environment of
the business is conducted which is the most need part of the business environment. PRIMARK
is the company which deals with clothing retailers and food all over the country. This company
deals with children, men, women, foot wears, home ware and and also the accessories. The
environment which affects the functions of the company which includes supply and demand,
employees and customers is know has business environment (Gharajedaghi, 2011). In the below
report which contents about business environment of the PRIMARK which is UK based
company. This company as many stores and different branches in UK and cross the country also.
TASK 1
1.1 Types of organisation and purpose
PRIMARK is a big retailer company which includes home ware, clothing, accessories
and cosmetics these products are sold by different suppliers from the company. This company is
private and makes profit in the business activities by using simple purposes which helps the
business (Osterwalder and Pigneur, 2010). This company is mainly know for its clothing trade
done in many different sectors and to enlarge the business it as also introduced the beauty and
cosmetics products which will encourage the youth. There are many different purposes:
a) The public sector: There are many public companies all over the world and TESCO is
one of the public sector company which deals with home wares, electronics equipments,
clothings and groceries online. This company also has a company in retail and its main purpose
is to provide products at fair price and good services which attracts the customer's. For example,
the purpose of this company is to maximize their sales and to attract large number of customers.
b) Charity: Its an organisation which raises funds to teach the homeless people and give
shelter. So one of the organisation is The Christina Noble Children's Foundation which is a NGO
in London and provide education to the homeless, disabled children's, youngsters (Bryman and
Bell, 2015). This organisation as a single purpose which is to support the people who really need
them and improve their living. The main purpose of this NGO is to support the society by
making it better in the uplifting the disabled to work and leave. For example, the aim of this
organisation is that to support those people who really need the food and to improve the life style
of poor people.
1

c)Co-operative: Its a company which is run by the members who share the benefits and
profits jointly. Edinburgh Bicycle company is a cooperative company which deals which retailer
of bicycle in UK. This companies goal is to meet the targets of financial by the collective
management efforts, employees and employers. This company full fills the cultural, social and
economic needs of the business activities (Werther Jr and Chandler, 2010). So this company is a
cooperative company.
1.2 Objectives of different stakeholders
PRIMARK is a company which as many stakeholders. Stakeholders can be internal of the
business which can be employees of the company. There are so many stakeholders in this
company.
Customer: Every company works and produce products to satisfy the needs of the
customer. PRIMARK do trading in food, cloths and cosmetics so the customers wants the
products must full fill their needs when their use the product of this company. It is very clear that
every person want the cloth or the dress should be of proper fitting and size so its the
responsibility of the company to manufacture the product according to the human body
(Mehandjiev and Grefen, 2010). The objectives of the organisation toward the customers is that
to fulfil their requirements on time and to provide the high quality of services.
Suppliers: Supplier means the party which supply's the product to different stores.
Suppliers as a single goal and objectives so that the company can make regular production and
there are different types of suppliers for the every product. Its the responsibility of PRIMARK
company to achieve the given targets so that the suppliers can succeed to sale the products at the
outlets, online portals, stores of retailer. Many techniques are used by this company to make their
consistent sales with the centres of distributions, so the organisation is using them to increase the
sales and to meet the demands of the suppliers which are increasing. Suppliers are the main part
of the company which supply the products to different outlets according to the customers
demand in the market (Crane and Matten, 2007). The objectives of the supplier is that to produce
the more products in a reasonable quantity. By supplying the more quantity of products it can
also open more stores in other countries.
Investors: PRIMARK is a huge company which have 240 approx, stores in retail across
the UK. This company as outlets in which giant investors have employees to convey the
practices so that the investors and shareholders are connected to the company. Every investor
2

needs respective return on the investment amount and this can only happen when the company
meets with the profit by the activities of the business so the firm as to concentrate on the
production and trade which will be enlarged by trying their best way. While opening more stores
in other countries it can also increase the sales of the company so that the investors can get the
higher return on the investments.
1.3 Responsibilities of PRIMARK
As an organisation PRIMARK has different types of responsibilities to accomplish them
by the activities of the company. There are different responsibilities and strategies for this
company and there are as discussed below:
Responsibilities towards the employees: It is mentioned above the PRIMARK has
different types of stakeholders and their duty is to fulfil all the requirements (Lockett, Moon and
Visser, 2006). Company's every associate have their own expectations by the firm like, if the
employee is working by applying the full efforts their also want good returns on behalf of their
hard work which make them motivated and the company should pay them according to the work.
If the firms earns good revenue by the business activities then the company will pay the
employees for their good and hard work. Its the responsibility of the company to meet the
expectations of the employees of the organisation.
Responsibilities for the customer: PRIMARK is a company which as a good grip on their
customers by sanctifying their needs. Every company should update and refine the products
accordingly so that the customers should not face any type of problems as their want big range in
the option so that the customer can select and a better product which meets the needs of them
(Bhaskaran and Sukumaran, 2007). This can be done by analysing the customers demand and
needs for the product. Regular analysis can help the company to know about the customers
expectations for the products which their can apply to improve them.
Social responsibilities: This company as a big scope to perform the activities because its a
huge organisation with different branches and types of products. Big sized organisation can solve
the problems which every society faces by the collective efforts and making different
programmes for the society. Society plays a very important role to support the organisation in
different ways. If the customer is happy by using the product then the other customer will also
try it and like this the production will increase (Perrini, 2006).
3

Financial responsibilities – The organisation have also a responsibilities towards the
finance department. The managers of the company have to take care about the finance that with
in the budget allocated the firm have to do their expenses.
Legal responsibilities – The organisation have to follow some rules and regulation which
are made for the benefits for the customers. Through this customers can get the various
advantage regarding the purchase of products.
TASK 2
2.1 Different types of economic systems
Economic system is the order of resources, production, allocation, distribution of
services and goods with the given area or the society. These are used to control the different
factors of the production which includes physical resources and information, labour, capital,
entrepreneurs. Its also the process to motivate the labours and processes of organizing. Every
countries has their own economic system.
CUBA: This is the country which is undeveloped and also faces many problems,
challenges in their process of development. Cuba has main production in industrial and food
production with the most populated country (Kostova, Roth and Dacin, 2008). The government
is playing a big role in the economic system because this country as a planned economic model.
The plan is distributed among the private and public sectors by the government. The government
of Cuba controls price, production, income, investment. This country has less resources so the
Cuba's government is using the model to increase them because it has less developers. Cuba
controls the majority of the people employed by the government and the most resources also.
The people of this country faces the some advantage and disadvantage about what investment
should be done and in which way they will benefit to people.
United kingdom: This country has market economic system in the whole country which
is totally opposite to the planned economy. In this country all the decisions which are related to
the pricing of the goods and services are taken by the collective decision-making process (Du
Plessis ,2007). In this country the prices are made for the particular types of services and goods.
The economic system which makes the market in single rated of the types in goods and services
because UK is a developed country. In this the prices of products and services are set by the
4

companies only because there is little intervention of government is there. Through this the
customers can get advantage or disadvantage for purchasing the product at high or low price.
China: Its the second largest economic country in the world because its as socialist
market economy. This model is being used to make a competition in the international market.
This country as a huge production to export because it has a lot of export companies so this
economic is helping them to export products to other countries within a competitive price. This
country uses different techniques for the good production (Smith, Mathur and Skelcher, 2006).
For example, the prices of products are set by the governments so the customers have to pay
sometimes high price on the purchase of products and services.
2.2 Assessment of Fiscal and Monetary policy
Fiscal is the policy in which all the spending levels and tax rates are checked, and
influence a nations economy by the government. Its a term in which the levels of taxation is
changed by the government. Its a process in which government adjusts the tax and the levels of
spending to evaluate their effects on the country. The government changes the tax rates which
increases and decrease the revenue of the government because if they want more money and
extra finance to develop the activities infrastructure in the country. In public uses the government
as many points to invest the money and pay them so, their increase and decrease the rates of tax
according to the sale of the products and the income (Lee and Kozar, 2006).
Monetary is a method or a process in which control of money is done by the central
banks. Its a system which is authorized by the government made by the banks. The Bank of
England is the leading bank who entitles to make these types of policies in the country and also
make the banks to follow these policies. For savings and loans the leader banks decide an interest
rate, this is done to control the inflation in their money (Spohrer and Maglio, 2008). Different
impacts of the policies on farming and housing are as follows:
Farming: Farming is the system of growing different types of food items in a piece of
land for the living. Its the back bone of the farmers. A farm is a area of land on which a person
cultivates different grains for the living. Its the main work of the rural citizens of UK because
their have lots of machine, equipments and agricultural products with helps the farmer in
farming. These equipments and machine have a great investments which are done on the regular
bases for the farming. Banking system is also used by the farmer by which there are affected the
changes of the monetary policies because they take loans for the the field activities (Orsato,
5

2006). The farmers has to pay tax on their earnings and then add the tax rate in the cost of the
product sales in the market.
Housing: It means buying a land by investing on it. Its a huge sector in which most of the
people likes tom invest. Many people take bank loans to buy house because monetary help them
it that process and it becomes to buy a house for most of the people. When interest rates are
higher in the house loans it creates a crucial conditions in the markets and the people avoid
buying the house in this conditions. So only the Fiscal policy have less impact on it, and a buyer
can get a resumption on the loans interest and income tax.
2.3 Competition policies and impact of business activities
This policy is used by every organisation to compete with the competitor companies
which make them strong in the market by supporting to the positions (Taiwo, 2010). Many
companies provides same product and same services because their all are competitors of each
other and in the same targeted market. There are different types of competition policies which
the companies of United Kingdom uses:
Deregulation: Many companies of UK are using these policies to reduce the
governmental legislation impact and one of these company is TESCO. This company have many
branches in different countries. Its a retailer company and have a supermarket chain across the
United Kingdom which reduces level of competition.
Privatisation: Royal Mail is one of the company which is the example of competition
policy which is a postal company and now working as an industry in UK. This company is
growing larger and is department is covered by privatisation.
Tough law: Tough law means strict rules and The Audi is using this policy in the market,
because it wants quality work,so they follow competitive policy (Epstein, 2007).
Price based competition: Many companies are using single price to sale the product and
use this policy to compete with other competitive companies.
Service based competition: Every company want their customer to be satisfied by the
service they provide so the companies focuses on the sales services to make the services better.
Many companies use tools like warranty and guarantee to attract the customers and increase the
sale of the product.
6

TASK 3
3.1 market structure determines the pricing and output decision of business
There are different market structure in the economy which can affect the Primark
company decision in the pricing and output decision of business. The market structure are:
perfect market, monopoly market and monopolistic market. In perfect market, there are a large
number of buyers and sellers in the market which are dealing in a homogeneous product (Dittrich
and Duysters, 2007). In this market, the buyers and sellers are fully aware about the current price
of the products which are sold by the company. Hence, the current market price of the product
cannot be influenced by the buyer and seller which can increase or decrease their purchase or
output. Therefore, in the market the price is determine by the industry. In perfect market, the
price and output are determine at a point where the demand and supply curve are intersect with
each other. In other words, it is know is equilibrium point in perfect market. The advantage of
this market is that the company can easily generate their profits and can easily meet out
requirements of the customers. On the other hand, the disadvantage of this market is that it is
difficult for organisation to attract large number of customers because there is already a
competitors of this firm who are selling the same products. In monopoly market, there is a single
seller in the market which has control on the entire market. In this market, the products have no
close substitute in the products. Hence, they has direct demand, supply and price of the product.
In this price and output is determine when marginal revenue is equal to the marginal cost and
marginal curve cut the marginal revenue from the below. The advantage of this market is that,
the firm earn the abnormal profits and customers are getting better quality of product.
Disadvantage is the firm are price maker and they can charge high price from the customers to
sale the products. In monopolistic market, there are large number of buyer and seller and has a
close substitute of the product (Ambrosini and Bowman, 2009). In this also price and output is
determine when marginal cost is equal to the marginal revenue and marginal cost curve cuts
marginal revenue from the below. The advantage of this market is that the customers get the
plenty of options to purchase the products and the disadvantage is that the firm expand too much
money for advertising about their products and services. Primark company is working in the
perfect market structure where the price and output is determine when the demand supply of the
products intersect each other. It does not affect the decision of the business when price are
influence by the buyer and sellers. The company is also adopting the monopolistic market
7

structure to sell their products in large quantity and in this market structure company can
maintain the marginal revenue with marginal cost to decrease the cost of production.
3.2 The way in which market forces shape organisational response
Market forces in the organisation affects in ways. The market forces are demand and
supply which effect the price and quantity of the product. If the demand of the product is high
then company have to increase their workers to fulfil the demand of the products and
simultaneously supply of the product also increases (Nishat Faisal, Banwet and Shankar2006).
A company will always try to predict the demand of products and services which ensures that
cost effective strategy is implementing by the demand. Market forces will always put a pressure
on the organisation to produce those products which can satisfy the needs of the consumers. If
the supply of the product is increasing then company have to reduce their prices of the products
to increase the revenue assuming demand remain in constant. On the other side assuming supply
remain constant if the demand of the product is high which increase the price of the demand
product. The market forces of demand and supply affects the organisation in relation to the what
the demand has been done by the consumers and can supply these products or not. Sometimes
there is change in quantity of demand and supply with relate to change in the price of the existing
products (Zott, Amit and Massa, 2011). Most of the successfully companies do market research
on time to time whether they will able to provide products and services to the customers to
satisfy there needs.
3.3 business and culture environments shape the behaviour of selected organisation
Business and culture environment have a great impact on the organisation. When
company is making any decision it has to considered the culture environment of the organisation.
External environment factors are Social, Political, legal, technological and economic factors.
There description are as follows: Social factors – UK business organisation are operated globally. It designs the business
strategy according to different countries in which can not impact on the social factors. As
social factors include change in family values in global size, language, religion etc..
These companies deeply understand the need of the consumers to provide the those
products and services which is suited to their life style and make the good quality of the
lifestyle.
8

 Political factors – this factor arises when government are changes between two countries
and government changes itself in own country. The organisation is mainly influenced by
the political factors which are made by the political parties for their own benefits. These
factors are threat of international trade mechanism, global trade control initiatives, tariff
between UK and other countries, the level of global political stability etc. (Novelli,
Schmitz and Spencer, 2006.). These impacts may be on demand and supply of the
services which are provided from one country to another. Legal factors - The laws and regulation which are made by the government have great
influence on the business organisation. These regulation can affect the business strategies
which are made for the achievement of targets. The company have to considered these
laws, regulation or rules while making a strategies to develop the supply and demand of
the products. The legal factors may be laws and regulation related to data protection,
change in cross – country employment and health and safety laws etc.. Technological factors – This factor influence the business strategies for which they
provide the new technologies, inventions, ideas which help in to promote the products or
services or reduce the cost of production. The factors which affect the business are level
of global technological infrastructure, regular change in the innovation communication
technologies etc. (Loorbach, and et. al., 2010). But on the other side, organisation adopt
the new technologies for the products and services. It become easier to communicate with
their customers about the goods or services.
 Economic factors - This factors are involves due to change in the global economy. There
are some economic changes which affect the business as it is change in the wage rate,
interest rate or inflation rate. If there is any change in the living standard of people then
they will demand for the products which can become chance for the company to increase
their profits.
TASK 4
4.1 Significance of international trade to UK business organisation.
International trade is important feature for the UK economy. It can increase their
economic strength which can progress in the increasing competitive economy. The buying and
selling of goods, services, capital are exchange across the national border is international trade.
9

The advantage of international trade includes the importing those products to another country
which can not be produced in own country, more utilization of resources to fulfil the demand of
the customers. Through international trade the consumers get more opportunities to consume a
different varieties of goods which improves their quality of life (Berger, Klapper and Turk-
Ariss, 2009). The trade between the two countries is done with their mutual agreement, which
can be of there mutual benefits and produced those products which can lead in the market. In UK
business organisation it encourages the company to compete with other countries in relation to
the production goods and services, production of cost etc.. Every consumer wants to buy a
product which is less expensive and these goods can be provided by the other countries at a
cheaper rate therefore t6his can produce a comparative advantage between the UK and other
countries. The companies of UK can provides those goods and services which are demanded by
the customers at a reasonable price which can increase their trade from one country to another
country. Companies export those goods and services which can satisfy the needs of consumer in
foreign countries. In terms of services, UK companies has strong service sector which is
exported through all over the world.
4.2 Impact of global factors on UK business organisational
The impact of global factors also a major issue for the organisation who is operating the
business in own country or outside the country (Cohen and Winn, 2007). There are some factors
which impact on the UK business:
 Emerging market – The economies of BRICS countries are growing rapidly which can
lead to the UK company in future. For example, if developed countries are producing
more products and services while using the latest technologies then underdeveloped and
developing countries have to use modern technologies while innovative any products and
services.
 Market opportunity – The companies of UK has a good reputation in the world. Global
market gives opportunity to UK companies to increase the code of business all over the
world. The companies of UK have huge opportunities to beat in the competitive market
by filling the gap between the customer needs and prices.
 Government impact – The government make those rules and regulation which give
benefits to the UK companies. It make convenient to export and import of the goods.
Then impact of government on UK companies will result in good. But there are some
10

negative impact on the business entity to follow the difficult rules which are made by the
governments.
 Exchange rate – The revenue of the Pimark company is also affected by the exchange
rate of different countries. If there is sudden change in the exchange rate it will impact on
the UK companies also. Exchange rate includes rate of change in currency, rate of change
in duties, taxes etc. (Gharajedaghi, 2011).
4.3 Impact of policies of the European Union on UK business organisation
European Union plays a significant role which influence the business. The members of
EU can do freely trade practice or business with the other members of the countries. The
members are also bind with the European policies which have to follow by the companies.
There are some policies which impact on the UK business organisation: Employment policy – In this policy, the government are encouraging to the companies to
increase their business efficiency to run in the competitive international trade market.
Through this company can increase the employment opportunity for the employees who
are getting difficult to find their jobs (Osterwalder and Pigneur, 2010). Inflation policy – The government ensures that there should not be a sudden change in the
price of products and services. If there is rise in the interest rate then it become expensive
for the company to borrow the funds from the bank. On the other side, it is more
expensive for the consumers also to borrow the funds. Taxation policy – The company can become valuable to make contribution in the
community by paying the taxes. On other side, government help those companies who
are paying taxes to the community to raise the profits from different countries.
Simultaneously government provides various opportunities to the companies to invest the
funds in different projects. International policy – The government help the companies to promote their goods and
services, to encourage their sale to export in other countries (Bryman and Bell, 2015).
Government can make restriction on the import of goods and services which can impact
on the business.
 Education policy – European Union have made some education policies which have to be
follow by organisation to provide proper training and development programme to
employees and staff.
11

CONCLUSION
From the above carried out analysis it has been observed that the employees of
PRIMARK have to do the proper analysis which assist in understanding the organisational
purpose of the different type of business entity like public and private firms. Moreover, the
responsibilities of PRIMARK towards stakeholders is explained. The company is using
monopolistic market in which they are only one seller is present and large number of buyers
which helps in attaining the targets. This assignment also evaluate the PRIMARK has been
obtaining immense assistance from the cultural forces along with this helps in retaining the
consumers for a longer time. Employees have to make the best and qualitative products and
services which helps in attaining the goals and objectives. The company members have to do
proper utilization of resources which assist in obtaining the leading position in the market.
12

REFERENCES
Books and Journals:
Gharajedaghi, J., 2011. Systems thinking: Managing chaos and complexity: A platform for
designing business architecture. Elsevier.
Osterwalder, A. and Pigneur, Y., 2010. Business model generation: a handbook for visionaries,
game changers, and challengers. John Wiley & Sons.
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Werther Jr, W.B. and Chandler, D., 2010. Strategic corporate social responsibility: Stakeholders
in a global environment. Sage Publications.
Mehandjiev, N. and Grefen, P. eds., 2010. Dynamic business process formation for instant
virtual enterprises. p. 2.
Crane, A. and Matten, D., 2007. Business ethics: Managing corporate citizenship and
sustainability in the age of globalization. Oxford University Press, USA.
Lockett, A., Moon, J. and Visser, W., 2006. Corporate social responsibility in management
research: Focus, nature, salience and sources of influence.Journal of management
studies. 43(1). pp.115-136.
Bhaskaran, S. and Sukumaran, N., 2007. National culture, business culture and management
practices: consequential relationships?. Cross Cultural Management: An International
Journal. 14(1). pp.54-67.
Perrini, F., 2006. SMEs and CSR theory: Evidence and implications from an Italian perspective.
Journal of business ethics. 67(3). pp.305-316.
Kostova, T., Roth, K. and Dacin, M.T., 2008. Institutional theory in the study of multinational
corporations: A critique and new directions. Academy of management review. 33(4).
pp.994-1006.
Du Plessis, M., 2007. The role of knowledge management in innovation. Journal of knowledge
management. 11(4). pp.20-29.
Smith, M., Mathur, N. and Skelcher, C., 2006. Corporate Governance in a Collaborative
Environment: what happens when government, business and civil society work
together?. Corporate Governance: An International Review. 14(3). pp.159-171.
Lee, Y. and Kozar, K.A., 2006. Investigating the effect of website quality on e-business success:
An analytic hierarchy process (AHP) approach. Decision support systems. 42(3).
pp.1383-1401.
Spohrer, J. and Maglio, P.P., 2008. The emergence of service science: Toward systematic
service innovations to accelerate co‐creation of value.Production and operations
management. 17(3). pp.238-246.
Orsato, R.J., 2006. Competitive environmental strategies: when does it pay to be green?.
California management review. 48(2). pp.127-143.
Taiwo, A.S., 2010. The influence of work environment on workers productivity: A case of
selected oil and gas industry in Lagos, Nigeria. African Journal of Business
Management, 4(3), p.299.
Epstein, E.M., 2007. The good company: Rhetoric or reality? Corporate social responsibility and
business ethics redux. American business law journal. 44(2). pp.207-222.
Dittrich, K. and Duysters, G., 2007. Networking as a means to strategy change: the case of open
innovation in mobile telephony. Journal of product innovation management. 24(6).
pp.510-521.
13

Ambrosini, V. and Bowman, C., 2009. What are dynamic capabilities and are they a useful
construct in strategic management. International journal of management reviews. 11(1).
pp.29-49.
Nishat Faisal, M., Banwet, D.K. and Shankar, R., 2006. Supply chain risk mitigation: modeling
the enablers. Business Process Management Journal. 12(4). pp.535-552.
Zott, C., Amit, R. and Massa, L., 2011. The business model: recent developments and future
research. Journal of management. 37(4). pp.1019-1042.
Novelli, M., Schmitz, B. and Spencer, T., 2006. Networks, clusters and innovation in tourism: A
UK experience. Tourism management. 27(6). pp.1141-1152.
Loorbach, D. and et. al., 2010. Business strategies for transitions towards sustainable systems.
Business Strategy and the Environment. 19(2). pp.133-146.
Berger, A.N., Klapper, L.F. and Turk-Ariss, R., 2009. Bank competition and financial stability.
Journal of Financial Services Research. 35(2). pp.99-118.
Cohen, B. and Winn, M.I., 2007. Market imperfections, opportunity and sustainable
entrepreneurship. Journal of Business Venturing. 22(1). pp.29-49.
Online:
Responding to an Emerging Market, 2017. [Online]. Available
through:<http://businesscasestudies.co.uk/portakabin/responding-to-an-emerging-market/
changes-in-the-business-enviornment.html#axzz4Uszt4GBE>. [Accessed on 5th January 2017].
Business-friendly environment, 2017. [Online]. Available
through:<https://ec.europa.eu/growth/smes/business-friendly-environment_en>. [Accessed on 5th
January 2017].
What is Business Environment? Explain its types, 2016. [Online]. Available
through:<http://www.mbaofficial.com/mba-courses/business-environment/what-is-business-
environment-explain-its-types/>. [Accessed on 5th January 2017].
14