Business Environment- Primark

Added on -2020-02-17

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BUSINESS-ENVIRONMENT1
ContentsTask 1...............................................................................................................................................31.1 Primark ..................................................................................................................................31.2 Primark’s engagement with stakeholders..............................................................................41.3 Responsibilities and strategies of Primark as an organisation...............................................6Task 2...............................................................................................................................................82.1 Economic system of various countries..................................................................................82.2 Impact of monetary and fiscal policy on various sectors of UK............................................92.3 Competition policies by government...................................................................................10Task 3.............................................................................................................................................123.1 Various market structures....................................................................................................123.2 Market forces.......................................................................................................................133.3 Business and cultural environment......................................................................................15Task 4.............................................................................................................................................174.1 Significance of international trade to UK business organisations.......................................174.2 Impact of global factors on UK business organisations.......................................................184.3 Impact of policies of European Union on UK business organisations................................19References......................................................................................................................................212
Task 11.1 Primark Primark is a clothing retailer company dealing in most of the countries in UK. This company wasfounded in Dublin, Ireland as well it has its headquarters in the same place. The internationalheadquarters of Primark is registered in Ireland. This company is a subsidiary of AssociatedBritish Foods (ABF) which is an international food, ingredients and retail group. Primark is awell known name in the area of clothing in UK as most of the people in UK must have used theclothes of Primark once. This company provides a variety of range of products of clothing,accessories and many other products.a) The public sector: Public sector organisations are those organisations which are owned andcontrolled by government. The main purpose of these organisations is the welfare of generalpublic as there is no interference of private sector in these kinds of organisations and the mainaim for which public sectors are established is to do welfare of the society (Goh, 2012).OECD OECD stands for Organisation for Economic Co-operation and Development which isestablished with a view to develop and promote the policies which are made by government thatwill improve the economic and living standard of the people of society.The purpose of OECD is as follows.1.To work for the betterment of the society.2.To develop and promote the policies for economic development of the society.3.To share a platform to the people to seek solutions for their problems at a single place.4.To bring economic, social and environmental changes in the society.5.To improve the quality of living of the people.3
6.To enhance future sustainable growth in the society.7.To support new sources of technology and innovation in the society so that it helps indevelopment of emerging economies.8.To ensure that the people of society work efficiency and effectively so that they getsatisfactory job for them.9.To improve the quality of services provided by the existing organisations in the market.10.To take all those measures which are resulting to uplifting of society as well as providingthe society all those facilities which can improve the living standards of people and results to thegrowth of economy.These above mentioned are the purposes of OECD which is a public sector organisation.Cooperative company: Cooperative organisations are working as a common goal of economicand social purposes. Main aim of these type of companies is to provide effective services to theirmember to maintain their sustainability within organisation. Purposes are set in term of specificoutcomes that what members want to achieve through offer services (Boinet & Martin, 2010).All people are working for common goal and objectives of the business to attain effective results.Cooperative bank is working for common goals and objectives within the marketplace. Charitable company: Charitable business is working as non profit company. They are providingsocial and welfare services to poor people. Their main purpose is to protect children and otherpeople from abuse, discrimination and provide them proper food. In UK SOS Children's Villageworking as charitable firm which focus on alternative care for children who cannot live withtheir parents.Mission of PrimarkPrimark has mission to provide effective retail products and services to their customer toprotect their life.Vision of Primark4
Primark has vision to protect their customer through offer them low cost products andservices. 1.2 Primark’s engagement with stakeholdersPrimark is such a growing company which has captured the retail market of US with its variedrange of products which is only because of its stakeholders because no business can run inisolation and it is very important for every business to satisfy its stakeholders so Primark alsomeets the objectives of its stakeholders.Stakeholders of Primark: stakeholders of Primark are the persons who are related to Primarkwhich includes all those persons which are directly and indirectly affected by the activities ofPrimark. Stakeholders are the persons who are in concern with the Primark such as creditors,employees, shareholders, government and all other people who are affected by the activities ofPrimark are the stakeholders of Primark (Voinov & Bousquet, 2010). The activities which showthat Primark has been successful in meeting the objectives of its stakeholders are as follows.1.Good competitive performance of Primark: Primark is such a leading name in theclothing industry in UK that it is providing a good competition to other clothing industries withits variety of products.2.Good corporate governance followed by Primark: Primark follows a good corporategovernance that company regularly follows all the rules and regulations of government that evencompany pay all the taxes on time this shows that company’s main motive is to earn profit alongwith following a good corporate practise.3.Good quality services by Primark: Increased numbers of customers shows the goodquality services provided by Primark that the products provided by Primark so good in qualitythat the customers are satisfied with the products.4.Customer’s satisfaction: Primark provides satisfaction to the customers through its goodquality services and good products in better prices and the rapidly increasing revenue of theprimakr shows the satisfaction of customers.5
5.Providing employment opportunities in the society: Primark has captured most of theplaces in UK through its market and also rapidly increasing business it is tend to open new storesat various other places so through this it is providing more employment opportunities to thepeople of society.6.Better competition: There are various brands in UK which are dealing in clothingindustry but the increased revenues and rapid growth in the business of Primark is giving a goodcompetition to other business of same industry (SHARFSTEIN, 2016).7.Ethical behaviour of Primark: Ethical behaviour of Primark, providing the best qualityservices to the customers along with better prices to the society shows the behaviour of Primarktowards providing the satisfaction to its stakeholders.8.Increased revenue of Primark: Increased revenues of Primark is a evidence that thecompany is successful in meeting the expectations of its stakeholders that company is growingkeeping in view the interest of its stakeholders.These abovementioned are the extent to which Primark meets the objectives of its stakeholders.1.3 Responsibilities and strategies of Primark as an organisationThere are so many responsibilities of every organisation towards its stakeholders, employees,government an towards all other people who are related to the organisation same as this there areso many factors that affect the business of Primark so there are certain responsibilities of Primarkas an organisation which are as follows.1.To provide equal opportunities to the employees: Employees play a very essential role inevery organisation same as in Primark employees are indirectly responsible for the success ofPrimark so it is the prime most responsibility of Primark to provide equal opportunities to itsemployees.2.To treat the suppliers fairly: Business of Primark cannot run without its suppliers so it isthe responsibility of Primark to treat all its suppliers fairly.6

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