Business Environment Report - Iceland Supermarket
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Added on 2020-01-15
Business Environment Report - Iceland Supermarket
Added on 2020-01-15
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Identifying the purpose of different organizations.................................................................31.2 Describing the extent to which organization meet objectives of different stakeholders.......41.3 Explaining various responsibilities of company and strategies employed to meet the same5TASK 2 ...........................................................................................................................................62.1 How economic systems attempt to allocate resources effectively ........................................62.2 Impact of fiscal and monetary policy on Iceland supermarket .............................................62.3 Impact of competition policy and other regulatory mechanism ..........................................7TASK 3............................................................................................................................................83.1 Determining pricing and output decision of business through market structures.................83.2 Ways to shape Iceland responses through market forces.......................................................93.3 Shaping behavior of Iceland Supermarket through business and cultural environment........9TASK 4..........................................................................................................................................104.1 Significance of international trade to Iceland supermarket.................................................104.2 Impact of global factors on Iceland supermarket ................................................................114.3 Evaluating impact of policies of European Union on Iceland Supermarket.......................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................132
INTRODUCTION Business environment is surrounded by the number of factors which constitute internaland external environment. Some of these factors are controllable and some of them are not. Itgenerates need to assess environment effectively in order to ensure smooth flow of production inthe marketplace. The present report is based on Iceland Supermarket which is a subsidiaryorganization of Associated British Foods. It provides frozen food items and non-frozen groceryas well. Further, this report covers the purpose of different listed organization andresponsibilities of organization are explained along with strategies in order to meet the same. Inaddition to this, significance of international trade to corporation has been discussed. Apart fromthis, impact of global factors in cited organization has also analyzed in the report.TASK 11.1 Identifying the purpose of different organizationsPurpose of all the organizations are different from each other. It is because, everycorporation has specific aim to operate business. At this juncture, all policies and strategies aremade accordingly. It has been explained as follows-Iceland supermarket-This supermarket chain is working in retail industry of UK andproviding frozen and non-frozen food items (Ahmed, 2012). This corporation hasapproximate 1.8% share of UK food market which aids to provide employmentopportunities to citizens as well as good food services to buyers. This organization isprivately owned and arranged funds at its own. Furthermore, cited organization carriesout business at its own risk but it needs to follow the regulatory framework imposed byUK government. The main purpose of Iceland supermarket is to become one of the mostresponsible retailer in the country. Therefore, the company make sure that best andquality products are offered to customers. KFC (Kentucky Fried Chicken)-It is one of the types of food chain which is specializedin fried chicken. This corporation operates in restaurant industry and based in UK. Mainpurpose of this corporation is to expand business by providing services across largenumber of countries (KFC, 2016). Presently, it is operating in 118 countries and it alsohas own subsidiary of Yum! Brand.3
Transport of London-This is statutory corporation which has main purpose of transportauthority. Main role plays by this local government body is to implement policies andtransport strategy in order to manage transportation services across London. It does nothave sole motive to increase profitability but to ensure proper development of Londoncity (Transport for London, 2016).Cancer Research-It is a type of non profit organization whose main purpose is torecognize causes and accordingly develop effective treatment strategies for theprevention of cancer. It mainly evaluates various cancer treatment so as to meetorganizational objectives in an effectual manner. It has different distributed computingsuch as Help Conqur, World Community Grid and Folding@home (Cancer Research,2016).1.2 Describing the extent to which organization meet objectives of different stakeholdersThere are different stakeholders which are engaged with corporation. It includes both thedirect and indirect parties which facilitate to ensure the smooth flow of business in an effectualmanner. The first and foremost stakeholder is shareholders who are directly engaged withIceland Supermarket (Lusardi and Mitchelli, 2007). Main motivate of shareholders is to getdetail information related to liquidity, profitability and growth potential of corporation. At thisjuncture, management publishes annual report and includes shareholders in board meeting so asto have clear communication with them. In order to meet the expectations of shareholders,management focuses on the expansion and growth. Further, employees are also directly relatedto company because they work for growth and success of the same. Owing to this, their main aimis to have secured job with good pay scale. These needs are met by company through providinggood opportunity to workforce (Camacho, 2012). Third stakeholder of company is customers forwhom company exists. Here, customer’s preferences are taken into account by IcelandSupermarket so as to meet their expectations in a right manner. For example: promotionalstrategy such as “buy one get one free” is offered to buyers in order to increase their interesttowards the products and services provided by Iceland Supermarket. On the other hand, suppliersare also the important parties who are indirectly connected with firm but play major role inmaintaining the flow of production. Here, it is important for corporation to meet the requirementof suppliers by rendering the payment of raw material on right time. It shows that Iceland4
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