Various Aspects Of Business Environment | Iceland Supermarket
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Added on 2020-01-28
Various Aspects Of Business Environment | Iceland Supermarket
Added on 2020-01-28
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3Task 1 ..............................................................................................................................................3P1.1 Purpose of different organizations.......................................................................................3P1.2 Extent to which Iceland Supermarket meet the objectives of its stakeholders ..................4P1.3 Responsibilities of Iceland Supermarket towards its stakeholders and strategies employedto meet them ...............................................................................................................................5Task 2 ............................................................................................................................................5P 2.1 Economic system attempts to allocate resources effectively..............................................5P.2.2 Impact of fiscal and monetary policy on Iceland Supermarket ........................................6P2.3 Impact of competition policy and regulatory mechanism .................................................7TASK 3 ...........................................................................................................................................7P3.1 How market structure determine pricing and output decisions ..........................................7P3.2 Ways in which market forces shape Iceland supermarket response ...................................8P3.3 Explanation of how culture and business environment shapes behaviour of IcelandSupermarket ................................................................................................................................9TASK 4 .........................................................................................................................................10P4.1 Significance of international trade to Iceland supermarket ..............................................10P4.2 Analysis of impact of global factors on Iceland Supermarket .........................................10P4.3 Impact of policies of European union ...............................................................................11Conclusion ....................................................................................................................................11References......................................................................................................................................132
INTRODUCTIONIn the present scenario, understanding business environment has become one of the mostcrucial tasks for mangers. It helps the organizations to become aware about their core strengths,weaknesses, opportunities and threats. In addition to this, analysis of Business Environment (BE)also helps the firms to become more flexible and dynamic. However, it can be argued that it isnot easy for managers to understand such environment as they are required to deal with variouskinds of challenges and issues related to the same. This report explains the purpose of differenttype of organizations which operates in a particular business environment. Along with this, italso reflects the extent to which Iceland Supermarket meets the objectives of its variousstakeholders. The present report demonstrates various aspects of business environment. Itreflects the impact of competition and regularity mechanism on Iceland Supermarket. TASK 1 P1.1 Purpose of different organizationsOrganization can be termed as a group of individuals which are organized together inorder to achieve certain business objectives (Ahmadand et. al., 2010). It can be stated thatdifferent organizations operate with different kind of purposes. There are different types oforganization such as public, private and charitable. It can be stated that private organizationsoperates with an purpose of increasing sales and profitability. On the other hand, privateorganization operates with an purpose of providing quality products and services to people inmarket at convenient prices. Charitable organization performs with an objective of growth anddevelopment of society and the people living in the same. Some organizations along with theirpurpose are explained below as:Iceland Supermarket- Established in the year 1969, Iceland Supermarket is British chain of supermarketswhich deals in frozen food products (Iceland Supermarket, 2016). Its products line includesprepared vegetables, meals and items such as dry good, meat and dairy. It is an private limitedcompany with 850 stores in UK and various places. This chain covers almost 1.8% of the totalfood market of UK. Main purpose of Iceland Supermarket is to become a responsible retailer in3
the country. In addition to this, its purpose is to provide ethical, healthy and safe products to allits customers. KFC- Popular by the name of KFC, Kentucky Fried Chicken is an American based chain offast food restaurants. It also provides franchise options and the business allows other people toset up their business by using the brand name of KFC. The chain has specialized itself in thesegment of fried chicken and it is also considered as second largest chain of restaurants in termsof revenue (KFC, UK, 2016). One of the major purposes of KFC is to increase its market sharein the entire fast food market of the world. Along with this, core purpose of KFC includes;providing the quality products and dynamic experience to its customers in all over the world. Transport for London- ‘Transport for London’ also known as TFL is a government organization which takescare of various aspects associated with the entire system of transport in London (Capon, 2009).Its core purpose is to provide better and satisfactory transport opportunities for all the peopleliving in London. In addition to this, it also aims at addressing the barriers which individuals faceat the time of using transportation services. Cancer Research- Cancer Research is a research centre which tries to identify the cause of cancer alongwith prevention and treatment regarding the same. Further it is an non government organizationestablished with an objective of not making profits and operates with voluntary charity. Itpurpose is to cure the world from disease such as cancer (McAusland and Millimet, 2013). Inaddition to this, all its operations and activities are directed towards identification of waysthrough which cancer can be cured. P1.2 Extent to which Iceland Supermarket meet the objectives of its stakeholders Stakeholders are considered as a very important part of the business organization. IcelandSupermarket is a chain of supermarkets which offers frozen food and grocery items to itscustomers. The chain consists of some internal and external stakeholders who play a significantrole in its growth and development. Its internal stakeholders include managers, workers andowners (Buthe and Milner, 2008). On the other side of this, external stakeholders of IcelandSupermarket include customers, suppliers and government. Till now, the chain of supermarkets4
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