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Impact of Competition Policy on Next Plc

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Added on  2020-01-23

Impact of Competition Policy on Next Plc

   Added on 2020-01-23

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BUSINESSENVIRONMENT 1
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31 Purpose of different types of organization...............................................................................31.2 Meeting objectives of different stakeholders.........................................................................41.3. Various responsibilities of Next Plc and strategies to meet them ........................................4TASK 2 ...........................................................................................................................................52.1 Different types of economic systems.....................................................................................52.2 Impact of monetary and fiscal policy on Next Plc.................................................................62.3 Impact of competition policy on Next Plc.............................................................................6TASK 3............................................................................................................................................73.1 Impact of market structure on pricing decisions of Next Plc.................................................73.2 The impact of market forces on the operational ability of Next Plc .....................................73.3 Impact of business and cultural environment on the behavior of Next Plc...........................8TASK 4............................................................................................................................................84.1 Importance of international trade to Next Plc........................................................................84.2 Impact of global factors on Next Plc.....................................................................................94.3 Impact of EU policy on the operations of Next PLC.............................................................9Conclusion ...................................................................................................................................10REFERENCES .............................................................................................................................112
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INTRODUCTIONBusiness Environment (BE) refers to surrounding in which business functions and carry outdifferent activities to attain its goal of productivity and profitability. Thereafter, business environment isaccumulation of internal and external factors that influence the functioning ability of company (Binh andet. al., 2010). Further, by studying the business environment, organization can exploit different businessopportunities. It further helps in adapting various changes and ensuring flexibility in business. In thisreport, different implication of business environment to retail organization will be studied. To facilitatethe study, Next Plc a renowned retail company of UK has been selected. In this report, learning will beshown regarding impact of fiscal, monetary and competition policy on the functioning of cited company. TASK 11 Purpose of different types of organizationIn the present context, there are different kinds of business enterprises which are operative inmarket with varied purposes. The explanation of which is as follows: Public company: They are different kind of companies that are permitted to offer theirregistered shares to general public. Main purpose of public company is to maximize the welfareof society by generating employment opportunities to individuals and by providing ethical goodsand services to them. For example, Next which is UK based public company, whose majorpurpose is to provide ethical products to customers and maximize the interest of its stakeholders(Binh and et. al., 2010).Private company: It refers to organizations which are closely-held by individuals or limitednumber of shareholders. They are restricted to offer their shares to general public through the useof stock exchange. The main aim of private company is to maximize their proficiency. Forinstance, Virgin group is a leading airline company whose objective is to ensure expansion invarious parts of country and thereby increases the profits of company (Alcidi, 2011).Partnership: It refers to single business owned by more than one person who further sharesprofits and loss of company. The major purpose of partnership is to enhance the shared benefit ofmembers. For example, John Lewis is a type of Partnership Company who provides retailproducts and services for enhancing their proficiency. Charity: It is a type of non profitable organization that operates for the social well being. Theirmain aim is to enhance the welfare of society and serve for the public interest. For example, Bluecross is a charitable organization who provides shelter and home to abandoned animals (Daft,2009). 3
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Sole proprietorship: It is type of business that is functioned and closely-held by singleindividual which is personally responsible for all debts and profits. The major purpose of soleproprietorship is to maximize profits and minimize loss. For example, Kurt Geiger is a type ofsole proprietorship providing shoes for both men and women. The main aim of this company is toboost sales and increases profit. 1.2 Meeting objectives of different stakeholdersStakeholders are those individuals who are influenced by the actions, strategies and policies oforganizations (Freeman, 2010). They can further affect the different operations of the company as well.Therefore, it is important for Next Plc to meet their objectives and enhance their interest as well. Variousstakeholders of Next Plc are explained as follows:Customers: They play key role in the functioning of company as they use products or servicesoffered by company to generate revenue in return. To meet the objectives of customers, Next Plcprovides innovative and unique products to users. In addition to this, they identify needs ofpotential customers design products accordingly.Suppliers: They offer various goods and services that are main input for the functioning of NextPlc. The organization takes due care of its suppliers by maintaining sound relations and settlingdue payment on time (Fernando, 2011).Government: The main aim of government is to ensure that organizations work in accordancewith prevailing law and order. To meet the objective of government, company ensures timelypayment of tax and duties. In addition to this, various guidelines generated by UK governmentare strictly followed by Next Plc while carrying out operations (Adler, 2007). Employees: They play an important role in company as they help in attaining overall goals of theorganization. To meet the objectives of employees, Next Plc give proper remuneration, safe andpositive work environment, training and growth opportunities to its employees. Furthermore, Next Plc takes proper steps like organizing meetings, feedback process etc toidentify the needs and preference of its key stakeholders.1.3. Various responsibilities of Next Plc and strategies to meet them Being a socially responsible organization, Next Plc assures that it meet its responsibilitiestowards various members associated with them. Different responsibilities of company are explained asfollows: Social responsibility: Next Plc takes various steps to meet its duties towards society. In thisaspect, company organizes CSR activities regularly. Similarly, company has donated £879,047amount for charitable purpose (CSR activities of Next Plc, 2015). Further, it takes significant4
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