Casae Study On Premark
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Added on 2020-01-23
Casae Study On Premark
Added on 2020-01-23
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BUSINESS ENVIRONMENT
Table of ContentsINTRODUCTION...........................................................................................................................31.1 Type of organisations and objectives....................................................................................31.2 Describing an extent to which Primark meets stakeholders objectives.................................41.3 Explaining the responsibilities of Primark and strategies to meet stakeholders objectives. .5TASK 2............................................................................................................................................72.1 Economic systems, meanings and types................................................................................72.2 Impact of fiscal and monetary policies on the Primark.........................................................82.3 Competition policies and other regulatory mechanism for Primark......................................9TASK 3..........................................................................................................................................103.1 Determination of the Pricing policy and output decisions...................................................103.2 Market forces shapes the organizational responses.............................................................113.3 Business and culture environment shapes the behaviour....................................................11TASK 4..........................................................................................................................................124.1 Discuss the significance of international trade to UK business organizations....................124.2 Analyzing the impact of global factors on UK businesses..................................................134.3 Evaluating the impact of European Union policies on UK corporations............................14CONCLUSION..............................................................................................................................14
INTRODUCTIONOrganisational environment consists of all the elements, components and system thatinfluenced the functioning of business in either positive or negative way, mainly categorized intotwo, internal and external environment. The report will focus on Primark that is an Irishcompany established in the year 1969 by Arthur Ryan and merchandise in clothing goods. Theaim of present assignment is to develop an in-depth understanding of different organizationalong with their objectives, stakeholders and strategies employed to meet their stakeholder’starget. Despite the internal system, in the present corporate world, firms are often engage inworldwide operations, henceforth, it is obvious that external environment such as competitors,consumers, national policies & legislations, technologies and many others have greatly affect theoperations of the business to a great extent. Therefore, in such regards, report will examine theoutside factors and global market faces and examine the impact of it on business functions in thecontext to Primark. Furthermore, it will also examine the importance of global trading practicesthat how it can bring success to the firms in different ways. 1.1 Type of organisations and objectives Now-a-days, different types of organizations operates in the market having distinguishobjectives, mainly categorized into two, public as well as private corporations i.e. sole proprietor,partnership & companies. Out of these, public organizations mainly aim at delivering services tothe community for the welfare & progress (Lynch and et.al., 2012). Unlike it, private firms areprofit making establishments that operates and transacts into the market so as to get maximumprofitability through their formal course of activities & functions. The three most importanttypes of business and their purpose of establishing are detailed below:Primark Stores Limited: It is a private limited organization and a form of companycurrently has above 290 stores worldwide. It is well known for its distinctive, unique, innovative,fashion-drive & unbeatable value of quality clothing goods. In order to gain crowded audiences,it pays attention to the consumer need & wants and render services accordingly to satisfy them. Vision: It has been established after setting the aim to get highest yield to gain a leadingposition in the retailing industry.
Mission: Great quality and unique selling preposition to the consumers at economicalrates is the mission of Primark that directs its efforts towards target accomplishment. Purpose: To deliver superb quality of clothing products in different designs, styles and colors tomeet public’s expectationsTo render offerings at cheaper rates to the people To build sustainable logistic supply chain management To boost sales and market share through putting best quality clothing items at reasonablechargesTo maximize talent and skills among people through investment in training anddevelopment Public sector: In UK, National Health Service (NHS) is a public sector organization thatis targeted to deliver the best quality vaccination and medical treatment facilities to the finalusers free of cost with an exception regards to a fixed charge for the prescriptions. It is proposedto give best treatment to the patients to improve their health status. Thus, social welfare &progress is the main purpose of public sector enterprises. Charitable institutions: Oxfam International is a charity based in UK which purpose isto serve a specific group of members or people for their progress (Harrison, 2013). This has beenestablished to give serve poor people who are striving for their well-being and financial issuesand sustainable livelihood, secure life & fulfillment of basic social services are its key objectives.Voluntary organizations: It can be founded by a group of individuals who will putefforts for the welfare of a specific union of members. VSO (Voluntary Service Organization)targeted at delivering best knowledge and skilled & highly-trained people without any genderdisparities to the people (Shaikh, 2010). For instance, Cancer Research UK is a voluntaryorganization that aims at determining the causes of cancer and develops its prevention anddiagnosis techniques to cure the patients.
1.2 Describing an extent to which Primark meets stakeholders objectivesThere are many users who have some stake in the business direct or indirect, categorizedinto two sub-users, internal and external users. Stakeholders are the members who affect thefunctionality of the corporation, either directly or indirectly. Users that are the inner part ofbusiness like workers & executives are called internal stakeholders, in opposed to this, externalusers are the outsiders who like suppliers, investors, competitors & others. Their objectives alongwith the extent to which Primark meet purpose of their users are presented below:Employees:People play an important role in the business as they put efforts and valuablecontribution to the firm for meeting the defined business targets. Primark gives equal rights to allthe workers without any disparities, maintain safety & conduct training sessions for them(Budhwar and Debrah, 2013).Shareholders: They are especially interested to get adequate dividend & earning on theircapital invested. Here, company regularly communicates with the investors and invite them inboard meetings to discuss issues and reports (Solomon, 2014). Further, it delivers good dividendand generate better return on their turnover to satisfy shareholders.Customers: Primark aims at targeting audiences through delivering quality goods ateconomical prices. They are important because without satisfying the consumers, companycannot survive in the competitive place. Primark give best quality products run operationsethically and consider consumer rights & interest also. Moreover, CRM implementation enablesPrimark to solicits users feedback and maintain stronger relationship with them. Suppliers: Suppliers deliver goods on credit; therefore, they need its timely payment.Primark respond them through maintaining their working capital through an appropriatecomposition of current assets and current liabilities; so that, deferral short-term liabilities likepayables can be paid on right time. Lenders: They grant heavy loans so interested in their fund security and get timelyrepayments of their capital (Chavis, Klapper and Love, 2011). Thus, Primark meet theirobjectives trough managing long-term risk through designing a right capital structure and makethem outstanding money as per the scheduled payments.
Taxation authority: Her Majesty Revenues & Custom (HMRC) is the UK statutorybody authorized for tax collection. Thus, they require regular taxation reporting from theorganizations and need information about earnings after taxes to impose tax duties. They chargeduties and taxes in the case of lower payments (Kubasek, Brennan and Browne, 2016). 1.3 Explaining the responsibilities of Primark and strategies to meet its responsibilitiesAs discussed that Primark unfolds several responsibilities and duties towards all theinternal as well as external stakeholders, henceforth, in order to satisfy the users, it employedfollowing strategies that are narrated below: Ethical Trading Initiatives: Primark became member of ETI that prove its strongdetermination to succeed business values and ethical trading practices and not at others expenses.These initiated efforts show that corporation carries out a ethical and morally responsiblebusiness practices without harming any stakeholders. Local community support: It also support community like charitable firms, socialdevelopment projects, individuals and families inside UK as well as Ireland (Primark’s ethicalresponsibilities, 2016). It receive applications for contributions in society and try to give enoughsupport as much as possible covering donation, grant & other for children’s education, welfare ofdisabled people, improvement in health system & give help to elderly people. Packaging waste regulations: The main reason of these regulations is to minimizepackaging wastage to landfill works on the basis of Shared Producer Responsibilities thatpromotes manufacturer to accept environmental responsibilities for the goods designed viarecovery & recycling. Moreover, Primark also took participation in Valpak’s scheme throughadhering with the principles of UK waste management & packing regulations. For such, Repakhas been authorized to recover packaging wastage on the behalf of Penneys. Carrier Bags: Use of paper carrier bags by Primark is also an effort practiced to reduceplastic packaging so as to maintain ecological balance. Corporate social responsibilities: Primark follows Corporate Social Responsibilitiesand corporate governance principles & guidelines designed by parent, Associate British Food
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