Contemporary Business Environment: Impact of COVID-19 on UK's Economy and Policies Developed by Government

This essay discusses the impact of COVID-19 on UK's economy and the policies developed by the government to deal with the challenges. It also covers the contemporary business environment and its role in developing business strategies. The essay analyzes the external environment of the British Broadcasting Company and the impact of globalization on its decision-making. It also covers the VRIO framework analysis of the company's internal environment. The essay concludes with the importance of long-term planning and strategic engagement for economic development.

Contemporary
Business Environment

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY (PROJECT 1)...........................................................................................................3
PROJECT 2......................................................................................................................................8
INTRODUCTION...........................................................................................................................8
A brief analysis of external environment of the business entity...............................................10
Globalisation and its aspects.....................................................................................................11
Impact of globalisation on decision-making of British Broadcasting Company......................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
In this development of an organization over contemporary business environment which
plays important role through marking out important factors which is present within business
surroundings. Contemporary business environment leads over developing business through an
approach which plays important role by highlighting all those factors impacting business more
effectively. Through contemporary business environment business entity has been able to deal
with both internal and external factors(Hamilton, and Webster, 2018). All business organizations
has to focus over making contemporary business environment for developing precise strategy
making growth of business possible. Also the business environment helps in creating stability
within growth of organization which makes business develop profit and revenue out of its
activities. Scope of contemporary business environment hold wider capacity as it makes business
develop in more effective way. Nature holds dynamism as it makes business attain more
effectiveness within various process helping bin making goals and objectives achieved with
perfection. The project is an essay related to COVID-19 pandemic has affected UK's economy in
many different ways. The essay also includes the policies and plans developed by government of
UK to deal with issues and challenges created by COVID-19. In this essay various aspects over
given statement discussed.
MAIN BODY (PROJECT 1)
The development of organization mainly dependent over various kinds of aspects in
relation to threat that creates obstacles and challenges over organization. Since these challenges
has tendency to effective business and hinder its growth in both national and international
market. Also these organizations faces problems in relation to planning and developing strategies
which benefits organization. Through threats issues are raised in relation to product circulation
making reduction done in profit and revenue generation. During past years it has been observed
that COVID-19 pandemic has become one of the major threats which has raised effect upon
economy of United Kingdom. Also it made business functions and process effected drastically
which created issues within market of United Kingdom. It has brought economy of UK down by
putting question mark over it. This effected major areas of social development and commercial
activities part of business. Also bigger organizations like TESCO and Sainsbury has faced
problems regarding low profit ratios and decrease in sales of these organizations. Further, lock

down has been imposed by government of UK which made many star ups closed due to lack of
funds and capital investment. Many small business organization faced problems in performing
operations and decrease within income. In relation to citizens pandemic brought obstacles and
hurdles which stopped them from gathering publicly or at public places. Social development of
economy diminished with the increase of cases related to COVID-19 pandemic. It has also led to
create changing in government's plans and policies in order to deal with situation created by
pandemic. The government has also created social media advertising in order to create mass
awareness in whole public. The global pandemic has also led to create a loophole in the economy
which is impacting on major functions of the country. Various economic factors like Gross
domestic product of the country has declined due to the devastating effect of COVID-19. The
national income of the country decreased by a large amount. COVID-19 has lead over causing
various issues within economy that resulted in unemployment and caused job loss of existing
employees working in an organization(Halbert, and Ingulli, 2020). Due to pandemic youth with
skills and talent lose job opportunities resulting in causing lack of perfection within work quality
of various organizations. Thus unemployment turned out to be major issue for an country like
UK and government requires to pay attention over seeking solutions for solving the issue raised
out of pandemic. It resulted in causing decline within per capital income with the rise of COVID
19. In corporate sector business entities should provide product and services with best outcomes.
As per the impact of COVID delivery issue was faced by various organization due to restrictions
implemented during the time of COVID by government of UK. This made organizations change
business strategies in order to cover the effect of COVID upon their business. It is also necessary
for the organizations to be focused upon long term development of goals and objectives through
planning which makes strong framework created. During the years 2020 and 2021 economy of
UK shifted their operations from traditional methods to digital means. Many companies
provided through digital approach brought virtual working environment to employees by shifting
to work from and conduction online meetings over organizations future strategies. The
companies should understand, major plans and policies of government in order to lead the
marketplace. In order to deal with issues of unemployment government should form strategies
with the help of ministry of economic affairs. Another challenge rose for UK government is
based over vaccination which is basic necessity and requires to be delivered to citizen of UK. In
UK government made it compulsory for business entities for getting employees vaccinated. In

order to stop the effect of COVUD -19 its is required by central bank to take action that makes
economic development possible with strong pace. These actions makes economy boost up within
marketplace leading over dealing with economic collages with better approach. The Central bank
of UK has made formulation of effective monetary policy causing flow of money done with ease.
Since this is important for circulating money within marketplace of UK giving rise to economy.
The organizations within international marketplace requires to follow instructions
developed by government for performing all ethical perspective keeping in mind COVID 19.
This is major policy of government of UK for controlling and developing directions in relation to
corporate activities. Also companies includes monitoring tools supporting information and
technology helping performing accurate and quick operations. This is major responsibility of
management of an organization is based over following various parameters of legal development
leading towards making marketplace. Employment legislation should be followed by an
organization making marketplace developed with quick operations performing capacity. This is
major responsibility of management which makes parameters of legal development in order to
improve market within short period of time. In UK companies within international market should
be focused upon analysing competitors with more and effective approach of COVID 19(Geppert,
and Pastuh, 2017).
The government of UK has provided with better instructions to central bank in relation to
money circulation within economy. In this major role played by central bank is based upon
providing monetary assistance through providing loans to various sectors which increases
potential within organizations performance. This makes development done through approach
required for organization with clean environment to different customers. The organizations of
UK requires to maintain focus over customers with wider outlook. Its should cover about key
aspects of development in order to prepare strategy which makes top level and strategic
engagement possible within an organization. These strategies have important role to play within
ministry of economic affairs of government for facilitating long term development of business by
providing them finds that makes tasks complete within time limit. The government of country is
one of the most important key stake holder which makes functions conducted more effectively
within business. So, it becomes ethical duty of government supporting different organizations. In
the year 2022 government of UK has made economic development done in order to help those
companies impacted due to global pandemic. As per various developed countries like USA and

France government support business which starts development and support new business
organizations. The USA and France has coming with subsidies makes compensation provided to
various companies in order to start an organization. There are various kinds of companies in
recent times making demands produced which helps government of a country to support
development of business after COVID 19 pandemic. The central bank of UK has brought
changes within monetary policies of country which helps in completing over competitive
advantage related to benefits. The economy of UK has faced major decrease within its starts up
ratio since the policies become rigid in nature. In this major companies within international
marketplace should focus over planing by introducing over government of UK making major
objectives achieved within organization. This is one of the most important part of government
focusing on major objectives making long term goals of an organization accomplish competitive
edge. The economy of UK has strong attention of government policies and plans which makes
infrastructure and corporate laws formed. This makes result to be attained within short time
period necessary for government of UK focus in relation upon developing whole economy
realising importance with suitable development. The monitoring and risk management tools hold
importance for developing government of UK making impact created through specific plans and
policies making organization survive through COVID 19(Bogdan, and Beata, 2018). Further,
these policies has made product development done with innovative ideas making business deals
with various aspects which were creating loopholes within growth of organizations. In the time
of COVUD impact of digitalization has made organization develop online portals which solved
delivery related issues and payment related problems. Also these policies paved new way for
doing business at both national and international level.
The Central bank of UK has made various kinds of policies that has benefited economy
of United Kingdom by providing stability during the time of COVID 19. There are various
parameters of economy making impact created over functioning of organization. Also various
aspects of economy and its issues related to it has been covered within these policies formed by
central bank. In order to increase potential over all organizations in international marketplace it
is important for making development done over long terms goals and objectives helping in
making economic policy formed with more effectiveness. Major economic policies that is based
over economic development done over essential making formulation done through strategic
actions. This made organization realize about various kinds of important terms making over all

growth of economy done more effectively. This has helped organization develop various portals
resulting in making online sales improved by making strong delivery mechanism formed with
better payments facilities. COVID pandemic has made various trends developed within corporate
sectors making government form policies as per these trends. It is ethical duty of government to
make plan keeping in mind systematic development of economy done with sustainable
development. Growth of business entity is the most important part of government which has
been increasing employment rate. This made more and more strategies formed with focus over
growth within set period of time. The central bank also coming up with modified loan schemes
over companies which makes upliftment possible with time period set. Through this
organizations has been presented within economy of UK requires to be taken into consideration
with various sources of funding making financial requirements of business filled properly. This
is major functions of central bank of UK with creating development based plan with the help
various provisions of economy(Hawryszkiewycz, 2019). This has also made various kinds of
policies within market place applied making organization develop making profit ratio developed.
The central bank of United Kingdom has been focusing over increasing foreign reserves making
economy more developed and uplifted. Companies in international market place recommended
policy and plans developed through making organizations work at international level. Through
policies making plan and policies developed as per standards of international market with
various rules and regulations.
The government of United Kingdom makes formulating long term strategy and planning
making framework for economic development. This is major role of organization which makes
focus upon various factors related upon making growth of business done by following all
policies of government as per ethics. Centra Bank of UK which is concerned over making
financial support provide to major companies of UK. Through this central bank has been using
its loan facilities in order to make small and medium scale enterprises achieve growth as per
economy of organization. The organizations has been playing important role in developing
parameters which are crucial in nature for making competition achieved within market through
positive approach. Also the policies has been making organization gain lot of support in relation
to funds making future plans for growth improved with visionary approach.

PROJECT 2
INTRODUCTION
In relation over functioning of business decision making has important role to play
making dealing with various aspects and functions of an organization. This is crucial for an
organization making major factors impacting over decision making possible through dealing
upon various perspective making organization functioning possible in effective manner. The
internal business environment has major component of business entity helping in developing
working conditions within an organization. On the other hand external environment is key focus
in relation to business making analysis done upon micro environment factors associated with
business. The project includes brief assessment over internal and external environment making
competitive edge achieved. In this example of BBC has been taken in consideration dealing with
media broadcasting in UK.
Analysis of internal environment of the company
VRIO framework is based over analysis model that has been used by organization in
making assessing potential making competitive edge achieved within an existing market(Birch,
2017). This makes assistance provided over making identification over various resources and
capabilities done for an organization having created over various positions in market. It contains
values and features with uniqueness of an organization and giving opportunities making
sustainability achieved regarding competitive advantage. This makes organization over
reviewing strengths covered within opportunities. Assessment of various kinds of elements has
been done over VRIO framework in relation to British Broadcasting organization explained as
follows:
Unique
resources
Value Rare Inimitable organised Competitive
Implications
Human
resource
Yes Yes No No Temporary
competitive
advantage
Service quality Yes Yes Yes No Competitive
advantage.

Research and
development
department
Yes Yes Yes No Competitive
advantage
Strategic
management
Yes No No No Competitive
parity
Equipments Yes Yes Yes Yes Sustainable
competitive
advantage
Valuable – In this various kinds of unique resources has been used by organization which makes
maintenance possible in order to survive within market. These are valuable resources used by an
organization in meeting varied demands of customers in more effective manner. If and
organization does not maintain resources then it looses competitive advantage. In context of
British Broadcasting Company, its valuable resources are human resources, research and
development department, service quality, etc.
Human resources- This is based upon making employee quality improved through training and
development of programs skills.
Research & Development department - British Broadcasting Company having research
development makes various aspects covered in relation over market needs and customers
preferences(Belyaeva, 2018).
Service Quality- British Broadcasting Company has been providing quality within its services
which makes customer and investors sponsor.
Strategic management- British Broadcasting Company makes development done with practices
helping in strategic formed in relation over organization progress which is measured more
effectively.
Equipments- British Broadcasting Company has been using good quality making customer
experience provided to its customers. This helps in completing business operations smooth and
effectively by risk reduction.
Rarity- These are based over sources making rare organization and competitors do not have hold
on. British broadcasting organization has been using rare resources like human resources,

equipments and service quality, etc. if an organization is not able to use these resources face
competitiveness attained through these rare resources
Human resource- British Broadcasting Company uses this as rare resource which makes
enhancement done in relation over tariffing and skills competencies possessed by them.
A brief analysis of external environment of the business entity
PESTLE ANALYSIS
This framework has been used by marketers for making analysis done in relation over
macro-environment factors which makes impact created over organization. As per the industry
analysis various factors like political, environmental, social, technological, along with legal has
been covered making competitive advantage and management done making competitive edge
developed more effectively. In this British broadcasting company is biggest corporation in
broadcast sector. In relation of BBC Pestle analysis has been done as follows:
Political – These Factors includes are based over policies and foreign trade which makes
interference which is important for business. As per the Brexit British broadcasting corporation
has lost revenue due to problems between EU and UK making government control formed over
licenses charges making company faces pressure over government making license broadcast will
never issued and making conflicts conducted more effectively.
Economic - This factors is base over various kinds of factors that is based over making
impact created over organization and its various factors which are interest rates, economic
growth rates and inflations and GDP(Bansal, Shrivastava, and Stanciu, 2018). In UK inflation
rate directly impacts BBC over demand since it become high making price increased and brand
value decreased.
Social - These factors includes the environment of market like culture barriers,
demographics, population growth, consumers view etc. UK, population is estimated to reach
over 74 million and create the opportunity for the industries to gain more profit. UK is the leader
in a digital revolution and strives to enhance the quality of living. BBC introduces channels for
small kids under the age of 12
Technological – These factors includes various kinds of new technology which has been
developing on daily basis within an organization. Through such factors UK has been able to
improve corporate working by making there functioning faster and effective. BBC using latest

technology is able to provide better services which makes organization achieve its goals and
objectives.
Environmental – This factors has been including various aspect related to physical
surroundings like climate change, weather, global climate change, pollution. In UK climate
changes has taken place impacting supply chain and business model making delay done within
its broadcasting of news. It is required by the organization to keep this in mind which makes its
services provided without any disturbance. This factor should be kept in mind making aspects of
business covered more effectively.
Legal – These factors deals over various kinds of aspects which is needed by
organization to run organization at both local and international level. This makes BBC deal over
laws and legal perspective helping in making organization safe against any kind of legal
atrocities. BBC need to know about the consumer laws, what is the rate of imposition and keep
in mind on attitude toward the authority.
Globalisation and its aspects
Globalisation means as those techniques which is used in relation over development of
economy all over the world making trade of goods and services done with more effectiveness. In
business globalisation has played important role stated over making information, data, goods,
capital etc developed within an organization making global existence possible in more effective
way. It has been making motivation of people done which makes practices and initiatives taken
in more effective. In aids over getting variety of products developed at low costs making
assistance developed over talents over global(Atiku, 2018). This helps in adding people people
over getting variety of products at lower costs. It assists organizations in recruiting talent all
over the glob. This makes shareholders making development done in more effective way. Also
BBC should used it in order to make economy developed in more effective way which makes
large number of employees attracted towards organization.
Impact of globalisation on decision-making of British Broadcasting Company
As per corporate world there are various kinds of factors that has been presenting
business environment and impact over functioning with organization in major sense. This
important for British Broadcasting Company focus over implicating globalisation making

competitive advantage within short life span. The major implication globalisation has been
discussed as follows:
 Trade laws- These laws are based over export and import duties making fulfilled by an
organization. Through this major trade laws helps in making global market follow
business aspects in more effective manner making trade done with legal perspective.
Through this BBC makes is able to make impact created upon financial decision making
of firm which makes decisions based over economic operations done effectively. Since
the laws are trade laws making government developed over various organizations with
policies helping in making financial duty developed within business firm. Also through
this trade related aspects has been covered making global market place conducted in
sustainable manner makes organization grow.
 Trade governing bodies- In the global trade different bodies has been used making
global trade develop illegal practices. World trade organisation is the bodies that leads
upon developing precise approach making marketplace developed by governing laws in
relation trade as which organization perform business. This is required by organization to
follow policies and plans making world trade organization follow all kinds of major
policies and developing guidelines to be followed in relation over ethical practices. BBC
is required to cover about various policies making WTO conduct ethical behaviour more
effectively with more impact.
 Leadership- In the global business environment, globalization effects impacting
functions based over managing employees. Through this leadership techniques and styles
has been adopted in precise manner for managing professional employees within
international market(Aksenov, 2017). This makes organization like BBC develop better
decision making making key perspectives covered within an organization. Also it makes
leadership become more impactful in nature through developing strong functions in more
effective manner. BBC through its strong leadership is focused over making more
effective decision for future development.
CONCLUSION
From the above discussion it can be concluded that it is required by an business to focus
upon making business develop in systematic manner. The above analysis shows that role played

by management develops focus upon making strategy conducted more effectively. The project
concludes about significance of internal and external environment in order to develop a focused
planning framework. This report concludes the application of various theories and models which
are important in overall development of a company at the marketplace.

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