Impact of Business and Cultural Environment on Organization : Report

   

Added on  2020-01-21

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BUSINESSENVIRONMENT
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Organizational purposes of businesses.............................................................................11.2 Influence of stakeholders on the company.......................................................................21.3 Responsibilities of an organization and strategies employed to meet them.....................3TASK 2............................................................................................................................................42.1 Different economic system allocate resources effectively...............................................42.2 The impact of fiscal and monetary policies on business organizations............................52.3 The impact of competition policy and other regulatory mechanisms..............................6TASK 3............................................................................................................................................73.1 Determination of pricing and output decisions through different market structure.........73.2 The impact of market forces on the organization.............................................................83.3 The impact of business and cultural environment on an organization.............................9TASK 4............................................................................................................................................94.1 Significance of international trade to UK business..........................................................94.2 Impact of global factors on UK business organizations.................................................104.3 Impact of EU policies on UK business organizations....................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONIn the current era of globalization, An organisation perform various business activities toattain its goals and objectives. Every organisation present here is influenced by its businessenvironment. However, it is essential for business to control both the internal and external factorsso that best business practices can be carried out in order to achieve targets (Fernando, 2011).For instance, as per the recent scenario, both the national and international market faces toughcompetition and thus globalization also affect the market up to a large extent. In the currentstudy, there are different case scenarios given and thus it is essential to outlines the mission,vision and key objectives so that its nature and purpose can be assessed (Ford, Ford andD'Amelio, 2008). Furthermore, businesses involve varied responsibilities and therefore, it isessential for them to fulfil all such activities ethically and legally so that operations can becarried out effectively within the set boundaries. TASK 11.1 Organizational purposes of businessesAn organization is a collective group of people who come together to attainorganizational goals and objectives. Every business unit operates within the market to attainspecific objectives and purposes (Leon and Garcia, 2011). This helps them in developing aunique indemnity in the economy. The purpose of the given organizations is discussedhenceforth. Companies are formed with some objectives. Given below are three business entitieswhich are outlined with their mission and key objectives:University Hospitals Bristol:This hospital is functioned by NHS Foundation Trust. Itsmission is to improve health of the people by delivering them exceptional medical care,teaching and services (Linn, 2008). This is a government organization providing socialwelfare in the form of safety, friendly and modern environment with the best qualifiedmembers and staffs. Their strategic aims and objectives focuses on the areas of clinicalservices, research and development, teaching and learning departments.Thorpe Park: This organization with the slogan 'An Island Like No Other' is a themepark which also provides hotel services in between the towns of Chertsey and Staines atUK. It is a private venture which is operated and owned by Merlin Entertainments(Stonehouse and et.al., 2009). They work with an aim to deliver unique, memorable and1
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rewarding services of the theme park to its millions of visitors. As being a private sectorcompany, it aims for profit maximization and higher returns along with customer-satisfaction. It adopts strategies which create high growth and returns based on strongbrands and portfolio that balances the impact of external factors. Primark: This is an Irish retailer of clothing, house ware and cosmetics with number ofstores in UK, Ireland and Spain. Associated British Foods is an international food,ingredients and retail group is its parent company. The company works with a vision toprovide clothing, cosmetics and house wares to its customers at reasonable and affordableprice. The purpose of Primark, as a public undertaking, is to enhance market share andfocus on continuous growth of shareholders (Ravid, 2009). Their objectives are attainedby providing trendy clothes and accessories to the fashion lovers with good use of fabricsultimately producing good returns to the company. 1.2 Influence of stakeholders on the companyStakeholders are group of persons that have a direct interest or concern in anorganization. Primark's internal and external stakeholders, along with their expectations and needform the company and are discussed below:Internal stakeholders: The individual or groups who are committed to the company asshareholders, board members, employees, workers and volunteers are called as internalstakeholders. Meeting the needs and expectation of internal stakeholders of Primark areprescribed below: Shareholders: They own shares of the company and influence key decisions and polices.Shareholders expect from Primark to foster ethical business relationships with allstakeholders of the company (Record. 2009). To attain this expectation, the companyorganises periodical meetings and conferences to communicate their policies andstrategies to the shareholders clearly. Employees: Employees are the major strength for the company. The employees ofPrimark share a common concern in terms of monetary benefits, job security and ahealthy environment to work in. Primark supports the employees by taking their feedbackand providing performance appraisals for their efforts. Moreover, employment laws arealso enforced at this firm (Erkuş-Öztürk, 2009). 2
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