Economic and Financial Management in Cancer Research UK

Economic and Financial Management

Table of Contents
MAIN BODY..................................................................................................................................3
1.Introduction...............................................................................................................................3
1.1 Current situation of organisation...........................................................................................3
1.2 Key Macro and micro environmental factors........................................................................3
2. Environmental Analysis...........................................................................................................3
2.1 Analysis of macro environmental factors..............................................................................3
2.2 Analysis of micro environmental factors...............................................................................6
CONCLUSION AND RECOMMENDATIONS............................................................................6
REFRENCES...................................................................................................................................8

MAIN BODY
1.Introduction
1.1 Current situation of organisation
Economic and financial management are important for every organisation because it helps
company in managing day to day activities and this will help in building good reputation in
market. Cancer research UK is a charitable organisation which was founded in the year 2002.
Key people of the organisation are Michelle Mitchell (CEO), Charles Swanton (Chief
Clinician) and Karen Vousden (Chief Scientist). It comes under health charity category.
1.2 Key internal and external environmental factors
There are many macro and micro environmental factors that affect working of an
organisation and some of the factors are controllable and other are uncontrollable. It is important
for managers to take necessary steps to control these factors so business can run smoothly.
Macro factors include, political, economic, social, technological factors (S., 2020). Micro factors
refer to factors that are present in the organisation and they can affect working of a company. It
is necessary to find solutions for facing these issues and business can generate profit.
2. Environmental Analysis
2.1 Analysis of macro environmental factors
Macro environment refers to external factors that affect an organisation and managers of
company has to make new rules and regulations according to the changes in macro
environmental factors (Sanegre and et.al., 2020).
PESTLE
PESTLE is an acronym of political, economic, social, technological, legal and environmental
factor that is present outside the organisation. Managers of company should take necessary steps
so that they can face these factors and run their business smoothly.
 Political factor – It refers to factors such as, tariff barriers, tax policy, fiscal policy, and
other policies. It is controlled and managed by government. For instance, if government
made any change in tax policy, then charitable organisation is exempted from tax (Witt,
2019). So, Cancer research company will not have to pay tax because they are helping
people living in society and their aim is to provide best services to customers. Their
purpose is not to generate more revenue by increasing their sales. Political factor has
positive impact on the company. When government parties are changed then maybe they