Economic For Business: Primark Case Study

ECONOMIC FOR
BUSINESS

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Discussing mission statement, vision statement and statement of values...................................3
Analysation of mechanisms of underpinning pricing/output decisions.......................................5
Evaluating impacts of expansionary and contractionary fiscal and monetary policies...............6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business economics is a study which is applicable to a financial organization that is
market related and also considers the environmental issues faced by them. This subject
encompasses of subjects which have the concept of scarcity and factors which produce and
distribute in the consumptions. In this project the chosen organization is Primark. This
organization is a fashion retailer (Brassey and Ordower, 2020). As per the economical concept
Primark has a monopolistic competitive market. In this project the discussion about the
company's mission statement, vision statement and statement of values is made. This will also
analyse the mechanism of underpinning the pricing and output decisions for the market of
Primark and utilizing illustration as appropriate. This project will have the evaluation of the
expansionary and contractionary fiscal and monetary policies of measurement on the company.
MAIN BODY
Discussing mission statement, vision statement and statement of values
Primark is a fashion retailer based in UK. This organization falls under the category of
the monopolist competition. This is because Primark's industry has features which are similar to
the monopolistic competition. Monopolistic competition occurs when an industry has many firms
which offer similar products and are similar to each other but not identical. Businesses in such a
market has very little power to raise prices for decreasing their profits. Primark faces a lot of
competition it its market from companies which have similar products (Frimousse and Peretti,
2018).
Mission Statement :
The mission statement of Primark involves “providing the consumer high quality fashion at
nominal value of money and prices.”
A mission statement is an explanation of a concise nature which is the organizations
reason for existence. It helps in recognition of the purpose of the organization and its intentions.