Impact of Economy on Business Organization and Economic Theories Applied to Contemporary Business Context

Business Report

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
1. Explain the impact of economy on business organisation..................................................3
2. Explain economic theories applied to a range of contemporary business context.............7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The report prepared helps to give an overview to have a better understanding of the
working in a company. It explains functions of organisation carried out in operation and finance
department as well. It addresses problems blocking useful opportunities in the pathway towards
success of the company. It helps to understand working of SWOT and PESTLE which would
assist company in finding useful solutions. Report also highlights company's survival and what
techniques can be used for maintaining sustainability and competitive image in the market.
(Athanasopoulou and et.al., 2018).
TASK
1. Explain the impact of economy on business organisation.
Coronavirus has been an unpredictable situation which affected each country's companies
drastically. It has affected business growth, expansion and operational activities too. Renewable
energy can be explained as energy stored from renewable resources that can be plenished on a
timescale for example : Wind, rainfall, sunlight etc. British gas company has come across many
issues and challenges due to pandemic. Fluctuations, hurdles and unforeseen faced by company
during pandemic condition is explained below :
Company's working during pandemic :
1. Fluctuation in demand by customer's : During pandemic a decline in demand of
energy could be observed in commercial areas which had been a difficult situation to
tackle for British gas company. Company tried to overcome such situation by shifting the
demand from commercial areas towards household areas and generate new demand
opportunities from other areas.
2. Faced hurdles in supply chain management : It was observed that managing supply
chain and fulfilling the demand of customer's had been a tough task to deal with because
of imposed lock down by government across the globe. It had also been quite difficult
situation to manage supply and serve customer expectations on time.
3. Use of latest technology : British Gas company had developed a company app named
The Stand out app. This app helps customer's in easy management of demand, supply and
serve their expectations right. It helps customer's to get details of any new product or
service launched/offered in market. It provides facility to customer's for giving