Business Environment Assignment - Toyota company
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Added on 2020-01-28
Business Environment Assignment - Toyota company
Added on 2020-01-28
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Different types of organisation and their purposes................................................................31.2 Efforts of Toyota in meeting objectives of stakeholders.......................................................41.3 Responsibilities and strategies of Toyota:.............................................................................4TASK 2............................................................................................................................................52.1 Effective allocation of resources by economic systems........................................................52.2 Impact of Fiscal and Monetary policy on Toyota..................................................................62.3 Impact of competition policies on Toyota.............................................................................6TASK 3............................................................................................................................................7TASK 4............................................................................................................................................84.1 Significance of international trade.........................................................................................84.2 Impact of global factors.........................................................................................................84.3 Impact of European Union policies.......................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................112
INTRODUCTIONA company or an organisation that is formed and involved in the production and sellingof goods and services is said to be doing business. This business comprises of the internal andexternal environment that together constitutes the business environment. Any changes in any ofthe environments causes a great effect on the functioning of the company. The functions andoperations of the company both are affected by these environments. Customers, employees,demands, policies, etc. are the elements of the business environment. Toyota is an internationalmanufacturer of automotive. It has been the leading supplier of vehicles since past few years.The company is the first largest producer and manufacturer of vehicles in the world.TASK 11.1 Different types of organisation and their purposesOrganisation is a group formed for working on an agenda, issue, product or a service.This group of individuals work for the commercial objective or mission of the company ororganisation. The objectives are devised by the owner of the business organisation. The differenttypes of organisations in UK are stated below (Bindseil, 2014):1.Public Sector Company : Owned and governed by the government of the UK. These areproviding generalised services and products to the citizens (NHS- National HealthServices)2.Private Sector Company: These are owned and governed by individuals or group withoutany intervention from the government.3.Voluntary organisations: Non profit organisations working with an objective of providingfree services without any hope of returns (Cai and Yang, 2014).4.Franchises: Selling rights of one business to another business in the form of extending acompany's business.5.Sole traders: Individual traders who are neither governed or owned by any other powerfulorganisations.6.Partnerships: Involves mutual functioning of one or two groups or individuals for onebusiness. All the profits and losses are shared by the partners according to their share.3
Toyota is a public sector organisation and works with an well defined objective. Theirmain focus is to attract and attain customers with high valued products with best satisfyingexperience felt by the customers (Cuevas‐Rodríguez, Cabello‐Medina and Carmona‐Lavado,2014). Toyota managed to develop its organisation in accordance with the legal structure of UK.1.2 Efforts of Toyota in meeting objectives of stakeholdersStakeholders are individuals that have concern or interest in the company. Anyorganisation has two types of stakeholders: external and internal. The functioning of anorganisation and its objectives are affected and can affect the stakeholders (David and David,2016). Toyota has been focusing on developing techniques that are stakeholder oriented. Thismanagement helps in achieving sustainable development and a competitive advantage to thecompany in high competition. Toyota has following stakeholders in its company and it meets their objectives in thedescribed way(Stakeholder Engagement. 2016):1.Customers: Providing reliable services with safe and affordable vehicles. Customerfeedbacks, suggestions as well as their complaints are genuinely listened and taken careby the company (de Jesus and Correia, 2016).2.Employees: Toyota focuses on creating a workable environment with indulgence of theemployees in leisure activities so that they feel comfortable in their workspace and givingbest outputs.3.Business Partners: Opportunities are provided to new suppliers and local dealers forcollaborating in Toyota so that the company can attain mutual benefits and develop thesociety indirectly.4.Shareholders: Company's progress and sustainable growth helps in acquiring theobjectives of the shareholders (Forte and Magazzino, 2016).5.Global and Local Communities: Manufacturing ozone-friendly vehicles without creatinga burden for the environment Toyota develops a good image in the society.1.3 Responsibilities and strategies of Toyota:As mentioned before, the stakeholders of Toyota are customers, partners, shareholders,society and employees. Toyota has following responsibilities towards the stakeholders:4
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