External Business Environment Assignment Sample
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Added on 2019-12-03
External Business Environment Assignment Sample
Added on 2019-12-03
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External businessenvironment
CONTENTSIntroduction.....................................................................................................................................................................4Task 1..............................................................................................................................................................................41.1 Discussion on the structure and operation of UK economy.................................................................................4Task 2..............................................................................................................................................................................41.2 Government economic policies and its impacts on the business and service industries......................................4Task 3..............................................................................................................................................................................51.3 Discussion on income, employment, wealth and occupational distribution in the context of business and service operations.......................................................................................................................................................5Task 4..............................................................................................................................................................................51.4 Assessing of demographic trends that affect the employment patterns in the hospitality industry.....................5Task 5..............................................................................................................................................................................61.5 Analyzing the social structure of people employed in business and service industries.......................................6Task 6..............................................................................................................................................................................62.1 Discussion on the structure, operations and influence of local government of UK on Hilton Hotel...................6Task 7..............................................................................................................................................................................72.2 Evaluating the role and influence of EU as well as its impact on business and service industries......................7Task 8..............................................................................................................................................................................72.3 Role of pressure groups and their political influences in relation to national and local issues in the respect of hospitality industry.....................................................................................................................................................7Task 9..............................................................................................................................................................................82.4 Analyzing of legal framework within the UK as well as differences between the English and Scottish systems....................................................................................................................................................................................8Task 10............................................................................................................................................................................82.5 Impact of UK and EU legislative process in the working of Hilton at local and national level..........................8Task 11............................................................................................................................................................................93.1 Various types and characteristics of business that operate in hospitality sector..................................................9Task 12............................................................................................................................................................................93.2 Discussion on the legal processes that are necessary for the formation and dissolution of any company...........9Task 13..........................................................................................................................................................................103.3 structures and processes that determine responsibilities and control within a registered company...................10Conclusion....................................................................................................................................................................10References.....................................................................................................................................................................11
INTRODUCTIONExternal business environment includes a range of factors such as social, political,economic, technological, legal and environment which put its huge impact on the developmentof various industries operating in the market (Mugurel-Alin, 2014). Service industry is one of theleading and growing sectors in UK which is focused on rendering better quality of services to itscustomers related to accommodation, food and beverage as well as transportation. This includesvarious sub industries such as hospitality, travel and tourism, airline as well as agriculture. In thepresent report, external business environment of the service industry has been discussed. Forbetter understanding of this report, Hilton hotel is selected. TASK 11.1 Discussion on the structure and operation of UK economyUK economy mainly includes two types of sectors including private and public sector.Private sector organizations are established by entrepreneurs or individuals whose main purposeis to generate profits behind conducting its business activities. However, many private firms areorganized by individuals who may be controlled by different organizations or people. Forinstance, these types of businesses are organized by shareholders who can be institutional orprivate investors (Useem, 2014). On the other hand, public sector organizations are financed andcontrolled by the local and central government of UK. In this sector, products and goods aredelivered to the community through local government, public corporations as well as statutoryagencies. Main aim of public sector is to ensure the welfare of community’s thorough renderingbetter quality of products and services instead of generating profit. While considering the GDP rate, UK economy is considered as the sixth largest economyin the world and it is the tenth largest economy according to the measurement of purchasingpower parity (PPP) (Structure of UK economy, 2013). In case of UK economy, service industrymostly contributes in analyzing the national income and enhancing its growth rate in the world.Service sector contributes in GDP by covering 78% share. This industry includes variousbusinesses such as hotels, restaurants, bars, pubs, travel agents, lodging, conference centers,airline companies and banqueting organization. This industry contributes in enhancing therevenue of UK by rendering various taxes such as income tax, value added tax, council tax, fuelduty and many more.TASK 2 1.2 Government economic policies and its impacts on the business and service industriesIn order to conduct its business practices in a legal manner, service industry whichincludes businesses such hotels, travel agents and airlines needs to be followed the economicpolicies of UK government (Carroll and Buchholtz, 2014). In service industry, Hilton hotel isone of the leading and growing hotels in the UK which is focused on providing better quality ofservices to its customers that are related to accommodation, food and transportation. Along withthis, it follows all the economic policies of government for conducting its business in a legalway. Major economic policies made by UK government are as follows:
Fiscal policy: This policy is maintained by the central government and tax authority of UK. Thispolicy is used to adjust the level of tax rate as well as spending for the purpose of controlling andregulating the economy (Gitman and McDaniel, 2008). It is essential for the organizationsworking in business and service industries to pay tax properly according to their revenue andprofitability as well as the tax rate set by the UK government. This tax revenue is spent by thegovernment for the development and growth of country. Monitory policy: Monitory policy is control by the Central Bank of UK for the purpose ofsupplying money by setting interest rate according to the condition of market. With the help ofmonitory policy, various activities related to banking operations, credit system and properutilization of money supply are managed by the UK government (Meade, 2012). Fluctuation ininterest rate puts its impact on the wages of individuals that leads them to invest less money onentertainment and leisure. Thus, it also affects the revenue and profitability of service industry. TASK 31.3 Discussion on income, employment, wealth and occupational distribution in the context ofbusiness and service operationsIncome: Income of individuals can be termed as an amount in terms of monitory fund orpayment which has been given to the employees by employer for working in his or herorganization. Income of individuals puts its huge impact on the budget of customers (Hult,Hurley and Knight, 2004). So, service industry needs to consider this factor at the time of settingthe prices of its services as well as goods. Employment: Employment includes the procedure of selecting and recruiting candidates forfulfilling the goals and objectives of organization. For rendering better services to customers, it isrequired for the hospitality, travel and tourism industries to recruit qualified and talentedemployees. Wealth: Wealth includes the number of valuable resources in terms of money, property,businesses or other resources which are possessed by an individual, region, community orcountry. Availability of wealth is the term which is used to classify individuals into classincluding high level, middle level and lower level (Batini, Jackson and Nickell, 2005). Byconsidering this factor, businesses should focus on rendering different variety of products andservices according to the class of customers. Occupational distribution: It is the term in which population living in a society is classified onthe basis of economic function, skill level and social class. This classification should beidentified by the business operating in service industry for understanding the needs of customersalong with providing services according to those needs. TASK 41.4 Assessing of demographic trends that affect the employment patterns in the hospitalityindustryDemographic trends include the following changes that come into the human populationover a duration of time. These changes are related to age, geographical location, education,
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