Iceland Supermarket Report | Business Environment
Added on 2020-02-14
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Businessenvironment1
TABLE OF CONTENTSIntroduction .....................................................................................................................................3Task 1 ..............................................................................................................................................3P 1.1 Purpose of different type of organization...........................................................................3P1.2 Iceland supermarket meet the objectives of all its stakeholders..........................................4P1.3 Various responsibilities of Iceland supermarket and strategies employed to meet them ...4Task 2...............................................................................................................................................5P2.1 Allocation of resources in different types of economic systems.........................................5P2.2 Impact of fiscal policy and monetary policy on Iceland supermarket.................................6P2.3 Impact of regulatory mechanism and competition policy on Iceland Supermarket...........7Task 3...............................................................................................................................................73.1 Determination of price and output decision by various market structure .............................7P 3.2 How market forces shapes the response of Iceland supermarket.......................................8P 3.3 Impact of cultural and business environment on Iceland supermarket...............................9Task 4 ............................................................................................................................................10P4.1 Significance of international trade to Iceland supermarket...............................................10P4.2 Impact of global factors on Iceland supermarket..............................................................10P4.3 Impact of Europeans union policy on Iceland supermarket..............................................11Conclusion ....................................................................................................................................12References......................................................................................................................................132
INTRODUCTION Business environment can be termed as set of internal and external factors which affectsall the operations and activities of business enterprise. In the present scenario, companies arerequired to understand their business environment in order to stay competitive. Along with this,organizations are also required to develop all their strategies and action plan after carrying outthe evaluation of their respective business environment. The present report demonstrates thepurpose of various types of organizations. Along with this, it also reflects the extent to whichIsland Supermarket which is chain of supermarkets meet the objectives of its stakeholder. Thisreport depicts the impact of various kinds of economic system on business enterprise. In additionto this, it also highlights the major impact of monetary and fiscal policy on organizations such asIsland supermarket. TASK 1 P 1.1 Purpose of different type of organizationEvery organization operates with certain purpose, aim and objective. It is not necessarythat two organizations operating in same industry have same business purpose (Jones, Comfortand Hillier, 2007). For instance, one can operate with an aim of increasing market share whereasthe other business can operate with the objective of achieving higher sales and profitably.Purpose of four different types of organizations is listed below as: Iceland supermarkets- Iceland supermarkets are considered one of the fastest and mostinnovative chains of supermarket in Britain (Iceland Supermarket, 2016). One of themain purposes behind its operations is to supply best and quality products to all thepeople in market. Other than this, the chain of supermarket also aims at becoming one ofthe leading chains of supermarkets in the areas where it operates. KFC- Kentucky Fried Chicken is the most renowned chain of restaurants which has morethan 170000 outlets in different countries of the world. The major purpose of KFC is tomaximise its profits and enhance the level of customer satisfaction (KFC UK, 2016).Other than this, it can be stated it is specialized in making and delivering fried chicken topeople all across the world. 3
Transport for London- Transport for London is a government body which maintains anddeals with various kinds of aspects associated with transport system within London(Transport for London, 2016). The core purpose of this body is to manage and improveall the transport related services in London. This means that its operates with an aim ofensuring that the best and most satisfactory transport related services are being providedto all the people of the city. Cancer research- Cancer research is an organization of UK whose main objective is toreduce the total number of death in the country which occurs due to cancer. It can also bestated that it is one of the largest centre of cancer research in terms of charity. P1.2 Iceland supermarket meet the objectives of all its stakeholdersEvery organization is required to meet the expectations and objectives of all itsstakeholders. This creates a sense of satisfaction among them and help in ensuring long termgrowth and success of a business enterprise. One of the major reasons behind success of Icelandsupermarket is its high degree of meeting objectives of its stakeholder (Harrison, 2013). Whilecarrying out all its operations and activities, the supermarket chain always consider the need andexpectations of all its internal and external stakeholders. For instance, the objectives ofgovernment and other regulatory bodies are satisfied by following the rules, regulations andlaws. On the other side of this, the objective of customers is met by delivering them with bestquality of products and services (Hamilton and Webster, 2015). Further, suppliers are alsoconsidered as one of the major stakeholders of Iceland supermarket and their objectives aresatisfied by providing them with payment on time. Along with this, they are also provided withequal opportunities for growth and development. In last few years, the competition among chainof supermarkets in UK has become very intense. Now businesses such as Iceland supermarketscan achieve higher growth by enhancing the degree of satisfaction among all its stakeholders(Jones and et. al., 2005). When the objective of each and every stakeholder of the supermarket ismet, a sense of satisfaction is developed among them. Till now, Iceland supermarket has beenvery successful in meeting all the objective of its stakeholders. P1.3 Various responsibilities of Iceland supermarket and strategies employed to meet them Businesses enterprise has various kind of responsibility which are required to beaccomplished in effective manner (Jones, Comfort and Hillier, 2006). Iceland supermarket is4
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