Business Environment of Primark - Assignment
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Added on 2020-01-16
Business Environment of Primark - Assignment
Added on 2020-01-16
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BUSINESS ENVIRONMENT
TABLE OF CONTENTSIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1 Purpose of different types of organizations...........................................................................31.2 Stakeholders of Primark and extent to which it can meet their objectives............................41.3 As an organization responsibility of Primark........................................................................5Task 2...............................................................................................................................................72.1 Economic system follows by different countries...................................................................72.2 Impact of fiscal and monitory policies on businesses............................................................82.3 Impact of competition polices................................................................................................9Task 3.............................................................................................................................................103.1 Pricing and output decisions of business in different market structure...............................103.2 Ways in which market forces shape organizational responses............................................103.3 Cultural environment shape the behavior of Primark..........................................................11Task 4.............................................................................................................................................114.1 Significance of international trade ......................................................................................114.2 Impact of global factors.......................................................................................................124.3 Impact of policies on UK business......................................................................................12Conclusion.....................................................................................................................................13References......................................................................................................................................142
INTRODUCTIONBusiness environment is the combination of internal and external factors that influencebusiness activities. Majorly, external and internal are two factors which affect the performanceand entire functioning of business. Macro elements include political, technological,environmental, socio-culture components which are uncontrollable and affect the entire industry.Micro factors consist of customers, suppliers, competitors etc (Sanz and Jones, 2013). For the present report, Primark is being taken into account. It is has more than 100 retailstores across Britain and Ireland. It offers fashionable clothes to the consumers at lower costs.Current assignment will discuss purpose of public and private sector organizations. As arenowned firm, responsibilities of Primark will be described in this study. Economic system ofdifferent countries will be explained in this report. Impact of pricing and output decisions inseveral markets will be discussed. Significance of international trade and impact of global factorson UK business will be analyzed (Weiss, 2014).TASK 11.1 Purpose of different types of organizationsIn the modern era, entities have to face too much competition. All enterprises are workingfor different purposes like sole traders have the objective to increase sales and to enhance profitof the organization. On the other hand, limited firm purpose is to avoid unnecessary risks and tomake more profit. Government organizations do not work for profit maximization but their mainobjective is to provide quality services to the clients (Fitó-Bertran, Hernández-Lara andSerradell-López, 2014).Private sector:Primark is the international retail brand which has global supply chain. It has more than100 retail clothing stores across the world. It is the private multinational firm and subsidiarycompany of Associated British Foods group (ABF). It is working as the private organization inthe international market (Stacey, 2016). Objectives of Primark are discussed as below:To attract customers by providing satisfactory services. To enhance profit of the cited firm.To increase sales volume and offer lower price products to the consumers. 3
To enhance performance of workforce and create healthy working environment (Mutuku,2014). To provide high quality products and better services to clients so that they can becomeloyal towards the brand.◦Primark is the private organization which main objective is to enhance profit of theorganization. Company wants to attract more customers in order to increase sales ofthe brand. The purpose of the cited firm is to satisfy its clients so that they be loyaltowards the organization that would help in profit maximization. The public sector:Public organizations are those firms which are ruled by the government. TESCO is one ofthe leading brands which are public limited company. Purpose of such firms is as following:To provide effective services to clients.Impressive utilization of resources is another objective of public sector organizations.Quick resolution of consumer's query and to satisfy employees as well (Rothaermel,2015).Profit maximization is another objective of public companies so that amount can be usedfor economic development of the nation. Use government funding effectively and positive development of the infrastructure. To understand needs of consumers and provide them facilities accordingly (Yi, 2014).◦Main purpose of public firms are to provide satisfactory services to the customers.They pay more attention of corporate social responsibility. Its main aim is to utilizefinds well so that company can build strong reputation in the market.Charitable trustThese are non profit firms, their main purpose is to improve situation of society membersand to enhance their standards. They earn profit but that is secondary objective which is just torecover the operational cost of trust.Cooperative firmsthere main purpose is to satisfy group members ad to fulfill their requirements. CBH,Wesfarmers etc. are main cooperative firms those which are working in the same direction. 4
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