Business Environment: Objectives and Responsibilities of Primark

This report discusses the objectives and responsibilities of Primark in the business environment. It covers the different types of organizations, their purposes, and how Primark meets the objectives of its stakeholders. It also explores the impact of fiscal and monetary policy on farming and housing businesses, as well as the competition policy in the UK and its impact on business activities.

BUSINESS
ENVIRONMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 purpose of different types of organization............................................................................1
1.2 How to meet with objectives of different types of stakeholders in Primark.........................2
1.3 Responsibilities of Primark to meet objectives of stakeholders............................................3
TASK 2............................................................................................................................................4
2.1 Different types of system operated in the countries..............................................................4
2.2 Impact of fiscal and monetary policy on farming and housing businesses...........................5
2.3 Competition policy in UK and their impact on business activities.......................................6
TASK 3............................................................................................................................................7
3.1 How pricing and output decisions of company determines in the different market structure
.....................................................................................................................................................7
3.2 Ways in which market forces shape to organisational responses.........................................8
3.3 How the business and cultural environment shape to behaviour of Primark........................9
TASK 4..........................................................................................................................................10
4.1 Significance of international trade to UK business organisation........................................10
4.2 Impact of global factors on UK business organisation.......................................................11
4.3 Impact of policies of European union on UK enterprises...................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Every establishment have variety of purposes which are depends on their formation.
Some companies are operated for profit purposes and some for earning money. Every
organisation has variety of stakeholders whose interests need to be satisfied. Business
environment is affected by the different factors such as government, competitors, consumer’s
suppliers and international factors (Barnes, Leonidou and Leonidou, 2015). It is also impacted by
the government policies such as directs and indirect taxes. Primark is a subsidiary company of
associated British foods group and British clothing retail company. This report presents
company's objectives and its different stakeholders. It also includes business environment that
institution functions and describe companies strategies and how organization comply with
relevant legal frame work. It also describesbusiness firm economic systems and allocation of
resources and impacts on different fiscal and monetary policy on business firm.
TASK 1
1.1 purpose of different types of organization
There are different types of organizaatiobn which have different purposes.. theure
purposes decised their legal structures. s. Some firm are operated by private people and some of
them are run by the government (Arseculeratne and Yazdanifard, 2014). According to
Establishment purposes, there legal structures are created.
The following are different types of organization and there purposes.
Public company: It is that company which is own and run by public. In these types of
companies they issue their securities to public through initial public offer or by stock exchange.
The purpose of public company is to make profits by offering different services to their
customers. It also has some other purposes such as creating large market share and traded on
stock exchange. Primark is a public company which deals in clothing Retail Company. Its main
purpose is to provide retail services to their customers (Barnes, Leonidou and Leonidou, 2015).
Cooperative company: A cooperative company is association of individual who work for
their common economic and social purposes. The aim of the cooperative company is to provide
services ti its members by it members. Purposes are set out in terms specific outcomes what their
members want to achieve and services are offers to only limited people or company's members.
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Charitable company: It is non profit company. Its main purpose is to provide social
welfare to community or to society. For example, Chilliness organization in UK offers 24 hour
help lines for children and young people who are facing poverty, abuse and discrimination. Its
main purpose is to protect children from any type of trouble. It also runs programs such as child
education and rights related to child (Prajogo, McDermott and McDermott, 2013).
Mission of Primark
Primark mission is to provide best retail services to its customers. Its business operations
are geographically widespread and accessible and well designed centres. Company provides best
retail facilities to their customers. It also focuses on to offers food items in their retail stores
(Cook and Wolverton, 2015).
Vision of Primark
The vision of Primark is to offer retail facilities to its customers. Company offers cost
effective products to their customers in safe and pleasant environment which is managed by
professional and well trained staff and retail sellers.
1.2 How to meet with objectives of different types of stakeholders in Primark
Primark is the largest retailer company and their main objectives are to earn profits,
enhance growth, satisfy customer requirements and increase market share. These will be done
when they meet every stakeholder objectives (Arseculeratne and Yazdanifard, 2014). Below are
stakeholders who have objectives within cited firm: Shareholders: Shareholders want to earn more dividends within Primark. To meet with
their objective, cited firm have to enhance their profits, brand awareness and expansion
business through they can increases market share price. As a result, company can easily
provide more dividends to their shareholders (Cook and Wolverton, 2015). Employees: Employees of the organisation have objective to get maximum earning and
effective working environment. In this context, Primark should offer them good
incentives, satisfactory wages and opportunities to enhance their career. Trade union: Trade union takes place in the enterprise, for maintaining employee’s
relations and protect for their wages. Thus, Primark is required to follow rules and
regulations at the workplace regarding employee relation (Wagner, Beimborn and
Weitzel, 2014).
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 Customers: Customers of chosen company want to get satisfactory products and services.
For fulfilling their requirements, Primark should maintain their products and services
quality. In addition to this, they have to provide their products at low prices so that the
potential customers can be easily attracted to the enterprise. Suppliers: Suppliers have objectives to get payment as soon as possible. Therefore,
Primark need to protect them through make payment on time and maintain relations with
them. Thus, they can get raw material at right time (Hessels, Brixy and Gries, 2014).
 Government: Primark should pay taxes on time to the government so that they can fulfil
their objectives at workplace. In addition to this, cited firm need to create job so that
unemployment can be reduced from workplace. When the organisation creates more
investment in the country, growth of economy is increases (Barnes, Leonidou and
Leonidou, 2015).
1.3 Responsibilities of Primark to meet objectives of stakeholders
Primark has various responsibilities towards their stakeholder which are as follows: Stakeholder interest: Stakeholder has more interest within the enterprise. In Primark,
most important element is identifying stakeholder needs through business performances.
For instance, employees want to get more earning so the business has to offer them
incentives. Customers require satisfaction from company products, thus cited enterprise
should maintain their products quality. Satisfying objectives of stakeholders: Stakeholders want to get high profits within the
enterprise for taking positive results. Thus, cited firm need to protect them through
company can achieve their targets. Hence, customers achieve quality products;
shareholders gain more dividends due to high reputation of the organisation in front of
people. Equal opportunities and follows discriminatory legislation: Every employee of Primark
needs to provide equal opportunities. In UK, there are various laws and regulations which
protect employees of the firm. With the help of these policies, chosen organisation can
make sustainability of their employees at workplace. Further, cited firm need to eliminate
discrimination on the basis of gender, payment and other issues. Hence, objectives are
easily achieved by various stakeholders.
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 Health and safety legislation: According to this law, Primark need to assess risk
regarding employees, customers and people of the organisation. They have to maintain
healthy environment so that no one can be harmed in the workplace. Company have to
plan effectively and organize activities in the best manner (Prajogo, McDermott and
McDermott, 2013). Legal responsibility: Primark has many responsibilities under different types of laws such
as federal, state and local. They are responsible towards the government to pay taxes on
time. They have to follow all rules and regulations which made by government.
 Corporate social responsibility: Corporate social responsibility plays important role in
which Primark need to contribute their participation for protect sustainable environment
of their organisation. They have to measure their performance to protect the society in
term of delivering economic and environment benefits (Whittle and Myrick, 2016).
TASK 2
2.1 Different types of system operated in the countries
Various countries follows different economic system according to customers demand. In
this context, organisation can allocate their resources accordingly (Barnes, Leonidou and
Leonidou, 2015). Below are the different countries' economy system considers: Cuba's economy system: In Cuba, two types of economy system follows so it is also
known as dual economy. Their one system consists socialist in which they are provides
free education, health care services and various employment opportunities, etc. On the
other hand, they are also follows planned economy system which operates and owned by
government (Ghezzi, 2013). Cuba industry mainly suffers corruption and bureaucracy
from lack of dynamism. According to this economy system, Primark need to follow their
activities and actions according to government decisions. UK's economy system: UK has mixed economy system due to their major decisions take
by market. On the other hand, some decisions are also taken by government related with
supply of light, medicines and road building, etc. (Wagner, Beimborn and Weitzel, 2014).
High level of efficiency is reason for taking major decisions by marketplace. This is
because, they are working according to customers preferences and taste. Thus, chosen
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company should determines rules and regulations on the basis on market and government
as well.
 China's economy system: Chine follow command economy in which all decisions
regarding production and other tools are taken by only government (Palo and Tähtinen,
2013). Every company need to make changes according to government rules and
regulations. Only government give direction, method and quantity to produce goods and
services at their own price. Thus, Primark need to make plan according to allocate
resources by government.
2.2 Impact of fiscal and monetary policy on farming and housing businesses
Fiscal policy determines as spending level and tax rates which made by government to
identify impact on nation economy. Government make rules and regulations which are related
with revenue collection by tax (Arseculeratne and Yazdanifard, 2014). On the other hand,
monetary policy is laid down by central government which includes management of supply of
money and interest rates. In this aspect, government achieve their macro objectives for
development of country. It includes inflation, consumption, growth and liquidity.
Impact of fiscal and monetary policy on farming
Fiscal policy is very essential element which is available for government. It determines in
developing countries which assist to promote growth and equitable distribution in agriculture
sectors (Veit, Clemons and et.al., 2014). In addition to this, it also creates positive impact on firm
to improve technology, human capital and infrastructure development which is essential part of
agricultural sectors. It also offers incentives and promotion in farming sector which assist to
make future growth.
In addition to this, monetary policy creates major impact on agricultural development.
This is because, it includes adoption of new production practices and input material which is
requires make effective production (Hessels, Brixy and Gries, 2014). It assists to increasing
funding which requires for development in farming sector.
Impact of fiscal and monetary policy on housing
Fiscal policy assist to create better housing level for lower level employees. Main aim of
fiscal policy is to provide effective facility to poor and needy people. It demonstrates effective
living standards to improve workers conditions. It creates major impact on income, distribution
and employment of firm. Fiscal policy includes two terms which has greater impact on housing
5

organisation such as tax rates, corporate profits rates and indirect tax rates (Whittle and Myrick,
2016).
Central government determines monetary policy which influence to money supply in the
country. It influences to interest rates and inflation which are major part employment and
consumption level. Major impact of this policy is expansion housing sector and customer
spending. Beside this, it also creates negative impact due to discourages supply and reducing
aggregate demand (Grichnik, Brinckmann and Manigart, 2014).
2.3 Competition policy in UK and their impact on business activities
In UK there are various types of competition policy take which assist to improve
efficiency of enterprise. Below are such competition act considers within enterprise: Impact of Competition Act 1998: This act is made to accomplish purpose of enterprise
and trade liberalisation. It assists to identify business practices through every company
can maintain their outcomes (Goel and Jones, 2016). On the basis of this policy, Primark
need to provide their goods at fair quality which assist to enhance their sales. Impact of Regional policy: European Union assign funds to increase employment
opportunities within the country. It includes job opportunities for people to eliminate
unemployment from workplace. As results, it generates positive impact on Primark to get
chance for enhance operations of their company. Impact of Industrial policy: In UK business, industrial policy is works for company
development (Schoenberg, Collier and Bowman, 2013). This act encourages to small
enterprise through they can enhance positive outcomes and contributes for growth of the
nation. This create negative impact on Primark because every organisation need to
change their operations according to new system of government. Impact of training and skills policy: Government determines rules and regulations
related with employees training (Prajogo, McDermott and McDermott, 2013). It creates
major impact on Primark, because manager need to provide proper training and guidance
to their workers for enhancing their skills and knowledge.
 Impact of fair Trading Act 1973: According to this act, cited firm should deal as fair
trading at workplace. It will generate positive impact on the company which make loyalty
of customers for Primark operations (Acquaah, 2013).
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TASK 3
3.1 How pricing and output decisions of company determines in the different market structure
Different market structure is consists by distinctive economy system which play
significant role in country. It assists to demonstrate effective pricing and output decisions in the
business. Basically four types of market structure can be seen in UK in which organisation
operate their functions successfully (Lin, Lu and Liu, 2015). Following are the different types of
structure can be includes:
Market
structure
Attributes Pricing and output decisions
Perfect
competition
Mainly perfect competition is seen within UK
marketplace. In this type of market structure
has various buyers and seller take place. They
all are selling homogeneous products and
services in the marketplace. Both have no
impact if demand and preference is change
according to time (Jenkins and Williamson,
2015). Primark comes under this structure
because in UK there are various businesses
selling same products as cited firm.
Pricing and output decisions
are taken through assessing
market demand and supply of
products and services.
Monopoly Another market structure is monopoly in
which only one seller take place in the market.
They are selling unique features in their
products and services. In addition to this, in
monopoly market business lead to whole place
in which they can attract customers through
offer high price and effective quality in
products. When, enterprise have monopoly
market, they can make price for products and
services according to their choices (Coupey,
2016). British gas is example of monopoly
In this structure, pricing and
output decisions is taken only
through one individual who
sell particular product and
services.
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market structure.
Oligopoly In UK oligopoly market structure also take
place in which few organisations has majority
to sell products and services. In this aspect, all
firms are leading in forming agreements
which create ultimate results through making
high price from the customers. In UK, Tesco
has few competitors so that it comes under
oligopoly market structure.
Pricing and output decisions in
this structure is related with
competitive strategy (Jenkins
and Williamson, 2015).
Duopoly This type of market structure has only two
firms who are dominating in the market. In
this context firms are producing uniform
products and services. Amazon is example of
duopoly market structure (Coupey, 2016).
Market structure is dominated
through only two organisation
who can review activities of
each other and then take
decisions regarding pricing
and output.
3.2 Ways in which market forces shape to organisational responses
Market forces are refers in term of demand and supply within country economy which
directly affect to monetary and quality as well. Thus, when organisation offering new range of
products in Primark, they have to consider market forces which influence and shape to
enterprise. With the help of shifting in demand curve, products demand determines actual
volume which taken y business according to customers requirements (Fleury and Fleury, 2014).
Two types of demand can be schedule which are as follows:
 Increase in demand curve: When demand of products is increases curve of Primark
products is shift in right side. In this aspect, price of products is remains same in every
situation.
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 Decrease in demand curve: On the other hand, another shift in demand is involves
changes in need and preferences of customers towards the products and services of
chosen firm (Anand and Fosso Wamba, 2013). It also creates impact on substitute
products price as well.
Another market force is influence and shape to Primark is includes changes in
government policies. It will directly impact on supply of company products and services. In
addition to this, it also found that shrink in demand and supply of products creates ultimate
results on enhancing their prices (Cook and Wolverton, 2015). When supply is increase, demand
goes down. Hence, price of products lowering.
3.3 How the business and cultural environment shape to behaviour of Primark
External and cultural environment of business greatly impact on organisation behaviour.
Business environment includes various factors such as political, environmental, social,
technological, legal and environmental aspects. It influences to behaviour and activities of cited
firm in great extent (Beamish and Lupton, 2016). Political factors influences to company in term
9

of political system, policies and attitude of unionism. This factor directly shape to behaviour and
activities of fashion industry. It includes taxation policy which affect to pricing and fashionable
products.
On the other hand, cultural and social factors includes changes in fashion preference of
customers and their attitude towards purchasing. It will assist to make shape to Primark products
for maintaining company operations and activities (Petuskiene and Glinskiene, 2015). Cited firm
need to carefully understand about market culture and structure so that they can provide products
accordingly. In addition to this, the organisation also engage in effective promotional activity
which support to their functions to attract large mass of customers. According to customers
requirements, chosen company need to provide their products and services. Another factor of
business environment include technology which support to enhance positive results within
enterprise through operating effective services at workplace (Goss, 2015). With the help of
advance technology, the enterprise can offer their products and services through effective
distribution.
Cultural environment also create shape to behaviour in Primark in term of changing
demographic segment region customers. For example, cited firm can concentrate on
manufacturing different types of cloths in every size and colour to meet with customers demand.
With the change of customers lifestyle, the organisation need to make successful products to
satisfy them (Jennings, 2015). Company can bring new fashionable clothing products and
services through getting ultimate results at workplace. According to customers culture, the
enterprise need to move for fulfil their requirements.
TASK 4
4.1 Significance of international trade to UK business organisation
International trade defines as transaction between two or more than two countries for
development. It consists buying and selling of goods and services through international
boundaries which assist to make high profits within enterprise. Due to globalization in country,
company can produce limited products and services in one region (Barnes, Leonidou and
Leonidou, 2015). In EU no tariffs are imposed in imports and exports so that Primark can easily
expand their operations in new markets. When Britain is part of EU, they can easily deal with
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different part of world. In order to considers Brexit issue, below significance of international
trade create impact on business organisation: Broadens horizon and market: Brexit create major issue in UK business that is limits on
their potential. In producing products in domestic marketplace, it creates results on
company operations. With the help of international trade, UK company can export their
products to achieve more revenue within the business environment (Ghezzi, 2013). It will
assist to enhance production volume, sales in Primark. Production cost: Through considers international trade, enterprise produce very less
because they have to sell it international market as well. Before Brexit issue, every
organisation easily cooperate with international market. Now they have to make their
products at very cheap price so that their quality cannot be measures easily (Wagner,
Beimborn and Weitzel, 2014). It creates also impact on business performances in term of
providing qualitative products and services at workplace. Thus, employees of the
organisation want to switch towards other enterprise. To overcome this issue, every
business have to provide them remittance and opportunities to learn many things.
 Economy: Brexit issue major creates impact on domestic economy. This is because, UK
business can enter in different developing countries through they will achieve high
market share. For instance, they can enter in China and Indian marketplace. It will assist
to earn more money through operating various functions (Palo and Tähtinen, 2013). For
instance, Britain leaves to EU so that they can establish their own trade agreements which
assist to make positive results with high revenues in UK economy.
4.2 Impact of global factors on UK business organisation
When organisation operating their functions in international boundaries, it creates huge
impact on UK enterprises. This is because, trading in international market assist to increase and
boosting UK economy. With the help of international markets, every company can enhance their
profits which make gross domestic product very high. EU negotiate free trade which gives
benefits to strong outcomes at workplace. In addition to this, it assists to Britain as they can deal
with other world trade power (Arseculeratne and Yazdanifard, 2014). With the help of leaving
EU, business can diversify their markets to making operations in new areas. Global factors
creates following impact:
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 International trade and UK economy: Global factors offers opportunities to do
international business which assist to boost the whole economy. Trading in international
market rise gross domestic products which generate high revenue within UK economy. Global growth: Further, global factors also give opportunities to expansion business in
various parts of world. Thus, economy of UK leads in giving positive direction which
assist to sustain enterprise long time (Veit, Clemons and et.al., 2014).
 Market opportunities: Market opportunities determines for development of company to
fulfil customers requirement in the best manner. When business trade internationally, it
will assist to make good reputation in front of customers. In addition to this, it also
creates good values and norms for fulfil huge demand of market.
 Global warming: UK is poorly prepared with inevitable impacts of global warming in
upcoming years. It includes deadly annual heatwave, water shortage and difficulties in
producing food. Thus, it highly impacts to the business resources.
 Technology: Due to exit from EU, it also creates impact on business technology. This is
because, it need to be enhanced for manage business functions. Thus, in Brexit issue
organisation need to cover elements for business development.
 Telecommunication: Telecommunication services also impacted due to various issues.
In international market is considers negative impact on the business performances.
 Poverty: When the enterprise exit from EU it directly generates negative impact on the
organisation. It generates high poverty and negative outcomes at workplace.
 International trade: In addition to this, international trade also decreases which creates
impact on the business profits. This is because, it reduces due to adverse impact on the
firm.
 BRICS: BRICS is the acronym which emerging national economies in 5 countries. It
consists impact in Brazil, Russia, India, China and South Africa. All these nations work
in cut and thrust of the debate might.
4.3 Impact of policies of European union on UK enterprises
With the help of policy, every business can monitor their decision and performances for
achieve outcomes. Policies determines by board authority within EU for developing operations
of UK firms. There are different types of policies taken which create impact on the organisations
such as employment policies, agriculture policies, regional policy and many more other policies
12

(Grichnik, Brinckmann and Manigart, 2014). All these policies creates direct impact on every
activity of company when they are operating functions in new marketplace. Thus, UK companies
need to follow all rules and regulations which made by EU. In addition to this, every member
have to take these policies to solve major issue and problems at the workplace. UK members
need to analysis impact of PESTLE (political, economical, social, technological and legal). In
these aspects, includes labour movement, international competitiveness, investment, incentives
and trade duties after Brexit.
UK enterprise also need to understand about climate changes for producing goods and
services. They have to produce products according to climates so that they can increase profits
and earning at workplace (Prajogo, McDermott and McDermott, 2013). It creates positive results
in term of enhancing growth and development of UK economy which also assist to increase
reputation of every company.
 Agriculture policies: Agriculture policies determines laws related to agriculture sector.
Brexit issues creates impact on import of foreign agriculture products. Government
generally implement agriculture policy with the goals of achieving specific outcomes in
domestic marketplace.
 Employment policies: Employment policies and procedures also creates impact on trade
union of UK business. Thus, every firm need to induction which is good to make policies
to know about new customers and other people within the market. Beside this, it is also
needed to make systematic process to reinforce products in different variety of context.
 Education policies: Education policies are principles and government law which making
in education sphere. It also collects laws and rules which set by government for education
systems. Education occurs in different types of forms for many purposes within different
institution.
 Legal policies: Legal policies are frame to develop business operations which assist to
generate high revenue and profitability. To protect business environment and maintain
organisation functions, it is important to manage legal policy.
 Business policies: Business policies are guidelines which develops for govern action.
This policy determines decisions and dealing to acquire resources for achieving goals.
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CONCLUSION
From the above report it can be articulated that understanding of business
environment is very important aspect to run smoothly. Primark is public company which want to
enhance profits through offering different types of functions at workplace. Different enterprise
have distinctive objectives for operating functions in marketplace. Assignment summarized that
fiscal and monetary policy create great impact on the company in terms of taxes, investment and
operations. The cited firm need to focuses on values which assist to enhance efficiency for
market development. Furthermore, it summarized that with the help of operating functions in
new marketplace, chosen company can get insight knowledge regarding new areas.
In addition to this, it concluded that Primark has opportunities to make their functions in
very high level. In respect to this, they have to understand culture of every country where the
firm need to establishes their operations. Along with this, it identified significance after Brexit
which create great advantages for maintaining business outcomes.
14

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