Report on Iceland Supermarket
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Added on 2020-02-05
Report on Iceland Supermarket
Added on 2020-02-05
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BUSINESSENVIRONMENT1
TABLE OF CONTENTSIntroduction .....................................................................................................................................3TASK 1............................................................................................................................................31.1 Identifying the purpose of various organization. ..................................................................31.2 The extent to which Iceland Supermarket meets the objectives of its different stakeholders.....................................................................................................................................................41.3 Iceland Supermarket's various responsibilities as an organization and the strategies itemploys to meet them..................................................................................................................5TASK 2............................................................................................................................................62.1 Various types of economic systems ......................................................................................62.2 Impact of fiscal and monetary policy on activities of Iceland Supermarket ........................72.3 Affect of competition policy on the functions of Iceland Supermarket................................8TASK 3............................................................................................................................................93.1 Explaining the impact of market structure on the pricing decisions of Iceland Supermarket.....................................................................................................................................................93.3 Impact of business and cultural environment on the behavior of Iceland supermarket......10TASK 4..........................................................................................................................................114.1 Significance of international trade to Iceland Supermarket.................................................114.2 Impact of global factors on Iceland Supermarket ...............................................................124.3 Impact of EU policy on the operations of Ice land Supermarket.........................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................142
INTRODUCTION Business environment is a combination of all extrinsic and intrinsic factors that canimpact the business. extrinsic factors includes , political, legal, social, economic andenvironment factor that are beyond the control of the company (Gao, 2011). However, theintrinsic factor are related to, customers, competitors, suppliers etc. which tcan affect thefunctioning of business entity. The main objective of studying business environment is that, ithelp the company in identifying various opportunities and overcoming different threats withprior planning. In the present report, different aspects of business environment has been studied.The report is based on Iceland supermarket which is a subsidiary of Associated British foodsgroup. The organization is known for providing effective retail services to wide range ofcustomers through more than 100 stores across Britain and Ireland. Further, it is a growingcompany which is expanding its operations across the UK, Ireland and Europe. In this report,various economic system that assist in distribution of resources are explained. In addition to this,impact of fiscal and monetary policy on the activities of Iceland supermarket will be explained.Thereafter, the effects of global factors on the operations of company will be detailed out. TASK 11.1 Identifying the purpose of various organization. Presently, there are different types of company that are functioning in dynamic businessenvironment for various purpose. The description of which is provided through examples: Iceland supermarket: It is a subsidiary organisation of Associated British foods. Theorganization is best known for providing frozen eatables, retail products and groceries. Itis a private company whose objective is to increase its profitability by maximizing thesales of products and services (Purpose of business organization, 2015). Further, theshares of company cannot be listed on stock exchange. The vision of the company is toexpand its business in every possible location. KFC: It is type of subsidiary company which is operating its business in restaurantindustry. Its parent company Yum brands have own more than 50% of its shares and havethe right to control the operations of KFC. Further, it is a type of the public companylisted on stock exchange. The main aim of public company is to maximize the wealth of3
its shareholders. Thereafter, its objective is to fulfill its duties towards society byemphasizing on conducting CSR (corporate social responsibility) activities. Transport for London: It is that government body which is operational at local levelwhose aim is to provide transport services to the general public. It is a type of statutorycorporation which is formed by statute. The main objective of such type of company is toprovide superior services to customers and enhance their revenue. Further, it is crucial forTransport for London to follow the rules and regulations laid down by statute (Types ofbusiness. 2015). Cancer Research: It is a type of non profit organization whose main objective is toarrange finance for cancer research. The main objective of non profit organization is toenhance and work for the welfare of society by furnishing free of cost benevolentservices. The cancer research organization is doing research to determine the cause,treatment and medicine for preventing or curing cancer. 1.2 The extent to which Iceland Supermarket meets the objectives of its different stakeholdersStakeholders are the persons who are interested in the organizations to see how thebusinesses are performing in the market. Stakeholders can be the owners, employees, customers,management, communities and shareholders etc. which can influence the management by takingdecisions (Spitzeck and Hansen, 2010). There are different stakeholders and they have variousobjectives in the organization and that are classified as: Owners: They invest their working capital in the organization and generate profits fromthe business and in return they get profits as well as increasing of market share in thebusiness. By getting more profits they will receive security from that earnings (Rios,McConnell and Brue, 2013). In context to this, Iceland Supermarkets' owners also investtheir capital to gain more profitability.Workers: They work for the non-executive and executive level and helps in operating thebusiness effectively and efficiently. Employees work for to gain job security and jobsatisfaction from their job. They also want satisfactory level of income for their effortswhich they are giving in their jobs while Iceland Supermarkets is also paying goodsalary and wages to their workforce (Warner,2012). 4
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