Iceland's Business Practices and Sustainability
Added on 2020-01-15
15 Pages5555 Words200 Views
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Business Environment1
Table of ContentsINTRODUCTION ...............................................................................................................................3LO 1......................................................................................................................................................31.1 Purpose of various organisations ..............................................................................................31.2 The extent to which Iceland Supermarket meets the objectives of its different stakeholders...41.3 Responsibility of Iceland supermarket and strategies employed ..............................................6LO 2......................................................................................................................................................72.1 How economic systems attempt to allocate resources effectively.............................................72.2 Impact of fiscal and monetary policy on Iceland supermarket. ................................................82.3 Impact of competition policy and regulatory mechanism on Iceland supermarket...................8LO 3......................................................................................................................................................93.1 Explain how market structure determine's pricing and output decision....................................93.2 Illustrate how market force shape Iceland's responses............................................................103.3 How business and cultural environment shapes Iceland's behaviour .....................................10LO 4....................................................................................................................................................114.1 Significance of international trade to Iceland supermarket.....................................................114.2 Analyse impact of global factors on Iceland supermarket.......................................................124.3 Evaluation of the impact of European union's policies............................................................13CONCLUSION..................................................................................................................................13REFERENCES...................................................................................................................................142
INTRODUCTION Business Environment refers to set of internal and external forces which impact the businessas well as the stakeholders. These forces are always changing in nature and have a drastic impact onthe overall working of company (Adam, Dasgupta and Titman, 2007). In this regard, it is verycrucial to gather information about these factors followed by understanding its influence onworking of organizations. By following this only the firm can attain objectives in an effectivemanner. In order to understand the impact of business environment, Iceland Supermarket has beenconsidered. It is a Britain based supermarket chain that deals with selling of frozen foods, drygoods, fruits and vegetables all over UK. In this regard, the study has given emphasis on the factorsof external and internal environment that are affecting the business prospects of the supermarket.The report discusses about the aims and objectives of the organization(A great place to work, 2016).It is important for a business to study the relevance of stakeholders in their firm’s activities. Thus,the report studies the responsibilities of stakeholders in Iceland supermarket. Furthermore, it isevident that market types amidst various counties affect the business operations in an internationalmarket. Thus, the report studies about significance of global factors on Iceland Supermarket. LO 11.1 Purpose of various organisations OrganisationsPurposeIceland Supermarket: limited companyTo provide quality products to the consumers. To ensure that product offered are healthyTo ensure optimal price range of products. KFC (Kentucky Fried Chicken): privateorganizationTo bring joy and happiness to consumers.To be the best in fast food industry Ensure consumer satisfaction.Transport for London (TFL): publicgovernment organizationTo strive for social welfare rather than profitearning (Healthy Eating at Iceland, 2016)To provide users with high quality andinnovative solutions in the area of transportationTo minimize negative environmental impacts ofits operations.Cancer Research: a non-governmentorganisationTo minimize the number of cancer deaths.To provide essential information about cancer in3
terms of treatments option, available medicines,its diagnosis and prevention (Strategy For SafeChicken, 2016)1.2 The extent to which Iceland Supermarket meets the objectives of its different stakeholdersStakeholders can be defined as a group of individuals that are affected by the decisions andactions that are undertaken by the organization (Adam, Dasgupta and Titman, 2007). Everystakeholder is important for Iceland supermarket. Hence, the aim of the supermarket chain is tomeet their diverse objectives in the best possible manner. The following sections further presentstakeholder analysis as well as the extent to which Iceland Supermarket meets the objectives of itsstakeholders. Table 1 Stakeholder analysis matrixHigh power Low powerHigh influence Key stakeholdersConsumer, governmentKeep satisfied Investors, shareholders,employeesLow influenceKeep them informedSuppliersNegligibleNoneStakeholderObjectives How Iceland Supermarketmeets the objectives Employeesjob satisfaction good working environmentgood salarycareer growthThe Supermarket chainConducts training anddevelopment programs asper need of employeesThe company carries out Individual performancereviews to assess strengthand future potential ofemployees (A great place towork, 2016). Ensures internal promotion4
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