Significance of International Trade to UK Business
24 Pages6027 Words233 Views
Added on 2019-12-18
Significance of International Trade to UK Business
Added on 2019-12-18
ShareRelated Documents
UniversityBusiness EnvironmentByDateNameLecture’s Name
Business EnvironmentTable of ContentsTask 1....................................................................................................................................................31.1Primark and its purpose in the following categories..............................................................31.2Extents to which Primark meets the objectives of its different stakeholders (internal, external).............................................................................................................................................51.3Responsibilities of Primark as an organisation and the strategies employed to meet them....7Task 2....................................................................................................................................................92.1 Types of Economic system operated in the following countries..................................................92.2 Impact of Fiscal and Monetary Policy.......................................................................................102.3 Impact of competition policy and other regulatory mechanisms on the activities of Primark....11Task 3..................................................................................................................................................133.1 Explain how pricing and output decisions of businesses is determined in the following market structures.............................................................................................................................................133.2 Illustrate the way in which market forces (demand and supply) shape organisational responses using a range of examples (diagrams are essential).............................................................................143.3 Judge how the business and cultural environments shape the behaviour of a selected organisation.............................................................................................................................................................17Task 4..................................................................................................................................................194.1 Discuss the significance of international trade to UK business organisations................................194.2 Analyse the impact of global factors on UK business organisations..............................................204.3 Evaluate the impact of policies of the European Union on UK business organisations.................21References...........................................................................................................................................23Page 2 of 24
Business EnvironmentTask 11.1Primark and its purpose in the following categoriesThere are different kinds of organisations with different structural frameworks and purposes. They are categorised based on the legal structures and formations; they are as follows:Sole Traders: The organisations which are owned by a single owner. They are the soleproprietor and manager of the business. It is a common trend in the U.K. The main purpose of the sole traders is either to make money and provide liquidity to the different service clients. It also aims to make money through the process or the properexecution in order to save money.Limited Company: The companies that are run with as association of shareholders from the board of directors. These corporations are separated into public and private companies. Companies of Public limited do not suggest their portion to the overallcommunity, but isolated limited businesses do so. When it comes to the limitedcompanies, they have certain object clause that defines the organisation’s aims along with the purposes. If the organisation is a social enterprise, then it is necessary for them to relate to the different social and the environmental objectives such as providing training to those people who are disadvantageous in the labour market.Partnership: When a business or a company owns by two or more than two owners is known as Partnership. Here they share the profits with each other for the sake of doing business. All the arrangements of the business should be signed by both the partners. The purpose of the partnerships should be the sales along with the design and the installation of the new system. Along with that, the partnerships can get engaged in any other business that depends on time and it can be done by the majorityof the votes that are gathered from the general partners.Page 3 of 24
Business EnvironmentFranchise: It means when someone has the authority to use a company’s business model for a particular time span, that known as Franchise. Here an agreement should be signed between the main company and the authorised person. It is a kind of methodof marketing the different goods. However, franchising is not an industry. It mainly uses the concept for marketing standards. The main purpose of the franchising principle to separate each industry that involves the mixture of the different ingredients in order to produce the proper product.Cooperative: Public corporation comes to cooperative business to fulfil the needs of society. The purpose of the cooperative organisations is to established by their members. The purpose needs to be decided in terms of the specific results that the members want their enterprise in order to achieve on their behalf.Vision, Mission and Aim: Primark is mainly aimed at young people. They have been offeringgreaterfashion and quality trends at the worth of their cash. Primark has developed a strong consumer proposition. Primark’s tagline is “Looking good, wagefew”, thatconnects its value-oriented service. Primark also offers a goodproduct to their consumers at worth for currency.The Primark’s mission is to supply value,merchandise and class clothing at the worth declared. It also focuses on product market quality, target market, good locations, and larger store fit. Primark has a family of brands with the high way retailer. The aim of Primark is buying, logistics and supply chain management rather than branding. Primark maintains their standard ethics by ensuring a comfortable and healthy workplace for its employees and staffs.Public Sector National Health Services): Primark visions to develop the healthy community. They provide the sustainable environment in collaboration with other helping partners and ownerships.Page 4 of 24
Business EnvironmentCharity (British Red Cross): Primark aims to support people in emergency need and to teach them techniques to overcome fear so that they can act in an emergency situation.Cooperative (Daily Bread Cooperative): They are the specialised whole food packers and sellers that hold the responsibility for fair trading.1.2Extents to which Primark meets the objectives of its different stakeholders (internal, external)Stakeholders directly or indirectly are the interested parties associated with the company. They act as the most important group of people(Fryzel, 2011). Internal and External stakeholders for Primark are like owner, employees, shareholders, customers, manufactures, and suppliers. Internal Stakeholders: A business should be carried forward by a group of passionate, enthusiastic, dedicated people, who are dedicated to bringing quality excellence and results can be seen in all operations within the company(Fryzel, 2011). That’s why internal stakeholders play a significance role for business. Primark embodied a tagline “Equal Opportunity Policy”. According to this, everyone gets equivalentfortuitous to produce or growthfor the organisation. External Stakeholders: External stakeholders includes customers, suppliers or investors. They can be influenced by a company, but they are not the members of it. Primark does not promote their service or products because they have straightannouncement with the purchasers. Consumers are known as the dependable source of a company’s advertising(Dale,2016). Primark put their stocks to get back to their stakeholders, as there is a certain pressure by campaign and media to adjust the topics like child labour or wages. As per ETI report 2009, ‘Primark supposed to be realisingmaintainabledevelopments in employedcircumstances, and Page 5 of 24
Business Environmentadmiration for employeeprivileges by appointment withtrade unions,suppliers, customer and governments. These actions o beyond its supplier assessment programme.’’ Stakeholders Explanation ObjectivesEmployees The most important bunchof stakeholders whomanages all the companyworksandensuresappropriate supply ofproducts in the market. The objective of Primark isprovided them job securityand satisfaction by payingthem according to theirperformance.SuppliersThe ones who supplies thegoods and services of thecompany in the market.The company ensures to paya fair deal to the suppliers sothat both the parties do notarise to any grievances andwork smoothly.CustomersThey are the ones for whomthe company works andthus, fulfilling theirrequirement is the mostimportant agenda of thecompany.Providing quality productsat fair prices to createdemand and satisfaction ofthe customers is theobjective of Primark. Workers Workers are the key playerswho create value forproducts, and they deal withthesuppliersandmanufacturers.CSRpolicieswereintroduced in Primark toensure health and safetyworks of the workers andimproving the quality ofliving standards.Page 6 of 24
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Business Environment: Types of Organisations, Stakeholder Objectives, and Economic Systemslg...
|28
|6226
|67
Report On Business Environment | Primarklg...
|15
|5257
|112
Study of Business Environment in UK Organizationslg...
|28
|6920
|209
Types of Companies and their Scope and Purposelg...
|17
|4271
|35
Business and Business Environment - Nike Assignmentlg...
|13
|3091
|85
Business Environment Report of Sainsburrylg...
|12
|3118
|43