Business Environment of Iceland Foods Ltd : Report
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Added on 2020-01-15
Business Environment of Iceland Foods Ltd : Report
Added on 2020-01-15
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BUSINESS ENVIRONMENT1
Table of ContentsIntroduction .........................................................................................................................................3Task 1 Understand the organizational purposes of businesses ............................................................31.1 Identify the various types and purposes of different business organizations.............................31.2 Describe the various stakeholders and how an organization could meet their objectives.........41.3 Explain the various responsibilities of an organization along with ways of fulfilling them.....4Task 2 Understand the nature of the national environment in which businesses operate ...................52.1 Explain how economic systems attempt to allocate resources effectively................................52.2 Assess the impact of fiscal and monetary policy on business organization and their activities62.3 Evaluate the impact of competition policy and regulatory mechanisms on the activities of Iceland supermarket.........................................................................................................................6Task 3 Understand the behaviour of organizations in their market environment.................................73.1 Explain how market structure determine the pricing and output decisions of businesses.........73.2 The ways in which market forces shape organizational responses............................................73.3 Judge how business and cultural environment shape the behaviour of Iceland supermarket....8Task 4 Be able to assess the significance of the global factors that shape national business activities ..............................................................................................................................................................84.1 Discuss the significance of international trade to UK business organizations..........................84.2 Analyze the impact of global factors on Iceland supermarket...................................................94.3 Evaluate the impact of policies of the European Union on Iceland supermarket......................9Conclusion..........................................................................................................................................10References ..........................................................................................................................................112
INTRODUCTIONBusiness environment means all of the internal and external factors that affect company'sfunctions including employees, customers, and management, supply & demand and businessregulations. The study on business environment helps the organizations to find out all those forcesthat can enhance sustainability aspects (Yu and Ramanathan, 2012). The present study has beenmade on Iceland Foods Ltd which is a private British supermarket chain operating business in UK.The company has an approximate market share of 1.8% in UK food market. The entity conducts itsbusiness in competitive market place and it sells frozen foods including meals and vegetables. Thus, as per the research study, specific information about the market structure of IcelandLtd has been discussed and along with the same, researcher has also stated several aspects thatdetermine output decisions of the business entity. Furthermore, discussion has also been made onimpact of competition policy and other regulatory mechanisms that affect the business practices.Stakeholders play crucial role in the organization; thus the ways through which Iceland managesstakeholder's interest are also discussed in the present research study. Lastly, the benefit ofinternational trade to UK business organizations and to Iceland is also stated. TASK 1 UNDERSTANDTHEORGANIZATIONALPURPOSESOFBUSINESSES1.1 Identify the various types and purposes of different business organizationsDifferent types of organizations exist and operate within an economy. The varied range ofbusiness units that operates within country are detailed underneath. Sole proprietorship: The business unit that operates at small scale and is registered as soleproprietor is referred to as sole proprietorship. It is owned and controlled by single owner who takesentire responsibility of managing business operations. Partnership: The partnership is a business unit that is owned and controlled by two or morepartners. The partners mutually manage business activities and shares all profits and losses. Publically listed company: This form of businesses is listed as a publically listed company.The business unit is managed by top management and owned by shareholders. It is listed as acompany whose real owners are shareholders. Icelandsupermarket: Iceland supermarket is a private retail entity and the business providesall type of food services to the consumers. In other words, it can be said that Icelandsupermarket is large retail firm which is providing retail products to the general public.Iceland began business in 1969 and afterwards the establishment of business, numerousstores has been opened by the business entity. The business sells all food services and thishelps the entity to operate business with Spanish based retailer overseas (Yannelis, 2004).3
The main purpose of Iceland supermarket is to deliver prominent services to the clients sothat they may not switch to other brand. KFC: KFC is a fast food restaurant chain that specializes in fried chicken and the majorheadquarters are in United States. It is the world's second largest restaurant chain afterMcDonald's and the company is a subsidiary of Yum Brands which is also a restaurantcompany that owns Pizza Hut and Taco Bell chains. The main purpose of KFC is to deliverquality and different variety of chicken to the customers so that they can enjoy fast food. Itwas one of the first fast food chains to expand internationally and it has opened outlets indifferent parts of USA (Xiao and Fu, 2009). TransportforLondon(TFL): TFL is a statutory corporation and is a local government bodyresponsible for most aspects of the transport system in Greater London. It was formerlynamed as London Transport; however now its role is to implement the transport strategy andalso to manage transport services across London.Cancerresearch: Cancer Research UK is a cancer research and awareness charity in the UKand that works as a charitable organization. The main purpose of cancer research is to treatpatients suffering cancer issues. It raises money through donation, legacies, events, retailand corporate partnership and community fund raising (Shaikh, 2010). 1.2 Describe the various stakeholders and how an organization could meet their objectivesIceland supermarket has been managing all the business practices in effective manner withthe support of all its stakeholders. The major stakeholders of Iceland supermarket are its customers,employees, owners, suppliers and shareholders. All the objectives of stakeholders need to befulfilled in such a way so that they can contribute in organizational resources (Drew andSriskandarajah, 2006). Iceland supermarket has been delivering proper services to the customersand all such services results in customer satisfaction. Further, the business also makes sure thatcustomers are not cheated from any ground and fair services are provided to them. In order to retainthe customers, Iceland supermarket has been considering quality aspects in service delivery processso that needs and demand of clients can be fulfilled (Parkin, 2002). Employees are the major resources of Iceland supermarket that helps the business entity todeliver prominent services to the clients. Such resources are useful in terms of managing revenueand business profitability. In order to maintain the interest of the employees, Iceland supermarkethas to make sure that each and every employee is getting proper support from the management. Theorganization needs to emphasize on equality and diversity so that employees can considerthemselves important part of the business entity (Shaikh, 2010). Furthermore, it is also vital forIceland supermarket to facilitate equal roles and responsibilities for all the employees so that they4
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