Assignment on Business Environment - Next Plc
Added on 2019-12-28
12 Pages3008 Words229 Views
Business Environment
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P.1 Describe the type of business if it is a sole trader, partnership or private limitedorganization, mention the purpose and ownership of two contrasting businesses......................3P.2 Describe the different stakeholders.......................................................................................3TASK 2............................................................................................................................................5P.3 Describe how two businesses are organized in terms of their structures and functioningareas.............................................................................................................................................5P.4 Explain how the style of organization of chosen businesses helps to fulfill their purposes.6TASK 3............................................................................................................................................6P.5 Describe the influence of two contrasting economic environments on business activities...6TASK 4............................................................................................................................................8P.6 Describe how political, legal and social factors are impacting upon the business activitiesof organizations and their stakeholders.......................................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Business environmentis the sum total of all external and internal factors that influenceabusiness. You should keep in mind that external factors and internal factors can influence eachother and work together to affect abusiness. The present report is based on Next, is a Britishmultinational clothing, footwear and home products retailer headquartered in Enderby,Leicestershire. In this, report will shed light in different types of business organization such assole trader, partnership or private limited organization. Besides this, it will provide deeper insightabout how businesses are organized in terms of their structures and functioning areas. Further,report will also highlight the manner in which political, legal and social factors are impactingupon the business activities of organizations and their stakeholders.TASK 1P.1 Describe the type of business if it is a sole trader, partnership or private limited organization,mention the purpose and ownership of two contrasting businessesPublic organizations: Government owned enterprises are known as public businessesand their main motive is to deliver services to the people for the social welfare and progress tobecome a leading nation. Private organizations: As name implies, such type of establishments are owned byindividual/s who run owes responsibilities for the successful survival and regular functionalitykeeping in view their profit maximization objective (Arrow and Kruz, 2013).Partnership account: A partnership is a form of business organization in which two ormore persons up to a maximum of twenty join together to undertake some form of businessactivity” (Besley, Persson and Sturm, 2010). Now, we can define partnership as an association oftwo or more persons who have agreed to share the profits of a business which they run together. Next Plc comes under the category of publicly listed organization whose one of the mainobjectives is maximize customer satisfaction by offering quality services to them.P.2 Describe the different stakeholdersEmployees and customers
Employees one of the most important primary stakeholders in an organization. Anemployee contributes labor and/or expertise to an organization, and in many cases they are theconnecting tissue between the products or services being provided and the customer. Effortsspent in selecting andtrainingemployees and creating a corporateculturein which they areempowered can lead to increased employee satisfaction and competence (Bishop and Walker,2010). This, in turn, can lead to superior service and increase customer satisfaction, whichultimately results in organizational growth and success.Customers represent another key stakeholder group. Many corporateleadersconsidertheir primary responsibilities to be not only to create financialvaluefor the shareholders, but tomeet the needs of their customers. High levels of customer satisfaction, of course, are likely tolead to positive business outcomes: high levels of customer satisfaction can lead to higher salesand profitmargins, profits that can be re-invested in the company.Board of DirectorsTheboard of directorsare considered primary stakeholders with substantialpowerin thelife of an organization. The board is a body of elected or appointed members who jointly overseethe activities of a company or organization. The board's responsibilities are typically detailed inthe organization's bylaws.In a stock corporation, the board is elected by the shareholders and is thehighestauthorityin themanagementof the corporation (Bocken and et.al., 2013). In anorganization with voting members, the board acts on behalf of, and issubordinateto, theorganization's full group, which usually chooses the members of the board.StockholdersSome of the most powerful primary stakeholders are stockholders. A stockholder, orshareholder, is an individual or institution that legally owns a share of stock in a public or privatecorporation.Partners
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