Report on Business Environment, Economic Systems, and Policies

This report provides a comprehensive analysis of the business environment, focusing on various aspects that influence business operations. It begins by examining different types of companies, including public limited, co-operative, and charity organizations, and their respective purposes. The report then delves into the objectives of different stakeholders, such as customers, suppliers, and employees, and how they impact business decisions. The role and responsibilities of companies, particularly Primark, are discussed, including strategies employed to meet stakeholder needs and maintain ethical practices. Furthermore, the report explores different economic systems, including planned, open market, and free market economies, and their implications for businesses. It also analyzes the effects of monetary and fiscal policies, as well as competition policies, on the business environment. The report further examines pricing and output decisions in various markets, market forces shaping organizational responses, and the influence of business and cultural environments. Finally, it assesses the significance of international trade to UK business organizations, the impact of global factors, and the influence of EU policies on business operations. The report offers valuable insights into the complexities of the business environment and the factors that shape organizational strategies and performance.

BUSINESS ENVIRONMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1Different types of company with purpose...................................................................................4
1.2Objectives of its different stakeholders................................................................................5
1.3Responsibility of Primark and strategies employed to meet................................................5
TASK 2............................................................................................................................................6
2.1Different Economic System.................................................................................................6
2.2Monetary and Fiscal Policy.................................................................................................7
2.3Competition Policy..............................................................................................................8
TASK 3............................................................................................................................................9
3.1Pricing and Output Decision in various Markets........................................................................9
3.2Market Forces Shaping Organizational Response.............................................................10
3.3Business and Cultural Environments shaping Organization..............................................11
TASK 4..........................................................................................................................................11
4.1 Significance of International Trade to UK Business Organizations.................................11
4.2 Impact of global factors....................................................................................................12
4.3 Impact of EU policies.......................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES ............................................................................................................................15

INTRODUCTION
The business activities in the market can be characterized as economic activities
undertaken by individuals for generation of income by transacting in goods as well as services.
In the modern day context it can be said that no business can termed as independent or can
operate in isolation. It constitutes to be the economic organ of any community, and hence, shall
essentially accomplish all its economic goals. Simultaneously, it shall be assured by these
business enterprises that the primary interests of the community are not compromised, rather are
fulfilled to the maximum extent possible. Apart from this relationship between the business and
the society, a very important relation is also shared with the government of the nation. A very
keen interest is held by the government in the manner in which the affairs of the business are
carried out. In pursuance to the same the role of a regulatory body is played by the government
of any nation. Therefore, in light of these relationships the instant report sought to understand the
purpose of existence of businesses, interplay of national environment and lastly, assess the
significance of global factors in shaping the manner in which businesses are carried out (Palmer,
Hartley, 2010).
TASK 1
1.1Different types of company with purpose
As per the business, there are various kinds of companies established. They are private
Ltd., public Ltd. and voluntary organizations. legal structure of these companies are different
from each other. ‘Primark’ is a famous public limited company which is incorporated in 1948
and it deals in retailing business of Irish clothing.
 Public sector company- public sector companies are which are run by the individual but
they do it on the behalf of the government . All the major decisions were take by the
government. Public ltd. firms provide services on the behalf of government. Government
keep all the data related to company. Main purpose to form that company is to sell their
shares in the public. Local councils are included in the public sector company which runs
on the behalf on government.
 Co-operative company- then two or more than two people meet to voluntary carry out
business activities are considered under co-operative sectors. System u’ is co-operative
company that is the consumer retail company (Montgomery, 2010).
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 Charity - All non profits organization or non governmental organization are covered in
charity sector. Main purpose of these firms is to give employment to unemployed people
and make no profit out of their business. NCVO is a kind of nonprofit organization.
1.2 Objectives of its different stakeholders
Stakeholders are the group of people who are interested to invest in the business. When
company is established, it is important that it must comprise of different shareholders.
Stakeholder can affect or be affected by the organization’s actions, objectives and policies.
Primark is having their own stakeholders and they are the owner, customers, employees,
suppliers, creditors and debtors. In the organization, every stakeholder’s interest is different and
they all have to mutually take the decision for gaining better results in company. There are
internal and external stakeholders where internal are like employees of company and externals
are like supplier, customers, shareholders, etc. which is described as below:
 Costumers - They are the most important stakeholders for all organizations. Company is
established to fulfill the demand of customers. If demand of the product is high in
business then it will help in growing the business. Company’s role is to satisfy their
customers with offering high quality of goods and effective service (Welford, 2013).
 Suppliers - for the smooth running business it is necessary that the supply and the
productivity run equally. There are considered as an essential entity towards a company
as they supply raw material for production of different items because they supply the raw
material for the production. For Primark, that is a retailer chain, it is important that they
must have proper supply.
 Employees - Employees of company are the stakeholder of the company.it is important
they must work properly as they should do being an employee of the company.
1.3 Responsibility of Primark and strategies employed to meet
In every organization it is important to take proper care of their employees and different
organization take different steps for this. It is employer’s responsibility to take proper care of
employees and the quality of goods and services of company. Proper marketing of product is also
employer’s responsibility. Success of company is also based on the employee’s work as if they
work properly than company will run smoothly (Craig, and Campbell, 2012). Employees are the
reason behind goodwill of company and so, they have the responsibility to establish a positive
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working environment. Some of the responsibilities Primark possesses towards their employees
are-
 Responsibilities toward stakeholders - This is the responsibility of company to
recognize all stakeholders and to understand their needs for fulfilling the same.
 Legal responsibility towards employees - Each company should take care about their
employee’s rights. There are different laws which protect the rights of employees and
every company has to follow them accordingly (Moutinho, 2011).
Primark gives opportunities to each individual to perform their tasks in the most effective way
and give promotion to them as per their work.
Providing safety at Work- This is the major responsibility of all organizations to take proper
care of their employees.For providing safety, Primark gives special assistance to their women
employees.
 Ethical responsibilities- Every firm has their ethical responsibility that they have to
follow as put a direct impact on the goodwill of business in the market. Therefore, it is
the duty of company to do fare trade with their customers and give a healthy environment
for working of employees. This responsibility also includes honest promotion of the
employee which must be made as per his/her performance.
Providing good environment- Organizations are ought to provide a healthy working
environment to the employees. For better production, it has to be done that environment should
be employee friendly so that they can work easily. Primark is a big public limited company so,
they provide comfortable and flexible environment in their organization (EU Referendum:
Impact on UK Agriculture Policy, 2016).
TASK 2
2.1 Different Economic System
Economic system involve the different mechanism which involve production, distribution of
the goods and the exchange of the goods and that is apart from the consumption of the goods and
service ans that is classified in different entities of economic system. There are different kinds of
economic system to be followed in a country for various business organization. Some are-
Planned Economy- in this economic system that is planned by the government make decision
(Halbert, and Ingulli, 2011). As per this system there will no interaction between the business
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and the consumers.in this the proper planning is made the supply of the raw material and the
demand of the consumer. All the input will be as per the allocation of the product which include
the price of the product and the distribution of the product.
Cuba is a country who work as planned economy system. Cuba is able to achieve its objectives
attaining consumer demand. Application of planned economy is to develop the underdeveloped
economy and build the high level of industry in the state.In planned economy all the decisions
are taken by the government and their regarding sources.
 Open market economy- open market will work as per the rules and the regulation which
are decided by the government. Decision of the product are taken by the company itself
but the selling of the products are decided by the governments rules.open market
economy is easy for the trading from outside of the contrary. China is great example for
the open market economy in this individual or an organization an carry out the activity of
trade by free selling of charges and Taxes (Solomon, 2014).
 Free market economy- in free market economy there will not rules and the regulation
impose on the business. In this system government of that contrary will not interfere in
any activity. Uk market is work as free market economy this the the biggest free market
economy in the world. There government will not intercede any policy for the which
affect the supply and the demand in the market. All the decisions regarding the the
recourse of the company will take by them.
2.2 Monetary and Fiscal Policy
For the proper growth and for the sustainable development of the organization it is very
important to apply some policies that will give good effect in balance of payment and also bring
the low in unemployment rate. There are two policies which governed by the business for the
better environment. Policy are fiscal policy and monetary policy.
 Fiscal policy- these are the policy as the revenue is generated by the government out of
the taxes which are influence the economy. . This policy create the great impact on the
housing and the farming sector. By the fiscal policy in both the sector it take price
stability which is important for the growth. Because of these policies that provide
employment in the in housing sector as well in farming sector. Such policy give good
affects at the time of rescission on different sector as government can change the taxes
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rates and can increase purchase. But if the taxes reduce than that will give the worst
affect on the contrary economy (Naude, 2010).
 Monetary Policy- This policy will give monetary stability in the market , it means that
give the stable price of the products in the market. When the value of monetary is
controlled by any monetary authority that comes under monetary policy. economic
growth shall always be distributed under monetary policy. Impact of the monitory policy
on the farming and housing sector.
There are some policy which are introduce by EU for the development in these sectors for the
development of farming there are agriculture policy which is introduce by them that will help to
create the sustainable development in this area because this is essential elements of economy and
the society as well.
 Employment policy is to introduce to give more and more employment to unemployed
persons for the economic growth. Government also introduce tax policy in the market for
the development of the country and these policy cover under the fiscal policy (Klapper,
Lewin, and Delgado, 2011).
2.3 Competition Policy
Competition is the common concept in business environment as there are many organization
which are established to fulfil same purpose so in order to attain profits out of business activities,
it is very important that competition must prevail. Competition in the market is important for the
fair trade practices. when the larger number of buyer and seller exist in the market that make fair
competition in the market. when the sufficient buyer and the seller than buyer have options to
choose from the seller and the sufficient information available in the market. The perfect
competition will control the over price of the product from the market. to establish the fair
competition in the market their are certain policies which are-
 Anti Competitive agreement Policy- As per the competition act where two companies
how are the competitor they cannot sign agreement for the limited production of goods or
the price fixing that cause monopoly in the market and that also cause the high rates of
the products which are has not be there. Fix pricing and the limited production in the
market reduce the competition in the market and that is against the competition rules
(Chi, Kilduff, and Gargeya, 2010).
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 Antitrust and Cartel Policy- business organization are not allowed to establish cartels
that is they are not allowed to fix price of a particular product. That will create Fixing
price and give adverse effect on the competition prevailing in market.
 Market liberalization policy- that involve the introducing competition in the monopoly
market. Such as retail banking and air transportation (Significance of International Trade
to UK Business Organisations, 2013).
 Establishing dominant Position- this competitive policy work on that no company is
allowed to establish dominant position in the market that is a company is established in
such a position that will restrict competition in the given market. This is also illegal as
per the competitive act.
TASK 3
3.1 Pricing and Output Decision in various Markets
Market structure are use to define the characteristic of the organization. There are
different kind of marketing structure for an example:
 Perfect competition- in the perfect competition in there are larger number of the buyer
and the larger number of seller exist in the market. In these market no individual seller
can increase the price of the product and the sufficient information available in the
market about the product.there are no barrier for the new entry in the market. Primark is
good example for the perfect competitive competitions because there are so much other
companies who sell the clothing in similar prices.
 Monopoly- when in the market only one supplier sell the product that comes in
monopoly market. The single seller will sell the unique product in the market ans that
create monopoly in the market. When a company enter into monopoly market that will
increase the profit on maximum level. In the monopoly market price could be so high as
per the product and that destroy the competition and the also develop the price
discrimination. Railway companies are in monopoly market (Wu, 2010).
 Oligopoly it define as small number of the seller of the product establish dominoes in the
market. In these market there will be barrier for the new comer. Unilever is the example
of oligopoly market.
 Duopoly in these market imperfect competition prevail. In these market only two large
producers or seller produce the product. Example of this marketing is airbus and Boeing.
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3.2 Market Forces Shaping Organizational Response
As per the market force demand and the supply give impact in the organization. Demand
is define as the requirement of the product in the market and supply is define as fulfillment of the
requirement in the market. Demand and supply are two major factors and market forces that
shapes the organizational response. Market force would refer of demand and supply affecting the
price and the quantity of the items (Chavis, Klapper, and Love, 2011). Market force will affect
the organizations as per the production, pricing, competition and the profitability and their
promotional activates among the business. Supply and the demands are two significant market
forces that impacts operational activities that performed in the entity. Price element also give
impact on sale of the product in the market because if the price of the product will increasing
than costumer interest will shift to other product which is available in low price in the market.
Illustration 1: Demand Curve
Illustration 2: Supply Curve
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3.3 Business and Cultural Environments shaping Organization
It is very important for every business inculcate as per the culture as well as in the business
in the organization. It will help to understand the environment in which the company is working
and it will help to shape the organization as per the demand of the market.Any factor which is
not related to Political or Economic factor is considered under Environmental and Cultural
behavior. Culture of the organization is refer to the value and the belief and the learning the way
of doing business. This will reflect the the structure of the company the employee who work in
the company.Because every organization is unique in terms of these features, each will have a
culture that is unique. Cultural environment give the good impact on the employee that show the
value, assumptions, attitude and also the show the good behavior between the management and
the employees. Good environment also show help to increase the productivity and good decision
making in the organization.
To study Business environment it is important to conduct external environment that is
PESTLE which will comprise of-
 Political Factor- With the increased uncertainty in UK and Brexit, political factor
dominate the influence over Primark. There are several changes in the norms of
investment, trade, employment and health & safety. Primark need to consider it for
sustaining in the business.
 Economic Factor- it will include exchange rate, interest rate, inflation rate etc to be
governed by a business organization. Recession in the economy and difference in foreign
exchange affects the trading activity of Primark.
 Social Factor- this will include social environment of market like trend to be followed,
population analytic etc. Change in buyer behaviour in UK help Primark in boosting its
sales. It is able to market its product through online platform.
 Technological Factor- it will include the use of technology at great extent which will
bring innovation and development in business. Primark is able to use more of mobile
marketing and internet for increasing business operation.
 Legal Factor- shall comprise of rules and regulation which a company must take care of
while establishing a business for an example employment rights, equality rights etc
(Dyer, Ross, 2010).
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 Environmental Factor- this will include factors determined or influenced by environment.
Primark consider this factor by including carbon footprint in its CSR activity.
TASK 4
4.1 Significance of International Trade to UK Business Organizations
International trade can be characterized as undertaking of transactions across the national
borders in order to exchange goods and services. In addition, to these dealings it also involves
exchange of capital between nations. It is carried out through the process of importing or
exporting the concerned objects. Operating at an international platform assists organizations to
access more profitable markets, enhance the competitiveness of firms, stay updated with latest
developments and constantly innovate with the current products as well as the functions. Some
of the specific implications which can be enjoyed by UK businesses are: Access to New Customers: The prospects of international trade shall offer the UK market
to expand in new countries and undertake expansion of their current operations. Domestic
trade restricts the manner in which businesses function as the scope of their operations is
limited to the national boundaries, and hence, also restricts the overall business.
However, accessing the global markets shall enable the business organizations in UK to
realize additional profits and offer new as well as diversified customers (Klapper, Love,
2010). Create New Opportunities: Accessing international market shall enable the traders to
face healthy or less competition, which in turn shall enable the companies to explore
new opportunities (Significance of International Trade to UK Business Organisations,
2013). This may also be accompanied with a support from the end of the host
governments in the form of tax rebates, no tax etc. for initial few years. Hence, it shall
be extremely beneficial for organizations to enter into countries with which UK has
entered into any such agreements. This also increases the chance of receiving foreign
investment or entering into business partnerships. Access to New Technologies: The business organizations can gain access to new
technological developments which have not been made in the nation, but are being used
in other nations. Hence, the lack of any technological development can be addressed by
exporting the same from other regions (Commander, and Svejnar, 2011).
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 Access to Resources: There are certain resources which are not available in the UK, and
hence with the assistance of international trade the business organizations can enter into
trade relationship with other nations which are rich in those resources. Hence, in this
manner both the countries i.e. the suppliers as well as UK can gain benefits.
 Access to Quality Products: every country in the world have certain products which are
completely unique and can be developed in those regions only. With the assistance of
international trade the UK market can also choose to utilize the most suitable ones.
Further, due to Brexit there are several impact on the UK business. In this context, development
of local policy is one of the crucial change that aids UK in formulating appropriate and
progressive norms. This aids the organisation in getting high benefit from it in terms of
production, working hours and favourable employment laws. However, UK business need to
cope with EU norms in order to operate in other region and hence it need to develop varied set of
strategies for sustaining in effectual manner. With this, management need to re-develop its
strategies. Also, there will be no free movement of labour and goods after Brexit which will cost
high to company in terms of trade. From this, overall profitability of UK business will hamper to
a great extent. Further, different set of formalities need to abide by UK organisation when
dealing EU state members.
4.2 Impact of global factors
In a globalized economy, the forces of market are determined on the basis of the trends
prevalent at an international level. Production and manufacturing of products may be undertaken
among different countries and is completely based on the coordination between the concerned
parties. At this level a very important role is played by the concept of comparative advantage.
For instance, it is relatively advantageous for Britain to produce cloth, in comparison to Portugal,
as it shall require less hours of labour. Similarly, wine production in Portugal is more
advantageous in compared to Portugal since it shall utilize only 80 hours of labour in comparison
to 90 hours which shall be utilized to produce cloth. Hence, in this manner there are varied
factors at the global level which pose an impact on the business of the UK market (Stenmark,
2010).
The emerging economies of Brazil, Russia, India and China have combined to formulate
BRIC in the year 2003. In pursuance to their objective of formation of this alliance, it has been
agreed between the governments of these nations that India and China shall occupy the position
12

of dominant suppliers of goods to be manufactured in their nations. On the other hand, Brazil and
Russia have occupied the position of supplying raw materials at a dominant level in the world.
Though the countries have not entered into a formal trading alliance, but it can be inferred from
the trends in the past years that they possess enough potential to formulate a powerful and
efficient economic bloc. It has been noted that an increased number of Western countries have
started dealing with the BRIC nations for producing or selling their products. This poses a
significant impact on the businesses of UK.
The changing climatic conditions due to global warming is one of the factors which shall
influence the different areas of the market, including health and security.
Production/manufacturing products shall become expensive as the companies would be required
to invest in technologies which are in support of the climatic conditions. Moreover, the
increasing interference of government and NGOs in these functions, is also likely to negatively
impact the profits (Carroll, and Shabana, 2010). Another relevant factor which plays an
important role is that of export and import duties, which play an instrumental role in determining
the prices of products, and in turn the level of customers.
4.3 Impact of EU policies
It is beneficial for the British businesses to be a part of the single market of European
Union. One of the primary reasons behind the same is that it shall cater the attribute of financial
stability to various entities of the nation. In the even the countries are entering into new regions
for carrying out trade, then necessarily shall have access to finance in the host country.
Moreover, every entity incurs cost on entering into other countries in the form of tariffs.
However, in the case of UK, in the pre-Brexit period, the companies were not required to incur
such heavy costs while dealing within the EU region. Some of the specific policies which have
pose an impact on the business organizations of UK are: Agriculture Policy: It has been ascertained by EU that the food production is required to
be doubled to feed the ever growing population (EU Referendum: Impact on UK
Agriculture Policy, 2016). Further, the policy requires implementation of sustainable
management techniques in respect of utilization of natural resources. The common
agriculture policy (CAP) involved making direct payments to the farmers as well as
funding to the rural economy. Post Brexit, if the UK farmers are excluded out of this
scheme it may have devastating effect on them (What would Brexit mean for farmers
13

and the Common Agricultural Policy?, 2016). Currently, £4bn has been allocated for
rural development of UK, and the income generated out of this support amounts to 55
percent of the total income of the nation (Gebauer, Paiola, and Edvardsson, 2010). Business policy: Functioning in the single market of EU provides great opportunities as
well as responsibilities to every player of the market. There exists specific rules
pertaining to movement of goods, services, capital and people. It encourages business
activities and make available subsidies in respect to certain activities (What would Brexit
mean for farmers and the Common Agricultural Policy, 2016). Tax Policy: Imposition of company taxation is one of the significant elements for
establishing an established and stable market. This in turn provides benefits to the
businesses in the form of subsidies or other forms of encouragement.
 Employment Policy: implemention of the labour laws in EU has significantly impacted
the employment policies and legislations of UK (Johanson, and Vahlne, 2010).
CONCLUSION
As per the project it show that there are many factors that affect the business environment and it
describe about the different types of the companies in the market. It has been further explained in
the project that to maintain fair competition is must for business environment. The project
conclude about the factor that affect in the business environment and it discuss that how to make
good business environment.
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