Business Environment Report: Iceland Supermarket and Stakeholders

This report provides a comprehensive analysis of the business environment of Iceland Supermarket, a major UK food retailer. It begins with an introduction to the business environment and its importance for organizational strategy. The report then delves into the organizational structure, comparing Iceland Supermarket to other businesses like KFC, Transport for London, and Cancer Research, highlighting their different purposes. A key focus is on stakeholder analysis, differentiating between internal stakeholders (employees, managers, owners) and external stakeholders (customers, government, suppliers), and the responsibilities Iceland Supermarket has towards each. The report also examines various economic systems (traditional, command, market, and mixed) and their relevance to the company. It further explores the impact of fiscal and monetary policies on the firm's operations, including taxation and interest rates. Additionally, the report evaluates the influence of European Union policies and the significance of international trade on Iceland Supermarket's business. The report's conclusion summarizes the key findings and underscores the importance of understanding the external environment for business success.

BUSINESS
ENVIRONMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................3
1.1.................................................................................................................................................3
1.2.................................................................................................................................................4
1.3.................................................................................................................................................5
TASK 2............................................................................................................................................6
2.1.................................................................................................................................................6
2.2.................................................................................................................................................7
2.3.................................................................................................................................................8
TASK 3............................................................................................................................................9
3.1.................................................................................................................................................9
3.2...............................................................................................................................................10
3.3...............................................................................................................................................11
TASK 4..........................................................................................................................................12
4.1...............................................................................................................................................12
4.2...............................................................................................................................................12
4.3...............................................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCE.................................................................................................................................15
2

INTRODUCTION
Business environment help to identify opportunities and threats for the organization to
understand future problems or issues (Gupta, 2013). This is helpful to build interaction between
organization and its environment using different types of resources effectively. Present report is
based on Iceland Supermarket which is the largest retailer of food products in UK. They offer
frozen foods which include prepared meals and vegetables. They also provide non-frozen
grocery items such as meat, dairy and dry goods. This report covers different businesses and
extent that help to meet objectives of different stakeholders. Furthermore, it emphasizes on
various responsibilities within the organization and strategies to meet them. Moreover, it
includes explanation of different economic system and impact of fiscal or monetary policy on the
cited firm. In addition to this, report evaluates impact of policies made by European Union on
business. At last, it focuses on significance of international trade on the chosen enterprise.
TASK 1
1.1
There are different types of organization such as public, private and voluntary sector.
Every company has different purpose and accordingly they provide products or services to their
customers (Porter and Rivkin, 2012). Following are the firm which have different purposes:
(a) Iceland Supermarket: This is the largest supermarket of UK which want to provide products
based on quality, value, and health & nutrition. In this context, they provide products according
to taste and preference of customers with less period and waste. Thus, Cited firm can use only
those things which is required for them, it helps to reduce their wastage. They also provide
products and services with the best quality so they can ensure that food is coming from authentic
and trusted sources (Zhang and Huang, 2012). This organization dealing in private sector of UK
country. There purpose is to expand market share so that they can achieve more profits for their
business.
(b) KFC: The main goal of KFC is to provide good food for customers that create positive
impact on them. Along with this, they also want to make happy from the product so they again
come back for more goods. They mainly focus on customer satisfaction so they try to maintain it
3

for their customers (Kim, Suresh, and Kocabasoglu-Hillmer, 2013). Further, they made healthier
options towards the products of business such as quality, freshness and valuable sources, etc.
Along with this they want to expand their KFC restaurants in global marketplace. They are
serving their products in private sector of UK as well as other marketplace. Main aim of KFC is
to expand there market at existing workplace as well as other countries so they will achieve
currency from the other region.
(c) Transport for London (TFL): TFL provides travel services to customers in London's. They
are mainly tried to offer luxury services to their customers. Thus, they plan to improve travel in
the capital and manage job role for people that how they get around the world's dynamics cities.
This organization working as public sector company (Richards, Egri and Schroll‐Machl, 2012).
Their main aim is to provide better services to their customers.
(d) Cancer Research: Cancer Research provides funding for basic and transnational research for
treatment of cancer. They also use this fund to healthcare delivery research in psycho social,
public health, policy and so on. Their purpose is to make fund for scientists, doctor and nurses to
help people who are suffering from cancer. They also make councils of trustees who set strategic
direction and monitor the delivery of charity fund (Rogerson and Rogerson, 2012). They are
working as public sector's organization. There purpose is to provide fund to needy people and
awareness regarding the health issues so that they can reduce crucial disease from the country.
1.2
Every stakeholder has different objectives towards the business performance. In this
context, stakeholder includes employees, customers, shareholders, trade union, and management,
etc. In Iceland Supermarket, manger is perform activities which help to them accomplish
business goals as well as objectives of stakeholder:
Internal stakeholder
Internal stakeholders are those people who are working within the business and they
contribute in the success of organization (Rossi, Vrontis and Thrassou, 2012). Following are the
internal stakeholder which are included in the
cited firm: Employees: Employees are the group of persons who work for organization and get
remuneration for that. Cited firm give them appropriate salary so that they can easily
4

meet with their goals and fulfil objective of employees (Wilden, Gudergan and Lings,
2013). Manager: Manager is a person who manages the entire department. In cited firm, there
are different types of manager which exist such as sales manager, general manager etc.
Organization provides facilities to manage the organization such as authority and
responsibilities so manager can complete their objectives by using them.
 Owners: Owners can be single or group of people who own the organization. In this
context, it includes shareholders, partners etc. They want to achieve the highest market
share of their organization. Thus, responsibility of the cited firm towards the owners is
that they need to use different types of strategies (Seethamraju, 2012). It will help to
maintain profits of their business. Main objective of the organization for their owners is
to maintain their interest, make use of strategy and implement the changes within the
business.
External stakeholder
External stakeholders are those who are outside from the organization. They are
interested within the activities of business (Surbhi, S., 2016). Following are the external
stakeholders of the Iceland Supermarket: Customers: Customers are the most important external stakeholder of the business. For
them, organization generates loyalty from the products delivered by the company. If
customers are not satisfied with the products of business, cited firm cannot achieve their
goals (Chen, Chiang and Storey, 2012). Government: Every company is guided and controlled by the government rules and
regulations. For example, payment of taxes and duties that are levied on the business. In
cited organization, there is a high involvement of government because they sell their
product to the global market. They need to assure quality of products which they
provide (Onetti, Zucchella and McDougall-Covin, 2012). Organization fulfil the
objective of government is that they use all the rules and regulation which have made by
them for business.
 Suppliers: Suppliers play an important role in the cited firm because they provide inputs
to the organization like raw-material, equipment etc. (Cheng, Yip and Yeung, 2012).
5

Objectives of the organization is to maintain their relations with suppliers so that they can
achieve raw-material from them time to time.

1.3
Every organization wants to be successful by fulfilling need of employees and customers.
Stakeholders are main people of Iceland Supermarket and organization possess various
responsibilities and strategy for them in the business. Following are the responsibilities of the
chosen concern: Customers: In the organization, they need to make good faith of workers and fair dealing
with their customers and employees as well. In this context, they have to include ethical
obligation which help them to fulfil their responsibilities towards the customers. They
can use open and transparency strategy to fulfil their duty for them (Welford, 2013). Employees: Employees are important stakeholder in the business. Thus, cited firm are
responsible to treat them with respect. Organization must give rights their employees
which is provided by employment law for them, such as minimum pay, safe working
environment, non discrimination and family or medical leave, etc. In this context, cited
firm can use corporate strategy which is used for running well business at the highest
level for their organization (Wetherly and Otter, 2014). Community or society: Every organization owes their duties not only for people who are
working with them but also for them who may be affected by the organizational
activities. Cited firm has the responsibility to support the public interest at very minimum
cost and reduce negative impact on surrounding community. In this context, organization
can use functional strategy to develop functions of business and relationship with the
society as well (Harrison, 2013.).
 Suppliers: Organization has to improve their supply system by using better technology
and communication system. To maintain loyalty, trusting relationship, cited firm can
operate fairly and honestly with suppliers. Building trusts help to coordinating and more
efficient distribution process which minimizes the inventory cost. For completing this
responsibility, company can use business strategy which helps to attempt their mission
and objectives within the chosen firm (Kokemuller, N., 2016).
6

TASK 2
2.1
There are four economic systems which have their own strength and weaknesses. It is
important to understand different parts of world functions which is defined by economic system
as the strongest forces (Ebert, Griffin and Dracopoulos, 2014). Following are different types of
economic system: Traditional Economic system: Traditional economic system gives results on the basis of
beliefs, customs, traditions and religion etc. In many countries this system still follows
such as rural area and backwards area organizations. Main advantage of this system is
that each member of traditional economy has specific and important role (Tayur
Ganeshan and Magazine, 2012). However, this system does not enjoy other things of
economies such as western medicine, technology, etc. Command Economic system: Command economy system believes that major part of
economic system is controlled by centralized power of government. In this, government
take step to regulate such laws for industrial process and equipment. Main advantage of
this system is that government use regulations to control over economic system. This
help to the business, is that creates healthy supply for own resources (Solomon, 2014). Market Economic system: This system is similar to free market. In market economic
system, government has no control over resources, valuable goods or any other major
segment of the economy. In this way, business is run by people of organization that
define process of running economy, supply the goods and find demands which are
necessary, etc. Main advantage of this system is that the organization is separate from
the government (Tayur, Ganeshan and Magazine, 2012). This prevents the government
to control over resources of the firm.
 Mixed Economic system: Mixed economic system is also known as dual economy
because it is mixture of market and command economy. In this, few areas of market are
controlled by the government which is not there when compare with command
economy. For example, government programs of UK such as education, transportation
and USPS, etc. are under the control of government. Main advantage of this is few area
are control by the government except other (Gemma, 2016).
7

2.2
Fiscal and monetary policy has great impact on Iceland Supermarket and their activities.
Fiscal policies are determined by the government in that they regulate tax structure for the
organization. If government increase their tax level, organization has less money to invest in
their business. This affect the organization at all levels because it stimulates growth of the
economy (Gupta, 2013). with increase in tax rate, price of the product will also increase and thus
it will affect the customers. Thus, in this situation Iceland Supermarket have to increase the price
of their products. Apart from it, if government reduce their tax rates cited organization will have
more money so they can either spend it or save it. If they spend it, organization can produce
more and they have required more people (Porter and Rivkin, 2012).
Monetary policy is the decisions of government regarding money supply or interest rates.
This is controlled by the central bank of the country. It not only have impact on the business
operation of Iceland Supermarket but also on entire economy. It is the process to obtain credit for
the firm who want to expand their business and they have not enough financial support.
Monetary policy ensure low interest rate and availability of credit (Zhang and Huang, 2012). All
the activities of cited firm depends on these policies. This is because if interest rate increase price
of the product also increase. Similar, if interest rate reduces then the price of the product also
decreases. It will helpful to attract more and more customers towards the services by Iceland
Supermarket. Monetary policy is generally used to prevent economic fluctuations. In this policy,
Federal Reserve raises the interest rate to control the rate of money and supply. This help to
reduce inflation of the country money. In that situation bank ability lo lend money is decline.
Thus, government and businesses investment will also decline.
Fiscal and monetary policies are working well in the business but they are creating
problem that are not find within the operations. Fiscal policy concern with time lags because if
economy is slumping government stimuli take time to work in the economy. More critical impact
on the business is interest rate, when they want to borrow money. This is because they majorly
borrow money from government sectors so government make high rate on borrow money by
business (Kim, Suresh, and Kocabasoglu-Hillmer, 2013).
8

2.3
Iceland Supermarket is top most food product market in the UK. This industry is very
challenging in today's market. Cited firm requires money for developing business. Competition
policy and other regulations promote the competition and make environment better to improve
efficiency of the organization (Wilden, Gudergan and Lings, 2013). Following are the impact of
competition policy on the cited business: Low price: Competition policy creates high impact on Iceland Supermarket as they have
to set price by consulting with the other business. In this situation, cited firm can gain
high market share with offering better price. This policy encourages businesses to
produce and boost the economy in general context (Seethamraju, 2012). Better quality: Competition also encourages Iceland Supermarket to improve quality of
goods and services which they are selling in the economy. It helps to attract more
customers and expand market share. This policy not only provide quality products or
services but also gives longer, better work, after sales services, technical support, etc.
(Chen, Chiang and Storey, 2012) More choice: In competitive market, Iceland Supermarket try to make their products
from taking raw material from the other organizations. This gives greater results, so
customers can select product that offer right balance between price and quality. It also
helps to choose products from various alternatives which satisfy their needs and wants.
This creates positive impact on customers from the activities of cited firm (Onetti,
Zucchella and McDougall-Covin, 2012). Innovation: For delivering better choice and producing high quality products, Iceland
Supermarket need to innovate product concept, design, production techniques and
services, etc. Competition policy and other regulations help to improve products quality
with the other organization (Cheng, Yip and Yeung, 2012).
 Better competition in global market: Competition policy and other regulations help to
make European companies stronger and make them efficient to compete within global
competitors. Through this, Iceland Supermarket competes in global market and they are
also maintain their profits from perform their activities (Ebert, Griffin and Dracopoulos,
2014).
9

TASK 3
3.1
Market structure play vital role in determining price and production. There are few
market structures which are as follows:
 Perfect competition: Perfect competition market is a place where there are very large
number of buyers and sellers. Both have perfect knowledge of market as what price and
quality should be includes in products. In this context, there is no impact on customers if
the organization increases their price of products because they mainly emphasizes on
quality of products. Beside this, no effect on the business if customers move towards the
other organization (Solomon, 2014). Iceland Supermarket has no perfect competition
because they have only few competitors. Thus, they have to take decision for quality
products for their customers.
 Monopoly competition: It refers to market condition when there is only one company
selling the products in market. In this situation, company determine their price which
they want because customers have no choice to purchase the products because there in
only one seller. They have to buy products from the company whether they charge high
or low price (Tayur, Ganeshan and Magazine, 2012). Iceland Supermarket not possesses
this competition because they are not single seller in the market. This will help to take
decision regarding choice of the different products.
 Oligopoly competition: Oligopoly is a market where several companies sell various
goods. Oligopoly market produces different types of products to the customers. The
market is categorized by the few sellers and they sell homogeneous or different products
in the market.. In this situation, few sellers dominate the market who has control price of
the product. Cited firm has very few competitors so they follow oligopoly competition at
the marketplace. If they determine high price of products from the competitors, customers
will move towards other organization. Thus, the cited firm have to maintain price of their
products (Welford, 2013). Organization have to take decisions to give the products at
very low price so that customers attract towards the Iceland Supermarket.
3.2
Market forces affect to the Iceland Supermarket in the following responses:
10

 Demand and supply: Supply and demand comprises of fundamental on which the
company stand. Supply and demand have inverse relationship within the business. If in
cited firm, supply increase while demand remains same, then the price tends to fall.
While if demand increases and supply remain same, then price tends to rise. Supply and
demand rise and fall until the equilibrium price is reached. In the cited firm, demand and
supply affect the business because this helps to maintain profits of business through
equilibrium between it (Wetherly and Otter, 2014). Price and quality: Quality affects the business in a variety of ways such as profitability,
productivity, customer satisfaction and public perception. Further, quality affects overall
operating cost of the organization. Thus, Iceland Supermarket focuses on quality which
helps to keep company strong in all areas. Along with this, pricing can influence
customers to purchase the product. It is important factor for both customers and the seller.
It takes combination of different aspects such as market trends, product quality and
product differentiation, etc. When organization consider pricing for product, setting price
as high or low price and quality affect the sales of business (Richards, Egri and Schroll‐
Machl, 2012).
 Customer perceptions: Different customers may perceive different perception towards the
same products. Customer perception include that, what customer understand about the
product and which they want. In today's economy, competition is getting more different
types of products and services of business. Thus, it becomes difficult to differentiate
among product and services which are provided by other organization. Further,
customer’s behaviour is hybrid which increasing the price is sensitive. Thus, organization
has to make products according to the customers demand. It will help the chosen business
to maintain relations of customers and solve the issues regarding customer’s satisfactions
(Wilden, Gudergan and Lings, 2013).
3.3
Business and culture environment has great impact on organizational behaviour. In cited
firm, there are two types of business environment such as economic and non-economic
environment. Economic environment includes system, policies and conditions of the economy.
Beside this, non-economic environment consist of natural, demographic, technological, legal,
11

political and social parameters. Iceland Supermarket is operating in food organization so their
operations are largely depended on business and cultural environment where they are operated
(Zhang and Huang, 2012).
Every country has different economic system for example; per capita income is different
for UK and India. UK perceives high per capita income rather than India. Thus, products price is
higher in UK than India. Economic policy is also not same for all countries such as fiscal policy,
monetary policy, industrial policy, foreign investment policy and export-import policy. In terms
of Iceland Supermarket, they are working in UK so their environment is different from the
India's organization which creates high impact on organizational behaviour (Richards, Egri and
Schroll‐Machl, 2012).
Social environment of business includes social factors like life expectancy rate, literacy,
poverty, beliefs, traditions and customs. Cited firm do not believe in these types of social factors
as they do not possess traditional systems. Political environment includes government policy
and attitude towards the business community and unionism (Zhang and Huang, 2012). All these
aspects bearing strategies are adopted by the firm. Stability of the government also influence to
the organization and their related activities in the great extent. Legal environment refers as set of
laws, rules and regulations which influence to the business and their operations. Iceland
Supermarket obeys and works within the framework of law and regulations. Further,
technological environment includes tools, techniques and method for production of goods and
services.. All these factors directly affect the demand of Iceland Supermarket products (Wilden,
Gudergan and Lings, 2013).
TASK 4
4.1
International trade is important for every business because it is not possible to grow high
profits within the country. Thus, it is profitable to trade outside the country so organization can
increase their market share in other countries as well. Following are the benefits of international
trading to Iceland Supermarket: Expansion of market: If the organization only exists in one country, then they are not
able to attract potential customers. Thus, international trade help to develop market in
other countries as well (Gupta, 2013). The cited firm can attain the highest growth as well
12

as reputation with great revenue. It increases sales, customers and interaction with other
vendors. Reduces production cost: By trading in other countries, organization can reduce their
production cost. For instance, Iceland Supermarket imports many products to other
countries for the cheap price. Cited need to start many branches for operating their
business at international level (Onetti, Zucchella and McDougall-Covin, 2012).
 Availability of Material: For production of many products of, Iceland Supermarket
depends on other countries. This is because they have no appropriate raw-material for
producing food products. Thus, many countries need to buy expensive products like cars,
engines and arms etc. which they import from UK. International trade gives the
opportunities to exchange products from the other countries (Cheng, Yip and Yeun,
2012).
4.2
Business environment is greatly influenced by global forces and trends which affect the
business. Following are the global factors which impacts the Iceland Supermarket:
 Emerging market: Globalization factors impact on business by emerging market drive.
Various factors are compounded by emerging market such as contradiction emerges and
global support, etc. These factors grow rapidly in today's market so thatthey are threats
for the UK economy (Harrison, 2013).
 Government impact: Government makes some rules and regulations according to the
global factors which are convenient for UK organizations. In this context, it includes
government policies, laws, rules and regulations which affect to the cited firm. This is
because some rules regarding price of product affect to the business such as tax, interest
rate etc. They need to follow such rules and regulations for business operations.
 Economic factors: Rates of economic growth influence the level of demand for
products and services of the cited organization at international market. Economic growth
rates may be high in some countries and low in other countries (Wetherly and Otter,
2014).
 Technological factors: Availability of technological infrastructure determines the
prosperity of the multinational corporation in host countries. In this context factors
13

includes such as connectivity and technical training which is essential ingredients of
successful operations in modern business. Thus, level of technical understanding
determines its scope among population. It may be easier to establish and maintain
technical operations in high-technology countries but it is difficult to operate where
technology is not upgraded (Solomon, 2014).
 Social factors: Social factors include demographic which includes religion and culture. It
affects the quality, types, functional features and demand level of products in the
international markets. Culture affects the time, objects, names, colour and attitudes.
4.3
After joining EU, Iceland Supermarket has maintained all rules and regulation within the
business. EU determines all the laws same for union countries (Ebert, Griffin and Dracopoulos,
2014). They can affect business through following term:
 By taxation and spending
 By laws, directives and regulations
 By encouraging business activity through subsidies and support
 By providing advice and support for business
Following are the impact of policies of the European Union on Iceland Supermarket: Employment policy: Government plays an important role to stimulate employment.
Present government encourage business efficiency so that cited firm can become
competitive in the international markets. For this, organization has to develop training
and experience on government funded to sponsored programmes (Gupta, 2013). Regional policy: European Union supports the region of high unemployment and social
deprivation in large areas of market. This policy set to compensate for the development
of various parts of European union (Porter and Rivkin, 2012).
 Inflation policy: Government seeks to make sure that there are no general rises in prices.
They do this by monetary policy committee of bank of England which set interest rates.
Raising high interest rate makes more expensive for business and customers as well to
borrow money (Rogerson and Rogerson, 2012).

14

CONCLUSION
From the above report it can be concluded that every organization’s purpose is to provide
product and services. In this context, very important purpose is satisfaction of customers towards
the products and services of organization. Furthermore, it covered different types of economic
systems which helpful to allocate resources effectively such as mixed, command and market
economic system. Moreover, this explained the impact of fiscal and monetary policy such as
economic fluctuation and tax rate. In addition to this, business and cultural environment effect to
the organization in term of economic and non-economic environment. This includes political,
legal, social and technology. At last it summarize to understand different types of policy which
affect to the business. In this context, includes inflation policy, regional policy and employment
policy.
15

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