Business Environment Assignment Sample - Assignment Prime Australia

1. Business Environment TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

2. Table of Contents INTRODUCTION ...............................................................................................................................4 TASK 1.................................................................................................................................................4 1.1 Purpose of organizations ...........................................................................................................4 1.2 Iceland Supermarket meets the objectives of its different stakeholders....................................5 1.3 Responsibilities of Iceland Supermarket and strategies to meet expectations of stakeholders.5 TASK 2 ................................................................................................................................................6 2.1 Different economic systems attempts to allocate resources effectively....................................6 2.2 Impact of fiscal and monetary policy on Iceland Supermarket and its activities .....................8 2.3 Evaluation of impact of competition policy and other regulatory mechanism on activities of Iceland Supermarket .......................................................................................................................9 TASK 3 ................................................................................................................................................9 3.1 Market structure which determine the pricing and output decision of businesses including Iceland Supermarket .......................................................................................................................9 3.2 Market forces shape Iceland Supermarket responses..............................................................10 3.3 Impact of business and cultural environment in shaping the behaviour of Iceland Supermarket...................................................................................................................................11 TASK 4...............................................................................................................................................12 4.1 Significance of international trade to Iceland Supermarket.....................................................12 4.2 Impact of global factors on Iceland Supermarket....................................................................12 4.3 Evaluation of impact of policies of the European Union on Iceland Supermarket.................13 CONCLUSION .................................................................................................................................14 References..........................................................................................................................................15 TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

3. Illustration Index Illustration 1: Free market economy system .......................................................................................7 Illustration 2: Command economy system...........................................................................................7 Illustration 3: Mixed economy system ................................................................................................8 TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

4. INTRODUCTION Business environment is a sum of internal and external elements that affect business operations of a company (Brinkman, Navarro and Harper, 2014). A close interaction between various activities of an organization and its environment is more important. It helps in giving strength to the business of an enterprise and utilizing resources in a proper manner. The study of business environment enables company to interpret future problems in advance so new strategies and plans can be made according to it. With the help of it, firm can understand market conditions and develop various policies (Haidrer, 2010). The following research has based on business environment and to understand the role of it in the business, Iceland Supermarket has taken into the consideration. It is a subsidiary company of Associated British Food (ABF) Group. It is a retail supermarket and operated 238 outlets in the UK, Ireland and Europe. Objectives which will cover under present research are organizational purposes of businesses, nature of the national environment in which company operates its business, behaviour of firm in the market environment and significance of the global factors which shape business activities (Craig and Campbell, 2012). TASK 1 1.1 Purpose of organizations Iceland Supermarket: It is a subsidiary company of Associated British Food Group and it is one of the large supermarket chains of retail goods. Present market share of firm till 2014 in UK is 1.9% (UK supermarkets (market share 2015 2014), 2016). Products which are offered by Iceland Supermarket are frozen goods and groceries. Main purpose of company for doing retail business is related to meet the consumer’s expectations, raise market share and attract large number of service users (Groza and Ragland, 2016). To achieve all these objectives, firm is trying to deliver good purchasing experience to the customers. KFC: It is a chain of fast food which is specialised in fried chicken. It is world’s second largest chain of fast food restaurant after McDonald's. It has more than 118 stores across the world and headquarter of company is situated in United States. Main purpose of KFC for conducting business in fast food sector is related to offer good quality products and services with wider range of fried chicken to the customers. Transport of London (TFL): It is a Statutory Corporation and a local government organization which is responsible for maintaining transport system of Grater London, England. It is accountable for managing London road, under and over ground rail networks, trams, taxis, buses, river services TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

5. and cycling provision (Hamilton and Webster, 2015). Main purpose of TFL is implementing transport strategy as well as managing transportation services across London for the convenience of community and various organizations. Cancer Research: It is a research centre of cancer where causes of cancer are identified and according to it, different kinds of strategies for prevention, treatment, diagnosis and cure are developed. It is a non-profit organization and works for the well-being of community (Higón, 2012). Main aim of research centre is determining various reasons and types of cancer as well as developing new treatments for the cure of it. Along with this, it is focused on ensuring well-being of the community. THIS IS A SAMPLE ASSIGNMENT BUY COMPLETE ASSIGNMENT FOR A+ GRADE CONTACT: TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 424715655 EMAIL: help@assignmentprime.com WEBSITE: https://www.assignmentprime.com 1.2 Iceland Supermarket meets the objectives of its different stakeholders Stakeholder is a group of people who are investing their money in a business with the intention of getting personal benefits. It can be either internal or external for an organization. They are investing their money into a business as per their personal interest. Stakeholders of Iceland Supermarket are employees, employers, consumers, suppliers, distributors, investors, government etc (Upton, 2010). Company has given authority to its various stakeholders to access important information about the firm. Along with this, to meet the objectives of stakeholders, firm has developed various strategies. For instance, objective of investors is increasing their investment within the firm for get more return. To meet this objective, Iceland Supermarket has prepared and published annual reports which includes numerous information regarding profit, revenue, loss, market share etc. this data TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

6. shows company’s financial condition in the market (Wang and Altinay, 2012). It helps capitalists to take decision about whether to increase investment in the firm or not. Another example can be considered for understanding the role of Iceland Supermarket to meet the objectives of its stakeholders. Suppose, the objective of consumers towards company while buying the products are getting extra benefits. For this, firm has introduced different offers on diversified goods and services so that customers can buy goods and services at low cost (Halbert and Ingulli, 2014). Hence, with the help of integration of numerous methods, Iceland Supermarket always tries to meet the objectives of its stakeholders. 1.3 Responsibilities of Iceland Supermarket and strategies to meet expectations of stakeholders Iceland Supermarket is known as a responsible retailer in British Food retailing sector. With the time, company has formulated various strategies and methods to fulfil its responsibilities towards its numerous stakeholders (Taylor Gooby, 2012). For example: in the present time, ‐ customers are more aware towards their health and for this, they are focused on avoiding those food products which contain artificial colours, fats, harmful chemicals etc. To meet this expectation of consumers, Iceland Supermarket has developed “Good Food” strategy in which company has removed artificial colours, monosodium glutamate, banned mechanically recovered meat, hydrogenated fats, banned genetically modified ingredients etc from its all outlets. On the other hand, government of UK expects from Iceland Supermarket to protect environment and nature. In this context, it is a major responsibility of company to reduce the impact of different business operations on the environment. In this context, organization has formulated some strategies for reducing carbon footprints, minimising wastage, promoting recycling, reducing carrier bag waste etc (Corporate Responsibility, 2016). To achieve all these, Iceland Supermarket has installed energy efficient lighting and air conditioning equipment in the stores. Along with this, company has developed new control strategy through which it can control store heating and air conditioning requirement to reduce the consumption of energy and its wastage (Siewiorek and et.al., 2012). New robust targeting and monitoring system of firm is focused on collecting half hourly data of all the outlets in order to determine those areas where electricity is consumed more. In 2011, Iceland Supermarket invested more than £5 million on different energy saving projects like Voltage Optimization, high Efficiency Lighting etc. On the other hand, firm has developed a strategy for minimizing waste and promoting recycling. By using recycling, re-usable carrier bags are made that are available at different outlets. At every distribution depots, there is one recycling centre setup where all outer shrinkwrap collected and recycle (Alcidi and Gros, 2011). TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

7. Therefore, from the above discussion, it has been concluded that there are various responsibilities and strategies formulated by Iceland Supermarket to meet the objectives of stakeholders. TASK 2 2.1 Different economic systems attempts to allocate resources effectively Free market economy: Under this economic system, government has less intervention on company for the allocation of resources. It is a complete capitalist economy where organizations are operating business only for profit making (Free market economies. 2016). In this economy, business enterprise can trade goods at the high prices and consumers are willing to pay for it. Further, workers of the organization demand high salary and company is willing to pay for their efforts. Illustration 1: Free market economy system (Source: Free market economies, 2016) Transitional economy: This economy is adopted for developing industry in the marketplace. Here, a central planned economy is changed into free market economy (Transition economies, 2016). Command economy: Here, government takes decision to supply products in the market as well as set their prices (Command economies, 2016). For instance: government has developed some laws such as taking taxes from the organizations and after that spending of those funds. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

8. Illustration 2: Command economy system (Source: Command economies, 2016) Mixed economy: It is a mixer of command and free market economic system where government and companies can take decision either mutually or individually for the allocation of resources (Mixed economies, 2016). For instance: government and private companies both takes decisions for the allocation of resources in private sector by discussion process. Illustration 3: Mixed economy system (Source: Mixed economies, 2016) TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

9. 2.2 Impact of fiscal and monetary policy on Iceland Supermarket and its activities Impact of fiscal policy on Iceland Supermarket: Fiscal policy is used to influence the level of economic activities of a nation by making changes in spending of government and taxation policy. Federal Government develops taxation and government spending policy to run economy of the country in a right direction with the help of decreasing or increasing demand as well as availability of commodities (Pettinger, 2007). Changes in taxation fiscal policy affect customer’s demands due to the alteration in amount of disposable income of the consumers. For instance: increase in tax leads to decrease the net income of people and they become more budget conscious as well as they limit their expenditures (Smithers, 2015). It is directly affected the demand of goods of Iceland Supermarket and this in turn decreases the sales of products and services. Impact of monetary policy on Iceland Supermarket: Monetary policy is used to control macro-economic variables of economy with the help of interest rate. The impact of it on Iceland Supermarket and its business operations can be understood by an example. If, Federal Government increases the interest rate of bank loan then, it will create difficulties for customers to take loans over high interest rate. It will also lead to reduce the spending power of consumers on the luxury goods of Iceland Supermarket (Brunot, 2015). Due to this, demand of the products and services will be reduced. Most of the services users will focus on limit the expenditure and save more money. It will decrease the sales of company and it will lead to reduce its profit and revenue. Therefore, from the above discussion, it has been determined that monetary and fiscal policy of UK government put its positive and negative impact on Iceland Supermarket and its business activities. 2.3 Evaluation of impact of competition policy and other regulatory mechanism on activities of Iceland Supermarket Impact of competition policy on the activities of Iceland Supermarket: Growth is an important aspect for every type of organization which can only achieve by competition. UK government has formulated and imposed various competition policy for all the industries. As per the Competition Act 1998, there should be fair competition between the companies of same sector. Due to this, Iceland Supermarket is adopting anti-competitive practices to take advantage of high competition in the market (Galbreath, 2009). Along with this, it has promoted enterprise to brought new innovations and styles in goods and services in order to gain competitive advantage. Another impact of competition policy is improving quality of goods which enables Iceland Supermarket to attract new customers along with raising its market share. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

10. Impact of other regulatory mechanisms on activities of Iceland Supermarket: There are various regulatory mechanisms that are related to health and safety at workplace, employment opportunities, improving working conditions etc. These all are developed by UK government for every kind of industry. In this regard, Iceland Supermarket has started to prepare different strategies to achieve the goal of making sustainable business and build good image in the marketplace (Haigh and Brubaker, 2010). The overall impact of various regulatory mechanisms on company’s business activities are increasing customer satisfaction level, market share, created good image in market, bring the new innovation in existing goods and services, raised sales and profits, meet the expectations of internal as well as external stakeholders and many other things. THIS IS A SAMPLE ASSIGNMENT BUY COMPLETE ASSIGNMENT FOR A+ GRADE CONTACT: TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 424715655 EMAIL: help@assignmentprime.com WEBSITE: https://www.assignmentprime.com TASK 3 3.1 Market structures which determine pricing and output decision of businesses including Iceland Supermarket Market structure and setting of pricing of goods are interrelated to each other. These are the part of economic structure of each and every organization. Perfect competition, oligopoly, monopoly and monopolistic are the types of market structure. In perfect competition, there are no market entry as well as exit barriers and companies are focused on offering homogeneous goods and services to same target market. In monopoly, there is only one organization dominating in the market. There are some market entry barriers but profit margins are high as compare to perfect competition market structure (Hanning, 2013). On the other hand, in monopolistic market structure, there is no market entry as well as exit barriers and companies are focused on offering differentiated TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

11. goods and services to the community. It helps in making huge profit for the long time and enjoying present market condition. Beside this, oligopoly market is dominated by the few firms and they serve similar services to the same target market. From the last decade, British retail market has been dominating by few large supermarket chains in which Iceland Supermarket is also included. Due to the reason of economic recession, prices of food and grocery products become vary and this thing has influenced the British consumers to look for value of money. From the research, it has been identified that thinking of buyers are shifting and they are attracting towards convenience stores. This thing is responsible for determining the prices of goods along with taking output decisions (Statistics and facts on Supermarkets in the United Kingdom, 2016). But market structure is more important aspect as compare to other elements which helps Iceland Supermarket in taking pricing decisions. Market structure of grocery and food retail industry of UK is oligopoly (Supermarkets, 2016). But market structure of cited company is perfect competition as by adopting this, firm and its competitors are offering homogeneous commodities to the customers. It has increased competition level between Iceland Supermarket and its competitors in the consumer oriented market (Kunnanatt, 2011). Hence, perfect competition market structure assists Iceland Supermarket to set pricing of its products in an effective manner along with taking many other business related decisions. 3.2 Market forces shape Iceland Supermarket responses There are various market forces which shape Iceland Supermarket responses. These are as follows:  Demand and supply: As per the increase or decrease in the demand of goods in the respect of services users, Iceland Supermarket needs to make changes in its demand and supply. Organization develops future objectives related to increase its sales of products. So, it is important to determine the demand of particular goods so that decision related to the production of more commodities can be taken.  Elasticity of demand and supply: Elasticity of demand is varied as per the demand of goods in the market and the pricing of goods. For instance: Iceland Supermarket wants to sell old stock and elasticity of demand and supply of particular good is high (Sledge, 2011). Therefore, response of company towards it is that firm will decrease the prices of products in order to release old stock.  Economic of sales: It is a cost benefit method that is achieved by manufacturing products according to the cost per unit. For example: Iceland Supermarket wants to decrease the final TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

12. price of its products so that customer can get good quality of commodities at lower prices. To give response towards the following market force, company has to increase volume of production of its goods so that low cost per unit can be maintained.  Expectations of customers: With the time, needs and wants of consumer have changed to a lot which is another big market force. For instance: customers of Iceland Supermarket are looking towards the fashionable cloths which are comfortable in every season (Zhang and Huang, 2012). Therefore, with respect to this market force, Iceland Supermarket can bring some new innovations or modifications in its existing products. 3.3 Impact of business and cultural environment in shaping the behaviour of Iceland Supermarket Impact of business environment in shaping behaviour of Iceland Supermarket Technology, legal, social, economic, environment etc are some factors of business environment which shape the behaviour of Iceland Supermarket (Gupta, Clements and Inchauste, 2004). In the present time, use of technology has been increased to great extent. In this context, Iceland Supermarket offers internet shopping services to its customers and the services users are like this concept (Wittgreffe and Memmory, 2000). The result of this approach is that the sales of company has raised by £1M and order delivery revenue has increased by 40%. On the other hand, environmental factor has also affected the business of company and lead to change its responses. By obeying all the rules and regulations of UK government, Iceland Supermarket is focused on minimizing the impact of its business operations on nature. Along with this, organization has adopted forward thinking policies with the aim of minimising environmental impact and using hydrocarbon refrigerants in outlets to store frozen food products (Brinkman, Navarro and Harper, 2014). Furthermore, firm has contracted and started working with external parties such as Carbon Trust, British Retail Consortium Environmental Policy Action Group, WRAP etc. Impact of cultural environment in shaping behaviour of Iceland Supermarket From the last few years, people have been supporting and consuming those goods which are prepared by considering ethical consideration and without harming environment as well as animals. Therefore, such kind of culture and values of customers are affecting business of Iceland Supermarket. Due to this, company is now considering some ethical consideration while operating business. Further, staff members of the organization belong to different culture backgrounds (Craig and Campbell, 2012). Due to this, working style and thinking of each individuals vary from one another. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

13. TASK 4 4.1 Significance of international trade to Iceland Supermarket International trade means selling or buying of products and services in between two or more countries. Significance of international business to Iceland Supermarket is that it gives opportunities to the company to gain competitive advantage at the global level. It also provides mutual benefits to UK and other trading nations. With the help of international trade, firm can get opportunity to expand business at the global level (Dudovskiy, 2013). On the other hand, another significance of international business to Iceland Supermarket is related to share resources with other internal companies in order lower down the cost of production. With the help of international trade, enterprise will be able to develop goods in those countries where labour cost is low as compare to other nations. It will decrease the cost of manufacturing in terms of per unit of product. Moreover, Iceland Supermarket can use other company’s plants and equipment for manufacturing of commodities (Groza and Ragland, 2016). This in turn leads to reduce the investment of firm for establishing new plants in the oversee nations. Some more significance of international trade to Iceland Supermarket are as follows.  It helps in taking advantage of new technologies during different business operations such as distribution of goods, acquiring raw materials etc.  It leads to enhance the number of sales.  It is focused on raising profit and revenue of the company.  It decreases dependency level of company on domestic market for increasing its market share.  It leads to bring stabilization in business due to seasonal demand.  It is focused on achieving good and stable economic of scale (Benefits of International Trade, 2010). 4.2 Impact of global factors on Iceland Supermarket Impact of various global factors on Iceland Supermarket are as follows. Positive impact  Global factors have increased the economic condition of Iceland Supermarket at the time of operating business at the global level.  It has raised the sales figures of Iceland Supermarket and helped in making huge profit. Along with this, it makes easy to increase market share (Hamilton and Webster, 2015). TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

14.  Various international factors have delivered opportunity to company to expand business at the global level.  Global factors have reduced risk at international level which help Iceland Supermarket to offer good quality of commodities at reasonable prices to customers.  Another impacts of global factor on organization are related to minimize the cost of manufacturing per unit, effective utilization of resources, taking advantages of new technology and achieving good economic of scale (Higón, 2012).  International factors of Iceland Supermarket have promoted multiculturalism within the workplace and developed new perspective to solve various business problems. Negative impact  Negative impact of global factor for Iceland Supermarket is that it has created threats for company from emerging markets. BRIC countries are now starting to grow and it has been predicted that in near future, BRIC nations will be become market leader of retail industry (Upton, 2010).  International factors have increased unemployment rates, affected exchange rate of currency, deviate inflation rates etc which have affected business of Iceland Supermarket in a negative direction.  Global factors have developed misunderstanding between staff members of Iceland Supermarket who are belonging to diversified culture. It has directly affected performance and productivity of the company in a destructive manner (Wang and Altinay, 2012). 4.3 Evaluation of impact of policies of the European Union on Iceland Supermarket European Union (EU) has formulated various policies for the retail industry which affect the business of companies to a great extent. As per the Employment Policy of EU, every organization should protect the rights of employees during their job. In this context, Iceland Supermarket has developed many HR policies for the staff members such as anti-discrimination. Along with this, firm has adopted many types of health and safety frameworks for the employees to protect them from various hazards or accidents (Halbert and Ingulli, 2014). Beside this, by following employment policy, organization has opened new stores in UK which will lead to increase opportunities of employment for the community. On the other side, according to Education and Training Policy of EU, firm should emphasize on improving the quality of training as well as education of employees so that they can get better TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

15. growth opportunities (Taylor Gooby, 2012). For this, Iceland Supermarket has adopted on the job ‐ and off the job training as well as education methods for the staff members. In addition to this, company has invested more amount of money on giving training to employees with the intention of improving job quality. These methods are used for both new and existing workers of the organization so that their productivity can be improved. Therefore, from the evaluation of impact of EU policies on Iceland Supermarket, it has found that EU frameworks are constructive which help in bringing new changes in firm to take competitive advantage in the marketplace (Siewiorek and et.al., 2012). THIS IS A SAMPLE ASSIGNMENT BUY COMPLETE ASSIGNMENT FOR A+ GRADE CONTACT: TOLL-FREE NO: +61 879057034 WHATSAPP NO: +61 424715655 EMAIL: help@assignmentprime.com WEBSITE: https://www.assignmentprime.com CONCLUSION From the above research, it has been concluded that business environment is a combination of both internal and external factors. Iceland Supermarket has formulated and implemented various strategies and methods to meet the expectations of its stakeholders. Perfect competition market structure is used by the company. Various market forces have given shaped to the responses and behaviour of organization. International trading has provided many advantages to Iceland Supermarket. TOLL-FREE NO: +61 879057034 EMAIL: help@assignmentprime.com WHATSAPP NO: +61 424715655 WEBSITE: https://www.assignmentprime.com ASSIGNMENT HELP & WRITING SERVICES AUSTRALIA

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