Unit 1 The Business Environment Assignment Solution (GC01239)
Table of Contents
INTRODUCTION
TASK 1
P1- Describe the type of business, purpose, and ownership of two contrasting businesses
P2- Describe the different stakeholders who influence the purpose
TASK 2
P3 Describe how two businesses are organized
P4 Explain how their style of organization helps them to fulfill their purposes
TASK 3
P5 Describe the influence of two contrasting economic environments on business activities
TASK 4
P6 Describe how political, legal and social factors are impacting upon the business activities 5
CONCLUSION
REFERENCES
INTRODUCTION
In recent times, the business environment is regularly changing due to customers’ tastes and market trends. That’s why all consumers want something new and attractive products and goods form the company (Welford, 2013). It is very necessary to properly analyze and identify the customer’s demand as per that should be producing products and supply services to them. This research report will be discussing a different type of business in which there has a major purpose. There will explain some factors which can be impacting business firm which can be negative and positive in nature. Along with this, to effectively manage the business environment so must implement a better management system so all employees can systemically complete their decided task and achieve goals as well.
TASK 1
P1- Describe the type of business, purpose, and ownership of two contrasting businesses
Marks and Spencer (M&S) M&S is an international company and is part of the tertiary sector. An international business is a business that operates and sells products/services around the world, M&S trades in Europe, the Middle East, and Asia. M&S is a public limited company, the public part of it means that shares can be brought by the public and the limited company part means that it has limited liability (Moutinho, 2011). Having limited liability has many advantages as it protects a shareholder from being responsible for more than their share of the company so they wouldn’t be accountable for the liabilities resulting from the bankruptcy. Being part of the tertiary sector means that M&S provides services in the form of selling groceries, clothing, and home products.
The purpose of M&S is to supply products; M&S also offers services but that isn’t their primary way of doing business. M&S is driven by profit meaning that they make sure that their sales cover all their running costs and more (for them to make a profit). Running costs include anything that the organization needs to spend money on for the company to operate. When M&S was founded the main goal was to only sell British made goods that were of high quality, this started to change in the 1990s but they continue to aim to offer high-quality clothes at a fair price.
Oxfam is a global charity where it aims to help vulnerable people in the developing world so they people can get power and free from problems like poverty. Oxfam was founded in England in 1942. Right now, the head once of Oxfam GB is in Cawley. The name came from the Oxford Committee for Famine Relief (Hamilton and Webster, 2015). The Committee was a group of people who were concerned for the people of Greece. The people in the group were Canon Theodore Richard Milford, Professor Gilbert Murray, and his wife Lady Mary, Cecil Jackson Cle, and Sir Alan Pimm. Their objective was to help reduce the starvation of the citizens of Greece, by persuading the British government to allow food relief through the allied blockade.
P2- Describe the different stakeholders who influence the purpose
A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups, or organizations that are affected by the activity of the business. There are two different types of stakeholders; internal and external. Internal stakeholders are groups within the business e.g. owner/workers and employees. External stakeholders are local and national communities and governments, these are groups outside of the business. The key stakeholders in business include customers, suppliers, employees, local and national communities, and governments (Atreid, Hallward-Dreamier, and Pages, 2011).
Customers want a business to produce high-quality value for money products. Customers like to see promotions and offer that give them better value for money, they also may like to see products that provide relief to the less fortunate or products that are environmentally friendly. Customers can influence M&S by deciding to continue to purchase goods and services. Customized can choose to take their custom elsewhere, therefore this influences the profits that M&S would make.
The people who donate to the charity Oxfam are major stakeholders as Oxfam would not be able to be a successful charity without the donations as they are the key to the money that is raised. Donators are major stakeholders as they’re also the largest investors to charities like Oxfam and influence it greatly (Chavis, Clapper and Love, 2011). The staff/employees of Oxfam influence the charity greatly and are the main reason as to why the charity is successful. They provide friendly customer service to those who decide to shop at the Oxfam stores. Staff usually do work for free so this allows Oxfam to spend more on developing third world countries, again this has an impressive influence…………………..