Iceland supermarket has been operating business in mixed economic structure where in government regulations are required to be considered for managing the flow of resources (Nimwegen and., 2008). What to produce- this is one of the problem of an economy and under this it is difficult to determine that what economy must produce. Every nation has a limited resources and it cannot produce all type of products on its land. So on the basis of identification of quantity of available resource country decide the products that they must produce. How to produce- after selection of products the next challenge is to decide the way in which items must be produced. Here it is decided that old process of manufacturing will be used or new process needs to be framed.
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Trade related formalities and restrictions are limited in number and such system for is being managed by the government bodies. Us, canada, japan and Germany are some of the countries that are known as developed economies and that follow free enterprise system (Yannelis, 2004). Transitional economy is an economy whereby the country is planning to adopt market economic culture from that of command economy. The economy is considered to be in transition process that is adopting new structure for development. In case of transition, the countries do private its properties and industries. This in turn leads to promoting privatization and supporting economys growth. On the other hand, there is mixed economic system where in the business entity experiences interference from private as well as from government bodies. They dream are entitled to change the strategic aspects of the business ; thus these things can be included in business decisions. Uk, russia and India are some of the examples which follow such system (Matthews, 2005). The political and social considerations influence the business conditions to trade freely with different economies. Chief focus has been given towards wastage reduction so that the ratio of profits margins can be maximized.
This is vital in terms of managing supply and demand aspects (Fernando, 2011). Understand the nature of the national environment in which businesses operates. 1 Explain how economic systems attempt to allocate resources effectively command economic system is the most effective system because in such economic system, the entire economy is operated under the control of ruling bodies and they are also entitled to undertake finance related decisions about. To survive at competitive market place, business entities are required to consider legal rules and norms as consideration towards such aspect can reduce the probabilities of legal rules and policies (Economic System, 2013). The failed example of command economy is the communist soviet Union. Economic system manages resource allocation process and this also helps in administering the flow of resources. The other category of economic system is free enterprise where in interference from ruling parties is less as compared to command economy; thus organizations working in this economy can use allocate and use the resources in adequate manner.
Since, iceland supermarket is engaged in delivering food products to the customers; hence the business needs to ensure that quality food is being delivered (Gabriel, 2004). Further, in context of the employees, Iceland supermarket is required to treat all the employees in equal manner so that they can their motivation level can be enhanced. Several activities related to employee welfare are also organized at Iceland supermarket in which chief focus has been given towards proper employee interaction. Disability discrimination Act is being followed at Iceland supermarket where in the employees is treated equally. No sort of discrimination exists in the organization (Nimwegen and., 2008). Iceland supermarket makes sure that ethical aspects are maintained in the business entity along with proper distribution of resources and dividends among shareholders. Suppliers are providing adequate raw materials hibernation to the business entity and they also assist the business entity to meet demand aspects in all areas.
Employees- These are those who work at the ground level for benefit of the company. Without them an organization cannot achieve a success. Hence, the main objective of the firm is to satisfy needs of the employees and to give them good working environment. Government- government receive tax from the companies and the main objective of the firm is to pay tax on time and to make sure that true financial statements are made available to the regulatory authorities whenever required. Stakeholder matrix None little importance some importance significance importance significance influence media employees government Customers Somewhat influence suppliers Communities Creditors Creditors, government Little/no influence Creditors Debtors Tax authorities Employees Unknown Customers government Employee suppliers.3 Explain the various responsibilities of an organization along with ways. Since, numerous people are involved with Iceland supermarket; hence it is required for the business entity to comprehend the expectations of stakeholders. All the shareholders should be provided with considerable benefits such as proper dividends and the business should allow all the stakeholders to access the books of accounts and other financial statements of the company (Parkin, 2002). Thus, in such respect Iceland supermarket is emphasizing on transparent and fair aspects so that associated people can remain informed. The company shall be liable when having any serious consequences and in order to avoid that Iceland supermarket has to make sure that they are disclosing each and every aspect in front of the stakeholders.
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In order to maintain the interest of the employees, Iceland supermarket has to make sure that each and every employee is getting proper support from the management. The organization needs to emphasize on equality and diversity so that employees can consider themselves important part of the business entity (Shaikh, 2010). Furthermore, it is also vital for Iceland supermarket to facilitate equal roles and responsibilities for all the employees so that they can conduct all their duties in prominent thesis manner. All the shareholders of Iceland supermarket are invited and involved in company's decision making and their advice is also considered in company's decision making process. Furthermore, the supermarket has developed adequate relationship with the suppliers so as to get all the resources properly when required.
The major stakeholders of Iceland supermarket are as follows. Creditors/Banks- These are those entities that provide loan to the firm. In return firm needs to pay interest to them. The main objective of firm is to make timely payment of interest to them. Shareholders- These are real owners of the firm because they provide capital synthesis to same. The main objective of the firm is to give maximum return to the shareholders. In this regard, it prepares various business strategies and plans that help managers in increasing business.
Transport for London (tfl tfl is a statutory corporation and is a local government body responsible for most aspects of the transport system in Greater London. It was formerly named as London Transport; however now its role is to implement the transport strategy and also to manage transport services across London. Cancer research: Cancer Research uk is a cancer research and awareness charity in the uk and that works as a charitable organization. The main purpose of cancer research is to treat patients suffering cancer issues. It raises money through donation, legacies, events, retail and corporate partnership and community fund raising (Shaikh, 2010).2 Describe the various stakeholders and how an organization could meet their objectives Iceland supermarket has been managing all the business practices in effective manner with the support. The major stakeholders of Iceland supermarket are its customers, employees, owners, suppliers and shareholders.
All the objectives of stakeholders need to be fulfilled in such a way so that they can contribute in organizational resources (Drew and Sriskandarajah, 2006). Iceland supermarket has been delivering proper services to the customers and all such services results in customer satisfaction. Further, the business also makes sure that customers are not cheated from any ground and fair services are provided to them. In order to retain the customers, Iceland supermarket has been considering quality aspects in service delivery process so that needs and demand of clients can be fulfilled (Parkin, 2002). Employees are the major resources of Iceland supermarket that helps the business entity to deliver prominent services to the clients. Such resources are useful in terms of managing revenue and business profitability.
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Iceland supermarket: Iceland supermarket is a private retail entity and the business provides all type of food services to the consumers. In other words, it can be said that Iceland supermarket is large retail firm which is providing retail products to the general public. Iceland began business in 1969 and afterwards the establishment of business, numerous stores has been opened by the business entity. The business sells all food services and this helps the entity to operate business with Spanish based retailer overseas (Yannelis, 2004). The main purpose of Iceland supermarket is to deliver prominent services to the clients so that they may not switch to other brand. Kfc: kfc is a fast food restaurant chain that specializes in fried chicken and the major nashville headquarters are in United States. It is the world's second largest restaurant chain after McDonald's and the company is a subsidiary of Yum Brands which is also a restaurant company that owns pizza hut and Taco bell chains. The main purpose of kfc is to deliver quality and different variety of chicken to the customers so that they can enjoy fast food. It was one of the first fast food chains to expand internationally and it has opened outlets in different parts of usa (xiao and fu, 2009).
Sole proprietorship: The business unit that operates at small scale and is writers registered as sole proprietor is referred to as sole proprietorship. It is owned and controlled by single owner who takes entire responsibility of managing business operations. Partnership: The partnership is a business unit that is owned and controlled by two or more partners. The partners mutually manage business activities and shares all profits and losses. Publically listed company: This form of businesses is listed as a publically listed company. The business unit is managed by top management and owned by shareholders. It is listed as a company whose real owners are shareholders.
structure of Iceland Ltd has been discussed and along with the same, researcher has also stated several aspects that determine output decisions of the business entity. Furthermore, discussion has also been made on impact of competition policy and other regulatory mechanisms that affect the business practices. Stakeholders play crucial role in the organization; thus the ways through which Iceland manages stakeholder's interest are also discussed in the present research study. Lastly, the benefit of international trade to uk business organizations and to Iceland is also stated. Understand the organizational purposes of businesses. 1, identify the various types and purposes of different business organizations, different types of organizations exist and operate within an economy. The varied range of business units that operates within country are detailed underneath.
Price sensitivity- how likely the price is to change. Affected by; Number of substitutes Luxury or necessity Updates and r d branding reduces sensitivity and elasticity politics- government Stability support Legal Framework company setting up and maintaining a business Contract The offer guidelines for contracts that businesses make with employees, contractors, suppliers etc. Competition guidelines for the interaction between businesses, employees, consumers, suppliers and how businesses interact with each other. Designed for protection of businesses and consumers). Assignment, help samples business sample on, business. Environment, business environment means all of the internal and external factors that affect company's functions including employees, customers, and management, supply demand and business regulations. The study on business environment helps the organizations to find out all those forces that can enhance sustainability aspects (yu and Ramanathan, 2012). The present study has been made on Iceland foods Ltd which is a private British supermarket chain operating business.
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Recap (or clarification economic stability- the business cycle, natural adjustments, government intervention. Inflation-Price (not cost) of things, target level 2, monetary/ fiscal policy- government 'leveling out'. Expansionary and like contractionary, demand and Supply, demand is affected by; affordability competition (availability of substitutes) income level consumer taste (needs and demands). Elasticity, sensitivity and Branding, political stability business development and higher output, direct and indirect support; Taxation. Grants, loans (low interest infrastructure, education and training, membership to eu, wto etc. Assignment, brief, political, legal, social, economic, similar businesses in different countries. The greater the contrast the greater the content. Similar Businesses in Different Worlds, unit 1 - the, business. Environment, p5 p6, changes in supply affected by; raw materials source/ competition logistics profitability government support, elasticity of Demand- change in demand related to a change in price.