Abstract
The assignment is based on knowledge about business & its operations, the activities operating in the environment, and the influence of external factors. The current study is related to Iceland Foods Ltd, a private British supermarket chain performing its operations in the UK. Businesses should maintain relationships with their stakeholders to make decisions useful for the organization. It also focuses on internal strengths and weaknesses, rules and regulations that are affecting the business practices of Iceland Foods Ltd
Introduction
The business environment is described as an integral part of effectively managing business activities composed of customers, employees, business policy, etc. The business environment helps in determining the type of operations that will be useful in the environmental context, it focuses on business segments and product lines. Plans and strategies are formulated by firms by which they can effectively perform business activity thus enhancing growth and profit index. The present study has been conducted on Iceland Foods Ltd which is a private British supermarket chain operating business in the UK. The company has an approximate market share of 1.8% in the UK food market. The entity conducts its business in a competitive market place and it sells frozen foods including meals and vegetables. Thus, as per the research study, specific information about the market structure of Iceland Ltd has been discussed and along with the same, the researcher has also stated several aspects that determine the output decisions of the business entity. Furthermore, discussion has also been made on the impact of competition policy and other regulatory mechanisms that affect business practices. Stakeholders play a crucial role in the organization; thus the ways through which Iceland manages stakeholder's interests are also discussed in the present research study. Lastly, the benefit of international trade to UK business organizations and to Iceland is also stated.
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Understand the organizational purposes of businesses
1.1 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 operate within the country is detailed below.
Sole proprietorship: The business unit that operates at a small scale and is registered as sole proprietor is referred to as sole proprietorship. It is owned and controlled by a single owner who takes the entire responsibility of managing business operations.
Partnership: Partnership is the best method of starting a business unit as less amount of capital is invested because the firm is owned and controlled by two or more partners. The partners mutually manage business activities and share all profits and losses.
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Voluntary Sector: These are classified as a nonprofit organization and their main aim is the welfare of the people of society by uplifting them and in turn growth of the overall economy.
Publically listed company: This form of business is listed as a publically listed company and its operations are controlled by state, central, and local government bodies. The business unit is managed by top management and owned by shareholders. It is listed as a company whose real owners are shareholders.
Virgin Group Ltd: This is one of the most important leading investment groups which has having global identity & good brand image. Richard Branson was the founder of Virgin Group their product line ranges from travel, leisure, mobile, financial services, etc. They are having presence in 50 countries with more than 50,000 employees The main purpose of this group is to provide quality products to its customers along with a profit margin, serving as a brand at the global scale.
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Iceland supermarket: Iceland supermarket is a private retail entity and the business provides all types of food services to the consumers. In other words, it can be said that Iceland Supermarket is a 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 were opened by the business entity. The business sells all food services and this helps the entity to operate the business with Spanish-based retailers overseas (Yannelis, 2004). The main purpose of Iceland supermarket is to deliver prominent services to the clients so that they may not switch to another brand.
McDonald’s: This corporation is an American-based company having its operations across the globe, they are identified as the largest chain offering fast food products at a global scale, mainly recognized by selling hamburgers. The firm has having presence in more than 119 countries having 3500 outlets across the globe. McDonald's has underway their journey since 1954 by Ray Kroc and they are presently serving more than 70 million people every day.
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Cancer research: Cancer Research UK is a cancer research and awareness charity in the UK that works as a charitable organization. The main purpose of cancer research is to treat patients suffering from cancer issues. It raises money through donations, legacies, events, retail and corporate partnerships and community fundraising (Shaikh, 2010)
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