The business environment in which firms operate lies outside themselves. It is their external environment, which is always changing. Some changes are so dramatic that everybody notices them, but others may creep up on an industry over the years and be largely ignored for too long. Changes take many forms and create new challenges. For an industry as a whole, it may well be that: * Customers' needs and requirements change. They look for new, better and cheaper products. * New technologies become established. These encourage new firms to enter the industry with better products and cheaper ways of doing things. * Employees' skills need revising to take advantage of new technologies. * New laws are passed that require changes in how businesses operate eg introduction of a minimum wage, restrictions in working hours and tougher health and safety requirements. * Traditional sources of supplies of raw materials and components begin to look less reliable. * New supply sources emerge.
* Banks and other investors start to lose interest in financing the industry. * Pressure groups start to take a greater interest in the industry's activities. * The industry ceases to be able to attract new, high calibre recruits. For individual firms within an industry, the external business environment also includes their competitors, who may: * introduce new, superior methods of production
* change the ways in which they compete for business
* extend their target markets
* find new ways of attracting key employees.
One test of a firm and also of an industry is how well it recognises significant changes and adapts to them.
Task 1 : You are required to identify different types of market structure, and explain how market structure determine the pricing and output decision of business :
There are many types of markets:
* Perfect competition
* Monopolistic competition
Perfect competition can be described as competitive depends in part on how many suppliers are seeking the demand of consumers and with a new businesses can enter and exit a particular market in the long run. In a market economy, competition occurs between large numbers of buyers and sellers who vie for the opportunity to buy or sell goods and services.
Perfect competition exists when there are so many people in the market, and other conditions are such, that no-one can influence the price, all other things being equal.
Monopolistic competition is when a large number of firms sell closely related but not homogenous products. There are three ways:
* There are many buyers and sellers
* Entry and exit are easy
* Firms take other firms price as given
Oligopoly is when there are a few large suppliers, and business decisions affect each other.
Monopoly is a businessenvironment in which a single company, by controlling a specific supply of products or service, set prices, prevents other business from entering the market and controls the available supply of the product or...
...Principles of supporting change in a businessenvironment
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Please note that this Assessment document has 3 pages and is made up of 3 Sections.
Section 1: Why change happens
This section will help you to evidence Learning Outcome 1: Understand why change happens in a businessenvironment.
Place in Assessment
1.1 Explain reasons for change in a businessenvironment
Question 1 Page 1
1. Explain why change happens in a businessenvironment. You should include at least three reasons in your answer. [1.1]
Change happens in a businessenvironment for a variety of reasons.
Those reasons depend on both internal and external factors. For example as internal reasons for change would be the launch of a new...
Explain how the company will be managed so that it is seen to behave in a responsible way in relation to governance, finance, the environment and the wider society………………………………………………….………………………………5
IntrodutionThis report will talk about the vision and mission of the different type of the organization and what the strengths and weakness of these organizations. In the second section, I will describe the stakeholder which related our organization, and discuss objectives of the different stakeholder of the organization. I will layout some of them to deep analysis and demonstrate that effective judgments have been made and that an effective approach to the research has been applied. Last section will talk over the management of the company, how the vision and mission of the company to be going, that the company is running in a responsible way in relation to governance, finance, the environment and the wider society.
The purposes, perhaps stated as vision and mission, of three different types of other organizations
As the manager of the company, the role needs to finish many different jobs and responsibilities, organizing operating, managing and planning, etc. Each of the above tasks is critical to our business development and our company’s future. But in this meeting, what I want to declare mostly is that we...
For this task I shall explain the changes in the economic environment on the business. This may include changes within the following,
The business that that I will be looking at is Whitbread who own Premier Inn and Costa coffee. I will be explaining within this task how the above may affect Whitbread and its two companies Costa and Premier inn whether it is for the better or worse.
When looking at a graph of a business cycle we can expect to see increases and falls in production, income and expenditure of a company over time. The economy of the U.K, moves from boom to recession over time and these changes within the economy have major effects on the business itself such as Whitbread. The reason why the economy cannot stay within a boom for two long is because the demand for products eventually gets so high that t manufacturers and suppliers simply cannot satisfy it and this leads to rising prices, this has a domino effect has the price of other products and services eventually increases and the demand which once existed slowly dwindles effecting everything else and the economy plunges into recession thud creating a business cycle.
The way in which Whitbread’s companies that are premier inn and costa coffee will...
External and Internal Environments
By Sarah Bruce
Professor Ira Poladeen
April 28, 2015
An organization’s environment includes factors that it can easily change as well as factors that it cannot easily change. The factors that it cannot easily change are said to be the general environment (Faye, T. 2011). It is this environment that I will discuss as it relates to a struggling, once thriving industry: office-supply stores. Office supply retailers are finding themselves in quite a conundrum as they fight increased competition and technological shifts that are reducing demand for traditional supplies such as pens, paper clips, and paper. Because of the tremendous strides in technology, profitability among office supply, stationery and gift retailers are on the decline. Office supply companies are typically one of the least profitable retail industries anyway, but in 2013 they saw overhead expenses and costs of goods sold increase relative to sales. The large online presence from Amazon and Staples.com is also making it difficult for other office retailers to find market share. Office supply, stationary and gift retailers operated with a net loss, on average, of 1.2% of sales in 2013, compared with a net profit margin of 3.7% in 2012, according to Sageworks’ industry data...
1.3 Describe different methods of communication
1.4 Describe when to use different methods of communication
2.1 Identify different sources of information that may be used when preparing written communication
2.2 Describe the communication principles for using electronic forms of written communication in a businessenvironment
2.3 Describe the reasons for using language that suits the purpose of written communication
2.4 Describe they ways of organising, structuring and presenting written information so it meets the needs of an audience
2.5 Describe ways of checking for accuracy of written information
2.6 Explain the purpose of accurate use of grammar, punctuation and spelling
2.7 Explain what is meant by plain English, and why it is used
2.8 Explain the need to proofread and check written work
2.9 Explain how to indentify work that is important and work that is urgent
2.10 Describe organisational procedures for savings and filling written communications.
Explain reasons for knowing the purpose of communication
the purpose of communication is to be able to understand each other in different ways and for several reasons. We also communicate in a businessenvironment to list to each others’ problems, solve difficulties that we face in everyday life in work and out of work.
Explain reasons for knowing the audience to whom the communication is being presented
if I know the audience, I can more effectively...
...Communication in BusinessEnvironment
We all know the importance of communication in our daily lives. Nothing can take place without some method of communication being used to express ourselves for whatever purpose.
Communication is even more valuable in a businessenvironment as there are several parties involved. Various stakeholders, whether they are customers, employees or the media, are always sending important information to each other at all times.
We are therefore constantly using some form of communication or another to send a message across. Without these different methods of communication available today, it would take forever for us to carry out business as efficiently as it is done today and with the same speed.
Let's try and understand what these methods of communication are.
Methods of Communication
Numerous new instruments have emerged over the years to help people communicate effectively. The different categories of communication are:
Verbal Communication: face-to-face, telephone, radio or television and other media.
Non-Verbal Communication: body language, gestures, how we dress or act - even our scent.
Written Communication: letters, e-mails, books, magazines, the Internet or via other media.
Verbal communication entails the use of words in delivering the intended message. The two major forms of verbal communication include written and oral...
...CU678 WORK IN A BUSINESSENVIRONMENT
1.1 The concept of diversity encompasses acceptance and respect. It means understanding that each individual is unique, and recognising our individual differences. These can be along the dimensions of race, ethnicity, gender, age, physical abilities, etc.
1.2 There is a need to be sensitive to the needs of others in all aspects of life including office life. I, myself, am formally registered disabled by being hard of hearing aid. My line managers have always been aware of this and adapted my work accordingly. Before I was issued with this new hearing aid, I was never expected to take minutes at meetings nor work on reception. However, as I am now fitted with a better hearing aid, I feel able to do both these areas of work as well as any other colleague. I am also in my mid fifties yet I have never encountered age discrimination. Nowadays, I would expect this sensitivity towards me in the workplace and would feel entitled to complain if I was treated insensitively in regard to my age and deafness. Equally, I would show similar respect and understanding to another person’s disabilities, age, gender, race, etc, etc. It is not even that it should be perceived with understanding but should be welcomed as life (anywhere – at work or elsewhere) would be dull if we were all identical robots.
1.3 See 1.2
1.4 Not only would it be dull in the workplace if we were all identical, it would not offer the best...