Unit 1: Business and the Business Environment Assignment Answer- BTEC-HND-LEVEL 4

Business Environment integrates a set of environmental, legal, and other factors. It incorporates social, institutional, and technological factors. Business environments consist of internal and external components. 5Ms of internal environment include machinery, money, management, man, and material.

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Assignment solutions of Business and the Business Environment

There are various types of organizations. Three categories of organizations include the public, private, and voluntary sectors. The objectives of organizations are not the same.

The government owns and runs the public sector for people. People pay taxes to the government. It uses the money to offer essential services. private individuals own and run private sector businesses.

Private sector businesses include partnerships, franchises, companies, and independent traders. The private organization aims to grow business. It increases sales and maximizes market share. Voluntary co-ops don’t have a definitive authority.

1.Identify the organizational objectives.

Each organization has unique objectives. a public co-op aims at serving people at a low cost. On the private companies aim to maximize their profitability. Voluntary organizations aim to create a social impact as opposed to making profits.

The purpose of voluntary enterprises is to improve social awareness.

Type of Organizational structure

Organizational structure characterizes the nature of an association. There are three types of organizational structure like divisional, classical and functional.

The classical structure applies to startup and small-size organizations. The functional structure applies to larger organizations.

Divisional structure assumes a functional unit and divides employees into divisions. An organizational structure states employees work in groups and report to seniors. The traditional way to divide employees is by function. Production, marketing, sales, and promotions are common functions of any organization.

Running a business isn’t an easy task. Federal and legislative regulations keep on fluctuating from time to time. Infrastructural issues, accessibility of manpower, lack of experienced top-level management are the complexities.

2. Structural complexities

Structural complexities vary depending on the nature of organizations.

  • Objectives of the Federal companies

Public sector organizations confront more complications when compared with other types of businesses. Public businesses face challenges while trying to meet customer demands.

Consumer demands change due to social media and networking sites.

Apart from the changing consumer needs, public associations face other challenges.

  • Objectives of the Private companies

A private organization has to manage everything on its own. Loss of profit incurred by the company relies upon its functions. It faces challenges in account management. Rules and regulations imposed by the government are difficult to follow.

Diversification is low in private companies. Lack of proper management, legislative guidelines hinder the growth of private businesses.

  • Objectives of the Voluntary or nonprofit associations

Non-profit or voluntary organizations aim at serving society rather than making a profit. Inside control is a significant intricacy in this kind of association. The success of the voluntary organization relies on the trustees. Fund collection, risk analysis, and documentation are the challenges faced by voluntary organizations.

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3. Importance of micro and macro factors.

Micro and macro factors influence the company’s growth in both a negative and positive way.

Customers, dealers or suppliers, contenders, intermediaries form the micro factor. technological advancement eased the manufacturing process. Still, it is not easy to meet consumer demands or keep customers.

Porter Five Forces and SWOT analysis helps businesses to take important decisions. It analyzes the competitors. It is how companies like Tesco Plc gain a competitive edge in the Retail industry. Managers of these associations use Porter Five Forces for decision-making. Furthermore, it discovers opportunities in the BPO service sector.

4.The role played by the intermediaries and suppliers in the success of businesses.

Hence, suppliers play an important role in the success of businesses. Competitors are organizations dealing with similar products and services, produced by your company. You need to know who your competitors are. You need to think about how your company can differ from others.

Suppliers provide the crude material, tools, and other things used in production. quality maintenance of the raw materials and other inputs relies on the suppliers.

Hence, suppliers play an important role in the success of businesses. Competitors are organizations dealing with similar products and services, produced by your company. You need to know who your competitors are. You need to think about how your company can differ from others.

Intermediaries have both negative and positive effects on the business. Delegates help the organization in promoting its service/products. Full-scale factor incorporates monetary, mechanical, political, social, legal and financial factors.

Business proprietors need to consider political factors when making decisions. Legitimate factors additionally influence the growth of associations. Rules and guidelines keep on changing.

Society plays an important role in the endurance and success of businesses. So, it is the primary responsibility of any organization.

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