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Business Environment
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Table of Contents
INTRODUCTION ...............................................................................................................................4
TASK 1.................................................................................................................................................4
1.1 Purpose of organizations ...........................................................................................................4
1.2 Iceland Supermarket meets the objectives of its different stakeholders....................................5
1.3 Responsibilities of Iceland Supermarket and strategies to meet expectations of stakeholders. 5
TASK 2 ................................................................................................................................................6
2.1 Different economic systems attempts to allocate resources effectively....................................6
2.2 Impact of fiscal and monetary policy on Iceland Supermarket and its activities .....................8
2.3 Evaluation of impact of competition policy and other regulatory mechanism on activities of
Iceland Supermarket .......................................................................................................................9
TASK 3 ................................................................................................................................................9
3.1 Market structure which determine the pricing and output decision of businesses including
Iceland Supermarket .......................................................................................................................9
3.2 Market forces shape Iceland Supermarket responses..............................................................10
3.3 Impact of business and cultural environment in shaping the behaviour of Iceland
Supermarket...................................................................................................................................11
TASK 4...............................................................................................................................................12
4.1 Significance of international trade to Iceland Supermarket.....................................................12
4.2 Impact of global factors on Iceland Supermarket....................................................................12
4.3 Evaluation of impact of policies of the European Union on Iceland Supermarket.................13
CONCLUSION .................................................................................................................................14
References..........................................................................................................................................15

Illustration Index
Illustration 1: Free market economy system .......................................................................................7
Illustration 2: Command economy system...........................................................................................7
Illustration 3: Mixed economy system ................................................................................................8

INTRODUCTION
Business environment is a sum of internal and external elements that affect business
operations of a company (Brinkman, Navarro and Harper, 2014). A close interaction between
various activities of an organization and its environment is more important. It helps in giving
strength to the business of an enterprise and utilizing resources in a proper manner. The study of
business environment enables company to interpret future problems in advance so new strategies
and plans can be made according to it. With the help of it, firm can understand market conditions
and develop various policies (Haidrer, 2010). The following research has based on business
environment and to understand the role of it in the business, Iceland Supermarket has taken into the
consideration. It is a subsidiary company of Associated British Food (ABF) Group. It is a retail
supermarket and operated 238 outlets in the UK, Ireland and Europe. Objectives which will cover
under present research are organizational purposes of businesses, nature of the national environment
in which company operates its business, behaviour of firm in the market environment and
significance of the global factors which shape business activities (Craig and Campbell, 2012).
TASK 1
1.1 Purpose of organizations
Iceland Supermarket: It is a subsidiary company of Associated British Food Group and it is
one of the large supermarket chains of retail goods. Present market share of firm till 2014 in UK is
1.9% (UK supermarkets (market share 2015 2014), 2016). Products which are offered by Iceland
Supermarket are frozen goods and groceries. Main purpose of company for doing retail business is
related to meet the consumer’s expectations, raise market share and attract large number of service
users (Groza and Ragland, 2016). To achieve all these objectives, firm is trying to deliver good
purchasing experience to the customers.
KFC: It is a chain of fast food which is specialised in fried chicken. It is world’s second largest
chain of fast food restaurant after McDonald's. It has more than 118 stores across the world and
headquarter of company is situated in United States. Main purpose of KFC for conducting business
in fast food sector is related to offer good quality products and services with wider range of fried
chicken to the customers.
Transport of London (TFL): It is a Statutory Corporation and a local government organization
which is responsible for maintaining transport system of Grater London, England. It is accountable
for managing London road, under and over ground rail networks, trams, taxis, buses, river services

and cycling provision (Hamilton and Webster, 2015). Main purpose of TFL is implementing
transport strategy as well as managing transportation services across London for the convenience of
community and various organizations.
Cancer Research: It is a research centre of cancer where causes of cancer are identified and
according to it, different kinds of strategies for prevention, treatment, diagnosis and cure are
developed. It is a non-profit organization and works for the well-being of community (Higón,
2012). Main aim of research centre is determining various reasons and types of cancer as well as
developing new treatments for the cure of it. Along with this, it is focused on ensuring well-being of
the community.
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1.2 Iceland Supermarket meets the objectives of its different stakeholders
Stakeholder is a group of people who are investing their money in a business with the
intention of getting personal benefits. It can be either internal or external for an organization. They
are investing their money into a business as per their personal interest. Stakeholders of Iceland
Supermarket are employees, employers, consumers, suppliers, distributors, investors, government
etc (Upton, 2010). Company has given authority to its various stakeholders to access important
information about the firm. Along with this, to meet the objectives of stakeholders, firm has
developed various strategies.
For instance, objective of investors is increasing their investment within the firm for get
more return. To meet this objective, Iceland Supermarket has prepared and published annual reports
which includes numerous information regarding profit, revenue, loss, market share etc. this data

shows company’s financial condition in the market (Wang and Altinay, 2012). It helps capitalists to
take decision about whether to increase investment in the firm or not.
Another example can be considered for understanding the role of Iceland Supermarket to
meet the objectives of its stakeholders. Suppose, the objective of consumers towards company
while buying the products are getting extra benefits. For this, firm has introduced different offers on
diversified goods and services so that customers can buy goods and services at low cost (Halbert
and Ingulli, 2014). Hence, with the help of integration of numerous methods, Iceland Supermarket
always tries to meet the objectives of its stakeholders.
1.3 Responsibilities of Iceland Supermarket and strategies to meet expectations of stakeholders
Iceland Supermarket is known as a responsible retailer in British Food retailing sector. With
the time, company has formulated various strategies and methods to fulfil its responsibilities
towards its numerous stakeholders (Taylor Gooby, 2012). For example: in the present time,‐
customers are more aware towards their health and for this, they are focused on avoiding those food
products which contain artificial colours, fats, harmful chemicals etc. To meet this expectation of
consumers, Iceland Supermarket has developed “Good Food” strategy in which company has
removed artificial colours, monosodium glutamate, banned mechanically recovered meat,
hydrogenated fats, banned genetically modified ingredients etc from its all outlets.
On the other hand, government of UK expects from Iceland Supermarket to protect
environment and nature. In this context, it is a major responsibility of company to reduce the impact
of different business operations on the environment. In this context, organization has formulated
some strategies for reducing carbon footprints, minimising wastage, promoting recycling, reducing
carrier bag waste etc (Corporate Responsibility, 2016). To achieve all these, Iceland Supermarket
has installed energy efficient lighting and air conditioning equipment in the stores. Along with this,
company has developed new control strategy through which it can control store heating and air
conditioning requirement to reduce the consumption of energy and its wastage (Siewiorek and et.al.,
2012). New robust targeting and monitoring system of firm is focused on collecting half hourly data
of all the outlets in order to determine those areas where electricity is consumed more.
In 2011, Iceland Supermarket invested more than £5 million on different energy saving
projects like Voltage Optimization, high Efficiency Lighting etc. On the other hand, firm has
developed a strategy for minimizing waste and promoting recycling. By using recycling, re-usable
carrier bags are made that are available at different outlets. At every distribution depots, there is one
recycling centre setup where all outer shrinkwrap collected and recycle (Alcidi and Gros, 2011).

Therefore, from the above discussion, it has been concluded that there are various responsibilities
and strategies formulated by Iceland Supermarket to meet the objectives of stakeholders.
TASK 2
2.1 Different economic systems attempts to allocate resources effectively
Free market economy: Under this economic system, government has less intervention on
company for the allocation of resources. It is a complete capitalist economy where organizations are
operating business only for profit making (Free market economies. 2016). In this economy, business
enterprise can trade goods at the high prices and consumers are willing to pay for it. Further,
workers of the organization demand high salary and company is willing to pay for their efforts.
Transitional economy: This economy is adopted for developing industry in the marketplace. Here,
a central planned economy is changed into free market economy (Transition economies, 2016).
Command economy: Here, government takes decision to supply products in the market as well as
set their prices (Command economies, 2016). For instance: government has developed some laws
such as taking taxes from the organizations and after that spending of those funds.
Illustration 1: Free market economy system
(Source: Free market economies, 2016)

Mixed economy: It is a mixer of command and free market economic system where government
and companies can take decision either mutually or individually for the allocation of resources
(Mixed economies, 2016). For instance: government and private companies both takes decisions for
the allocation of resources in private sector by discussion process.
Illustration 2: Command economy system
(Source: Command economies, 2016)
Illustration 3: Mixed economy system
(Source: Mixed economies, 2016)

2.2 Impact of fiscal and monetary policy on Iceland Supermarket and its activities
Impact of fiscal policy on Iceland Supermarket: Fiscal policy is used to influence the level of
economic activities of a nation by making changes in spending of government and taxation policy.
Federal Government develops taxation and government spending policy to run economy of the
country in a right direction with the help of decreasing or increasing demand as well as availability
of commodities (Pettinger, 2007). Changes in taxation fiscal policy affect customer’s demands due
to the alteration in amount of disposable income of the consumers. For instance: increase in tax
leads to decrease the net income of people and they become more budget conscious as well as they
limit their expenditures (Smithers, 2015). It is directly affected the demand of goods of Iceland
Supermarket and this in turn decreases the sales of products and services.
Impact of monetary policy on Iceland Supermarket: Monetary policy is used to control
macro-economic variables of economy with the help of interest rate. The impact of it on Iceland
Supermarket and its business operations can be understood by an example. If, Federal Government
increases the interest rate of bank loan then, it will create difficulties for customers to take loans
over high interest rate. It will also lead to reduce the spending power of consumers on the luxury
goods of Iceland Supermarket (Brunot, 2015). Due to this, demand of the products and services will
be reduced. Most of the services users will focus on limit the expenditure and save more money. It
will decrease the sales of company and it will lead to reduce its profit and revenue.
Therefore, from the above discussion, it has been determined that monetary and fiscal policy
of UK government put its positive and negative impact on Iceland Supermarket and its business
activities.
2.3 Evaluation of impact of competition policy and other regulatory mechanism on activities of
Iceland Supermarket
Impact of competition policy on the activities of Iceland Supermarket: Growth is an
important aspect for every type of organization which can only achieve by competition. UK
government has formulated and imposed various competition policy for all the industries. As per the
Competition Act 1998, there should be fair competition between the companies of same sector. Due
to this, Iceland Supermarket is adopting anti-competitive practices to take advantage of high
competition in the market (Galbreath, 2009). Along with this, it has promoted enterprise to brought
new innovations and styles in goods and services in order to gain competitive advantage. Another
impact of competition policy is improving quality of goods which enables Iceland Supermarket to
attract new customers along with raising its market share.

Impact of other regulatory mechanisms on activities of Iceland Supermarket: There are
various regulatory mechanisms that are related to health and safety at workplace, employment
opportunities, improving working conditions etc. These all are developed by UK government for
every kind of industry. In this regard, Iceland Supermarket has started to prepare different strategies
to achieve the goal of making sustainable business and build good image in the marketplace (Haigh
and Brubaker, 2010). The overall impact of various regulatory mechanisms on company’s business
activities are increasing customer satisfaction level, market share, created good image in market,
bring the new innovation in existing goods and services, raised sales and profits, meet the
expectations of internal as well as external stakeholders and many other things.
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TASK 3
3.1 Market structures which determine pricing and output decision of businesses including Iceland
Supermarket
Market structure and setting of pricing of goods are interrelated to each other. These are the
part of economic structure of each and every organization. Perfect competition, oligopoly,
monopoly and monopolistic are the types of market structure. In perfect competition, there are no
market entry as well as exit barriers and companies are focused on offering homogeneous goods
and services to same target market. In monopoly, there is only one organization dominating in the
market. There are some market entry barriers but profit margins are high as compare to perfect
competition market structure (Hanning, 2013). On the other hand, in monopolistic market structure,
there is no market entry as well as exit barriers and companies are focused on offering differentiated

goods and services to the community. It helps in making huge profit for the long time and enjoying
present market condition. Beside this, oligopoly market is dominated by the few firms and they
serve similar services to the same target market.
From the last decade, British retail market has been dominating by few large supermarket
chains in which Iceland Supermarket is also included. Due to the reason of economic recession,
prices of food and grocery products become vary and this thing has influenced the British
consumers to look for value of money. From the research, it has been identified that thinking of
buyers are shifting and they are attracting towards convenience stores. This thing is responsible for
determining the prices of goods along with taking output decisions (Statistics and facts on
Supermarkets in the United Kingdom, 2016). But market structure is more important aspect as
compare to other elements which helps Iceland Supermarket in taking pricing decisions. Market
structure of grocery and food retail industry of UK is oligopoly (Supermarkets, 2016). But market
structure of cited company is perfect competition as by adopting this, firm and its competitors are
offering homogeneous commodities to the customers. It has increased competition level between
Iceland Supermarket and its competitors in the consumer oriented market (Kunnanatt, 2011).
Hence, perfect competition market structure assists Iceland Supermarket to set pricing of its
products in an effective manner along with taking many other business related decisions.
3.2 Market forces shape Iceland Supermarket responses
There are various market forces which shape Iceland Supermarket responses. These are as
follows:
 Demand and supply: As per the increase or decrease in the demand of goods in the respect
of services users, Iceland Supermarket needs to make changes in its demand and supply.
Organization develops future objectives related to increase its sales of products. So, it is
important to determine the demand of particular goods so that decision related to the
production of more commodities can be taken.
 Elasticity of demand and supply: Elasticity of demand is varied as per the demand of goods
in the market and the pricing of goods. For instance: Iceland Supermarket wants to sell old
stock and elasticity of demand and supply of particular good is high (Sledge, 2011).
Therefore, response of company towards it is that firm will decrease the prices of products
in order to release old stock.
 Economic of sales: It is a cost benefit method that is achieved by manufacturing products
according to the cost per unit. For example: Iceland Supermarket wants to decrease the final

price of its products so that customer can get good quality of commodities at lower prices.
To give response towards the following market force, company has to increase volume of
production of its goods so that low cost per unit can be maintained.
 Expectations of customers: With the time, needs and wants of consumer have changed to a
lot which is another big market force. For instance: customers of Iceland Supermarket are
looking towards the fashionable cloths which are comfortable in every season (Zhang and
Huang, 2012). Therefore, with respect to this market force, Iceland Supermarket can bring
some new innovations or modifications in its existing products.
3.3 Impact of business and cultural environment in shaping the behaviour of Iceland Supermarket
Impact of business environment in shaping behaviour of Iceland Supermarket
Technology, legal, social, economic, environment etc are some factors of business
environment which shape the behaviour of Iceland Supermarket (Gupta, Clements and Inchauste,
2004). In the present time, use of technology has been increased to great extent. In this context,
Iceland Supermarket offers internet shopping services to its customers and the services users are
like this concept (Wittgreffe and Memmory, 2000). The result of this approach is that the sales of
company has raised by £1M and order delivery revenue has increased by 40%.
On the other hand, environmental factor has also affected the business of company and lead
to change its responses. By obeying all the rules and regulations of UK government, Iceland
Supermarket is focused on minimizing the impact of its business operations on nature. Along with
this, organization has adopted forward thinking policies with the aim of minimising environmental
impact and using hydrocarbon refrigerants in outlets to store frozen food products (Brinkman,
Navarro and Harper, 2014). Furthermore, firm has contracted and started working with external
parties such as Carbon Trust, British Retail Consortium Environmental Policy Action Group,
WRAP etc.
Impact of cultural environment in shaping behaviour of Iceland Supermarket
From the last few years, people have been supporting and consuming those goods which are
prepared by considering ethical consideration and without harming environment as well as animals.
Therefore, such kind of culture and values of customers are affecting business of Iceland
Supermarket. Due to this, company is now considering some ethical consideration while operating
business. Further, staff members of the organization belong to different culture backgrounds (Craig
and Campbell, 2012). Due to this, working style and thinking of each individuals vary from one
another.

TASK 4
4.1 Significance of international trade to Iceland Supermarket
International trade means selling or buying of products and services in between two or more
countries. Significance of international business to Iceland Supermarket is that it gives opportunities
to the company to gain competitive advantage at the global level. It also provides mutual benefits to
UK and other trading nations. With the help of international trade, firm can get opportunity to
expand business at the global level (Dudovskiy, 2013). On the other hand, another significance of
international business to Iceland Supermarket is related to share resources with other internal
companies in order lower down the cost of production. With the help of international trade,
enterprise will be able to develop goods in those countries where labour cost is low as compare to
other nations. It will decrease the cost of manufacturing in terms of per unit of product. Moreover,
Iceland Supermarket can use other company’s plants and equipment for manufacturing of
commodities (Groza and Ragland, 2016). This in turn leads to reduce the investment of firm for
establishing new plants in the oversee nations. Some more significance of international trade to
Iceland Supermarket are as follows.
 It helps in taking advantage of new technologies during different business operations such as
distribution of goods, acquiring raw materials etc.
 It leads to enhance the number of sales.
 It is focused on raising profit and revenue of the company.
 It decreases dependency level of company on domestic market for increasing its market
share.
 It leads to bring stabilization in business due to seasonal demand.
 It is focused on achieving good and stable economic of scale (Benefits of International
Trade, 2010).
4.2 Impact of global factors on Iceland Supermarket
Impact of various global factors on Iceland Supermarket are as follows.
Positive impact
 Global factors have increased the economic condition of Iceland Supermarket at the time of
operating business at the global level.
 It has raised the sales figures of Iceland Supermarket and helped in making huge profit.
Along with this, it makes easy to increase market share (Hamilton and Webster, 2015).

 Various international factors have delivered opportunity to company to expand business at
the global level.
 Global factors have reduced risk at international level which help Iceland Supermarket to
offer good quality of commodities at reasonable prices to customers.
 Another impacts of global factor on organization are related to minimize the cost of
manufacturing per unit, effective utilization of resources, taking advantages of new
technology and achieving good economic of scale (Higón, 2012).
 International factors of Iceland Supermarket have promoted multiculturalism within the
workplace and developed new perspective to solve various business problems.
Negative impact
 Negative impact of global factor for Iceland Supermarket is that it has created threats for
company from emerging markets. BRIC countries are now starting to grow and it has been
predicted that in near future, BRIC nations will be become market leader of retail industry
(Upton, 2010).
 International factors have increased unemployment rates, affected exchange rate of currency,
deviate inflation rates etc which have affected business of Iceland Supermarket in a negative
direction.
 Global factors have developed misunderstanding between staff members of Iceland
Supermarket who are belonging to diversified culture. It has directly affected performance
and productivity of the company in a destructive manner (Wang and Altinay, 2012).
4.3 Evaluation of impact of policies of the European Union on Iceland Supermarket
European Union (EU) has formulated various policies for the retail industry which affect the
business of companies to a great extent. As per the Employment Policy of EU, every organization
should protect the rights of employees during their job. In this context, Iceland Supermarket has
developed many HR policies for the staff members such as anti-discrimination. Along with this,
firm has adopted many types of health and safety frameworks for the employees to protect them
from various hazards or accidents (Halbert and Ingulli, 2014). Beside this, by following
employment policy, organization has opened new stores in UK which will lead to increase
opportunities of employment for the community.
On the other side, according to Education and Training Policy of EU, firm should emphasize
on improving the quality of training as well as education of employees so that they can get better

growth opportunities (Taylor Gooby, 2012). For this, Iceland Supermarket has adopted on the job‐
and off the job training as well as education methods for the staff members. In addition to this,
company has invested more amount of money on giving training to employees with the intention of
improving job quality. These methods are used for both new and existing workers of the
organization so that their productivity can be improved. Therefore, from the evaluation of impact of
EU policies on Iceland Supermarket, it has found that EU frameworks are constructive which help
in bringing new changes in firm to take competitive advantage in the marketplace (Siewiorek and
et.al., 2012).
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CONCLUSION
From the above research, it has been concluded that business environment is a combination
of both internal and external factors. Iceland Supermarket has formulated and implemented various
strategies and methods to meet the expectations of its stakeholders. Perfect competition market
structure is used by the company. Various market forces have given shaped to the responses and
behaviour of organization. International trading has provided many advantages to Iceland
Supermarket.

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