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Unit 1 Business Environment - Primark Assignment brief
Case study -PRIMARK
Primark is a subsidiary company of the ABF (Associated British Foods) Group. The company was launched in 1969 in Ireland trading as Penny`s. By 2000, there were over 100 stores across Britain and Ireland. By 2012 Primark had 238 branches across the UK, Ireland and Europe. Primark has become distinctive for offering unbeatable value whilst never losing its innovative, fashion-driven edge.
Like many retail fashion businesses, Primark does not manufacture goods itself. Its expertise lies in understanding its customers and working with its suppliers to produce goods to Primark’s specification. It then gets the right goods to the right places at the right prices. Its profitability depends on sheer volume of sales. Primark`s value-for-money prices rely on low costs. These are achieved in part through economies of scale and efficient distribution.
Primark’s products are mainly sourced from suppliers in Europe and Asia. Its key sourcing countries are China, India, Bangladesh and Turkey. Putting the manufacturing of garments into these countries creates jobs. These are often at better rates of pay than other types of work on offer, improving overall standards of living.
Learning Outcome 1
Identify what type of organisation is Primark and discuss its purpose. In addition identify and discuss the purpose of one organization the following categories;
- What type of business is Primark? Use a REFERENCE for the type of business (80 words)
- What is Primark’s purpose? (80 words)
- The public sector
Choose ONE organisation that is either a), b) or c) and discuss the purpose of the organisation using a REFERENCE for the type of business you have chosen.(170 words)
1.2 Describe the extent to which Primark meets the objectives of its different stakeholders.
- Definestakeholders with a REFERENCE (50 words)
- Define objectives with a REFERENCE (50 words)
Choose at least 3 different stakeholders of Primark and state their objectives. (230 words)
1.3 Explain the responsibilities of Primark as an organisation and the strategies employed to meet them
- Define Corporate Social Responsibility (CSR) with a REFERENCE (100 words)-
- What are the responsibilities of Primark and what does it do to meet these responsibilities? (230 words)
Task 2 – Individual questions
2.1 Different countries operate different economic systems to attempt to allocate resources effectively. Research and explain the type of system operated in the following countries and reasons why you think they follow these systems.
- United Kingdom
2.2 In the UK the Chancellor of the Exchequer and the Bank of England plays a significant role in regulating the economy.The tools used by them are referred to as Fiscal and Monetary policies respectively.
You are required to assess the impact of fiscal and monetary policy on the following type of businesses
2.3 Competition is an essential element in the efficient working of markets. However businesses are of different sizes and that can create unfair competition. In the UK as in other European nations Competition policies are used to encourage and improve the competitive process, and to ensure consumers feel the benefits of that process.
You are required to identify at least five competition policy and other regulatory mechanisms in the UK and evaluate their impact on the activities of a selected organization(s).
Learning Outcome 2
2.1 Research and explain the type of economic system operated in the following countries and reasons why you think they follow these systems.
- United Kingdom
- Give examples of economic systems with REFERENCES (150 words)
- Which economic system is operated in each of the three countries and why? (180 words)
2.2 Assess the impact of fiscal and monetary policy on the following type of businesses
- What is fiscal policy? REFERENCE (50 words)
- What is monetary policy? REFERENCE (50 words)
- Apply both fiscal and monetary policy to
- (a) farming (115 words) and
- (b) housing (115 words)
2.3 Identify at least five competition policy and other regulatory mechanisms in the UK and evaluate their impact on the activities of a selected organization(s).
- Describe what competition policy is with a REFERENCE (50 words)
- Explain 5 competition policies with REFERENCES and other regulatory mechanisms in the UK and state how effective they are on a particular organisation (300 words)
Task 3 – Essay
With the aid of practical examples and using suitable organisation(s).
Learning Outcome 3
3.1 Explain how pricing and output decisions of businesses is determined in the following market structures
- perfect competition
- Describe each market structure above with REFERENCES (500 words)
3.2 Illustrate the way in which market forces (demand and supply) shape organisational responses using a range of examples (diagrams are essential)
- Define demand with a REFERENCE and use an organisation and a diagram to explain it (250 words).
- Define supply with a REFERENCE and use an organisation and a diagram to explain it (250 words).
3.3 Judge how the business and cultural environments shape the behaviour of a selected organisation
- Define what PESTEL is using a REFERENCE (250 words)
- Apply your definition to an organisation of your choice (250 words).
Debate - BREXIT
On 23 June, the UK finally settled the question that`s been rumbling close to the surface of British politics for a generation: should the country remain within the European Union or go it alone.
The EU is a single market in which no tariffs are imposed on imports and exports between member states. "More than 50 per cent of our exports go to EU countries," says Sky News. Membership of the bloc means we have always had a say over how trading rules are drawn up.
Britain also benefits from trade deals between the EU and other world powers. "The EU is currently negotiating with the US to create the world`s biggest free trade area," says the BBC, "something that will be highly beneficial to British business." Strong arguments have been made by both the Remain camp and the Leave camp.
Amongst several arguments put forward by supporters of the Leave camp is that Britain’s links with the EU are holding back its focus on emerging markets – there is no major trade deal with China or India, for example leaving would allow the UK to diversify its international links. Whilst the Remain camp disagrees with this argument and argues that 44 per cent of Britain’s exports go to other EU countries. Putting up barriers with the countries that Britain trades with most would be counterproductive (The Telegraph, 2016).
Britain risks losing some of that negotiating power by leaving the EU, but it would be free to establish its own trade agreements. Your local MP is concerned and worried about how Brexit will impact on local businesses that trade locally and internationally.
Learning Outcome 4
4.1 Discuss the significance of international trade to UK business organisations
- What does international trade involve? Explain with a REFERENCE (250 words)-
- How important is international trade to the UK business organisations (250 words)
4.2 Analyse the impact of global factors on UK business organisations
- What are global factors? Use a REFERENCE to explain (250 words)
- Show how global factors, including emerging markets, have affected the UK business organisations.Use a reference (250 words)
4.3 Evaluate the impact of policies of the European Union on UK business organisations
- Describe some policies of the European Union using REFERENCES (250 words)
- How do these policies impact on the European Union?