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Unit 1 Business Environment, Level 4 Diploma in Business

Unit 1 Business Environment Assignment Help - Are you looking for Business Environment Assignment Help or wants to understand the purpose of business
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Unit 1 Business Environment - Level 4 Diploma in Business

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LO1:  UNDERSTAND THE ORGANISATIONAL PURPOSES OF BUSINESSES

Answer: The organisational ideas of businesses encompass a range of objectives that drive their existence, sustainability and growth. At its core, a business's purpose is to produce value for its customers, society and stakeholders while generating profits. This involves identifying and fulfilling the needs and wants of customers through innovative products, services, and experiences. Businesses also aim to maximise shareholder value, ensure long-term survival, and maintain a competitive edge in their industry. Moreover, organisations strive to make a positive impact on society by adopting ethical practices, supporting communities, and promoting environmental sustainability. Eventually, a business's purpose serves as a guiding force, influencing its strategy, culture, and decision-making processes, and enabling it to achieve its mission and vision while making a meaningful contribution to the world.

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Q1.1 Identify at least four different types of organisations that exist in the U.K.

Q1.2 Select an organisation of your choice and describe the extent to which this organisation meets the objectives of its stakeholders.

Q1.3 Explain the responsibilities of the organisation you selected in Q1.2.  In addition, explain the strategies employed to meet these responsibilities.


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LO2:  UNDERSTAND THE NATURE OF THE NATIONAL ENVIRONMENT

Answer: The external elements that have an impact on companies operating inside a nation's borders are referred to as the national environment. It includes all of the PESTLE (political, economic, social, technical, legal, and environmental) elements that influence how businesses operate. Stability, rules, and policies of the government are examples of political factors. Interest rates, employment rates, and inflation are examples of economic factors. Consumer behavior, cultural trends, and demographic shifts are examples of social influences. Digital breakthroughs, infrastructure, and innovation are examples of technological factors. Laws, rules, and standards are all considered legal elements. Ecological issues, sustainability, and climate change are examples of environmental factors. Businesses may better handle opportunities and challenges, adjust to changes, and make strategic decisions that will help them stay compliant and competitive by having a thorough understanding of the national environment. Additionally, it helps businesses to reduce risks, take advantage of trends, and advance the growth and development of the nation.

Q2.1 Using a country or countries of your choice, explain how two economic systems attempt to allocate resources effectively.

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