BTEC Level 3 in Business – Unit 1 – The Business Environment Context Think of a business as a ship on the high seas. The captain and crew of the ship are steering the ship on its journey but the ship is also affected by other influences such as the weather, tides and currents. The captain and crew have no control over these but they must be able to respond effectively to the intervention of events such as a storm in order for the ship to successfully complete its voyage. Just like a ship
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The market, its definition A market consists of all the consumers who purchase a particular type of good or service. The market may be sub-divided into separate segments each of which can be considered to be a separate market in its own right. It is very important for a business to be able to define its market [1]: 1. So that it can estimate the size of the market 2. So that it can forecast the growth of the market 3. To identify the competitors in the market 4. To break the market down
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Task 1 Tesco, the largest retailer in UK as well as the third biggest in the world in terms of revenue, originally specialising in food and drink, it has diversified into areas such as clothing, consumer electronics, financial services, telecoms, health and car insurance, dental plans, retailing and renting DVDs, CDs, music downloads, internet services and software. Tesco was founded in 1919 by Jack Cohen. In 1924 the brand Tesco was first started the journey and 1932 it became a private limited
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Domino’s Pizza Executive summary: Domino’s Pizza is a most important pizza shop in UK and in the world serving one of the best quality pizzas while establishing and maintaining the health standards by using freshly made dough and other products. The plan was to make Domino’s Pizza a well-known brand and to be the first choice for pizza lovers. Domino’s Pizza aim is to produce different multiplicity of pizza and allow customers to customise their own choice of pizzas by offering them variety
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Elaine Hannah Why Invest in South Korea? Elaine Hannah Why Invest in South Korea? Why invest in emerging markets? To cash in where growth is today, and for the foreseeable future. But success is only possible if you have chosen the right entry modes to your market and understand the environmental, political and sociocultural factors of the chosen host country. This report analyses South Korea and demonstrates this emerging market is there for the taking if approached with shrewdness. The South
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Primark is one of UK’s largest clothing retail stores with a reported revenues of £4,273 million, the store was first established in Ireland in 1969. Over the past ten years Primark has become extremely successful with its expansions into the United Kingdom where 165 stores are now available and more than 250 stores around Europe (Wood 2014). Earlier this year, Primark’s parent company announced its intention to enter the US market with a first store opening in Boston MA in 2015, the opening will
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Environment Learning Outcomes After reading this chapter, you should be able to: » » » » » » Identify and define the three key areas of the marketing environment Describe the key characteristics associated with the marketing environment Explain PESTLE analysis and show how it is used to understand the external environment Explain the environmental scanning process Analyse the performance environment using an appropriate model Understand the importance of analysing an organization’s internal environment
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strategic business units (SBUs) of BP Solar and Shell Renewables within the alternative energy industry, which are part of British Petroleum (BP) and Royal/Dutch Shell Group (Shell), the world's second and third largest energy companies? Environmental analysis highlights the increasing volatility of the global energy market, which is driven by factors including demographics, urbanisation, income levels, market liberalisation and demand. What Does Macro Environment Mean? The conditions that exist in
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any unfair increases in subscription fees may bring forth the unwarranted attention of regulatory bodies who seek to ensure that fair trade occurs. This could result in changes to regulatory rules which may restrict trade. See Appendix 5 for PESTLE analysis. * New Entrantssee appendix?? 5 forces any shift in prices may result in Amazon’s customer (Third Party) “jumping ship” to existing organisations like EBay; however,
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China China, one of the largest economies in the world at 7.5% is continuing to grow and the population is forecast to rise higher than ever before which is a recipe for high rewards both in both the short and long term. However, using the PESTLE analysis, multinationals will understand that the environment in China is constantly changing and the risks are significantly increasing for multinationals such as wage increases which are higher than ever which is affecting the market share of some businesses
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