Unit 1 Business Environment ATHE Level 3 Assignment Answer UK
Unit 1 of the ATHE Level 3 course on Business Environment unit aims to provide you with a comprehensive understanding of the business environment and its impact on organizations. The business environment is constantly changing, and it is essential for businesses to understand and adapt to these changes to remain competitive and successful.
Throughout this unit, you will explore various aspects of the business environment, such as the economic, political, social, and technological factors that affect organizations. You will also gain insight into the different types of business structures and the legal framework that governs them.
Furthermore, this unit will introduce you to the concept of corporate social responsibility (CSR) and its significance in the modern business environment. You will also learn about the role of stakeholders in shaping an organization’s actions and decision-making processes.
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Here, we will discuss some assignment briefs. These are:
Assignment Brief 1: Understand the range of stakeholders who have an interest and influence on a business.
Identify stakeholders for a named profitmaking organisation and explain their a) interests b) objectives and c) potential conflicts.
- a) Interests: Shareholders/investors of Coca-Cola are interested in maximizing their return on investment by earning profits, increasing stock price, and receiving dividends.
- b) Objectives: Their objectives are to increase the value of their investment by having Coca-Cola generate profits and increase shareholder value.
- c) Potential Conflicts: Shareholders may pressure the company to prioritize short-term profits over long-term sustainability and ethical practices.
- a) Interests: Employees of Coca-Cola are interested in job security, fair pay, and opportunities for career advancement.
- b) Objectives: Their objectives are to receive fair compensation and benefits, have a safe working environment, and contribute to the success of the company.
- c) Potential Conflicts: Employees may conflict with the company over pay and benefits negotiations, as well as working conditions and labor practices.
- a) Interests: Customers of Coca-Cola are interested in quality products at affordable prices, convenience, and satisfaction with their purchases.
- b) Objectives: Their objectives are to have access to high-quality beverages, good customer service, and a positive experience with the company.
- c) Potential Conflicts: Customers may conflict with the company over pricing, product quality, and ethical concerns related to marketing and advertising practices.
- a) Interests: Suppliers of Coca-Cola are interested in stable and long-term relationships, fair and consistent pricing, and timely payments.
- b) Objectives: Their objectives are to have reliable business relationships with Coca-Cola, secure contracts for their products, and receive prompt payment for their services.
- c) Potential Conflicts: Suppliers may conflict with the company over pricing and payment terms, as well as quality and sustainability standards for their products.
- a) Interests: The government is interested in regulating and ensuring compliance with laws related to taxes, environmental sustainability, and public health.
- b) Objectives: Their objectives are to ensure that Coca-Cola operates within legal and ethical boundaries and to promote the public interest.
- c) Potential Conflicts: The government may conflict with Coca-Cola over regulatory compliance, taxes, and public health concerns related to the production and marketing of sugary beverages.
- a) Interests: Local communities are interested in sustainable and responsible business practices, job creation, and community development.
- b) Objectives: Their objectives are to have Coca-Cola contribute to local economic growth, provide employment opportunities, and minimize environmental impact.
- c) Potential Conflicts: Local communities may conflict with Coca-Cola over environmental and social responsibility issues, such as water usage and waste management practices.
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Explain the a) interests and b) objectives of stakeholders in a named organisation operating in the notfor-profit sector.
- a) Interests of Stakeholders:
Stakeholders in a not-for-profit organization can have various interests depending on their roles and responsibilities. Some common stakeholders and their interests are:
- Donors – Donors are interested in supporting the organization’s mission and ensuring that their donations are being used effectively and efficiently.
- Beneficiaries – Beneficiaries are the individuals or communities that the organization serves. They are interested in receiving high-quality services that meet their needs and improve their lives.
- Volunteers – Volunteers are interested in contributing their time and skills to help the organization achieve its goals and make a positive impact in the community.
- Board Members – Board members are interested in ensuring the organization is fulfilling its mission, has effective leadership, and is financially stable.
- Employees – Employees are interested in job security, fair compensation, and a positive work environment.
- b) Objectives of Stakeholders:
The objectives of stakeholders in a not-for-profit organization can also vary depending on their roles and responsibilities. Some common objectives of stakeholders are:
- Donors – Donors may have objectives such as promoting a specific cause or supporting a particular community or demographic.
- Beneficiaries – Beneficiaries may have objectives such as receiving high-quality services that meet their specific needs, improving their quality of life, and having a voice in the organization’s decision-making.
- Volunteers – Volunteers may have objectives such as contributing to a cause they believe in, gaining new skills or experience, and making a positive impact in the community.
- Board Members – Board members may have objectives such as ensuring the organization is fulfilling its mission, providing effective oversight, and ensuring financial stability.
- Employees – Employees may have objectives such as job satisfaction, fair compensation, professional growth and development, and contributing to the organization’s mission.
Assignment Brief 2: Understand the sectors of an economy.
Describe economic sectors and the output generated from each sector.
Economic sectors refer to the different categories of economic activity that exist within a country’s economy. There are typically three main sectors that are recognized in modern economies: the primary sector, the secondary sector, and the tertiary sector.
- The primary sector involves activities that extract and produce raw materials from natural resources. This includes agriculture, fishing, forestry, mining, and oil and gas extraction. The output generated by the primary sector is typically raw materials such as crops, fish, lumber, minerals, and petroleum.
- The secondary sector involves activities that transform raw materials into finished goods. This includes manufacturing, construction, and energy production. The output generated by the secondary sector is typically finished products such as cars, buildings, appliances, and energy.
- The tertiary sector involves activities that provide services to individuals and businesses. This includes retail and wholesale trade, transportation, communications, finance, health care, education, and entertainment. The output generated by the tertiary sector is typically intangible services such as banking, transportation, education, and health care.
In addition to these three main sectors, some economies also recognize a quaternary sector that involves research and development activities, and a quinary sector that involves high-level decision-making and management. The output generated by the quaternary and quinary sectors can include new technologies, knowledge, and strategic plans for businesses and governments.
Analyse the size and importance of these sectors in a named country.
The United States is the world’s largest economy, with a GDP of more than $19 trillion. The country is home to a number of large businesses and industries, including finance, healthcare, technology, and manufacturing.
The finance sector is one of the largest and most important industries in the United States. The sector includes a wide range of businesses, from banks and investment firms to insurance companies and real estate firms. The finance sector plays a vital role in the economy, providing capital for businesses and individuals and helping to fuel economic growth.
The healthcare sector is another large and important industry in the United States. The sector includes a wide range of businesses, from hospitals and clinics to pharmaceutical companies and medical device manufacturers. The healthcare sector plays a vital role in the economy, providing jobs for millions of Americans and helping to keep people healthy and productive.
The technology sector is another large and important industry in the United States. The sector includes a wide range of businesses, from software companies and computer manufacturers to telecommunications firms and Internet service providers. The technology sector plays a vital role in the economy, powering many of the country’s businesses and providing jobs for millions of Americans.
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Assignment Brief 3: Can conduct a STEEPLE analysis and understand the impact of external factors on organisations.
Conduct a STEEPLE analysis to show how the external environment impacts a named organisation.
STEEPLE analysis is a strategic planning tool used to assess the external factors that can impact an organization. STEEPLE stands for Social, Technological, Economic, Environmental, Political, Legal and Ethical factors. In this answer, I will conduct a STEEPLE analysis for Apple Inc.
Apple is influenced by the social factors such as the demographics, cultural and lifestyle changes. For instance, as more people adopt technology, there is a higher demand for Apple products, such as iPhones, iPads, and Apple watches.
Apple is a technology company, and technology advancements are essential to its business. Technological advancements in manufacturing, materials, and software can provide new opportunities for Apple to innovate and offer better products to its customers. However, if Apple fails to keep up with the technological advancements, it could result in loss of market share to competitors.
Changes in the global economy can affect Apple’s financial performance. Fluctuations in exchange rates, economic recessions, and changes in the consumer buying behavior can impact the demand for Apple products. For example, during economic downturns, consumers may opt for cheaper alternatives instead of Apple products.
Environmental factors such as climate change and the reduction of carbon footprint can affect Apple’s operations. Apple is committed to reducing its environmental impact by reducing waste, conserving resources, and using renewable energy in its operations.
Changes in government policies, regulations, and taxation can impact Apple’s operations. For example, tariffs and trade restrictions can affect the price of Apple products and reduce its market share.
Apple must comply with various legal regulations such as data privacy laws, patent laws, and consumer protection laws. Non-compliance can result in legal action, financial penalties, and damage to the brand’s reputation.
Apple has faced ethical concerns, such as labor exploitation, supplier responsibility, and privacy issues. As a global company, Apple must ensure that its practices are ethical and sustainable to maintain its brand reputation.
Assignment Brief 4: Understand the changing nature and pattern of employment.
Explain how the nature of work and employment have changed globally in recent years.
In recent years, there have been significant changes in the nature of work and employment globally. Here are some of the key trends:
- The rise of the gig economy: The gig economy refers to a labor market characterized by short-term contracts or freelance work as opposed to permanent jobs. Platforms like Uber, Airbnb, and TaskRabbit have made it easier for people to work on a project or task basis, and this trend is expected to continue.
- Remote work: Advances in technology and changing attitudes towards work have led to an increase in remote work. More and more companies are offering their employees the flexibility to work from home or from other locations. This has made it possible for people to work from anywhere in the world.
- Automation: Automation and artificial intelligence have led to the automation of many jobs, particularly in manufacturing and other industries that rely heavily on repetitive tasks. While this has led to job losses, it has also created new jobs in areas such as software development and data analysis.
- Growing demand for skilled workers: As the economy becomes increasingly reliant on technology, there is a growing demand for skilled workers in fields such as science, technology, engineering, and math (STEM). Companies are willing to pay a premium for workers with these skills, and this trend is likely to continue.
- The decline of traditional employment: The traditional employer-employee relationship is no longer as dominant as it once was. Many people are now self-employed or work as independent contractors, and this trend is expected to continue.
These changes in the nature of work and employment are having a profound impact on the global economy and the labor market. While they are creating new opportunities for some workers, they are also creating significant challenges for others. As the economy continues to evolve, it will be important for policymakers and businesses to adapt to these changes in order to ensure that workers are able to succeed in the new world of work.
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