Reference no: EM133721975 , Length: word count:1500
Understanding the Business and Economic Environment
The performance of students is assessed by the assessment method - ‘Individual Coursework' as appropriate to the level and learning outcome of the assessment protocol.
Write an individual coursework/essay (1500 words) by discussing the following questions.
Identify one industry from the UK Standard Industrial Classification (SIC 2007) and choose a UK public limited company (PLC) from the industry.
One of the most important and influential elements of the business environment is the structure of the industry. Briefly discuss the structure of your chosen industry.
Briefly discuss the business organisation and its nature of your chosen company (a UK PLC) in relation to the structure of the industry.
Use the Social, Technological, Economical, Environmental, Political, Legal and Ethical (STEEPLE) analysis to analyse the external business environment of the chosen company over the last 5-10 years. Students are expected to discuss each factor separately, for example, consider in what ways technology (T) might influence the organisational structure of a business. Students must discuss the four bullet points listed as below for the microeconomic and macroeconomic factors, and are allowed to extend their discussions beyond the four bullet points:
- Social factor analysis
- Technological factor analysis
- Environmental factor analysis
- Political factor analysis
- Legal factor analysis
- Ethical factor analysis
Economical factor analysis (see the suggested marks from the bullet points below)
Identify the microeconomic factors that affect the demand for goods and/or services of your chosen company and the factors for the market demand. Draw a demand curve diagram to illustrate your answer.
List the determinants of the supply of the business and identify what would cause the supply of goods and/or services to fall/rise. Draw a supply curve diagram to illustrate your answer.
Discuss the competitiveness of the UK market and its impacts on the future of the business.
Give some examples of ‘random shocks' that could undermine the UK government's fiscal policy and discuss if there is any fiscal policy could have an impact on the UK's economy and the business of your chosen company.
Research and discuss the business problems and challenges the chosen company faces and criticise on the external effects of a business decision on themselves/customers/employees/rivals and on the public at large.
It is recommended to write your essay with the structure of:
Cover Page with your student ID, Module Code and Name, Date for Submission, Word Counts
Introduction
Main Body used for answering these questions
Conclusion
References
Appendix (not compulsory)
Assessment Instructions:
Submission of coursework must be electronically online on Turnitin Assessment System, available on FE4055QA Weblearn - ‘Online Submission'.
Your individual coursework should have 1500 words (including in-text references, but excluding end-text references, tables, figures, Appendix).Sources of information must be included and referenced in your discussion as well as the date obtained.
Points and/or arguments presented and made should be substantiated with data/evidence. Your own views should be clear through the referencing system whether they are personal or evidenced by the views/data of others.
A bibliography should be included using the Harvard system. This at least entails that every reference included in the bibliography is referenced in the main body of the text and that there are no references included in the bibliography that are not mentioned in the main body.