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May 10, 2023

Introduction to Business Environment

The environment of business can be stated as the combination of both internal and external factors which influence the operating situation of business. Further, business environment involves factors such as customers, suppliers, owners and competitors. Also, it is essential for business to ensure that workers should be working in good business environment so that they can be more productive. For instance, it is crucial for firm to develop effectual business tactic so that different challenges can be overcome. In the current study, Iceland Supermarket has been undertaken which is the subsidiary firm of Associated British Foods Group. However, the company was launched in 1969 in Ireland (Blocher, 2006). However, company has grown subsequently by the end of 2012. Iceland Supermarket owns 238 branches across the UK, Ireland and Europe. Main focus of supermarket is on selling frozen meals and vegetables. Further, the report depicts the purposes of different businesses. Also, it is focused on describing the extent to which Iceland Supermarket assists in meeting the objectives of its different stakeholders. Moreover, the importance of different economic systems such as command, free, mixed and transitional etc. are also discussed that attempt to allocate resources effectively (Clarkson, Miller and Cross, 2010).

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