The Business Environment Assignment sample

The Business Environment Assignment Sample

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The Business Environment Assignment 

Introduction

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The business environment is the total of all elements external to the business entity that have a significant impact on its operation. It encompasses a variety of elements and influences, including consumers, rivals, suppliers, and the government, as well as the social, economic, political, technical, and legal environments (Gupta et al., 2022). In this sense, this research will examine two distinct organisational kinds, their sizes and responsibilities. Additionally, this study will analyse the stakeholders' connection. As a result, this study will analyse the company's goal and vision. This paper will concentrate on the Network railway and the Specsavers Corporation, both of which are based in the United Kingdom.

Exploration of the Features of Different Businesses and Analysis of What Makes Them Successful

Explanation of the Features of Two Contrasting Businesses

Public sector

The government-owned and -operated businesses make up the public sector. In most cases, these organisations are non-profit and offer services to the residents of the government.

Government agencies: There are several types of government organizations, and each one serves a distinct purpose for the government. All levels of government are represented in this category (Baden-Fuller and Morgan, 2010). The postal service administered by the national government is an example of a government institution operating independently. As a result, it does not rely on public funds and is self-sustaining. Network Rail is a government-owned company.

Public purpose cooperation: Comparable to a non-profit, a public purpose company is formed by the government to serve the community. Government-created corporations such as libraries are the instance of this kind of organisation.

Public authority: It is like a public purpose company, but has an additional agency and responsibility for infrastructure-related activities, is called a public authority (Lapuente and Van de Walle, 2020). A housing authority, for instance, might be set up by a municipality or region to help accommodate its citizens at a reasonable cost.

State-owned enterprises: engages in commercial operations on behalf of the government. Temporary or permanent state ownership is possible for some enterprises.

Private sector

For-profit businesses and individuals make up the private sector, which encompasses the whole market (Bouckaert, Peters and Verest, 2016). Organizations in the private sector, unlike those in the public sector, are not controlled or managed by the government.

There is a plethora of enterprises in the private sector such as:

Sole proprietorships: non-incorporated businesses established and managed by one person are known as sole proprietorships (Bouckaert, Peters and Verest, 2016). Flower shop owners who are single proprietors may be used as examples of this kind of business structure

Small and mid-sized enterprises: When two or more people work together, they form a partnership (De Vries, Tummers and Bekkers, 2018). For instance, a legal practice may have a number of partners who participate in the earnings and ownership of the business. The income, capital, and a number of staff all go into determining what a small or midsize business is. Depending on the country and industry, multiple names might be given to them. A small or medium-sized corporation might have anywhere from 500 to 2,000 workers, depending on the industry.

Large corporations and multinationals: There are two types of giant corporations, those that have at least $1 million in annual taxable income, and those that have less than that (De Vries, Tummers and Bekkers, 2018). Having activities and resources in more than one country is a hallmark of a multinational enterprise. Specsavers is a multinational company.

Difference of the For-Profit and Not-for-profit Organization

for-profit company that functions only for revenue. Most companies are for-profit organisations that offer a good or service to their clients. It is possible for a company owner to make money from the for-profit as well as pay-out dividends to shareholders and other investors (Cabral etal., 2019). The Network Rail is a public body that offers railway infrastructure development services. Public and private industries may work with the non-profit sector at any specified instant. A non-profit organization's primary goal is to benefit society as a whole, and as a result, financial gain is not a primary consideration. Despite the firm's best efforts, it must strike the right balance between its charity efforts and the amount of money it has available (Belyaeva etal., 2020). Compact, adaptable, and innovative are the three guiding principles of this approach.

Different Size of Organization

Smaller Company

A micro-organization (or microenterprise) is commonly described as a tiny firm that employs nine or fewer workers and has a turnover of less than a fixed number (Dobrosavljevi? and Uroševi?, 2019).

Small company

An example of a small company is a privately held company or partnership with fewer workers and less yearly income than a corporation or regular-size, which is characterised as "large."

Medium-sized enterprises

The term "medium-sized" refers to companies with less than 250 employees and a turnover of less than €50 million per year (Dobrosavljevi? and Uroševi?, 2019).

Large businesses

These companies employ more than 250 employees and have a consistent revenue flow (Belyaeva etal., 2020). Network Rail is a large company employing more than 42099 employees. Specsavers is also a large company having 31,000 employees.

Explanation on how two Contrasting Businesses Are Influenced by Stakeholders

In order to accomplish their purpose, public sector organizations rely on a diverse range of stakeholders. Strategic planning in the public sector requires a wide range of stakeholders at all levels of government to be involved. But these stakeholders are not limited to: government and international organisations; research institutes and universities; national-level stakeholders; province-level stakeholder groups; service providers; and customers (De Vries, Tummers and Bekkers, 2018). In many circumstances, the stakeholder ties of public sector organizations are even more complicated than those of certain private sector companies. As a result of their reliance on revenue to support the vast majority of their operations, public sector organisations often use a complex value creation strategy.

On the contrary, the alliances among the stakeholders in the private sector are not rigid rather flexible. It is the role of stakeholders in the decision-making process that has the most impact (De Vries, Tummers and Bekkers, 2018). A vibrant, engaging and engaging work environment is maintained in order for the company to function at a high level by by an alignment among these individuals.

Different stakeholders of a company

In addition to commuters and community members, some of the stakeholders in Network Rail's supply chain involve people and clients (such as ownership groups) (Shone, 2019). Others include nationwide funders, community funding agencies, shareholders, representative organisations etc. As they strive to enhance the company, they need to involve all stakeholders in order to do so on a regular basis. The key stakeholders include the laboratory department, suppliers, franchise partners and investors. Specsavers’s business approach is based on low-profit margins and huge volume. When contrasted with standalone practises, they are able to wholesale their original frames and have their own lab-made lenses, which lowers their costs.

Assessment of the Relationship and Communication with Stakeholders of Two Contrasting Businesses Using Independent Research

To the maximum extent reasonably practical, Network Rail serves their stakeholders in manners that are suitable to their reasonable needs, notably that they,

(1) interact with stakeholders in a reasonable timeframe, with necessary efficiency, in a way that is consistent with the degree of proficiency and attention that should be applied by qualified and experienced networking facilities operators; (2) interact with stakeholders with the amount of competence, attention and foresight that should be applied by a network capacity owner and operator; and (3) To fulfil the stakeholder engagement obligation, the Network License compels them to provide data on the techniques and rules they will use when dealing with all stakeholders (Shone, 2019).

Overarching norms and expectations for participation are laid forth in the framework of laws and standards. The organization thinks that since they are a single firm working under a single Network License, they require a single code of behaviour that sets out high-level principles for how they shall handle all stakeholders (Shone, 2019). The company also engages and communicates with their stakeholders in a formal manner through written and notified manners and constantly communicate with the stakeholders.

Specsavers’ engagement with its stakeholders is the key to its business growth and management. All the stakeholders of the company are communicated through digital reports and monthly meetings (Ayling, 2017). These help the company to effectively manage its stakeholder relations and expand the favourable interactions.

Investigation on How Businesses are Organised

Exploration into the Organisation Structures, Aims and Objectives of Two Contrasting Businesses

Network Rail (Public Sector)

The network rail Company has used the hierarchical structure in their organizational functionalities. From the CEO the company has divided into the many aspects that hold the various aspects in a business that has able the company to generate the different types of functionalities to enhance the job opportunities (Ye et al., 2022).

Organizational Sector of network rail

Figure 1: Organizational Sector of network rail

(Source: Ye et al., 2022)

Functional or operational functions

Human Resource Department

The HR function assists the business to Deliver standard performance and Have expert people and create a great workplace. Human resources' objective is to work for a better railway for greater Britain by developing great people, creating a fantastic work environment, and achieving high performance (Azizi et al., 2022).

Research and Development

The R&D Portfolio is connected to delivery strategies such as developing these skills, which paves the way for the introduction of new goods and services (Azizi et al., 2022). The R&D is mirrored in regional strategies to aid in the improvement of outcomes such as safety, efficiency, and customer.

Finance

As part of the CP6 legal regime, a portion of Network Rail's cash for renewals was segregated and retained as risk financing. Network Rail is governed by a regulatory asset base (RAB). Each year, capital spending is contributed to the RAB and depreciation and amortization is subtracted, subject to specific requirements defined by the ORR.

Administration

Network Rail is reorganising its operations. They are advancing decentralisation by tailoring routes to local requirements and reducing red tape and bureaucracy (Tang et al., 2022). By bringing personnel closer to those they serve, their new framework helps companies to be more sensitive to the needs of rail companies, customers, and handling.

Specsavers (Private Sector)

As is customary in a hierarchical organisation, Specsavers is run by the firm's proprietors at the top. These individuals subsequently delegate work and responsibilities to others who are higher up in the organisational structure than themselves. Below the directors are the retail managers and ophthalmologists, who are in charge of managers and assistants (Flaig, Kindström and Ottosson, 2021) in their particular areas of responsibility (Optometrist). Accountability for managers and single Optometrists is delegated to the Directors below, with managers having a little greater area of control when working in larger stores with support employees and assistants for customer involvement.

The organizational structure of Specsavers

Organizational Structure of Specsaver

Figure 2: Organizational Structure of Specsavers

(Source: )

Functional or operational functions

Human Resource Department

Specsavers is based on brilliant people, the human resources staff is fundamental to our operations, ensuring that they attract, train, and retain the best personnel. Finally, they enable the company and enable the employees to perform at their best. This implies that human resources encompass a broad variety of functions, from compensation and policy to recruitment and retention (Flaig, Kindström and Ottosson, 2021).

Research and Development

By delivering ongoing service improvement, Specsavers needed to lower applications and tech delivery times. Specsavers cooperated with Accenture to integrate and administer its legacy IT systems and infrastructure in order to accelerate digitalization (Letunovska, Rosokhata and Saher, 2021).

Finance

Deploying the Business Planning Cloud has dramatically reduced the time and effort Specsavers spends creating and consolidating budgets across 60 cost centres. More importantly, Specsavers now has visibility into and understanding of different cost drivers in order to control spending and manage growth.

Administration

The administration board of this company is very standard and it has heavy control over the company. Therefore, the company has got a wide range of opportunities that helps to get better ramification (Letunovska, Rosokhata and Saher, 2021).

Analysis of the Structures of Two Contrasting Businesses Allow Each to Achieve Its Aims and Objectives

Mission, Vision and Values of Network Rail

They want to build a company that is easy to deal with and a trusted partner for freight and passenger users, all while putting passengers first. More people and goods will be delivered to their appointments on time and safely because of the dedication to delivering them on the week, every time (Johnson et al., 2021).

Service Quality: As a critical component of the Group Digital Railway directorate, NRT serves as a focal point for knowledge and national management of the GB railway's communications resources (Johnson et al., 2021). NRT offers the connections that connect the railway since it is their telecommunications capabilities that allows the railway and company to operate. They assist routes in meeting the service standards imposed by their primary stakeholders.

SMART Analysis

Objectives

Smart

Measurable

Attainable

Relevant

Time-Scale

People are relying on passengers and freight customers, keeping passengers first at all times. More persons and things will be delivered on time and securely to their appointments as a result of the promise to deliver them every week.

This is smart because this is to attain the demand of the general people in the UK.

The company can check their overall performance which helps the company to track their performance.

This is able to gain the appropriate result and profit from the market.

This particular vision of the company is relevant to strike the competencies at the edge of rivalry.

Based on the functional process of the company.

Mission, Vision and Values of Specsavers

They provide exceptional value in optometry, audiology, and other healthcare services to all clients, continuously surpassing customer expectations (Barrow, Barrow and Brown, 2018). To buy glasses and obtain high-quality eye treatment, they created Specsavers.

Making Profit: In order to fix a strategic and potential mission and vision, the company has gained a wider level of profit in their business platform (Barrow, Barrow and Brown, 2018). From the evaluation of the company performance, it has been seen that "Specsavers" revenue more than quadrupled last year, despite the optical chain's decision to suspend investing and lay off staff during the epidemic. According to fresh filings with "Companies House", the firm recorded a 6.6 per cent decline in revenues to "£2.73 billion from £2.93 billion" in the year ended February 28.

SMART Analysis

Objectives

Smart

Measurable

Attainable

Relevant

Time-Scale

They consistently exceed customer expectations in optometry, audiology, and other health care.

This is prudent since it satisfies the overall public's need in the United Kingdom.

The organisation can monitor their simultaneous effects, which aids in tracking their success.

This is capable of obtaining the desired outcome and revenue from the marketplace.

This unique perspective of the organisation is critical in order to position the competencies on the cutting edge of competition.

Based on the functional process of the company.

Evaluation on the Reasons for The Success of Two Contrasting Businesses, Reflecting on Evidence Gathered

From the above analysis, it has been seen that the two companies have got much success throughout their operational process. From the above analysis, it has been seen that Specsavers' administration and development are dependent on a strong relationship with its stakeholders. The advancement of digital updates and in-person encounters keeps the company in touch with each and every one of its clients. The team was able to complete the difficult service transfer on time and under budget by strictly following the terms of the service level agreement (sla). Accenture's solution includes continuous improvement activities, such as automation, analytic tools, the creation of an IT plan for future new stores, and the building of an overall portal.

On the other hand, for freight and passenger clients alike, Network Rail wants to be an easy-to-do business and a dedicated partner, constantly placing people first. For the Group Digital Railway, NRT serves as a focal point of knowledge and national management for GB railway's efficient communication. NRT serves as the link between the railroad and the company since it is via its communication abilities that the railroad and the company can operate.

Conclusion

The external variables that influence the company's functioning are included in the concept of the corporate environment. Customers, rivals, suppliers, and the government, as well as the underlying cultural, financial, political, technical, and legal contexts, are all included. As a result of this investigation, two distinct organisational kinds were examined, as well as their structure and purpose. In addition, the researchers in this study looked at the connections between the various stakeholders. Thus, the study looked at the organization's goals and objectives. Specsavers and Network Rail have been the primary subjects of this investigation, both of which are based in Britain.

References

Ayling, J., 2017. In focus: Specsavers pushes multimillion pound OCT rollout. Optician, 2017(5), pp.155625-1.

Azizi, N., Akhavan, P., Philsoophian, M., Davison, C., Haass, O. and Saremi, S., 2022. Exploring the Factors Affecting Sustainable Human Resource Productivity in Railway Lines. Sustainability, 14(1), p.225.

Baden-Fuller, C. and Morgan, M.S., 2010. Business models as models. Long range planning, 43(2-3), pp.156-171.

Barrow, C., Barrow, P. and Brown, R., 2018. The Business Plan Workbook: A Step-By-Step Guide to Creating and Developing a Successful Business. Kogan Page Publishers.

Belyaeva, Z., Shams, S.R., Santoro, G. and Grandhi, B., 2020. Unpacking stakeholder relationship management in the public and private sectors: the comparative insights. EuroMed Journal of Business.

Bouckaert, G., Peters, B.G. and Verhoest, K., 2016. Coordination of public sector organizations. London: Palgrave Macmillan.

Cabral, S., Mahoney, J.T., McGahan, A.M. and Potoski, M., 2019. Value creation and value appropriation in public and nonprofit organizations. Strategic Management Journal, 40(4), pp.465-475.

De Vries, H., Tummers, L. and Bekkers, V., 2018. A stakeholder perspective on public sector innovation: why position matters. International Review of Administrative Sciences, 84(2), pp.269-287.

Dobrosavljevi?, A. and Uroševi?, S., 2019. Analysis of business process management defining and structuring activities in micro, small and medium–sized enterprises. Operational Research in Engineering Sciences: Theory and Applications2(3), pp.40-54.

Flaig, A., Kindström, D. and Ottosson, M., 2021. Market-shaping strategies: A conceptual framework for generating market outcomes. Industrial Marketing Management, 96, pp.254-266.

Gupta, S., Tuunanen, T., Kar, A.K. and Modgil, S., 2022. Managing digital knowledge for ensuring business efficiency and continuity. Journal of Knowledge Management.

Johnson, A., Heaton, J., Yule, S., Luke, S., Pocock, D., Parlikad, A.K. and Schooling, J., 2021. Informing the information requirements of a digital twin: a rail industry case study. Proceedings of the Institution of Civil Engineers-Smart Infrastructure and Construction, 40(XXXX), pp.1-13.

Lapuente, V. and Van de Walle, S., 2020. The effects of new public management on the quality of public services. Governance, 33(3), pp.461-475.

Letunovska, N.Y., Rosokhata, A.S. and Saher, L.Y., 2021. Population health as a determinant of the level of regional development: examples of successful marketing programs to support a healthy lifestyle.

Shone, F., 2019. Harvesting UK Open Rail Data for New Insights. In European Transport Conference 2019Association for European Transport (AET).

Tang, H., Zhang, J., Fan, F. and Wang, Z., 2022. High-speed rail, urban form, and regional innovation: a time-varying difference-in-differences approach. Technology Analysis & Strategic Management, pp.1-15.

Ye, J., Stewart, E., Chen, Q., Chen, L. and Roberts, C., 2022. A vision-based method for line-side switch rail condition monitoring and inspection. Proceedings of the Institution of Mechanical Engineers, Part F: Journal of Rail and Rapid Transit, p.09544097211059303.

 

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