CompanyIntroduction to Business Environment
British Airways in terms of fleet size is the second largest airline in the UK. This report is prepared on the business environment in order to help readers understand the impact of change in a business environment. In this report, stakeholders and their importance from the company's point of view are discussed in detail. Along with this, strategies are also mentioned in the report that can be adopted in order to maintain good relations with the stakeholders. Further, fiscal and monetary policy and their impact on the organization are also discussed in detail. At the end of the report, the significance of international trade on the UK aviation industry with respect to British Airways is also discussed in detail.
Task 1
1.1 Purpose of different types of organizations
There are three kinds of organizations public, private and nonprofit organizations. The purpose of these organizations is given below.
Sole Trader:- These are mainly small-sized businesses that have limited resources. Their main aim is to increase their profitability. Due to this reason, their main purpose is to control costs as much as possible.
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Partnership:- In this mode of business multiple people as an owner of the business operate a firm. Their main purpose is to increase the profitability of the firm by making mutually agreeable decisions.
Public Organizations:- The main purpose of such kind of organizations is to create employment opportunities. The welfare of the existing labour force is another important objective of these public sector organizations. Due to this reason, these firms mostly run into a loss or they are not able to generate a sufficient amount of profits.
Private Organization:- British Airways is a private firm and profit maximization is its primary objective which is divided into various sub-objectives. The organization is able to achieve its long-term objectives through the achievement of short-term targets or benchmarks. These firms strictly follow the business policy. However in order to earn more amount of profit, the employees' welfare is ignored sometimes.
Non-Profit Organizations:- These are those organizations which are not established to earn profit. Mainly, these organizations operate for welfare activities in order to help needy people. These needy people may be crippled or uneducated people.
1.2 The extent to which the organization meet the objectives of stakeholders
There are many stakeholders of the firm like employees, shareholders, government creditors etc. Firms must meet stakeholders' expectations in a proper manner in order to grow business at a fast pace. These stakeholders are explained below
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