FE4055QA Understanding The Business And Economic
FE4055QA Understanding the Business and Economic Environment - London Metropolitan University
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)
o 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.
o 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.
o Discuss the competitiveness of the UK market and its impacts on the future of the business.
o 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)