Posted: December 17th, 2014

Business environment .

Business environment .

BE Assignment Guidelines

Introduction
This assignment should start with a brief introduction of the Virgin Atlantic Airline (VAA), its mission and where it operates.

Task 1

(1A)
AC 1.1
Explain the purpose of VAA and why you think its purpose (reason for existence) is different from either the fire service or Red Cross in UK.

AC 1.2
State the interest/objectives of VAA stakeholders and describe the strategies VAA is using to meet them. State the type of stakeholders e.g. employees and follow that with the strategies used to achieve this.

Stakeholder    Objectives of stakeholder    Strategies used to achieve this

AC 1.3
Explain the   responsibilities of your selected organisation (health and safety, equal opportunity, environment, taxation) to its key stakeholders and describe how they meet these responsibilities. Give instances where these responsibilities /obligations have been met by your selected organisation. (You need to be practical here.)

Responsibility    Why it is a responsibility    Strategies used by your selected company to achieve it.
Equal opportunity    The Law requires that…
State the act/law if possible.    ………
Externality-pollution    Social responsibility
Health and safety

(1B) (AC2.2)
Define fiscal and monetary policy
Explain the various ways that fiscal policies can be used (expansionary and reduction fiscal and monetary policies)
Explain the various ways that monetary policies can be used (expansionary and reduction monetary policies) Make sure you reference it. (Citation)

Then address the task below. Pay attention to fiscal and monetary. Don’t confuse the two.
Taking into consideration, the recession, low demand for goods and services and generally, the poor performance of British airways/ VAA and other UK companies, explain how expansionary fiscal policy (low tax, increased government expenditure)  and monetary policies ( e.g. low interest rates, quantitative easing) introduced by the current government will affect VAA.

(1C) AC 2.3
Assess how EU/ UK competition policies can or have impacted on the activities of the VAA.
State the policy
Discuss the content of the policies as given below
Assess how it has affected virgin ( It’s positive and negative impact on virgin)

The Office of Fair Trading (OFT)  was established by the Fair Trading Act 1973, which enforces both consumer protection and competition law, acting as the UK’s economic regulator. The OFT’s goal is to make markets work well for consumers, ensuring vigorous competition between fair-dealing businesses and prohibiting unfair practices such as rogue trading, scams and cartels. Its role was modified and its powers changed with the Enterprise Act 2002.
The Competition Act 1998 , Enterprise Act 2002  and Article 101/102 of the EU legislations are the most important statuteslegislations. These laws prohibits agreements or practices that restrict free trading and competition between business entities.
Practices considered anti-competitive include firms colluding to do any of the following;
•    Fix prices (i.e. above competitive levels)
•    Cartel
•    Limit production, market, technical development or investment
•    Share out market or source of supply
•    Charge discriminatory prices or operate discriminatory trading conditions, such as to benefit the colluding parties and disadvantage others.
•    Make other firms that sign contracts with any of the colluding firms accept unfavourable obligation, which by their nature, have no connection with the subject of the contract.
•    Abuse of monopoly power

(1D) A,C 3.2
Define demand and supply

Explain how an increase/decrease in demand/supply of VAA tickets can affect the pricing and sales decision of VAA tickets. Use a graph to explain how  demand and supply works.
Consider high seasons, types of tickets, elasticity etc. as well.

(1E) AC 3.3
VAA operates in different parts of the world. Explain how cultural factors like (e.g. language, religion etc.) can affect their business activities.

Explain how political/legal, economic, social, technological, ecological factors can impact on the activities of VAA.

(1f) AC 4.1
Explain the benefits of international trade to UK business organisations and particularly, to VAA & BA
E.g. Access to market internationally, i.e. the demand for VAA’s flights

(1G) AC 4.2
Assess how global factors e.g. emerging markets, enlargement of EU, customs unions, WTO, NAFTA, and other PESTEL factors can affect UK companies including VAA and BA

(1H) AC 4.3
Assess how the policies of the EU (e.g. customs union, harmonization of technical safety standards etc.) can or has affected UK businesses and in particular, that of VAA. Give examples.

Task Two
(AC 2.1).
Explain the three economic systems (Free market, command and mixed) and present an argument on why you think one is better in the allocation of resources than the other.
Justify your answer.
You can find these in the economic textbooks listed below.

Task Three
(Lo 3.1)
Essay Question
Explain the market structures (Perfect competitive market, Monopoly, Oligopoly and monopolistic competition) and how prices and output are determined in each market.
Focus on how prices are set and how output are determined.
You can find these in the economic textbooks listed below.

1.Begg D et al. (2003) Economics, Mcgraw-Hill
2.Sloman J, (2004) Essentials of Economics, Pearson Education Ltd
3. Sloman J, (2007) Economics, Pearson Education Ltd.

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