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Unit 1 Impact of Dynamic Business Environment Assignment
Business environment is the combination of different factors like political, social, economical, technological, legal and environmental factors which influence the activities of the business either directly or indirectly and business has to adopt its surroundings to work well and to get success. Unit 1 impact of dynamic business environment report is about the impact of the dynamic business environment on a private higher educational institution in United Kingdom. As a senior educational business environment analyst and consultant in Deloitte, I have to prepare a report focussing on the impact of different business environment factors on the private educational institution so that Deloitte can sell the developed report to the others struggling institutions who are its clients and they make their decisions based on the report. (Babatunde & Adebisi, 2012)
Introduction to the organisation
A private higher educational institute is the one which does not receive any funding from the government and they charge all the costs from the student’s tuition fee. One such private higher educational institution in UK is the University of Buckingham. University of Buckingham was founded in the year 1976 and it has a very good and reputed position in United Kingdom. The university does not accept or take money or funds from the government and they chose to make their own path and their main motive is to focus on the needs of the students. The main motive of University of Buckingham includes quality education to the students, teaching and providing employability skills to the students and to provide satisfaction to the students. The external factors which affect the university are cultural factors, political factors, economical factors, environmental factors, technological factors and legal factors. (applytouni.com, 2016)
The organisation believes in providing quality teaching with the combination of professors and lecturers. The universities have the facilities like a big campus, Libraries, services of Information Technology, Studios, coffee bar, parks, fitness rooms and more. The organisation is the non profit organisation whose main objective is to deliver education services to the students and t earns profits for its growth. The university have many responsibilities towards its stakeholders which it fulfils by adopting strategies. These responsibilities may be ethical or legal. The university follows the regulations made by the governmental and follows ethics to keep its stakeholders safe and satisfied. (Stanislavská & Kvasni?ka, 2014)
1.1 Identify the purposes of different types of organisations and compare the missions, goals and the strategic objectives of your chosen client organisation with a similar organisation.
There are many types of business organisations which operate with the different mission, vision, goals and objectives. They are different in terms of their purposes, structures, cultures or their business environment in which they operate. So below different types of organisations are explained along with their business environment:
- Public companies: These are the companies which operate for the main motive of providing and delivering maximum value to the customers. They are formed to fulfil their duties towards public. These companies are controlled by the government. For e.g. 3i Group PLC.
- Private companies: These companies focus on satisfying the customer and generate revue for itself. The main motive is to maximise the revenue of the company. These are not controlled by the government. Some of the private companies of UK are Brakes Group, Firstsource, Harrods Group and more. (Babatunde & Adebisi, 2012)
- Partnership companies: Partnership is the form of organisation which is made by the involvement of two or more companies who aims at increasing the sales of the company and to increase the revenue percentage. Some of the partnerships in UK are: Google by Larry Page and Sergey Bin), Warner Bros. And more.
- Public Ltd. companies: These companies are owned by minimum 2 and maximum 20 members whose responsibilities are limited to the assets they hold in the company. These companies make sells, earn profits and manage risks. For e.g.: Sainsbury Plc.
- Charity organisations and Not for profit organisations: these organisations are established by the volunteers so that they can help people in improving their standard of living and to promote social welfare and Not for profit organisations provide different health, education and other services without the motive of earning profit. For e.g.: Leading children Healthcare Charity, Volunteering opportunities for young people, etc. National Health Service (NHS) is the non profit organisation. (Babatunde & Adebisi, 2012)
University of Buckingham is committed to provide education services and employability skills to the students. The university does not raise funds from the government but they provide services without the aim of profit. Its main aim is to provide quality education to its students and not earning maximum revenue and percentage of profits.
- Its mission is to provide all the possible support to the students so that they can receive higher education and personal care in the university.
- Main goal of University of Buckingham is to research the new ways in which quality education can be imparted in the students.
- Strategic objectives of the University of Buckingham includes:
- Motivating the students to achieve their career and future goals
- To provide equal opportunity to all the students to lean and develop
- To bring continues improvement in the university. (Babatunde & Adebisi, 2012)
- NHS is also the Non Profit organisation whose main motive is to provide health services to the people for their welfare and not to earn maximum revenue.
1.2 Identify the various stakeholders of your chosen organisation (HE institution) and describe the extent to which your chosen organisation meets the objectives of its different stakeholders.
Every organisation has its own set of stakeholders which affect the business and they are also affected by the activities of business. Different stakeholders of University of Buckingham are:
- Employees (Teachers): University of Buckingham provides good working conditions to its employees and pay salaries on time and want to receive their commitment in return.
- Students: Students have the objective to receive high quality education and to gain satisfaction from the studies and other facilities by the university. (Mari?, 2012)
- Suppliers: Suppliers of University of Buckingham are those who provide furniture, food for canteen, stationary items etc. University of Buckingham aims at making the payments to the suppliers at right time.
- Community: University of Buckingham manages to maintain a balanced society where the social ethics are thought to the students and the management of the university also behave in an ethical manner with the neighbours.
- Government: Government does not take any actions here but the regulations made by the government for private universities, has to be followed by the university.
- Environment: University of Buckingham takes care of the environment and adopts the practices which reduces environment pollution. (Mari?, 2012)
1.3 Explain the responsibilities of you client organisation and the strategies it uses to meet the needs of its different stakeholders.
University of Buckingham have many responsibilities towards the stakeholders and to fulfil these responsibilities, it adopts some strategies. University of Buckingham has the foremost responsibility towards its students to provide them quality education and to make them capable for their future. Education industry has become one of the most competitive industries. So, in order to beat other organisations, University of Buckingham should not adopt any unethical practices. Some of the business strategy to fulfil the ethical responsibilities in higher educational institutes are Fair publications, adopting principles of good practice, Non discrimination among students on the basis of race, colour, gender, status, etc. the university should also run a grievance cell where students can freely register their companies. (CIS, 2016). It is also an ethical responsibility of the university to establish good relationships with the society and community and to provide good working conditions for the employees. The university should follow the requirements while processing the admissions. The modules of the university should be aligned with the national framework for higher educational qualifications. In the canteen of the university, Food quality regulations are to be followed. The university has to follow employee legislations too by giving appropriate pay to the employees. (Stanislavská & Kvasni?ka, 2014)
applytouni.com. (2016). The University of Buckingham. Retrieved 06 25, 2016, from http://www.applytouni.com/universities/the-university-of-buckingham/
Babatunde, B. O., & Adebisi, A. O. (2012). Strategic Environmental Scanning and Organization Performance in a Competitive Business Environment . Economic Insights – Trends and Challenges .
CIS. (2016). CIS Higher Education Code of Ethics. Retrieved 06 25, 2016, from https://www.cois.org/uploaded/Documentation/For_Colleges_and_Universities/Code_of_Ethics_for_Higher_Education.pdf
ICSI. (2012). Business Environment and Entrepreneurship. The Institute of Company secretaries of India .
Mari?, I. (2012). STAKEHOLDER ANALISYS OF HIGHER EDUCATION INSTITUTIONS . Interdisciplinary Description of Complex Systems .
Stanislavská, L. K., & Kvasni?ka, R. (2014). SOCIAL RESPONSIBILITY OF HIGHER EDUCATIONAL INSTITUTIONS – THE COMPARISON OF THE VIEW OF STUDENTS AND POTENTIAL STUDENTS. ERIES Journal .