Business Environment Assignment 1 BTEC Nguyen Huu Phong 2017 Bài Assignment 1 trong môn Business Environment tại University of Greenwich Viet Nam, đây là một trong những môn rất quan trọng và cần thiết cho những người muốn theo nghành businness cụ thể là human resource management như mình. Bài assignment này được mình làm tại trường. Các bạn có thể xem và tham khảo nhưng lưu ý đừng copy vì nó đã được check turnitin, mình xin nhắc là chỉ dùng để tham khảo.
Retake ASSIGNMENT FRONT SHEET Qualification BTEC Level HND Diploma in Business Unit number and title Business Environment Assignment due Assignment submitted Learner’s name Nguyễn Hữu Phong Learner’s code Class Assessor name Nguyen Thi Thanh Nhan Learner declaration: I certify that the work submitted for this assignment is my own and research sources are fully acknowledged Learner signature Date 29/11/2016 Grading grid P1.1 P1.2 P1.3 P2.1 P2.2 P2.3 M1 M2 M3 D1 D2 D3 Assignment title In this assignment, you will have opportunities to provide evidence against the following criteria Indicate the page numbers where the evidence can be found Assessment criteria Expected evidence Task no Assessor’s Feedback 1.1 Achieved LO1.Understand the organizational purposes of businesses Criteria No.1.1 1.1 Identify the purposes of different types of organization To distinguish their mission, objectives, and values of organizations In details, student should clearly identify: □ Mission and vision □ Goals and objectives □ Measuring objectives Criteria No.1.2 Your organization should satisfy Key performance indicators (KPIs) regarding to environmental, industry and competitor analysis, predict future success of the business 1.2 Describe the extent to which an organization meets the objectives of different stakeholders + KPI should also be Derived form, predictive of stakeholder requirement Exhaustive Reliable and repeatable Timely Aggregation of information Revised as stakeholder Not achieved Achieved 1.2 Not achieved Criteria No1.3 1.3 Explain the responsibilities of an organization and strategies employed to meet them Responsibilities □ Social responsibilities □ Environmental responsibilities Resources depletion Genetic diversity Pollution concerns Acid rain Ozone depletion Waste Climatic change Energy resources □ Ethics and Business □Management responsibilities: R&D, technology advance, staff welfare Achieved 1.3 Not achieved LO2.Understand the nature of the national environment in which businesses operate Given opportunity costs, the allocation of resources among competing claims is related to: Criteria No 2.1 2.1 Explain how economic systems attempt to allocate resources effectively □What to produce? Achieved □How to produce? 2.1 □From whom to produce? Not achieved □Where to produce? □How to distribute? Criteria No.2.2 2.2 Assess the impact of fiscal and monetary policy on business organizations and their activities Fiscal policy Fiscal policy involves: Taxation and other sources of income Government spending Borrowing whenever spending exceeds income Repaying debt when income exceeds expenditure Monetary policy Monetary policy involves attempts to influence economic activity through: • Interest rates • Exchange rate • Control of the money supply • Controls over bank lending and credit Achieved 2.2 Not achieved Analyze the above factors to business organizations Criteria No 2.3 2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organization □Analyze Porter’s Five Force Model of Competition + Threat of new entrants + Threat of substitutes + Supplier power + Buyer power + Degree of rivalry Regulatory includes: Legislation Competition policy Competition commission Office of Fair Trading (OFT) Regulation of former nationalised industries Self-regulation The Civil Aviation Authority Achieved 2.3 Not achieved Assessment criteria Merit descriptor No (M1) Merit descriptor No (M2) Expected Evidence □Provide the company SWOT analysis with the data supported □Good evaluate the impact of competitive policy and other mechanism with data supported in a business context Feedback (note on Merit/Distinction if applicable) Achieved Not achieved Achieved Not achieved Achieved Not achieved Achieved Not achieved Merit descriptor No (M3) □Clear assignment structure with appropriate level of academic English writing Distinction descriptor No (D1) □Provide critical analysis of information for business environment Distinction descriptor No (D2) □Relevant theories concerning the business environment have been applied □Sources of information are correctly cited and Good sources of references Achieved Not achieved □ Smart recommendation for improving the business environment Achieved Not achieved Distinction descriptor No (D3) Summative feedback Assessor’s Signature NhanNTT Date Introduction Understand the organizational purposes of businesses 1.1 Identify the purposes of different types of organization 12 12 1.2 Describe the extent to which an organization meets the objectives of different stakeholders 18 1.3 Explain the responsibilities of an organization and strategies employed to meet them 22 Understand the nature of the national environment in which businesses operate 24 2.1 Explain how economic systems attempt to allocate resources effectively 24 2.2 Assess the impact of fiscal and monetary policy on business organizations and their activities 32 2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organization 35 Conclusion 36 References 37 The world in general is growing constantly every day, every hour, and Vietnam in particular is also caught up in the whirlpool of the development In that context, change is the only way to survive in an era when people often say: "Change or die", that has prompted the local firms required to constantly innovate business if it wants to stand in a market full of fierce competition As a leading enterprise in the production of footwear of Viet Nam, in the very difficult period of the economy, the limited liability company manufacturing consumer goods Binh Tien - Biti's has changed itself and has new steps beyond the core areas and achieved proud success For more than 33 years of business activity with the ups and downs and challenges, now, Biti’s has great power and development go up along the country, become a reputable brand, trusted and familiar to consumers and is the pride of the people of Vietnam on a "National brand" in the field of footwear about quality and reputation For its core areas, Biti's is one of the private enterprises have the longest history in Vietnam Established in 1982 with two production teams are only with 20 workers specialized in producing kinds of simple rubber shoes Biti’s has gone through the phase of the subsidized economies with much difficulty However, more than 33 years, as a "fatigue footsteps", Ltd Manufacturing Consumer Binh Tien (Biti's) has gradually built himself a strategic manufacturing and exporting, create a footwear brand - Biti's tied to the needs and tastes of consumers Currently, Biti's become a strong unit, represent a breakthrough in the field of footwear production; sufficient human, material and financial resources for career development and ensuring greater achievements With a product distribution system stretching from the South into the North, Biti's has 07 branch Centre, 68 marketing Shop and more than 1,500 retail distribution intermediaries, have created stable jobs for the more than 9,000 workers in the Corporation and Dona Biti's with annual production of over 20 million pairs Brand Biti's whereby also increasingly the popular domestic market and exported to more than 40 countries, there is a majority of revenue from capital markets that Vietnamese enterprises unanswered - China Biti's is also international clients with well-known brands such as Decathlon, Clarks, Speedo, Skechers, Lotto, etc, believed to be a partner selection process more orders with great value Besides strong growth, breakthrough Biti’s also suffered a lot of pressure from a lot of competitors in the field of footwear not only within the country but also to the countries that have the technological boom Of course we can't not mention the giant - Addidas Adolf Dassler returned from World War I in 1920, started the business start-up by the passion with his sports shoes In July 1924, together with his brother Rudoft Dassler, they founded Gebruder Dassler Schuhfabrik In 1947, Rudolf founded the new company and become a competitor of his brother, now known as the famous brand Puma As for Adolf, since June 1948 is converted into a formal company name Addas, but by having a few problems with copyright, it was continued to renamed by Adolf, until July 1949, then the Addidas official name is used After many ups and downs, overcome difficulties and develop properly, Addidas now is a large corporation is no longer limited to the field of sports shoes production although it is still their core fixed array 10 Types Specific Responsibilities of The tasks and strategy that Biti’s Biti’s has applied Create a lot of jobs across the Provides jobs for everyone country Bring the diverse of product Social responsibilities Meeting the needs of society design, style and quality, durable To organize community activities, Care about the community Production activities always Environmental responsibilities Do not pollute the environment compliance with environmental protection rules Enhance work skills and encouraging creativity of employees Management responsibilities help the needy Bringing a stable life about physically and mentally for employees Respect the idea of employees Train staff and encourage innovation of products High wages, environment and company culture of comfort, support staff Always listen to opinions and receiving employee contributions Paying taxes in full, not fraud, Ethic and Business Compliance with the law evading the law and violate the law Do not lie in the production of the product Bring true quality products First on social responsibility, Biti's has brought over 7,000 jobs nationwide helping to improve the life of many people Besides, Biti's regularly organizes many community activities to support students who are disadvantaged, to contribute billions to support the scholarship helps the children to school or help the people in the regions hit by natural 23 disasters and many other social activities that Biti's has participated Biti's always meet the needs of society with quality products and diverse styles, bringing products to meet the needs of the people About environmental responsibility, Biti's always complied with the rules rules to protect the environment during production The proof is in over three decades, the Biti's has never been accused of polluting the environment around the production area Besides, Biti's is also always working to bring the products with environmentally friendly materials On the responsibility of management, Biti's bringing thousands of stable life for many people Biti's bringing jobs with high incomes and friendly working environment, corporate culture of openness, always support the best employees in all cases Help improve job skills and encourage creativity of employees Specifically, the product line launched Biti's Hunter, Biti's has to give its employees the creative freedom to design and brings a youthful for the product In parallel, Biti's always respects comments of staff to improve the product better and change the limitations that the company is facing On ethics and business, always obey the law properly Biti's always pays the taxes and never used measures of spleen to benefit Because in the past there had been mistakes in the fired employee is unlawful but Biti's has changed and acknowledged their mistakes to perfect morals and culture of the company The products that Biti's bring are proven through the process of using, brings a true quality product Understand the nature of the national environment in which businesses operate 2.1 Explain how economic systems attempt to allocate resources effectively According to Business Dictionary (2016) stated that: "Economic system is an organized way in which a state or nation allocates its resources and apportions goods and services in the national community." We have types of economic system and that are Free Enterprise Economy, Government-Controlled Economy and Mixed Economy Free Enterprise Economy: "This economic system works on the principle of laissez faire system, i.E., The least interference by the government or any external force The primary role of the government, if any, is to ensure free working of the economy by removing obstacles to free competition." (Pondicherry University, n.d, p.21) Government-Controlled Economy: "The government-controlled economies are also called as ‘command, centrally planned or socialist economies’ Such economies are, in 24 contradiction to the free enterprise economies, controlled, regulated and managed by the government agencies." (Pondicherry University, n.d, p.22) Mixed Economy: "A mixed economy is one in which there exist both government and private economic systems It is supposed to combine good elements of both free enterprise and socialist economies A mixed economy is widely known as one, which had both “Public Sector” (the government economy) and “Private Sector” (the private economy) " (Pondicherry University, n.d, p.22) In Viet Nam, the economic is the mixed economic system - which in the majority of countries in the world Vietnam used to be considered a poor country due to economic backwardness and stagnation because self-use the resources in the country However, until the period of renovation that the government applied, the Vietnam economy has many new features when converting to mixed economy That is the reason leading to the establishment of many private businesses although still in the control of the government Beside that, in 2011, Vietnam joined the WTO gives positive signs of economic growth Vietnam recently joined TPP signatories in 2016, such as a further step for Vietnam's economy in the future Any country, any society would also have production resources whether less or more The resources of this production is also known as factors of production and is divided into main groups: natural resources, sources of raw materials available in nature or land, source of labor, capital or financial resources Natural resources, sources of raw materials available in nature or lane Vietnam has a geographical position extremely conducive areas in South East Asia when South East Asian sea traffic passes Vietnam once considered a golden land of many countries and Vietnamese History has a lot of time talking about that With a coastline about 3260 kilometers and a wide territory to 226000 square kilometers and hundreds of small islands and two islands have a strategic position is extremely important are Hoang Sa and Truong Sa Vietnam has up to 3/4 area of hills and forests cover over 40 percent of the land area and has more than 100 nature reserves Vietnam has over 39 million hectares of land, the land area was used on the socio-economic purposes is 18.881 million ha, accounting for 57.04 percent of natural land, including agricultural land accounted for 22.20 percent of land area and 38.92 percent of natural land is being used The time was 14.217 million hectares of unused land, accounting for 43.96 percent of natural land About mineral resources, Vietnam is located between two large mineralization belt of the world are Pacific and Mediterranean Geological exploration works during the past 40 years have discovered and reviews 5000 reserves mines with 60 kinds of minerals such as coal, Iron, Tin, Boxit, with abundant oil reserves Also, with thousands of years of 25 history, Vietnam has more than seven thousand monuments (of which about 2,500 are state monuments protection rating) historical, cultural imprint of the process of building and defending the country Especially Hue, Hoi An ancient town and My Son temples have been recognized as a UNESCO World Cultural Heritage These are favorable of natural resources, geographical location and the advantages that Vietnam has been, these factors influence to the country's economy Labor Vietnam Population 2010 to 2015 – Source: WorldBank 26 Employment to population ratio in Vietnam, 15+, Source: WorldBank Vietnam's population by 2015 had reached 91.7 million people, with 75% of those in working age It really is a high figure and shows that Vietnam has abundant labor resources, along with a lot of favorable conditions for economic development However, labor sources in Vietnam still exist many problems in particular such as difference between the skills of manual labor and qualifications Because of this, every year, Vietnam exported to manual labor to other countries and take on the talents of professional skills Capital or financial resources According to Business Dictionary confirm that: "Capital is wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment Factors of production that are used to create goods or services and are not themselves in the process." In Vietnam, there are two types of capital: foreign direct investments (FDI) and official development aids (ODA) 27 Three factors are impact on the economy and affect GDP in Vietnam According to The Balance stated that: "Gross Domestic Product (GDP) is the best way to measure a country's economy It includes everything produced by all the people and companies that are in the country " GDP per capita of Vietnam from 2010 to 2015 (current US$) – Source: WorldBank The chart above shows, through the year from 2010 to 2015, the GDP of Viet Nam has increased and reached 2111 USD per year (2015) The GDP per capita showed the economy of Vietnam grows over the years, although the growth rate is not high The GDP increase drag the quality of life of each increase, this lead to the demand for goods and services increases Due to the demand for goods and services increases, manufacturers increase production output outside to meet the needs of customers When customer demand too high then required the production boost and the demand for labor increased 28 Labor force of Vietnam from 2010 to 2014 – Source: WoldBank There are two factors that affect the profitability of a business that is the demand for labor and supply of labor When the demand for goods and services of people increases, the enterprises are required to increase production output outside, that makes the demand for labor is rising because the business needs a lot of work to meet the needs of the market When the demand for labor increases and labor sources not meet the needs that the businesses need, so the wage increases, this reduces the profitability of the business, however this reduces profit portion will be offset when that demand for goods of the customer are met Conversely, when the demand for labor decrease beacause businesses enough to meet the needs of customers with existing labor though labor supply is still increasing, the wages will decrease and profits of the business it will increase This will make the GDP rise of strong impact on the economy Returning to Biti's, when the demand for buying sports shoes of the people and especially the young people are increasing People often tend to choose foreign brands like Nike, Adidas, Converse, Besides, customers in Vietnam want a sports shoe brand of Vietnam To meet customer needs, Biti's has launched the product line that is Biti's Hunter to direct competition with strong rivals in this field Because only recently set foot in the market of sports shoes, Biti's need a labor force qualified for production and research However, because the source of labor supply can not meet the needs of Biti's has led to 29 wage and consequently increasing Biti's spent more than million dollars for the research and production of Biti's Hunter Although profits decreased because the money for the research and production are high but Biti's has brought a very good product line and meet the expectations of consumers Biti’s Hunter – Source: Internet In addition, the influence to economy from inflation In macro-economics, inflation is understood as the rise in the general price level of goods and services over time and the loss of the value of a currency When compared with other countries, the inflation is the decrease in the value of a country's currency compared to the currencies of other countries When inflation rises, competition leads to increased input costs due to the many factors that increase comes from the inflation and lead to the price of the product is increased to bring profit by enterprises However the product cost increases, the demand for goods and services customer reduce and these will impact to the business Conversely, when inflation decreases, the cost of inputs to production would reduce, product costs low and reasonable to the consumer, so the demand for goods and services would increase Inflation not only affects businesses, consumers, GDP, but also affect the whole economy of a country Other side, a business will always know how to stabilize the prices of products to keep consumers even in the context of rising inflation 30 Inflation of Vietnam from 2005 to 2015 – Source: WorldBank Currently, as the chart above demonstrates, the past few years, inflation signs steady after the financial crisis in 2008, the businesses in Vietnam still has many strategies to stabilize prices for consumers and have more preparation after the 2008 financial crisis Again go back to Biti's, Biti's products always at a reasonable price with the vast majority of customers in Vietnam especially students Throughout three decades of establishment and development, over the period of inflation rising and most serious in 2008 but the product of Biti's has a reasonable price comes from the price stabilization strategy of Biti's and Vietnam's Government 31 2.2 Assess the impact of fiscal and monetary policy on business organizations and their activities When talking about macro-economic policy, it is understood as a policy of the Government to act on a certain economy, especially the mixed economy to help that economy to stable development and growth Macro-economic policy that the Government usually applied is fiscal policy and monetary policy Fiscal policy Fiscal policy is understood as the Government's income policy or budgetary policy as taxes, issuing Government bonds, Treasury bills, Fiscal policy generally includes two weak that are taxes and government spending When the government wants the expansionary fiscal policy, governments usually decrease taxes and increase government spending Conversely, if the government wants the contractionary fiscal policy, the government has increased taxes and reduced government spending The purpose of expanding or narrowing the fiscal policy is to help the government to control the circulation of money and goods provided to society More specifically, for the expansion of fiscal policy, the government decreased taxes and increased government spending, which makes the profit of the business increased because of reduced tax to encourage enterprises to increase production at lower prices to increase demand for goods and services And when the government wants to narrow the fiscal policy is to raise taxes and reduce government spending to limit the circulation of money and goods provided to society A practical example of applying fiscal policy of the Vietnamese Government in the period from 2008 to the present First, the period from 2008 to 2009, due to the influence of the world financial crisis, Vietnam's economy began to show signs of recession, besides aiming against inflation, the Government has implemented a range of solutions including the tightening of fiscal policy, continue to review budget, reducing and limit the investment project is not profitable, not increase external expenditure estimate and taking the funds to guarantee social security Next period from 2009 until now, the period is considered post-crisis global economy, the Government has taken drastic measures to combat the economic slowdown, macroeconomic stability The solution is mainly applied expansionary fiscal policies, including the various stimulus packages to support and encourage enterprises to invest and develop production The change in fiscal policy to help stabilize the economy and development has a direct impact on all businesses, including Biti's The proof is in the latter stages of 2009, revenue growth of Biti's always reaching 20 percent 32 per year with a turnover of 1,000 billion VND in 2012, and today that number has increased Positive things not only from the business strategy correctness and reasonableness of Biti's, but also come from the rational fiscal policy of government A fiscal policy further to achieve three goals: Timeliness; Properly and promptly The Government of Vietnam has done that and help Vietnam in general and businesses in particular stabilized after the global economic crisis in 2008 Monetary Policy Monetary policy is understood as a macro-economic policy in which the Central Bank used its tools to regulate and control the monetary conditions of the economy in order to ensure the stability of currency values, create a platform to promote the economic growth and maintain social goals Monetary policy usually consists of main elements: money supply, interest rate and exchange rate When the Government wants to expand the monetary policy, the Government will lower interest rates and increase the money supply, it will reduce the cost of production inputs, so rising labor productivity and increase of goods provided in society In contrast, when the Government wants to narrow the monetary policy, the Government will increase the interest rate for the use of incentives and reduce the money supply in order to limit the amount of money in circulation outside Overall, both fiscal policy and monetary policy are focused on the goal is to control the amount of money in circulation outside and goods provided for society to control inflation More specifically, when expansionary monetary policy, the Government reduced interest rates for credit support for businesses to reduce cost of production inputs, encourage investment and business development, increase the supply of the goods to the society When want to shrink the monetary policy, the Government raised interest rates for the loans for businesses to limit the sources of the money circulating outside to control of inflation 33 Vietnam interest rate from 2008 to 2016 – Source: Tradingeconomics In Vietnam, the Government has reduced the interest rate adjustments on the basis of macroeconomic developments, conditions in the currency markets to contributing further to remove difficulties for production and business So far, interest rates have fallen sharply, with about 40% interest in the second half of 2011 and lower the interest rate of the period 2005-2006 is the phase of stable economic development, help reduce loan costs of enterprises and households; short-term lending interest rates prevalent at 6-9 percent per year, the interest rate for medium and long term loans at 9-11 percent per year, businesses have healthy finances, transparency, have viable projects only at 5-6 percent per year The decrease in interest rates helps enterprises in Vietnam have the opportunity to develop more powerful, more investment projects took place to help grow the economy.The adjustment of monetary policy of the Government logically, many enterprises have developed rapidly and one of them is Biti's Biti's has always wanted to keep the family values deep in the culture of the company, they always refuse the investment from outside sources, so loans from the government is also an important factor to help Biti's accelerating development and become a major brand in Vietnam In general, monetary policy and fiscal policy applied by the government and work together to help stabilize prices, improve the living standards of the people, helping to stabilize and economic development, as well as curb inflation Not only the businesses, but the Government should also prepare the strategy and specific plan to confront with the financial crisis anytime 34 2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organization Vietnam competition policy "Article The right to compete in the business: Enterprises are free to compete within the framework of the law Government protects the rights of legitimate competition in the business The competition must be made according to the principles of honesty, does not infringe the interests of the State, public interest, rights and legitimate interests of enterprises, of consumers and subject to the provisions of this law " (moj.gov.vn, 2004) The effects of this law on Biti's: Biti's is a domestic enterprises have a long history with more than 30 years of establishment and development, so Biti's has to compete with a lot of domestic and foreign competitors However, Biti's must operate honestly and fair competition with competitors in the same field of business and markets Evidence that during the operation and development of Biti's almost not encountered a case involving unfair competition To that, Biti's are always creative and innovating products, bring the best quality products to compete with other rivals Vietnam social welfare policies Contribute to ensure and improve the quality of life for employees When employees have the labor relations that they also expected environmental conditions and work well; wages and benefits to ensure immediate and life long; participate social insurance, medical insurance, attention and support when in trouble, be respected, improved qualifications and professional The effects of this law on Biti's: Biti's ensure the best working conditions for employees Ensuring the salaries and social insurance, health insurance Always support and help employees, listening and respecting employees Everything that Biti's are doing very well this government's policies Biti's is not only caring about the staff in their company, but they also care about the community and society by many charitable activities helping those in difficulty Biti's has to comply with social security policy in the best way possible for a business 35 Biti's is a proud brand of Vietnam After our analysis and assessment of the business environment that Bit's are, we understand more about the brand of our country, understanding the strategy, vision, goals and intentions, the next steps that Bitis will Biti's responsibilities to customers, the government, society and the community to be understood and learn more We always look forward to a brand of Vietnam meets our expectation by quality products and excellent, bringing the value of beauty to society and the community, the benefit for the country, for consumers and Biti's are that 36 12manage (2016) What is stakeholder mapping, Available at: 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Vietnam from 2 010 to 2 015 (current US$) – Source: WorldBank The chart above shows, through the year from 2 010 to 2 015 , the GDP of Viet Nam has increased and reached 211 1 USD per year (2 015 ) The GDP