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Business - Final Simulation - Essay Example

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Final Simulation Introduction It is vital to comprehend the environment at which businesses operate in order to run a business unit successfully. Since environmental factors have an impact on each aspects of the business, therefore it becomes necessary for the companies to comprehend the numerous components of the business environment such as political environment, economical environment, social environment, technological environment and legal environment (National Institute of Open Schooling, n.d.)…
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Business - Final Simulation
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Download file to see previous pages Business Environmental Factors and Business Theory The political factors comprise of the regulations made by the government as well as that of the legal issues. It also states both the formal as well as informal rules and regulations under which the firms need to work. It is the economic factors that have an impact upon the purchasing power of the customers along with the cost of capital of the firm. Social factors tend to impact the needs and the wants of the customers and the size of the potential markets as well. It is the technological factors that minimize barriers to entry and helps to improve the quality of the product. Environmental factors comprise of the weather as well as climate change. Legal factors are associated to the legal environment in which a firm functions (Oxford University Press, 2007). Political turbulence in Libya and Egypt along with unstable environment in the Middle East, have an impact on the price of the oil. Along with this, the President of the USA has developed National Commission on the areas of oil spill in Gulf of Mexico which depicts the intervention of politicians in the business. Tax rates also have an impact on the successful operations of the firm. ...
Due to the environmental damages done by the oil spill in the Gulf of Mexico, the brand image of BP has been cracked which may lead to consumers’ reluctance to purchase the product of BP. The consuming patterns of the people in the energy sector are completely changing which is a matter of concern for the long-term sustainability of the company. BP makes use of advanced technologies in order to sustain innovation and to maintain the competitive position in the marketplace. The company is striving to invest and to ensure in low carbon emission from their activities and in the manufacturing of efficient energies. The legal factors also have an impact on BP. When oil spills took place in the Gulf of Mexico, it was noted that new legislations were introduced forcing the company to be more responsible for health along with safety rules. One of the environmental factors impacting the successful operations of BP has been the oil spill disaster that led to negative environmental consequences such as high carbon emissions. The company is targeting use of low-carbon energy as part of its Corporate Social Responsibility (CSR) activities (Pour, 2011). Dependence and Limitation of One Environment on the Other From the above analysis, it is evident that the impact of one business environmental factor tends to have an impact on the other. For instance, in order to avoid any legal and political barriers taking place due to adverse effects of the oil spill in the Gulf of Mexico, the company conducted clean-up activities of the oil that came ashore. By doing so, it could prevent the sea from getting polluted (BP Plc, 2011). One environment tends to hinder the other and tends to affect the company’s ...Download file to see next pagesRead More
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