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UNIT 1 - The Business Environment - Controlled Assessment 2
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UNIT 1 - The Business Environment - Controlled Assessment 2
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A. In detail, describe a ‘boom’ and how this can cause a ripple effect.Boom is an activity in the business cycle that identifies the organisation is in a strong and higher profit the economic activities are going to increase
rapidly, when an organisation is in boom, they have strong confidence, so they are going to be confident in investing more money. Boom means
more employment, this means more people are going to get salaries and this means more people will have disposable income this means that
people will buy more products so organisations will have more customers, this mean there is going to be high amount of demand in goods and other
products this means that the producers will increase the production of goods and services, this means that the labour is going to increase so
organisation are going to hire more labour and they are going to buy more technology equipment and machinery equipment, this means that more
staff will be hired and everyone is going to be likely to buy goods and other product without any problem of money and the items are going to be
such as the luxury and expensive. This mean that the prices are going to be higher because of the higher inflation. There is going to be employment
and that will make more profit and more sales, this means more taxes are going to get collected this means more the country will be able to invest
money on the public services such as NHS, police force, army and other services.
B. Explain how your selected organisation business activities would be impacted during a boom.
The businesses activities are the production, purchasing, recruitment and selection and finance and this get affected by the boom, in boom the
production is going to be increased this means that more products will need to be produced and more raw material, this means that there is going to
be a high level of demand of the products that are produced in Greggs, however there could be challenges for Greggs in the quality of the products
that Greggs will produce they are not going to have as much better quality.
The purchasing, Greggs will have to purchase more products because there will be higher demand, moreover the purchasing will be expensive the
products are going to be expensive because of the economic state, however Greggs will have to compete with others, and they will need to buy the
products that are going to be expensive.
Recruitment and selection, because there is going to be more demand from the customers, and they are going to need more staff to be able to meet
the need of the customers and it is going to be difficult to find the right staff for the right job, because the people will need more wages that meet
the requirements of the job however it will be easier to hire staff that doesn’t meet the requirement of the job.
In the finance section they are going to have profit as well however there are going to be more staff hired this means that more wages will be
needed to paid, more taxes and more loans will need to be paid and they are going to be increased, however there are going to be some more profit
for the staff and this means that the staff will have more disposable income and they are going to be spending more on the luxury and expensive
items.
C. Explain how supply and demand would be affected during a boom and how this would impact your selected organisation.
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