Aims And Objectives Of Primark Economics Essay
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Published: Mon, 5 Dec 2016
In June 1969, the first Penney’s store opened in Mary Street, Dublin. Within a year, four more stores were added – all in the Greater Dublin area.
In 1971, the first large store outside Dublin was opened in Cork and by the end of that year there were 11 more stores in Ireland and one in Northern Ireland.
Move into Great Britain
By 1973, the number of stores had reached 18 in Ireland and Primark began trading in Great Britain with four out-of-town stores. The following year saw the opening of the first UK High Street stores in Derby and Bristol. In the next ten years, 18 stores were added in the UK and nine in Ireland, bringing the number of stores in the UK and Ireland to 22 each. Also in 1984, the first multiple acquisition took place with the purchase in Ireland of five Woolworth stores.
PRIMARK OBJECTIVES AND AIMS To provide good quality products for the public; we want the public to realize we are a good company and just because our products are cheap, it doesn’t mean that they are rubbish. We will achieve this by having our products made by people that know what they are doing and test them to check that they are good quality. To sell goods at reasonable prices; We want the public to have a wide range of options to them, so we offer them good quality products at reasonable prices; This will be achieved by looking at other stores, selling similar products, and making our prices lower than other places. To be friendly and helpful towards customers and staff; The public need to think that we are a friendly company; this will make them want to come to our store if they feel welcome. We will achieve this by greeting customers as soon as possible and making them feel welcomed. To treat everybody the same; The public need to feel like we treat everybody the same. The people with less money will be treated the same as people that have lots of money.
PRIMARK’s AGM is the most important opportunity this year to put pressure on PRIMARK. This annual shareholder meeting is when important decisions get made regarding PRIMARK’s policies and procedures.
It is PRIMARK’s shareholders who take home the lion’s share of PRIMARK’s profits and who have the power to make PRIMARK introduce policies and procedures that will ensure the lives of workers are put ahead of PRIMARK’s pursuit of profits.
So join us on Friday 5 December from 10.30 onwards to make your voice heard. We have seen how fearful PRIMARK is of us publicly shaming them, so please help us make sure their shareholders deliver justice to the workers making PRIMARK clothes.It beggars belief that PRIMARK has been caught on the back foot again. Just five months on from the BBC exposé that highlighted the appalling conditions faced by Indian workers producing clothes for the famous high street store and PRIMARK has yet again been caught out disrespecting these workers. Join us on 5 December to hammer the nail in PRIMARK’s ethical coffin.
The scope and responsibilities of the existing Primark Data Company (PDC) have been materially increased. In addition to its current responsibilities for economic data and for corporate-wide database integration and concordance, this company will contain all the data operations for Datastream/ICV, Disclosure and World scope. PDC will aggressively acquire new data, improve data quality and reduce costs. With major operations in the United States, the United Kingdom, Shannon, Ireland and Bangalore, India, PDC will provide global data knowledge and support to the three divisions and their customers. Robert Bulk has been named president and CEO of the Primark Data Company. He was previously responsible for the data operations of both Disclosure and World scope
P4 The fundamental economic problem in any society is to provide a set of rules for allocating resources and/or consumption among individuals who can’t satisfy their wants, given limited resources. The rules that each economic system provides function within a framework of formal institutions (e.g., laws) and informal institutions (e.g., customs).
What and how much will be produced? Literally, billions of different outputs could be produced with society’s scarce resources. Some mechanism must exist that differentiates between products to be produced and others that remain as either unexploited inventions or as individuals’ unfulfilled desires.
How will it be produced? There are many ways to produce a desired item. It may be possible to use more labor and less capital, or vice versa. For whom will it be produced? Once a commodity is produced, some mechanism must exist that distributes finished products to the ultimate consumers of the product. The mechanism of distribution for these commodities differs by economic system.
P5 Until ten years ago the term “Welfare Work” was a phrase without meaning in the industrial world. Today it stands for a definite policy on the part of employers which may bring about the solution of many of the vexed problems of labor and capital. The leaven of this policy already has begun to work.
A branch of welfare work through which the company has had a great influence on the people and the surroundings of the neighborhood is that of landscape gardening. At the time when welfare work was started the surroundings of the factory were like those of most industrial plants-anything but attractive. After the company has made its own property beautiful with lawns, shrubbery and vines, it taught the people of the neighborhood, by lectures and demonstrations, the principles of landscape gardening. As a result of this campaign of education the factory neighborhood has been change from a region of tumble-down houses, ash heaps and tin cans to a neighborhood of beautiful homes and well kept yards.
P6 The impact of Macro-economic (Monetary and Fisca)l Policy on the economy
There are some differences in the economic effects of monetary and fiscal policy, on the composition of output, the effectiveness of the two kinds of policy in meeting the government’s macroeconomic objectives, and also the time lags involved for fiscal and monetary policy changes to take effect. We will consider each of these in turn:
Effects of Policy on the Composition of National Output
Monetary policy is often seen as something of a blunt policy instrument – affecting all sectors of the economy although in different ways and with a variable impact.
In contrast, fiscal policy can be targeted to affect certain groups (e.g. increases in means-tested benefits for low income households, reductions in the rate of corporation tax for small-medium sized enterprises, investment allowances for businesses in certain regions)
Consider as an example the effects of using either monetary or fiscal policy to achieve a given increase in national income because actual GDP lies below potential GDP (i.e. there is a negative output gap)
(i) Monetary policy expansion: Lower interest rates will lead to an increase in consumer and business capital spending both of which increases national income. Since investment spending results in a larger capital stock, then incomes in the future will also be higher through the impact on LRAS.
(ii) Fiscal policy expansion: An expansion in fiscal policy (i.e. an increase in government spending) adds directly to AD but if financed by higher government borrowing, this may result in higher interest rates and lower investment. The net result (by adjusting the increase in G) is the same increase in current income. However, since investment spending is lower, the capital stock is lower than it would have been, so that future incomes are lower.
In UK lots of multinational organization are operating, Many people from different part of the world also visited in UK for different purposes, if the global economy fall the business of UK based company also fall down. As a result they faces difficulties to earn profit and ultimately the shareholders suffer.
P7 Perfect Competition:
A market is said to be perfectly competitive when firms perceive that they individually have no noticeable influence on market price. The outcome in such an industry is efficient in the sense that the cost of the last unit of output (marginal cost) would just equal what consumers would be willing to pay for that unit. Perfect competition is a regarded as a benchmark market structure for evaluating other market structures.
Market Structure and Competition:
The market structures tells us about the environment within which an enterprise functions and the nature of external pressure on the enterprise. The elements of market structure that we look at are concentration ratio, stability of market shares, conditions of entry and exit of firms. FDI Policy
Stability of Markets Shares
A limitation of the above summary measures of concentration is that they ignore the dynamic changes in the market shares of individual firms. Market shares of dominant firms may increase or decline over time. Greater churning of market shares in given market suggests greater intensity of competition.
P8 Market forces and organizational Response: Organizations always responses positively toward market forces.
P9 Company Summary: This section presents the key facts & figures, business description, and products & services offered by the company.
Major Competitors: This section first selects the competitors based on assets, sales, focus of business, or geographic reach. Then all the competitors are profiled.
Key Business Strategies of Each Competitor: It talks about the current and future strategies of each company. All business, marketing, financial and organizational strategies are discussed here.
Comparative SWOT Analysis: Our comparative SWOT analysis is a valuable step in assessing your company’s and you competitors’ strengths, weaknesses, opportunities, and threats. It offers powerful insight into the critical issues affecting a business.
Comparative Financial Analysis: This section compares the recent financials of the company and its competitors. The financial performance of each segment of all the companies is also discussed here. The objective is to evaluate the financial health of the company vis-à-vis its competitors. The stock price comparison helps us in evaluating the performance of the company position versus its competitors from an investor’s viewpoint.
There is an important role for tobacco control advocates in the policy development process in regulatory agencies.
P10 The buying and selling of goods and services across national borders is known as international trade. International trade is the backbone of our modern, commercial world, as producers in various nations try to profit from an expanded market, rather than be limited to selling within their own borders. There are many reasons that trade across national borders occurs, including lower production costs in one region versus another, specialized industries, lack or surplus of natural resources and consumer tastes.
One of the most controversial components of international trade today is the lower production costs of “developing” nations. Both the United States and the European Union have imposed severe restrictions on imports from Asian nations to try to stem this tide. Clearly, a company that can pay its workers the equivalent of dollars a day, as compared to dollars an hour, has a distinct selling advantage.
P11 Consultation with UK SME representative bodies on domestic and European matters consistently shows that the main issue for their members is regulation. The 2007 EU Observatory Survey found that 36% of SMEs within Europe reported that regulations acted as a constraint or had presented difficulties in the previous two years.
Whilst progress has been at the EU level, for example on the promotion of the “Think Small First” principle and the European Commission’s commitment to reduce administrative burdens by 25%, we believe a much more ambitious set of measures should be introduced
Another important issue is access to finance, where we believe action should be focused on improving the demand side, in particular investment readiness, and the supply of modest amounts of finance for entrepreneurs who, for various reasons, are deemed to be a higher risk.
In order to grow, SME must also have access to new markets. Generally, exporting firms have been found to benefit from greater productivity growth than non-exporters.
The UK has to make a decision on membership of EMU in the next two years. The monetary and fiscal regimes in the Euro Area and in the UK do not differ greatly. However, we argue that membership of EMU will increase the stability of the economy and the credibility of the policy framework, and hence will enhance the prospects for growth and higher incomes and employment.
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