[Selfridges & Market Orientation]

by

Selfridges & Market Orientation

Introduction

Each company gives different answers three basic questions, but economic system in an economy is determined by ownership of resources (which has resources and how owners are paid) and extent to which government seeks to coordinate economic activities in society.

UK economy is composed of three basic institutional structures, private sector, public sector and international sector. Private sector consists of individuals, including households, whether owned enterprises that exist to make the profit and nonprofit organizations. Public sector is government and its agencies at all levels. International sector looks part of economy that deals with import and export. Go ahead reading small details

Ranging from freedom rather than more regimented type of economy, market system or free market is at opposite end of spectrum, while control system is at other end. They are most typical today, but other transition economies and permeate mixed well. Virtually no pure market system or pure control system available today, all countries are at the spectrum that is neither of extremes. However, for sake of discussion, we will pay more attention to extremes.

Under pure market system, resources are completely privately owned and coordination of economy is ultimately based on total decisions of millions of individuals pursuing their own interests without any central direction or regulation. Government stays out, and market is sole central institution in which three basic questions are answered. Buyers and sellers of goods and services, resource owners and bidders interact unaffected by force and other government regulation. Their decisions are only dependent on interests of their own. Consumers determine what is produced (or consumer sovereignty) and producers have to produce goods and services people want, what is process of resource allocation. Distribution of production was determined in the decentralized manner. Amount that any home you get depends on your income and wealth. Income and wealth are determined by their capabilities and skills and ability to choose whether to work or not. In the word, the pure market system, while non-governmental members of society determine their individual actions, which ultimately determine overall economy.

Not only UK, but many other countries have become more and more serious about international sector of their economies, especially since great economic lesson of 1970 and 1980, when all economies, regardless of size, depend to some extent in other economies and are affected by events outside their borders. UK economy is by no means closed or self-sufficient. In light of theory of comparative advantage, all countries can benefit from participating in world trade, even if absolutely lower productivity in all areas. And we're accustomed to now, none of us alone produce everything we need, however, we specialize. However, specialization leads to interdependence, which in turn, results in growing exposure of economy to international sector.

The Organization

Organization selected for purpose of this task is Selfridges Stores.

Mission

Creating value for customers, to earn lifetime loyalty

THE stakeholder is the person who is affected by activities of the company. Stakeholders include employees, suppliers, creditors, customers, shareholders and local ...