Business Environment 1 Assignment Example | Topics and Well Written Essays - 1250 words

Business Environment 1 - Assignment Example For instance, one individual forms sole proprietorships and the owner incurs all the liabilities of the business. Two or more persons can form partnership while limited liability partnerships have a limited liability. Joint ventures are formed between two or more organisations for the purpose of undertaking a specific project or attaining benefits from sharing resources, management expertise and minimising competition between rivalry firms (Barnes, Norris and Jones, 2001). British Airways is the largest airline in the UK by fleet size and is based at London’s Heathrow Airport. The airline is part of Oneworld airline alliance that includes other members such as American airlines, Qantas and Cathay (Punzel, 2011). The airline has established codeshare agreements and partnerships with other airlines such as WestJet, LAN airlines, Bangkok Airways, Japan Airlines, Finnair, Iberia, Meridiana Fly, Royal Jordanian, Air Berlin and JetBlue (Punzel, 2011). British Airways main strategic objective is to become the leading global premium travel airline through attaining the status of airline of choice for the long haul premium clients. At the same time, the airline is committed to delivering high quality services to its customers and growing its market presence in the key international cities (Punzel, 2011). The airline is currently enhancing its leadership position in London in order to beat the competition from EasyJet and improve its revenue margins through creating additional revenue streams (Barnes, Norris and Jones, 2001). The airline meets the needs of various stakeholders such as employees, customers, business partners, suppliers and the community (Punzel, 2011). According to the company, the main objective towards employees is to develop customer-focused culture than offers rewards for individual employee performance and recognise the individual efforts of each employee through offering numerous opportunities of training and development (Barnes, Norris and J ones, 2001). British Airways aims at appealing to global customers in all markets and ensuring that individual and business travellers choose the airline as the preferred mode of air travel. The company offers premium and differentiated services that are worth for additional little payment. Accordingly, the airline is focused on its aviation segment through offering cargo movement services that complement its core business activities (Barnes, Norris and Jones, 2001). Impact of UK economic system on British Airways The current UK economic system is favourable for the business operations of British Airways. Despite the economic downturn of 2008-2009 that saw a decline in passenger volumes, the airline has implemented innovative services such as new longhaul from London to New York in order to attract more customers (Gabriele, Kuenzel and Springbett, 2012). Accordingly, the airline launched the award winning Club World product for the Boeing 747 and 777s in its brand development and po sitioning efforts in order to enhance its market position as the premium airline in the world. The airline adjusted its fleet in order to cut down on employment costs and save costs on shorthaul catering and attain additional revenues from baggage allowance (Punzel, 2011). The airline works closely with key suppliers and contractors in the One Destination programme in order to improve its efforts in