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What Is Unit 3 P3 Understand The Business Environment

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Task3: understanding the behaviour of organisation in their environment

As business organisations do operate in an environment which has a strong influence the way they operate and conduct their business transaction. The environment that business organisations face is both internal and external environment and both needs strategy and policy to dealt with. Thus, business organisation must find a way to deal with it. External environment is the macro environment that business organisations have contact and almost interact with on daily bases. In order to operate successfully business must be able to respond effectively to factors in their environment that affect them. However, the success may also depend on the ability to influence the environment in which they operate.

3.1. Explain 3 different types of market structure …show more content…

In contrast to perfect competition where many suppliers were jogging to attract large number of customers under perfect competition, but monopolistic market enjoys huge and unfettered access of a market, where it is a price makers rather than a price taker.

To be monopoly, the product must be unique, and no other supplier produces it so this type of product can be found in the pharmaceutical industry where companies have patent and license given to produce certain medics for longer period of time unless that product is deemed to be harmful to the wellbeing of public in general, but in that case companies my lose that. The other important characteristics under monopoly market is barrier to enter and exit of the market unlike perfect competition neither entry nor exit is easy under monopoly market, some key barrier to enter may licenses or franchises, ownership of resource and patent and copy rights.

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