P1 & D1 Effects of Economic Changes on Business
GlaxoSmithKline
Impacts of Economic changes on Business
Formed in the year 2000 when companies GlaxoWellcome plc and SmithKline Beecham plc merged and has since developed into a world leading Pharmaceuticals Company, GlaxoSmithKline. GSK are ranked number three in the world in terms of revenues. Headquartered in the United Kingdom, London the company deals in pharmaceutical, biologics, vaccines and other forms of consumer healthcare. The company has a range of products that cover major disease areas such as including asthma, cancer, virus control, infections, mental health, diabetes and digestive conditions. They also have a large consumer health care division which produces well-known products including Sensodyne, Boost, Horlicks and Gaviscon. Reporting profits before taxation of £1.9billion in the fourth quarter of 2011 the company is not one to be underestimated.
GSK’s mission statement is to improve the quality of human life by enabling people to do more, feel better and live longer. Since 2008 GSK have set out three new strategic priorities, which are no dou bt influenced by the banking crisis that started that year, they are * Grow a diversified global business * Deliver more products of value * Simplify the operating model
GSK say that the aims of focusing their business on these three tasks are to deliver sustainable growth, reduce risk and improve our long-term financial performance.
Economic Environment
The economic environment takes into account the influence of buying behavior by economic factors such as employment, income, inflation, interest rates, productivity and wealth. In the United Kingdom we have a free market economy system which means prices are determined by supply and demand and the market is governed by the laws of supply and demand. It could be argued that in the United Kingdom we do not truly have a free market because there is Government intervention in security, defense, welfare and education. In the United
Impacts of Economic changes on Business
Formed in the year 2000 when companies GlaxoWellcome plc and SmithKline Beecham plc merged and has since developed into a world leading Pharmaceuticals Company, GlaxoSmithKline. GSK are ranked number three in the world in terms of revenues. Headquartered in the United Kingdom, London the company deals in pharmaceutical, biologics, vaccines and other forms of consumer healthcare. The company has a range of products that cover major disease areas such as including asthma, cancer, virus control, infections, mental health, diabetes and digestive conditions. They also have a large consumer health care division which produces well-known products including Sensodyne, Boost, Horlicks and Gaviscon. Reporting profits before taxation of £1.9billion in the fourth quarter of 2011 the company is not one to be underestimated.
GSK’s mission statement is to improve the quality of human life by enabling people to do more, feel better and live longer. Since 2008 GSK have set out three new strategic priorities, which are no dou bt influenced by the banking crisis that started that year, they are * Grow a diversified global business * Deliver more products of value * Simplify the operating model
GSK say that the aims of focusing their business on these three tasks are to deliver sustainable growth, reduce risk and improve our long-term financial performance.
Economic Environment
The economic environment takes into account the influence of buying behavior by economic factors such as employment, income, inflation, interest rates, productivity and wealth. In the United Kingdom we have a free market economy system which means prices are determined by supply and demand and the market is governed by the laws of supply and demand. It could be argued that in the United Kingdom we do not truly have a free market because there is Government intervention in security, defense, welfare and education. In the United