I am going to compare and contrast two businesses one of them being Richer Sound and Oxfam.
Ownership:
Richer Sounds is an ownership of a Plc this means it is a Public Limited Company. It became a limited company in 1978, it was incorporated on 29th November, and since 1990 it has been an unlisted public company. It became a limited company to gain the advantage of limited liability.
Aims:
The aims of Richer Sounds are crucial, this is the whole reason the company exists. Some of the aims of Richer Sounds are:
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Paying good salaries to the workers: this help the business retain good, hard working staff, and in exchange the business offers colleagues benefits and bonus schemes.
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Customer service and value products: this will help the business as a customer will go somewhere else where there is a great service but the goods are too expensive but if they provided with a good service and quality products, this will help the business become more successful and will keep the business running.
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Making a profit: this is one of the main aims in business, otherwise a business will close. All businesses have to make a profit to keep a business, like every business we have to pay tax to help the government to provide schools, hospitals and other public services.
Objectives:
These are goals we want to achieve over the next 12 months.
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Our objectives: At the beginning of each year the chairman of Richer Sounds, Julian Richer and the managing director, David Robinson decide on ten goals they think Richer Sounds want to concentrate on achieving that year.
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Rewarding colleagues: this is one of the goals which are always ‘to keep the fun’ and to continue to reward colleagues for working hard. This helps everyone working at Richer Sounds as this keeps them focused and motivated.
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Technology developments: new product come into the market, there are new ways of doing business e.g. through the Richer Sounds website. Also new competitors may come into the business market and some may leave.
Now I am going to compare and contrast Richer Sounds to Oxfam. I will do this by describing what each business is, what is the same, what is different in each business.
Ownership:
Oxfam is an international charity group of organizations working together with over 3,000 partnerships in more than 100 countries to find long term solutions to poverty, sufferings and injustice. With many cases of poverty in caused by nature, the members of the global Oxfam international believe they can achieve a greater impact through their joint efforts.
Aims:
Oxfam’s vision on the world is where there is no poverty and where everyone gets justice, and to help ensure that every individual is guaranteed of….
A sustainable livelihood: this means that they can earn a reasonable living over many years to support themselves and their families.
Education and health: this means that they access the basic service for example learning the basis education and health and safety.
Life and security: this means that the poor should have a shelter and security when conflict and natural disasters strike.
An equal right: this means that the poor should not be judged by their gender or ethnic identity.
Long- term objectives:
The long term objectives of Oxfam are very broad and it’s resources limited. These long term objectives will make a specific contribution as part of the global movement against poverty and injustice. A few of their objectives are:
People living in poverty will get access to a safe employment; improved working conditions and has labour rights.
Improvements in their health, increase access to basis health service, clean water and sanitation.
All children and adults living in poverty will achieve their equal rights to a good quality basis education.
Richer Sounds is a Public Limited Company, this means that they gain a profit. It is owned by Julian Richer who also is the chairman of Richer Sounds. The head office is in London, there are over 50 retailing shops in the UK and in Ireland. Richer Sounds are specialist’s retailers of audio equipment and separates- such as DVD players, CD players and amplifiers. Richer Sounds think it is very important that all our staff enjoy working here and are well rewarded for their achievements, they employ nearly 400 colleagues.
Whereas Oxfam is a charity and all the money made excluding the wages of the staff are given to the charity organization for the poor. It is a non- government agency dedicated to fight poverty and related injustice around the world. Oxfam has 42 shops throughout Ireland selling goods donate by the public as well as 3 shop committed to sell Fair Trade crafts and food products. Oxfam have over 40 full time staff working in 2 head offices (Dublin and Belfast) and nearly 70 staff involved in running shops around the country. Oxfam also have a field office in Tanzania with a full time staff.
Richer Sounds aims are based on making a profit and customer service; however Oxfam’s aims are only based on health, safety, protecting and giving a normal life to the poor. Both businesses put they aim revolving around people, Richer Sounds aim is to put the customer’s satisfactory rights first and Oxfam puts equal rights first so that all poor and needed are not judged by their gender or ethnic identity.
Richer Sounds reward colleagues for working hard whereas Oxfam try to improve working conditions for people living in the poor. Oxfam is a contribution as part of the broader global movement against poverty and injustice. However Richer Sounds develop technologies which are Hi-fi retailing products which come onto the market, this therefore means that there may be new competitors entering the market and some leaving.
From my researches I have researched that S.M.A.R.T objectives are least used in the business Oxfam as it is more related to help people in the poor and in disasters around the world, whereas Richer Sounds is related to making a profit and good value for money this shows the image of using figures.