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A Report on How Richer Sounds Functions

Extracts from this document...


1.0 A Report on How Richer Sounds Functions Letisha Whyte 18th January 2005 4.1 A Classification of the business according to its ownership, and an explanation of the benefits and constraints of this type of ownership Richer Sounds is part of the Private Sector, which consists of businesses who seek to make a profit. Julian Richer is the sole owner of Richer Sounds, which means he has full control over the business, but the Directors run it. Richer Sounds is a regional unlisted Public Limited Company, which means it is not listed on the Stock Exchange. Julian Richer is owner of all the shares of Richer Sounds, but the official name of the company is still Richer Sounds PLC, even though the shares are not for sale to the public. Julian Richer also gains the advantage of limited liability, which means he is not personally liable for any of the company's debts. The most he can lose is the money he has invested in the company, so he has not put any of his personal possessions at risk. 4.1.1 Richer Sounds' Legal Requirements Richer Sounds also have legal requirements that it has to abide by; such as they must have its name and address, ect registered at the Companies House where they will also have to send annual returns and financial statements. This is one of the disadvantages of being a Limited Company the fact they have lots of paperwork due to annual statements. The advantages and disadvantages of Richer Sounds are shown further on in the report. Also the financial affairs of Richer Sounds have to be published because the company's stakeholders need to see how the business is performing. 4.1.2 Memorandum and Articles of Association The documentation that Richer Sounds is likely to encounter is the Memorandum of Association, which governs the relationship between Richer Sounds and the outside world. This includes the company name, location, share capital and their objectives. ...read more.


The stock is the main thing that is needed in the company to achieve the aim of providing an excellent service to their customers. 4.4 A description of the Management Style and Culture of Richer Sounds PLC 4.4.1 T he Different Types of Management Style The management style of Richer Sounds falls into one of the following categories. The most common distinction between management styles are as follows: Management Styles Autocratic Consultative Democratic The Autocratic management style is where the management is used to give instructions, which means basically telling people what to do rather than asking their opinions. The manager is the only one doing the decision-making. The Consultative management is where the managers consult other people before making their decisions. An organisation with a culture of consultation will have certain mechanisms, such as newsletters and suggestion boxes, which shows the concerns of other people who are involved. The manager will then make the final decision alone. The Democratic management is where empowerment is involved, which means other people from different roles within the business may 16 get involved in the decision-making. A manager with this style will be comfortable with others making the decisions and the manager will have a good overall understanding of the decisions being made. The management style that Richer Sounds falls into is the Consultative style. This is proven mainly through Richer Sounds' suggestion scheme where all employees contribute towards the ideas of developments and better ways to achieve their objectives. Richer Sounds' management consider ideas from all staff to help towards their final decision. 4.4.2 Advantages of Richer Sounds' Management Style * All employees who are involved are informed of all events that occur before the final decision is made. * Richer Sounds' employees feel comfortable with openly discussing their problems and have the knowledge that they will be listened to. * Richer Sounds' employees have the peace of mind that they will not be punished for any of their opinions as the managers welcome all views. ...read more.


* Cannot persuade people to fill it in as you do not have face to face contact. Telecommunications - similar to face to face interviewing. Data often inputted directly on to a computer. * People have easy access. * People can read it whenever they want. * People might to be interested in reading it. * People might not have a computer. Panel Discussion - asking the same people a range of questions over a period of time. * New and different ideas are contributed. * First hand information. * Some people may have different thoughts to others. Focus Group - a group (usually 8-12 in number) discussion led be a moderator and often filmed. May be used to test responses to new ideas or products. * Tests peoples reactions. * Generates new ideas. * First hand information. * May get unexpected reactions. * People may change their minds. Field Trials - used to test market products, usually in small geographical areas of the market. * Good marketing. * Reliable information collected. * Products may not do as good as expected. I used the face to face method and discussed Richer Sounds with one of my relations who is an employee at one of their stores on the 19th of October 2004. The subject we mostly focused on was customer service as she is a sale assistant. Secondary Research Secondary research is information that is collected second hand. This can be found from sources such as newspapers, magazines, internet, etc. I firstly decided on the business I would be producing my report on and found its website using a search engine on the internet. (websites are listed at the end of this page). I used mainly the Internet for my research and textbooks. The websites I used are as follows: www.richersounds.co.uk www.msn.com (search engine); searched words such as Richer Sounds PLC, Richer Sounds' products and prices, communication. Textbooks I used are as follows: Business Studies for you, authors David Needham and Robert Dransfield Business Studies, authors Ian Marcouse, Andrew Gillespie, Barry Martin, Malcolm Surridge, Nancy Wall 30 ...read more.

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