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GCSE: Business, Companies and Organisation, Activity
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Five different forms of ownership that you should know
- 1 Sole traders or sole proprietors are the simplest form of business ownership requiring no legal documentation. Anyone can just set themselves up in business. It is by far the commonest form of business organisation. One of the main problems is that it can be hard to get finance to expand. This is in part because it has unlimited liability. That is full responsibility for all debts
- 2 Partnerships are where from 2 to 20 people join together to form a business. This gives each person access to more finance and expertise. They also have unlimited liability which can make it difficult to get the finance to expand.
- 3 Private Limited Companies (ltd after their name) are legally set up and enable the business to raise more finance by selling shares (part ownership) of the business. They have limited liability which means that investors can only lose the amount they have invested in the business. People must be invited to become shareholders and can only sell their shares with the permission of the other shareholders.
- 4 Public Limited Companies (PLC after their name) can sell shares to anyone and there are no restrictions on who can and cannot own the shares. They also have limited liability. These tend to be the largest businesses.
- 5 Cooperatives are owned usually by the employees. The employees pool their money and usually share responsibility for the decisions of the business.
What are the names of different sectors of industry?
- 1 The primary sector is concerned with the mining, growing and extraction of raw materials that are used to produce other things. Examples include farming, mining, forestry and fishing. Before the industrial revolution (about 1760 to 1830) this was the biggest sector in the UK. Now it is the smallest, employing less than 2% of the workforce.
- 2 The secondary sector is the part of the economy concerned with manufacturing. It therefore involves turning primary products into other products that consumers and businesses will use. As a percentage of employment, this has fallen in the UK in recent years as more manufacturing is done abroad. The UK still manufactures many goods.
- 3 The tertiary sector is also called the service sector. It supports the production and distribution of products so includes industries like banking, retail, advertising and distribution. It is the largest sector of the UK economy.
- 4 Some commentators talk of the quaternary sector which is concerned with intellectual activities and the knowledge based part of the economy such as scientific research, government, libraries and information technology.
- 5 Goods move through the different sectors through what is known as the ‘chain of production’. So for instance oil comes from the primary sector where it is extracted from an oil well, to the secondary sector where it is refined into petrol or other products and then to the tertiary sector where it is sold to the consumers in a service station.
Five business aims
- 1 Most privately owned business aims to make a profit. This may only be in the long run. In the short run, a business may aim to increase market share or develop new products which will reduce profits in the short run.
- 2 Many businesses are in the public sector. This means that they are owned by the government or local government. Their main aim will usually be to provide a service to the public. They may charge for it to cover some of the costs but making a profit is unlikely to be an aim.
- 3 Businesses in the voluntary sector are usually charities that raise money to provide help to particular groups.
- 4 Businesses will normally have objectives which are much shorter term and are measures that will help them achieve their overall aim. It may relate to a level of sales (private sector), a level of service (public sector) or a particular group that will be helped (voluntary sector).
- 5 The terms private and public can get confusing. Private sector means owned by private individuals although it may be a public limited company. This means that shares in the company can be bought by any member of the public. However, it is still in the private sector.
- Marked by Teachers essays 12
- Peer Reviewed essays 4
Tom Spencer died on 25 July 1905 and after 2 years Michael Marks died on 31 December 1907. It was then time for the owners today at that time to advance the success of the two founders. In 1926, Marks and Spencer became a public company and 2 years later the St Michael Trade Mark was registered. Through out the years Marks and Spencer has been expanding till today. Food departments have been opened such as caf� bars during these several years and many other methods have been used through out the years.
- Word count: 604
Contribution to innovation and change. Explain three points of innovation in a business environment.3 star(s)
> People with diverse talents, personalities, and backgrounds who are able to exchange their ideas freely set the tone for change. > Recognition that there's not just one correct way of doing things and being appreciated makes you want to be more creative and willing to offer your ideas. > Good leadership knows how to uncover employees' diversity of talents and gives them an outlet and opportunities to demonstrate this. Helping them to use their strengths will lead to a more innovative environment.
- Word count: 957
Human Resources: This department of a business look after the employees, which means they can fire any employer from their business and can hire an employer to the business, and can cut down the workers wages to keep more profit going into the business and they keep trainings for their employees to train them about the new technologies which is useful in business. Customer Service: This department of a business is helping the customers, providing them information about the products and listening to their complains and trying to finish their problems.
- Word count: 968
Stock market is where the Longleat's stakeholders can buy shares and invest in business because they get a slice of ownership in the company, their company can be completely taken over. As a large business Longleat has to face a number of economical factors such as taxation, interest rates, labour. Stock markets is not one of the important factors faced by Longleat because Longleat is a private limited company and it would only give shares to the investors it selects.
- Word count: 723
Also for a new business like mine I'm going to keep in mind that I am a new company without a reputation so I must have low prices other wise consumers will prefer to go to a well known brand so I have to try and get consumers attention. Other factors include looking at supply and demand once they research this they have to choose their strategies depending on the time and product. There are seven main strategies I will be looking at and comparing which one is best for my business and when.
- Word count: 842
So McDonalds has more than 400 000 employees so it is a large business. ( http://en.wikipedia.org/wiki/Mcdonalds) Ownership McDonalds are independently owned and operated. It's a franchise which means you basically buy the name, brand, and make money off of it. Barry's Butcher And Dhillon Supermarket are being run by 2 people so it's a partnership A partnerships is between two and twenty people of course this business is only being run by two people, so it's a partnership. Before when two people setting up a business together they are drawing a deed of partnership.
- Word count: 607
Shares sold to the public bring in a lot of money to the company. HMV belongs to the tertiary sector, and is a public limited company and it's the largest of it kind in Britain and Canada HMV sell Entertainment good's such as music, Blue ray, DVD's, games, gadgets and t-shirts; they also sell ticket to gigs and comedy. HMV was founded in the 1920 in London. HMV is a global company but is based in the UK with over 700 stores in 7 different countries and over 11,400 staff. It's served in the UK, Republic of Ireland, Canada, America an in the Far East. HMV is a global company and it's well known.
- Word count: 662
Most MNCs in the UK are based on the free agenda, but a few companies are based in the Fairtrade system. Some well known companies such as Body Shop, Starbucks and Cadbury's Dairy Milk have all gone fair-trade. This helps producers and farmers in LEDCs by paying them higher amount of money. This gives them opportunities to educate their children and live a better and easier life. Fairtrade is making itself heard, after Cadbury's chocolate switched their most popular chocolate bar, Dairy Milk to fair-trade.
- Word count: 637
Geographical There will be a team of a Public service, who are based in a certain area depending on the service they are providing. For example; people who work within the air service, their day may vary from city to city depending on the job they have been informed to tackle. Multi- Disciplinary Within the Public Services there will be a group or a team of people who have varied skills to contribute to the achievement of the organizations or towards a certain task for the group.
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> To calculate risks beforehand and reduce the risk by taking safety measures > To arrange emergency plans > To label risks with big signs > To supply protective gear for free if needed to ensure the health and safety. What responsibilities do employees have to do? An employee has to ensure and take responsibility of his/her own health and follow the instructions of his/her employer. To do this an employee has to make sure to: > Cooperate with their employer and follow the instructions given by the employer > Make sure use and not misuse the equipment supplied by
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S- Specific objectives should specify what they want to achieve this should link to the aim. M- Measurement you should be able to measure whether you are meeting the objectives or note e.g. �10,000 in sales in the next half year of trading. A-achievable is the objects you set achievable and attainable. R- Realistic can you realistically achieve the objectives with the resources you have. T- Time based time limit of when the objective should be achieved, e.g. by the end of year. The long-standing aims for Carphone warehouse: * To Grow as a business * Expand their business and their website * To make profit Advertising: Stick posters in shop, streets and famous places, Companies,
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Disadvantages because As systems is small and not famous business people from other areas might don't know about it and even if its better then the shop in the other areas people wouldn't go to it even its cheaper and maybe the technicians are better than the ones in big and famous. Branches and also faster. Because they don't have as much work as big branches. Size Advantages The advantages for Halfords being large business is that is that they got name they are famous and people know what they provide and if they need some of the products that halfords provides they know they can go to halfords and buy it.
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Next, they are given a test period in the job where they will be closely monitored. As we can see already, colleagues from many different sectors, training monitoring others and having knowledge about the company all involve different sectors. This helps all sectors involved have up to date information (in this case about the trainee) and whether they will help the company or not. Training's aims and objectives will also be a great advantage to them as they can make sure their service is competitive with others in the industry. They may include: Aims * To Make their service more efficient * To Train appropriate employees only, and removing anomalies.
- Word count: 786
McDonalds. A Franchisee is the owner of the business who has used the company name to start their business. The franchise owns the individual business and pays the franchisor royalty fees to use their brand, the franchisor us responsible for the franchise and the franchisee is responsible for the business. The franchisee gets the profit for his business deducting royalty fees. Royalty fees are fees paid by the franchisee to the franchisor for the use of their brand, Usually a percentage of sales. The Post office is a well-known franchise. The Franchise is owned by the government so they are the franchisor.
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It is a voluntary investment, if it is required to use any profit only for the organization's purposes. Oxfam International is a leading international charity organization of 14 organisations working with over 3,000 partners in around 100 countries to find lasting solutions to poverty and injustice. Mostly their profit goes to helpful causes and to spread the name.
- Word count: 467
Compare and Contrast Roles Supporting Organisational Structures and Functional Areas in Organisations
The matrix structure is used for projects within the business. No one has more authority than the other and they all have to report to each other. This structure is made to be a structure for temporary use only. A flat structure is usually used by a sole trader who has unlimited liability. If a business is fairly small then a flat structure is the best to use and will be the most useful. The owner is the person who makes all of the decisions in a flat structure. The staff then follows what the owner says.
- Word count: 769
Strategies at McDonalds and Manchester library. Growth strategies and survival strategies are very similar.
If it is profitable they will keep making it and if it isn't then they will stop making it. These ties into the survival strategies section. The Manchester Central Library uses the growth strategy market development section. With this they bring out new genres of books to introduce new markets to it. This will keep people coming and introduce new customers to the Manchester Central Library. They keep opening events as well to get people to come. This is there survival strategy.
- Word count: 658
In this task I will need to fully explain what an aim and an objective are with examples from different business sectors for example private, public and a voluntary organisation.
For example, for a business to survive they might make promotions/offers for a limited time to interest potential returning customers to the store. Or even make cut backs on products/services that they might not need or that are not popular with the customers. Break even; when a business breaks even it means that they have focused on covering the costs of production and running the business. For example, a charity's aim would be to break even if they hold an event as they do not want to make a profit because the profit that is made will be going to the organisation.
- Word count: 852
If a global franchise needs to contact one of its branches in another continent then it could take up to week or longer for a letter to be sent through the mail with email it is sent instantly. S.M.S Short Message Service (SMS)
- Word count: 411
They have 179000 employees in over 100 countries worldwide and 2000 people working in the UK. Comet Comet is part of Kesa Electricals PLC, a pan European group operating in twelve European countries. Its focus is to make a profit and giving its customers the best price, best choice and best service. Comet has more than 250 stores throughout the UK and they aim to offer a unique all round shopping experience with a range of services including: home delivery, for which they have 13 home delivery platforms, 650 employees and 1.3 million deliveries completed annually.
- Word count: 685
The main purpose of having a Customer Service department is to deal with customer complaints and also answering customer phone calls. Production: The Production department is responsible for the entire manufacturing process and turning raw materials into finished goods. Under the leadership of a Production Manager it has to: * Identify the engineering or technical aspects of the production process. * Assess how long it will take to plan the production. * To monitor progress by carrying out work studies and inspections.
- Word count: 987
* Identity theft is difficult type of fraud. Criminals get hold of personal details of an individual and make use of this information to apply for credit cards. * Internet fraud- hacking into a business website to steal card details or making up a bogus website to trap shoppers into giving their cards number.
- Word count: 483
Student's declaration: I declare that I have produced the work involved without external assistance apart from any which is acceptable under the scheme of assessment and is recorded. Signature: Date: Teacher's declaration: I declare that the student's activities have been kept under regular supervision and that, to the best of my knowledge, no assistance has been given apart from any which is acceptable under the scheme of assessment and which has been identified and recorded. Signature: Date: Centre Marks Section 1: Planning (AO3)
- Word count: 200
share with each other the profits or losses of the business. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.
- Word count: 529
* Sometimes industrial research in what trade thinks. * If have big job, go to research agency for help. Public Relations Assistant * Help PR Manager establish good image for firm. * Good hand writing needed for sending press releases to the media. * Loud and clear speech for speaking effectively to reporters and the media * Activities for future use. Sales Representative -who visits shops to sell his company's products * Sell company products to existing customers. * Try and find new customers. * Work a region of the country all by your self. * Report to area manager.
- Word count: 530