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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.
It is considered to be a large scaled business, as it is global and has over 5900 employees working for them and they also have volunteers. The employees work for the charity without being paid. Oxfam is a Charity because they are a non-profit organisation, which means that any profit made through fundraising can be put back into the charity. JD?s purpose, as a business, is to sell goods (clothing)
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For example 4 years ago was the ?salmonella scare?. Cadburys had to bring back all there products from the shelves, and get rid of other batches. This cost a lot of money for Cadburys. Another interest in Cadburys would be job security. As swell as being in the recession and at risk of being made redundant, Cadburys is said to be moving all production over to Poland by the new owners Kraft because it?s cheaper, therefore all Cadbury workers in this country would be jobless.
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15 Doyle Term loan from a bank: A term loan is a source of finance obtained from a bank. A term loan will be paid back over a number of years, but the bank will have to consider a number of factors to see if they can give the loan out. ( the quality of the business plan, the collateral available to secure the loan, the capacity of the business to repay the loan) pg. 16 Doyle Lease finance: A lease is an agreement to rent an item of plant and equipment for a fixed number of months and years, there are two types of leases.
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It is for this reason as to why employees take interest in the profitability and success of their business. Also, if an employee?s business is unsuccessful, some may have to be made redundant. Job sustainability is of very high importance to most employees and will do everything their power to make sure that they are not made redundant and they therefore must try harder to keep their job. In addition, employees expect respect and truthful, effective communication to come from their managers- if an employee does not receive this, an employee may feel unnecessary, unwanted or an outsider from what should be a very strong team within Coca Cola Wakefield.
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Organisational Structures: An organisational Structure arranges such tasks as supervision, coordination and allocation. These structures make the business much more ordered and simpler to follow as every employee knows their place and responsibility to the business. Organisational structures are commonly drawn on an organisational chart. Organisational Structures also coordinate, control and help motivate employees toward the organization's goals. The most common business structures include functional, divisional, matrix, hierarchical and horizontal. Hierarchical Structures- A hierarchical structure, or hierarchy, is a type of structure common with most large businesses as it can take into account the chain of command from the managers right to the subordinates The structure is usually visually represented as a pyramid as there are usually few employers at the top and many employees at the foundation.
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Your business name is not allowed to be the same or too similar to that of another business. If this name does conflict the business of another owner, you could face legal action from the owner of the other business. Check phone books, trade journals and magazines to ensure against any clashes. Also check records of the National Business Register. If you yourself cannot be sure that you have checked all names similar to your own, contact a solicitor. A solicitor will make all necessary checks and also make sure that no business in the future will not conflict your business by trading under a name that is the same or too similar.
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if a proposition is not approved by all parties, an alternative should be considered. 4. Realistic: the target is possible given the market conditions and the staff and financial resources available. E.g. If the business aims to gain profit during a recession by increasing its prices, this is unrealistic and therefore no in keeping with the SMART acronym. 5. Time-bound: the target will be met within a given period of time; a commitment to a deadline helps a team focus their efforts on completion of the goal on or before the due date.
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They are a national company based in England only. The Help for Heroes Company are a registered UK charity, but also have a profitable gain, they do exactly what is stated and all donations are given to the charity. But they also sell Help for Heroes merchandise such as wristbands etc. these go towards the running cost of the company and to the owners. The donation that Help for Heroes have received since October 2007 is £105.377M.
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For Example, Providing the excellent customer service such as, being friendly, open, engaging and helpful to your customers would raise the amount in company. More money means more profit coming into the business. Keeping the loyal customers happy would increase the sales in to the business by making the most sales as possible. Making aims and objective to achieving your goals would raise the amount in to the business. For Example, Tesco plc is extensive businesses which have making profit and some loss because their competitor?s are really competitive.
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(10) (18) – – – Profit for the financial year attributable to equity holders of the parent (£m) 1,570 1,892 2,124 2,1333 2,327 Underlying profit before tax5 (£m) 2,277 2,545 2,846 3,124 3,395 Enterprise value7 (£m) 30,841 40,469 37,656 35,907 41,442 Basic earnings per share8 20.20p 23.61p 26.95p 27.14p3 29.33p Diluted earnings per share8 19.92p 23.31p 26.61p 26.96p3 29.19p Dividend per share9 8.63p 9.64p 10.90p 11.96p 13.05p Return on shareholders' funds10 24.9% 26.7% 25.1% 23.5%3 23.0% Return on capital employed11 12.7% 12.6%16 12.7%17 12.8%20 12.1% Group statistics Number of stores 2,672 3,263 3,751 4,332 4,881 Total sales area – 000 sq ft12 55,215 68,189 76,338 88,451 93,985 Average employees 368,213 413,061 444,127 468,508 472,094 Average full–time equivalent employees
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I will talk about Asda which is a private limited company, and look at how it has change in response to changes in the business environment
Therefore, although this was originally conceived as a profile of Asda, it is impossible to write it without continually referring to Wal-Mart. Asda has been criticised for misleading advertising, using suppliers who are known to have illegal employment practices, ignoring planning regulations and destroying greenbelt land, lack of serious environmental policy and blatant green wash. With its ?strategy of consolidation?, copied directly from Wal-Mart, Asda pursues an aggressive takeover policy of small towns, wiping out local competition and local jobs.
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This is because public business are owned by councils and governments who are focused on keeping their residents business. Voluntary organisations (charity) usually have aims based around the service they provide, the people they help and the work they strive to continue. Objectives are more specific than aims they usually include specific, measurable, achievable, realistic and time-constrained points. They are set over a short time period and are reviewed in the next 5-6 months.
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The NSPCC has an aim of survival. This is because the charity does not want to make profit; it just wants to continue to exist. Break ? Even Breaking even is a method of survival. This is where a business aims to make enough money to cover the total costs. So the business does not make a loss, neither does it make a profit. Again the NSPCC is an example of a business which employs this aim. The charity aims to break-even so it can at least cover all costs then everything else it gives away.
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To Inspire Moments of Optimism... through our brands and our actions. To Create Value and Make a Difference... everywhere we engage." Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities. http://www.thecoca-colacompany.com/ourcompany/mission_vision_values.html The main purpose of Coca Company is to supply their product to stores, restaurant, hotels and those organisations sells them to customers. Coca Cola Company produces more than 500 products including soft drink with different favours from their manufactures and sells them to different business like Asda, Tesco, Dominos Pizza, Holiday Inn, Greggs etc. Coca cola is know as secondary sector because supplies goods to others company.
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This data is raw data which is collected first hand. Also, the data can reflect public views and is reliable. But, it can take time to process and if second hand data is easier why not just use that? Secondary data has already been collected so that?s what makes it easier to get hold of. This also means that you can get a variety of information in a short amount of time. But secondary data can have its drawbacks; you could spend a good chunk of your time on sites that are irrelevant to what you want to find out.
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But even though media remains very important, and PR today is about more than just mass media. According to British academic Kevin Moloney, PR is propaganda, but this view assumes all PR is misleading and involves deception and distortion. And it also ignores the role PR plays in building relationships with publics or stakeholders. Literally, ?relations with publics? which today is more commonly referred to as ?stakeholders?, such as media, pressure groups (aka activists), customers, shareholders or investors, and employees,communities,governments,suppliers, competitors and trade/industry/professional bodies. Everyone has PR, Having ?public relations? is not a choice, the choice is whether to identify and manage significant relationships or not.
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