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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.
This isn't consistent throughout the industry, however, so a good business will have its own very high standards. Broadly, it's about brighter, spotlessly clean shops, well-trained and pleasant staff, good economic practices - and most importantly a flawless product. Vinegar soaked newspaper wrapping no longer meets customer expectations and when 70 to 80% of your business is repeat, this is very important. And it's important to make the most of the product you have. Arthur Parrington is the national training co-ordinator for the National Federation of Fish Friers (NFFF): "There have always been a lot of poor quality fish and chip shops but if a shop is clean and bright with the right attitude it will hold its own.
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A business gets more chance of customer loyalty. Customer loyalty means you get regular customers. How to achieve both Customer services? This could be achieved if business and staff are trained and aware of the following 8 points: * Scope of job role It means what the job involves what the work is like. This is important because the job has instructions which need to be done properly if they are not then the job instructions are not being followed. * Knowledge of products / services It means absolute awareness about all products and services.
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I am really good in Finance and am able to take responsibility. Jawads Strengths I am good in typing. I can communicate with customers. I can take business responsibility. I can also communicate on phone with customers. I always take my work seriously. Weaknesses I can't lead the group. I am too quite. I can't work for long hours. Looking at my own strengths and weakness, it describes that I m good in Finance and spend most of the time on computer. I got some good skills in Maths, and I take care of Finance work, but I can't lead a group as I am too quiet.
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They aims are as well to attract new customers by trying new things and to increase their market share. Their aims are also to make a profit and to keep all their shareholders and stakeholders as happy and as satisfied as possible and to pay all the dividends. Besides the main aims and objectives of Tesco they have other activities like providing charitable or voluntary services by setting up fund raisers within the supermarket and giving away free computers for local schools. They also try to be environmentally friendly by having places to recycle your bottles on in the car park and by putting recycling messages on there bags.
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The main purpose of setting aims and objectives for a business is to give the organization focus. Other purposes are to achieve the efficiency and to tell the business community what the organization does, now and in the future.
That is why the survival is the main aim for farms which produce fruits and vegetables and for companies which extract minerals because although at the moment such companies are making a profit, minerals are non-renewable product which is limited in supply and eventually will be completely used up. b) Breaking Even - a business break even when its income is equal to its costs. When its costs exceed its income, the organization has made a loss. Breaking even is a main aim for the public sector of industry because organizations must operate within budgets set by local or central government.
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Also is concerned with researching products/services created by the competitors. The staff may be involved in: - designing and testing new products * they will have to work with the production department to develop prototypes - improving and updating existing products * first they will need information from the customer service department on complaints of a product to know what must be improved to satisfied the customers - researching new areas of interest - analysing and testing competing products The Finance Department This department is concerned with all the money which company have.
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The marketing plan This store will be located in the United States (Miami, Florida), and the Cayman Islands in the town area. The main competitions are outlet stores such as, JC Penny, Wal-Mart, J. Michael, etc. My main marketing area will be in the Cayman Islands. My promotional activities consist of a website, ads in the newspaper, television and radio broadcast. Marketing Research When starting up a business, knowing what the people of the community thinks about it is vital information,thus I can know where to begin.
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At ASDA they believe in fundraising and their stores and depots play active rolls in their local community, supporting many charities and local good causes. This is their online website above which is called www.asda.co.uk. It is aimed to all ages because it has a range of goods such as toys and furniture. Their website is easy to access because a variety of items are broken down to sub-titles i.e. Furniture, Entertainment and more. The website also gives you all the information about ASDA i.e.
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The go-karts will cost �799.99 and I will buy 5 to make sure I have enough for the customers; this will come to �3,999.95.I will also buy a 1500 litre fuel tank and pump to hold all of the petrol which will cost �704.99. (petrol not included) Place The place of the selected business is in Old Catton as it is lacking in a fun thing to do and will attract more people to the area.
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Know where you need to go if there is a fire (escape route) that they will work with and any clothing they have to wear. They must be that told any health and safety issues associated with the job. E.g. lift a box with equipment etc. Recruitment The human resources department at BBC and Comet is trusty for recruiting staff. They might have to recruit staff because of new store opening filling jobs that have been created by employees , leaving, retiring or employee are being rejected. When the human resource department at BBC and comet must be create a job requirement and a personal specification.
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So far, we have envisaged three models in our debut range: * The standard version- for home use, or in cars for watching movies, general use. * The business version- this is more powerful and has more professional software than the standard model, more connectivity * The school version- slightly more scratch and shock proof than the standard model (generally more rugged), good connectivity with handheld devices such as PDAs. With software provided by LEAs. We plan to beat the competition on value for money.
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Also, a recognised brand name can be used and there are capital earned from advertising and promotion would go to the franchisor. However, franchising can have adverse disadvantages also. Costs to set franchises up are very high. The initial costs of buying the franchise is high and after this the franchisee continues to pay monthly payments for the upkeep of the business. Furthermore, there are restrictions involved when being the franchisee, such as adjustments being made as the market keeps changing.
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Business plan for a new shop.The business idea I am going to be presenting is a clothes shop called Raiinbow. My shop will be aimed at clothes for 13-25 year olds.
my customer profile would be customers from all ethnicity and certain ages that never feel comfortable in buying clothes because they either can't find the size or something they like. They would most probably like all colours as well. Pass 2 - Describe how to identify your target market Fashion Questionnaire (Please tick correct boxes) 1. Male Female 2. How old are you? 13-15 16-18 19-21 22-25 3. How do you consider your style of fashion? Classy Dull Bright Other If other, please state your style of fashion: 4.
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In order for Tescos to attract more and more customers, they need to advertise their promotions. For example, Tescos have introduced a new healthy living range; they would need to promote this by advertising on banners, T.V adverts or on the radio. They would try to make it sound really interesting and make it look good on images. Also they would make it a reasonable price at first when it comes out, then they would gradually make offers such as 'buy one get another free' or even raise the price a little bit more. Marketing in Tescos have now expanded in their business as they have introduced more things such as car insurance, loans, mortgages and
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Honesty is the best policy at work mainly, all employees should be honest and be trustworthy all the way. If they are not honest then it's harder for the employees to find a job that will not need employee to lie and not to trust them. Honesty doesn't mean to lie it also means not to steal. If the employees are caught stealing they will get a criminal record and be sack from the job. It will be really difficult for them to get a job anywhere else. The employer should abide the term for employee to have a safe working environment.
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The have produced a Value range of products which are aimed at customers with little income. They also have a Finest range of products which are aimed at customers with high income. Other product ranges that Tesco produce are Organic, Healthy Living and Low Fat. The marketing function uses this process so that different ranges of their products appeal to all people with different incomes. These different types of products are also used to suit customers' needs whatever their income is. They have produced a 'Clubcard' scheme where each customer is issued with a small swipe card which can be used at Tesco.
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So overall Monitoring and evaluating customer service improves the whole business which is good for businesses reputation. Improvements for customers by Monitoring and Evaluating By continually monitoring and evaluating customer service, a business will hope to make steady improvements. A business will try to ensure that its level of service, products and services remain good value for money and that its overall package provides a reliable service to its customers. Monitoring and evaluating service can improve customer service for the customers, because there needs and expectations are met and they will be provided the type of service they want.
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Research: For this report I have decided to talk about one company in the private sector and another one in the public sector. Therefore I have chosen Sainsbury's and NHS as I thought these companies were very popular, which would facilitate my research about them. I will be getting most of the information I need from the internet through their own websites and forums, as well as considering what I already know about them. I may also use books or leaflets to help me add more quality to this report.
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with them in the business profit Third party distribution Sub- contracted businesses which are interested in the business at richer sounds because they need more supplier from the supplier in able to keep on with the business. They are the businesses that participate with richer sounds. Money, get paid Financiers Loans- banks - money loaners large businesses Financial aspect of the business The community Local people who live and work in an area of there is a richer sounds store Businesses keep an area regenerate and vibrate and also offer Employment opportunities and employment Richer Sounds interacts with their customers'
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This shows that they are well established for the past years. Julian Richer started running the company when he was 19 years old in 1978. The reason they relocated to Northern Ireland from London Bridge walk was that they had customers that travelled all they way to purchase the product in London. It was therefore sensible to open on store in the north-west and then Stockport was chosen as the most accessible location. And then they had a buying skills which made them move to where the customers where. And ease to locate.
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In 1983, McDonald's corporation became sole owners of McDonald's in UK and the company was named McDonald's Hamburgers Limited. The 100th UK restaurant was also opened in Market Street, Manchester. McNuggets was also introduced in USA. In 1986, drive-thru restaurants was opened at Fallowfield, Dudley, Neasden and Coventry in UK, the 200th UK restaurant was opened in Ipswich. In 1988, 300th UK restaurant was opened in Dagenham, Essex. Forty-three years after opening first restaurant in Des Plaines, Illinois, McDonald was proud to come to customers on World Wide Web. McDonalds.com receives millions and millions of hits every week. McDonald is the leading global food service retailer with more than 30,000 local restaurants serving nearly 50 million people in more than 119 countries every day.
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Things that went well in our group work: We all contributed and shared our excellent ideas to each other We showed that we have outstanding communication skills Everyone worked as a team and didn't feel shy to suggest any ideas. If anyone wasn't agreed with something, they didn't start shouting and abusing each other, instead they were calm and made the other person understand their view about that thing. Things that didn't quite went well in our group work: The problem we faced in our group work was: We sometimes didn't quite know what to say or suggest.
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There are three different types of industrial sector, primary, secondary and Tertiary. Examples of growth and decline in each sector.
production * Metal working and smelting The tertiary sector, after buying the goods from the secondary sector, the tertiary business sells goods to the public for the most profit. This sector provides service for the public. * Tourism * Media * Retail and wholesale sales * Restaurants * Entertainment * Transportation and distribution * Law * Insurance * Banking * Healthcare * Banking * Clerical service This is an example showing the chain of production: Primary- oil riggers Secondary- processing the fossil fuels.
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Advantages * A sole trader is easy to set up because all they have to do is inform the Inland Revenue and the permission from Department of Social Security. * They can easily make any decisions they want for the business because they are the only ones who are in charge. * All the profits that are gained can go to them because mainly they are the ones who have organised, run and have made decisions for the business. * They have an easy chance to change into any other business example being a private limited company.
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n?n-m?n?t?ry inc?ntiv?? i? ?n imp?rt?nt ?nd??v?r, ?inc? U.?. firm? ?p?nt ?v?r $20 billi?n ?n t?ngibl? n?n-m?n?t?ry inc?ntiv?? in 1999 (Inc?ntiv? F?d?r?ti?n, 2000). Whil? thi? i? ? ?m?ll fr?cti?n ?f th? $4 trilli?n U.?. p?yr?ll, it i? ?till ? ?ub?t?nti?l ?m?unt ?f m?n?y, ?nd r?pr???nt? b?tw??n 5% ?nd 10% ?f t?t?l ?p?nding ?n ?mpl?y?? inc?ntiv??.1 ?t ? m?r? t?ctic?l l?v?l, th? limit?d r????rch ?n th? typ? ?f ?xtrin?ic inc?ntiv? t? u?? m??n? th?t thi? ?ignific?nt ?m?unt ?f m?n?y i? b?ing ?p?nt ?n inc?ntiv??
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