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investigating business

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Introduction

Ivie Ignis-Iribhogbe Business Studies Coursework Unit 1- Investigating Business This unit centres on the business activities for various well known companies. Using secondary data (a booklet), I will be investigating the activities that are carried out in two well known businesses and also discussing in details how these activities are carried out to help the business function properly. I also intend to look into the ownership structure of the business, the various locations, how they were picked and why. These are just a few aspects that I will be investigating. Please proceed to the next paragraph to learn about my findings. The first business I have chosen to talk about is Richer Sounds a retail business (secondary sector) that specialises in selling electronics like Hi-Fi separates, home cinema equipments, plasma, and LCD screen TVs, DVDs and MP3 players, Amplifiers, Speakers, DJ gear and other types of related accessories. However, the business has attempted to diversify - selling telephones, musical equipments and even videos but decided to stick to what they are good at as it was unsuccessful. The first Richer Sounds store was opened at the London Bridge walk in 1978 because Julian Richer was working in London and heard about a small shop unit which was coming to market. The second store was opened in north because customers in Manchester were driving all the way to the London store. Therefore opening a store in the north-west was a sensible idea. The location chosen was Stockport as it was the most accessible location. ...read more.

Middle

secure well paid jobs working in a stimulating and equal opportunities environment, and to be profitable to ensure their long term growth and survival; which helps to ensure that everyone in the organisation is working to achieve the same aims. To ensure that all employees understand the aims of this business, the following thing are stressed on at induction: the first aim is crucial as it is the whole reason why the business exists, the company prides themselves on paying salaries that are generous in relation to the job being done and effort put into it and being able to provide an equal opportunity working environment for all staffs - therefore employees get benefits and bonus schemes on offer also the business cannot survive without profit which is why the main aim of the business is to make profit. These aims are achieved by the business by reviewing and changing their product line so that customers always get value for their money. The organisation has also come up with a suggestion scheme where every staff has a pad to put down their suggestions which is then read by the chairman, Julian Richer. However their objectives which they hope to achieve over the next 12 months are to 'keep the fun' & continue to reward staff for their hard work so as to keep them motivated at work, and others vary each year depending on external influences and suggestions that have been made & other developments. ...read more.

Conclusion

The company's quality system mandates in-depth self-assessment throughout their operations, by all their business units as it enables them to raise their standards even higher. For example, the company perform precise analyses of their products to ensure they are up to the perfect standards. Their business partners are educated about their standards so they also can meet the highest quality requirements. The company also has a core of business conduct which serves to guide the actions of the staff, officers and director in a way that are consistent with their core values (integrity, diversity, quality, respect, responsibility, and accountability). The company's manifesto recognizes and invests in their rich long-term opportunities and accepts a renewed responsibility for meeting their short term commitments. Their goals are simply to reinvigorate growth for the company while inspiring people and they achieve this simply by building a portfolio of branded beverages anchored in their icon, and by enabling superior market execution globally and locally- aligning and leveraging the power of our global network. My investigations into the second business have shown me that there are ongoing problems with the standards to which their drinks are produced to. More customers want healthy drinks so they are therefore drinking less soft drink like fanta. I would advice the owners and managers to think about making their drinks healthier with less sugar and artificial sweeteners advertise more and in order to attract more customers they should sell it more in school and offices. These changes would make the business more effective because it would attract more consumers therefore increasing their maximum profit. ...read more.

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