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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
I think that the customer's comments have the biggest effect on Tesco because they tell Tesco from the customer's point of view exactly how to improve there stores and make shopping easy and quicker. I think that the customers are a very powerful stakeholder because they have the power to create changes in Tesco. The customers will not physically themselves create these changes but they will do it by filling in the response forms that Tesco provide. Comments like "The isles are to crowded" or "There is not enough staff on the floor" have a big impact on Tesco because if Tesco do not respond to these comments Tesco may loose customers meaning less profits for shareholders.
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Ownership, Aims and Objectives. In this assignment I have been asked to research a variety of companies and put them into three main areas of ownership. These are: the private sector, the public sector and the charity and voluntary organisation sector.3 star(s)
It may develop the parts of the museum that are struggling, or buy maintenance. Employees are all volunteers and probably do not get paid. The type of people that would be suited for this job would have to be local (to know the history) and must be generous and selfless. The employer will probably receive a cut of the profits, and any third parties that are hired to work there. The museum obtains money by donations only as it is a charity and does not require profit.
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It's a lot easier to manage. * Job Descriptions - Everyone who works needs to know their job descriptions. People at HR can tell employee's this and can tell new recruits everything they need to start working. * Recruitment - If a job opportunity arises for someone at Tesco then several procedures need to be put in place in order to get the person started working. HR will deal with everything as well as the "Teams & Job Description" section. o The above list represents some of the Teams in HR.
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It does this buy selling cloths at a very cheap price. Oxfam's purpose is not to make a profit. Its purpose is to earn money for charities so they can make the world a better place. This means that instead of keeping the money they earn for them selves they donate it to various charities. Additionally if Oxfam does not keep the money they earn they cannot afford to pay all of there workers, therefore some of the workers are voluntary. Findings Business aim: A business aim is a long-term goal for a business. Objectives: A business objective is a target, which a business can set for there company to help them achieve there overall aim for the business.
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Without profit, a business is unable to do all the things a business wants to in order to continue being successful, for example, without profit, the business can't keep its shareholders happy, it can't pay higher wages to its employees, it can't invest in better technology to improve its products and so on. A company that does not make profit will find it difficult to reinvest money into research and development; and the business will also find it complicated to invest in new technologies and equipment.
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Producing Documents in a Business Environment. In theory, managing electronic records should be no different than managing the paper records.
In theory, managing electronic records should be no different than managing the paper records. However, electronically stored information wreaks havoc on ordinary records management procedures because of its sheer volume, the unique challenges of accessing and storing ESI, and its temporary nature. Of course, the staggering volume of electronically stored information in the workplace, from email to web pages to Word documents is widely known. Approaches There are two types of policies: (1) ad hoc and (2) systematic retention. Under an ad hoc system, each employee decides whether to keep or discard documents based on personal preference.
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: The ability to bring together factors of production to produce a good. The Basic Economic Problem "There are unlimited wants and limited resources, this creates scarcity" -people can't have all they want, lack of sufficient products to fulfill the total wants of the population. Opportunity Cost * "The next best alternative given up by choosing another item." If I learn piano today, I cannot watch tv at home. Tv becomes the opportunity cost. The company decides to buy Machine A, so Machine B becomes the opportunity cost. Summary: The Economic Problem Value Added Land, labour, capital, enterprise -It's no the same as profit, it's the difference between the selling price of a product or service and the cost Limited resources of bought in materials and components.
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This report is about aim and objectives for businesses, what mean SMART objectives, why is beneficial for businesses to set aims and objectives and also what kind of aims and objectives has TESCO as a supermarket.
Survival might also be an aim if a business has problems such as low sales. This can happen if the economy is in a recession * Maximising sales or quality - some business aim to maximise sales. This can put the business in a strong position in the market. Some business try to maximise the quality of their products and how they are made. This should lead to fewer production faults and better products. * Providing products - some businesses aim to provide goods and services that people in the local area need. For example: a hairdressing salon or a local bus service.
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Describe what is meant by the primary, secondary and tertiary classification of business activities. Give Examples of Each.
Because of the primary sector is declining because lack of raw materials (e.g. coal and oil that cannot be renewable) Businesses are not interested in sectors that do not make profit therefore farms have been converted to holidays home. The secondary sector uses the raw materials so if the primary sector is declining then the secondary sector is too. Machinery has taken over workers in primary and secondary sectors due to being more efficient and accurate in work. The tertiary sector involves proving services such as trade, tourism, education and banking.
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Service provision: This means offering a new service or improving current service, which is known as service provision. They might allow the customers to order from their website and pay for goods online and track deliveries. (http://elsmar.com/Forums/archive/index.php/t-5152.html) Market share: This means taking business away from their competitors with the aim to extend their market share. Develop relationships with other businesses: Some businesses aim to develop good relationships with other organisations, on joint activities. For example, two businesses might join together to offer goods or services to more people. The purpose of setting aims: It is important for a business to have aims so that they are able to see where they are going wrong, how they are running their business and how they can make it better.
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Working Hours Act: Stipulates the maximum number of hours a week a worker can be asked to work. EXAMPLE: Sarah has just signed a contract of employment and there was a clause which said she had agreed to opt out of working more hours. This clause is on all contracts. Type Of Record Description of business record Regulations and laws for keeping this record Reasons/importance of keeping this record Tax returns Details income and expenses so the right amount of tax can be taken from their profit.
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Different Aspects that will affect preparation for Businesses. If a new business does not inform all appropriate government bodies of its existence at an appropriate time then it may suffer because it will not be paying taxes and will even be breaking law
This can aid the business greatly in the future. Contacting past customer and informing them of deals or products that the company offers is a good marketing technique and all offers should be recorded. Since these records need to be accurate and up to date, the law will require redundant copies to be stored but not used. This can be due to taxing because the government needs to see if you are not being fraudulent, if their records match and also if you are generally operating legally.
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M&S and War Child are two different organizations, M&S is a private sector and War Child is a voluntary sector. In order for me to compare these both organizations I have used the PEST analysis
The marketing department would have to come up with new campaigns advertisement ideas to keep up that revenue also stay competitive with their competitors. The human resource department will have to make sure that personnel is aware of the situation and needs to work even harder and that can caused some pressure for them. Hiring personnel with the right knowledge, skills and abilities for the company can be an investment for them so they can achieve a higher output. Due to the globalization M&S has several businesses around the world and has several head quarters.
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Also, if a business has a lot of layers of management, it can take a long time for the instructions to be made and the whole business to be aware of them. Also, the longer it takes for the message or instructions to travel down from the executives to the workers, the greater the chance is that there will be some confusion along the way which can have a fatal effect on the business; messages that travel through layers of management are often stopped along the way and perhaps the business might miss out on the opportunity.
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Convenience Operations Manager This will include, working closely to support one of the stores managers in enhancing performance, success and customer services. In addition they will need to stand in for the store manager when needed and be involved in every feature of the stores running. You will need to have good people skills, as you will need to build strong relationships and come up with new ways to increase sales and profit. Deputy Store Manager This means having a close partnership with the store manager to help provide an improved shopping experience for the customers.
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* Research on how large the available market in the area is and the size proportions to the six different sections of the market. * Find out how much people are willing to pay for the service, how often they would be prepared to go in a week and of which hours on which days. * Which principal facilities and extra classes are wanted. * Whether market has other provision and if so then the likelihood of market changing to my gym instead Human resources plan One person to manage the whole outfit and finances (myself), three people working in
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In this essay I will describe the main purpose, ownership, size and scale of each of the following business namely, Comet, CryproFood, BBC and Age Concern.
A disadvantage for this business is that the share price can fall can which will reduce the value of the business and decrease the business. Scale and Size Comet is national scale of operation are only operates throughout the United Kingdom. Comet has with 251 stores retailer UK and via a transactional website www.comet.co.uk and with precisely10,000 employees across united kingdom employ a number of people to help them adversities and sell their product to the public and sell their service to the public.
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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 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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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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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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This business market nature is quite simple than the market nature of the larger business Tesco. This business is a minor business because of this it has no market nature it runs when its able to meet their aim and make profit. Below is the chart of the market Tesco has during the previous years REASONS BEHIND THE GROWING RATE OF TESCO The reason for growing rate of this business is because the bulk of its 13 per cent rise in profits came from its 1,500 British shops and its online store.
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In this assignment I will be explain the interaction of functional areas and how they relate to each other. I will also be chosen two selected business and they are Barclays bank and NHS. I will be also adding in their functional areas and their aim an
It is recognized as one of the best health services in the world by the World Health Organization but there need to be improvements to cope with the demands of the 21st century. The NHS is changing the way it works to make sure patients always come first. This has brought about some fundamental changes in the way the NHS is structured and the way in which the different organizations within the NHS relate to each other. The functional areas in Barclays bank and NHS are * Administration, * Customer's service, * Distribution, * finance, * Human resource, * It, * Marketing and sales * Research and development.
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