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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.
Business Plan. After putting a lot of thought into what kind of business we would set up we came up with a unique proposal of choosing a milkshake bar with a twist.
The business activities need to be managed carefully such as measuring their financial performance and health. The resources need to be considered in terms of quality control, quality assurance and total quality management. The understanding and importance of profitability in a business, the difference between assets, liabilities, expenses and revenues. The business will have to consider how spreadsheets are used for cash flow and profit forecasting, budgeting and break-even analysis. We need to know how businesses use specialist software, how they use the internet as a source of information and email for communication and e-commerce as a method of trading.
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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.
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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 company's primary goal is to stay ahead of the curve, anticipating the environmental, safety and cost control issues facing the automotive sector and staying effective and sustainable. ArcelorMittal has share ownership. As in 2009, the aggregate beneficial share ownership of ArcelorMittal directors and senior management (31 individuals) total of 1,887,008 shares. ArcelorMittal is a public limited company; the company has number of stock exchange in the New York, Amsterdam, Luxemburg and Paris etc. as its public limited company and receive a division for their investment. The company employs more than 263,000 people worldwide, so this makes them large organisation.
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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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Aids efficiency. Business objectives - The aims or targets that a business works towards: Increased profit Increase added value Expand the business Achieve business survival Provide a service to the community Added value - The difference between the selling and manufacturing price of a product Stakeholder - Any person or group with a direct interest in the performance and activities of a business, e.g. owners, workers, managers, consumers, government, community 2) Business growth Internal growth - Occurs when a business expands its existing operations External growth - Integration; When a business takes over or merges with another business Horizontal intergration
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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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They might not answer your questions. Visiting the place More reliable Face to face Ask any questions How to get there Time taking Leaflets and Brochures You don't just have your opinions you get to know other peoples opinions. Won't be reliable because it is likely for the leaflets or brochures to have evidence to prove that Ikea do this or Richards Paints specialise in this. TV Adverts Everyone can see it on the television and it is short and snappy. It might be too quick so you might miss it and it might only come on once in a while.
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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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Often the team will only exist for the duration of the project and matrix structures are usually deployed to develop new products and services. These are temporary structures that are mainly used by either an individual or a group of team members working together on a project. Once the project is finished they might just go onto starting a new project elsewhere. (Such as a building organisation). Source: http://www.wior.uni-karlsruhe.de/LS_Neumann/Lehre/WS2004/PMS/matrix_organization.gif � Lines of communication: The meaning of lines of communication refers to the different types of communication an organisation has within their business.
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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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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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This report will be based on a local newsagent in Tottenham. "What is the most important enterprise skill needed by the owner of the business you have chosen?"
Appendix 7 is a table which shows question 5 from the questionnaire in a more organised, neater and easier to analyse form. I will go into more detail about the purpose of these appendices later on in this report when I go into more detail about them. I intend to reach a conclusion to the main question of this report by using my appendices to help me by the end of this report. Newsagent Introduction Using Visual Information (Appendix 1 - 2)
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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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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.
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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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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.
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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.
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* Entrepreneur decide if he can manage alone before choosing the sort of business * More entrepreneurs: different skills, new ideas etc. Question 3: Will I risk everything I own? * Owner's Liability: responsibility - find money to pay the firm's debts * Entrepreneur decide if he is willing to risk all his savings & possessions on his business - influence the type of business chosen * Unlimited Liability - if the business goes bankrupt, owner/s have to pay all the debts i.e.
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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.
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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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