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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.
In this task I will need to fully explain what an aim and an objective are with examples from different business sectors for example private, public and a voluntary organisation.
For example, for a business to survive they might make promotions/offers for a limited time to interest potential returning customers to the store. Or even make cut backs on products/services that they might not need or that are not popular with the customers. Break even; when a business breaks even it means that they have focused on covering the costs of production and running the business. For example, a charity's aim would be to break even if they hold an event as they do not want to make a profit because the profit that is made will be going to the organisation.
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If things go wrong the creditors are paid out of the company's assets not from your own personal assets. Also once you have chosen and registered your company name no other company can use the same name, unlike private limited company's where names can be duplicated. What's more, a few additional advantages of a plc include: > The opportunity to more easily made acquisitions. > The increase in additional capital by issuing more shares or debentures. > Greater/cheaper borrowing power and bulk purchasing.
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Another drawback is that the market is only on twice a week and even if you choose not to distribute through a market stall the market would attract more customers to the town. On an average market day there are only 18,000 visitors (which is almost half that of Dyton). Brief description of Dyton As you can see as in Tonbury, most of Dyton's population works in the C1 socio economic group however what is different to Tonbury is that the second largest group is B which shows that Dyton's population is angled more towards the better socio-economic groups.
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If a global franchise needs to contact one of its branches in another continent then it could take up to week or longer for a letter to be sent through the mail with email it is sent instantly. S.M.S Short Message Service (SMS)
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> Managers ensure that the teams get proper training and correct equipment > Workers have increased control of their own behaviour - Complex problem-solving and decision-making, - Ethical and high personal standards > Unethical behaviour is considered unaccepted by society which can result in lower sales and profits ect... � Responsibility to stakeholders; reconciling conflicts of interest - Stakeholders often have conflicting interests: > Stakeholders can be put into 2 separate groups internal and external Responsibilities to internal stakeholders:
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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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They also give hair, nail and skin treatments to their customers. One purpose is to increase the amount of sales so they give lots of discounts and free products to make customers come back and tell their friends about them. As they exist also to make a profit so that their business can carry on and give their customers the quality of services they give to their customers and so that they can carry on buying products from other companies.
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They have 179000 employees in over 100 countries worldwide and 2000 people working in the UK. Comet Comet is part of Kesa Electricals PLC, a pan European group operating in twelve European countries. Its focus is to make a profit and giving its customers the best price, best choice and best service. Comet has more than 250 stores throughout the UK and they aim to offer a unique all round shopping experience with a range of services including: home delivery, for which they have 13 home delivery platforms, 650 employees and 1.3 million deliveries completed annually.
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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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The main purpose of having a Customer Service department is to deal with customer complaints and also answering customer phone calls. Production: The Production department is responsible for the entire manufacturing process and turning raw materials into finished goods. Under the leadership of a Production Manager it has to: * Identify the engineering or technical aspects of the production process. * Assess how long it will take to plan the production. * To monitor progress by carrying out work studies and inspections.
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Also the shareholders receive some of the profit that is made by Lex. At Lex Transfleet the annual accounts have to be published to the public, this is an disadvantage for them because then their customers and other business can see what their annual accounts is. Another disadvantage of Lex being a PLC is that there are a lot of difficult legal issues to sort out when forming and running a PLC. Memorandum of Association This shows that how many employees work for Lex and what Lex actually is. Also this shows the nature, purpose and structure of Lex Transfleet.
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Of course, different systems are applying to different groups of people and different size of organizations. For example the small size organization likes to adopt ranking and rating scheme. However, for larger organization which have enough HR expertise, thus they could adopt the complex methods like competency based or 360 degree appraisal. In order to separate out reward and non-reward appraisal, organization may use more than one system of performance appraisal. Objective performance appraisal As the paragraph above shows the main objective of performance appraisal is to "determine who should be promoted, demoted, transferred, or terminated"2.
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* Identity theft is difficult type of fraud. Criminals get hold of personal details of an individual and make use of this information to apply for credit cards. * Internet fraud- hacking into a business website to steal card details or making up a bogus website to trap shoppers into giving their cards number.
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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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Tesco have a Head Office that is accountable for appointing area managers and other senior people in the business. However, the recruitment of people to each individual store would usually be done by the store manager or PA manager. Each individual store does not have a Human Resources department, but the manager performs this occupation. Christmas is an example of a hectic time of year when Tesco will recruit more workers into the organisation to deal with the increase in customer numbers. Another job which relates to the Human Resources function is retaining good staff. Tesco do not want good staff to depart because they are a plus point to the business and also Tesco will have used up a lot of time and money getting the employee to this benchmark.
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Tesco will want to have the prestige of becoming the market leader in their field of business. Survival: Tesco has survived since 1919; this means that they have already achieved this aim. It was established as a single store and is now that UK's leading supermarket chain. It has competed for supermarkets and taken them over (bought them out) such as Aldi, Netto and Sainsbury's and other so called major superstores. Another objective to gain more customers is to have promotions and special offers which are cheaper than the competition. Tesco can examine the competitors that it has; they can do this by using market research, they can do market research by doing surveys and questionnaires.
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In this section I will explain every one the different types of business ownership. Also I will give details about the advantages and disadvantages linked with each.
- Developing the business is also limited by the amount of capital personally available. - There is Unlimited Liability - if the business goes bankrupt you may have to sell all your possessions, including your house, to pay the debts. Partnership Partnerships are businesses owned by two or more people. A contract called a deed of partnership is normally drawn up. This states the type of partnership it is, how much capital each party has contributed, and how profits and losses will be shared.
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Student's declaration: I declare that I have produced the work involved without external assistance apart from any which is acceptable under the scheme of assessment and is recorded. Signature: Date: Teacher's declaration: I declare that the student's activities have been kept under regular supervision and that, to the best of my knowledge, no assistance has been given apart from any which is acceptable under the scheme of assessment and which has been identified and recorded. Signature: Date: Centre Marks Section 1: Planning (AO3)
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It would be my intention to find out how many people would want a Yearbook and I could get the Year 14 to order them so I make the exact amount and the biggest profit I can. I will research the profitability of the yearbook. I need to make sure that the Yearbook demand is high so I do not waste my time and effort constructing it. To go through with the project I would have to study how high of profit I could make.
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share with each other the profits or losses of the business. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners (i.e. there is no dividend tax levied). However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.
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* Sometimes industrial research in what trade thinks. * If have big job, go to research agency for help. Public Relations Assistant * Help PR Manager establish good image for firm. * Good hand writing needed for sending press releases to the media. * Loud and clear speech for speaking effectively to reporters and the media * Activities for future use. Sales Representative -who visits shops to sell his company's products * Sell company products to existing customers. * Try and find new customers. * Work a region of the country all by your self. * Report to area manager.
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A disadvantage of a business plan is that possible incorrect market research may lead to the business plan becoming useless and unsuccessful. Market research may become incorrect when market conditions change (e.g. a new competitor). Another disadvantage of a business plan is that it takes time to produce and therefore, can be expensive. For a business plan to be worth producing, entrepreneurs would need to spend a lot of time and resources looking into and examining the target market.
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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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