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Many busineses infact all businesse have aims and objectives. They first set an aim, and then use objectives to achieve that certain aim, a good example could be McDonalds, whose aim is to offer good, high quality fast food to customers all over the world. There objectives are o use slogans, and fun logos, for use on television and in the newspaper. Another and even more reliable source of advertising is the internet, because the internet is worldwide, Mcdonalds therefore have a webpage for their cutomers to find out about new products, etc.
Two main aims of a private sector is to
Earn and make a profit
Survive and keep the business running
For a bussines to earn a profit it sells the goods for more than what there worth, so if the McDonalds brought 100 McFlury's for $1each it would cost them $100 then if they sold all of them for $ each they have now made $00 profit.
A business also needs to survive, it has to be set in a location where customers can get to it easily. Usally they are set in or next to cinemas, convenience stores, airports, etc. This is for customers who have just ssen a movie or have had a long flight may want to eat, so McDonalds try to lure customers to them by locating here. Also businesses need to make and sell good products and advertise them using mass media or internet services, the prices mustn't be too high, or else customers wont buy the product.
A public sector organisation, aims to offer services to the public, such as schools, health centre, pharmacists, etc. To reach these aims they need to be located in a place wher all people can get, even old people that's why the NHS have health centres all over the U.K and schools in almost every town or atleast within a ten mile radius of each town. The public sector needs to provide the public with services that will help them.
Aims of Primary, secondary, and Tertiary
Sector Aims
Primary The primary sector produces raw materials, this could mean extracting natural minerals/products. Occupations include fishing, mining and farming. They provide the materials to other businesses. Like to fish and chip shops, or butchers
Secondary The secondary sector includes builders electritions, gas companies and water supplies. A paper mill and a carpet factory all provide industrial like services
Tertiory The tertiory sector's aims include providing services to the public, such as motorway services, hotels, schools, etc.
Types of ownership
Ownership is the sector that stars off companies and owns them. There are limited and unlimited liabilities of debt. Limited liabilities area where you find not a lot of chance of getting into debt, and can only go into debt so far. Unlimited liability is where you can get into debt really far. This means that if the business is unsuccessful the owner may have to sell personal possessions to pay off any debts, if the debts still remain unpaid, the owner can be declared bankrupt.
Sole trader is owned by one person. A sole trader is someone who decides to own and run ther own own business, and may use personal savings to start up. If the firm is successful then the owners reward is the profit. The owner can keep all the profit although he or she must pay income tax on this to the inland revenue.
If the business is unsuccessful then the owner loses money . The sole trader can make all the decisions as to how the business is run, and is responsible for keeping accounts to show how much profit or loss has been made each year.
Some advantages for the owner are
Easy to set up
Ideally suited for offering a personal service to customers
Decisions are your own, you don't have to consult others first
You are your own boss
The sole trader can be flexible as to working hours and which days to work
Some Disadvantages for the owner are
Long working hours
Illness and sickness causes problems when the business is closed the owner makes no money
Difficult to raise the money to start up or expand the business
Examples of sole traders include newsagents, plumbers, electricians, hairdressers Chinese restraints, etc.
A business partner ship is set up by at least two people. The partners jointly own the business. This means responsibilities are shared by the partners. Partnerships are often formed by people with different skills, so a grater range of services can be offered . It is sensible for the partners to sign a deed of partnership which sets out the details of the partnership agreement, such as salary of each partner.
Some advantages for the owners are
Problems can be shared and discussed.
New skills and ideas can be introduced
It is easier to raise money as all partners contribute
The partners can specialise in their own particular area of expertise
Some disadvantages for the owners are
The partners may not always agree
All partners must be consulted before any major decisions are to be made
One form of a Franchise is where an individual or organisation is allowed to operate a business on the premises of someone else. A convenience store or an airport may give permission for a fast food restaurant to open an outlet in their building and charge rent and a franchise fee.
Some advantages for the owner are
Selling a know name to the public
Fewer decisions to make in operating the business
Some disadvantages are
Some of the profit must be paid to the franchisers
Long hours to work and few holidays
Only the franchisers products or services can be sold
Public limited companies are the largest type of privately owned enterprise in the UK. A company must have more than £50 000 before it can go public and must have a satisfactory financial track record.
Some advantages for the owners are
Some public companies can be quite small, there only needs to be a minimum or directors and shareholders
If the company is successful, the shares will increase the overall value of the company
Some disadvantages for the owners are
A public company must be registered ass such with the registrar of companies and has many external regulations to comply with. Any problems a company encounters may become news if the press run a story on it.
Shareholders will expect to receive a dividend in return for their investment. They will also want their shares to increase in value. If the company has a poor year or if the stock market performs poorly and the shares fall in value, shareholders will be tempted to sell, lowering the price.
The original owners may lose most of the their control over the company, even if they retain a substantial number of shares.
Most organisations in the UK are privately owned. This means they are owned by individuals rather than the state or government. If the business is successful the owners make profit
Profit is the reward to owners for the risks they take and for their efforts in running the business. The owners can keep all the profit after paying taxes, and business expenses
Some advantages for the owners are
The business can stay small
Easy to set up
Banks are more willing to make loans to a limited company
Some disadvantages for the owners are
It isn't possible to sell shares to the general public in order to raise capital.
A limited company cannot trade under the same name of an existing company if this is likely to cause any confusion
If the company ceases trading it must be officially ‘wound up' and if the company cant pay its debts it will go into liquidation, which can be a Tim consuming and difficult process.
In this piece I will discuss functional areas of the DPA such as Human resources, ICT, Finance, etc, and say how thay communicate with other functions internally and externally within the business. To communicate internally means within the actual building itself, e.g ICT and finance. To communicate externally means to communicate with someone outside of the businesses building, e.g Finance and the bank.
The activities of the human resources function
To fulfil its purpose, human resources staff are involved in specific activities. These include
The recruitment and dismissal of staff.
The training, development and promotion of staff.
The monitoring and maintenance of good working conditions.
Health and safety.
Liaison with employee organisations and trade unions.
The activities of the finance function
The overall activities of the finance function can be grouped into three main areas
Preparing accounts
Paying wages and salaries
Obtaining capital and resources
The activities of sales and marketing function
The activities of sales and marketing include
Market research, to find out what customers need and customer opinions on proposed and existing products or services
Promotion, to inform the customers that their particular organisation can fulfil their needs
Sales, to provide the goods or service the customer now thinks he or she needs
The activities of customer service function
The activities of the customer service function includes
Providing information
Giving advice
The activities of Admin/ICT
The activities of this function includes
Clerical work, like electronic mail, record keeping document production, organising meetings, dealing with enquiries, etc.
Cleaning and maintenance
Security
Communication
Methods of communication
Oral - may be face-to-face when we meet someone or over the telephone. If we phone someone and they are unavailable or engaged we can leave a message on an answering machine or use voice mail which is a type of electronic answering service. Many staff carry beepers/pagers so that they can receive messages at a distance, security guards may use -way radios and many business people use cellular phones
Internal External
Telephone Telephone
Voice mail Voice mail
Pager or bleeper Answering machine
-way radio Face to face conversation with visitor
Face to Face conversation with collegue Meeting
Interview
Meeting Interview
Interview Presentation
Presentation
Writen communications - may be sent by mail or transmitted electronically. They can include illustrations, or graphics as well as text. A letter is the most obvious example of a business communication. Others include telephone messages, notices on pin board, newsletters and reports. Brochures and catalogues advertising products also is a technique of communication.
Internal External
Memo Letter
Email Email
Telephone message (message) Fax
Report Form
summary Advertisement
Staff newsletter or magazine Invitation
Notices Purchase and sales documents
Meetings Document
Business accounts
The term economy refers to all the wealth and resources in a particular country, one of the UK governments tasks is to manage the economy and this is mainly the responsibility of the chancellor, in this case Gordon Brown, who is advised by the treasury and the bank of England. The economy is affected by the behaviour of people and businesses. If the people of businesses act in a way, which may create economic problems, the chancellor will try and change this behaviour, e.g. if people are spend too much money the chancellor can increase the taxes that people pay. This deprives them of money and, theoretically should reduce spending. If however people are spending not enough or too little, then the chancellor could reduce the tax that people have to pay, so they have more money in their pocket.
When you we go on holiday or on a trip abroad to a European country we come across a term know as exchange rates. Its where we have to swap your English pound, for euros. The exchange rate affects how much euros we will receive. In January 00, 1 of the 15 European member states (excluding the UK) replaced their currency for a new currency known as the euro. At that time the euro was worth about 6 pence. If you had £60 spending money to spend on a holiday in Spain then you would receive €1000. We can work out this by dividing the English money you have to spend by the 6 pence, e.g. £60¸0.6=€1000. The exchange rate changes from time to time. If the pound is stronger against the euro then you will receive more euros, however if the pound is weaker you'll receive fewer euros. When we go on holiday we would want the pound to be to be stronger as we would have more money to spend. But if the Spanish wanted to come on holiday to England then they would want the opposite in order for their holiday to cost less. The same applies to British goods. When British goods are sold abroad, foreign buyers pay in their own currency . If the pound is strong, then the British goods cost more for the foreign buyers, and if it is weak, then the goods cost less. Businesses prefer exchange rates that keep their prices competitive abroad. They are worried if the pound is very strong as this increases the price of goods they export. However some businesses may prefer the pound to be strong, this is because they buy raw materials from abroad but mainly sell to the UK. In this case a strong pound keeps their prices low. British consumers may also prefer a strong pound because goods, like alcohol, cigarettes, and fragrances, are all cheaper.
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