Business Environment Essay

3574 words - 15 pages

1.1 Identify the purposes of different types of organisation.Sole tradersThe sole trader is a common form of business ownership and is found in a wide range of activities such as painter, plumber, cleaner. Business has only one owner who responsible for all the expenses and legal requirements. Difficult to raise finance, also owner has unlimited liability.PartnershipPartnership is a business with at least two or more owners up to twenty. Partnerships are particularly common in professional services such as solicitors accountant. Owners enjoy limited liability, share their skills, and work allowing them to raise capital more quickly than individuals.3.Private Limited Company (LTD)The Company ...view middle of the document...

Barclays Bank PLC7. Public SectorProviding basic government services such services as the police, military, public roads, public transit, primary education and healthcare for the poor. For example NHS1.2 Describe the extent to which an organisation meets the objectives of different stakeholdersObjectives about market share, customer satisfaction, employee satisfaction, returns to shareholders, cutting pollution, reducing waste etc. The owners or BOD creates business plans to enable it to achieve goals, in order to satisfy stake, and stockholders. The stakeholder is a person who effect, or effected by the organisation, having interest in it. All the shareholders are stakeholders, dut no stakeholders are shareholders. All businesses have a wide range of stakeholders, the objectives that a company establishes are based on them. Increase customer satisfaction levels, reducing consumer complaints, they should be understandable so that they are easy to communicate. More satisfied customer means more business. In order to achive that, the organisation needs to have happy employees.Bonuses, premium, regularly wages reviewing, raising if necessary. Training program to introduce employees to a new piece of legislation. Making payment on time for suppliers, also tax return has to be made on time by an accountant.Financial Stakeholders: · Shareholders - Returns · Partners - Investment · Employees - Job status · Customers - Delivery and quality of product · Suppliers/Contractors - ContractsSocial Stakeholders: · Local Communities - Impact to way of life · Friends/Family - Personal welfare· Government - Legislation · Civil Society - Impact to way of life1.3 Explain the responsibilities of an organisation and strategies employed to meet themThe basic responsibilities are to protect the interest of investors, reduce the conflict of interest, legal responsibilities, satisfy other stakeholders, environmental responsibilities, ethical responsibilities. An internal assessment is the most important key strategy that gives a view of the company's strengths and weaknesses. Including evaluating of management process and how effectively it utilizes a value chain analysis approach. External assessment os the secondary strategy which reflect an organization's approach to gathering and analysing market data. What need to achive to become a successful competitor in the market. Vision, mission, competitive advantage, is another important strategy which describe a business it's current, has long term market objectives, makes company different from other competitors in the market.Internal assessment:Finance : utilizing a comprehensive pricing modellResearch and Development: maintaining a creative and innovative processProduction: strategic partners consistently fulfil production commitmentsMarketing: having a clearly defined marketing planSales: consistently achieving sales goalsExternal assessment:Customer...

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