...Year 12 BTEC Level 3 Subsidiary Diploma in Business BTEC Level 3 Diploma in Business Year 12 BTEC Level 3 Subsidiary Diploma in Business BTEC Level 3 Diploma in Business Unit 1- The Business Environment Unit 1- The Business Environment | Student name | ------------------------------------------------- Assessor name | | | Date issued | Completion date | Submitted on | 5th September 2013 | 29th November 2013 | 2nd December 2013 | Qualification | Unit number and title (Credit Value) | BTEC Level 3 Subsidiary Diploma in BusinessBTEC Level 3 Diploma in Business | Unit 1- The Business Environment Credit Value- 10 | | | Assignment title | | The aim of this unit is to give learners the fundamental knowledge of a range of business organisations, and the many factors that shape the nature of organisations operating in an increasingly complex business world. | | Assignment title | | The purpose of this assignment is to: 1. Know the range of different businesses and their ownership 2. Understand how businesses are organised to achieve their purposes 3. Know the impact of the economic environment on businesses 4. Know how political, legal and social factors impact on business. | ScenarioYou work for the Chamber of Commerce as a Business Adviser and have been asked to visit businesses in the local area to outline to them the variety of businesses which exist and to explain to them the factors which...
Words: 2740 - Pages: 11
...report describe who the different stakeholders are and what influence they have on each business. Examples of stakeholders are:- ● Customers ● Employees ● The local community ● The government ● Trade unions For both organisations, from each stakeholder’s perspective, explain how and why each is attempting to influence the strategic aims and objectives of the organisations. ● Elaborate on the points of view of the various stakeholder groups ● What are they trying to achieve from influencing the organisations? ● What impact have they had in shaping the aims and objectives of the organisations? Finally, pick one organisation and evaluate the influence different stakeholders have. Think about the following points. ● Provide an in depth evaluation of the influence stakeholder have ● Which stakeholders have the greatest influence? ● Identify any changes the business has made as a direct result of the actions of various stakeholder groups ● Do some of the stakeholders work together? What common interests do they have? What opposing interests do they have? How are these differences resolved? Evidence you must produce for this task ❏ Report Criteria covered by this task: To achieve the criteria you must show that you are able to: Unit Criterion reference Describe the different stakeholders who influence the purpose of two contrasting businesses. 1 P2 Explain the points of view of different stakeholders seeking to influence the aims and...
Words: 435 - Pages: 2
...P2 Angel Solakov – Describe five different stakeholders, who have an interest in your two organizations, Tesco and Barnet and Southgate College Tesco | Barnet and Southgate College | 1 Customers – external stakeholders, they are the people who buy from Tesco and use their services, also they are of crucial importance to the organisation and can affect massively it | 1 Customers – external stakeholders, the students enrolled in the college, even the parents can be considered stakeholders, also of crucial importance to the organisation, possess the ability to affect it | 2 Employees – internal stakeholders, all the staff of Tesco, from the senior higher-ups to the people who mop the floor in their stores, also of vital importance to the organisation | 2 Employees – internal stakeholders, includes all the teachers, board of directors, secretaries and staff in general of Barnet and Southgate College | 3 Owners of the business/shareholders of an Ltd or PLC – external stakeholders in the case of Tesco, as it is a PLC, suggesting it is owned by the public or the shareholders, who are almost as important as the employees of this organisation. They provide most of the resources, if not all, needed so that the organisation runs smoothly and it brings them back some capital | 3 Owners of the business/shareholders of a Ltd or PLC – external stakeholders, as Barnet and Southgate College is owned by the government, which provides...
Words: 1587 - Pages: 7
...Create a mind map describing the different stakeholders who iTesco. Tesco. Customers want good quality products and services for affordable prices. They like to see improvements constantly being made so that they feel they are getting value for money. Quite often, people associate themselves with certain brands they buy. Organisations and businesses are dependent upon their customers. Customers want good quality products and services for affordable prices. They like to see improvements constantly being made so that they feel they are getting value for money. Quite often, people associate themselves with certain brands they buy. Organisations and businesses are dependent upon their customers. Tesco’s customers have a huge influence over the business. They use their customer insight to make any appropriate and needed changes to their business. If Tesco don’t offer the right services, products and promotions, then their customers will end up shopping in alternative stores. This will reduce any profit being made. Tesco’s customers have a huge influence over the business. They use their customer insight to make any appropriate and needed changes to their business. If Tesco don’t offer the right services, products and promotions, then their customers will end up shopping in alternative stores. This will reduce any profit being made. Shareholders are often the most important type of stakeholders. This is because, without them, businesses lose their value which will affect its overall...
Words: 2217 - Pages: 9
...Description of organization Jewel’s Rescue mission is a Non-profit, Non-denominational Christian organization meeting the needs of less fortunate in the county of Merced through emergency short and long-term rehabilitation services. The program will also serve as a rescue mission for some displaced pets. Jewel’s Rescue Mission was established because of the love and compassion of one woman. As long as I can remember, Jeweline (Jewel) P. Mays opened her home and heart to people and pets of all lifestyles. Her love for Christ kept her humble and prosperous. She rarely missed a day of cooking a hearty meal. Every meal cooked was large enough to feed a small army. There was seldom a day that a stranger was not at our table. Jewel would always save the scraps for animals. All who knew her knew Jewel throughout the community as,”Mom”. In 2006, Jewel was diagnosed with a rare illness. Physicians informed us the illness would end her life within three years. That news never discouraged her, and her faith in God never waivered. Although her wind capacity was getting shorter as they day went on, she continued going to church until she was no longer able to endure the air outdoors. With all of this going on her life, she kept feeding the hungry and helping those who needed help mentally, spiritually, sometimes physically and financially for the better part of those three years. Towards the end of her life, she was still concerned about a few she had not been able to help in the past...
Words: 1218 - Pages: 5
...Corporate managers and shareholders can sometimes find themselves in a conflict of interest. The goal of being a good manager is being able to spot these potential conflicts and to remedy the situation before a serious problem arises. The biggest conflict between managers and shareholders is going to be money. Here is the most common scenario. A corporation is profitable. In fact, the corporation is more profitable than expected. Therefore, the corporation has a cash surplus, if you will. Managers would want this money as a financial bonus and the shareholders would want this money as a stock dividend. What to do? What to do? Mangers will argue that without their leadership and managerial ability, the corporation would not have been as profitable. The shareholders will argue that without their money, the corporation would not have been able to invest in its growth, and therefore, would not have reached that level of prosperity. Who should get the money? Another situation arises when the managers are also shareholders. This may lead a particular manager to push the opposite way of his/her position. For example, if a shareholder manager would get more money from a stock dividend than from a bonus, this shareholder manager might vote in favor of a stock dividend, not because he/she believes that stockholders should be rewarded for their investment, but because it will mean more money for that particular manager. What if only that one manger is a stock holder? Before...
Words: 406 - Pages: 2
...Principles of Health Care Instructor: Dr. Rhonda C. Hatfield 2/25/2013 Bay Medical Center Bay Medical Center is a 403-bed regional referral center, serving a seven- county area in the central panhandle of Florida. The hospital’s CFO and CEO recognized that the Those services include application services, data center services, 24X7X365 help desk services, desktop and network services, and telecommunications that are affected and need to be outsourced. This change will lead to a significant financial turnaround for the hospital (PR Newswire). Because they serve such a large part of the country and are counted as one of the leading hospitals, they must maintain the interest of all stakeholders involved. To do this it would require the CEO and CFO to make major changes that will affect everyone. The admitting staff that inputs patients coming in to the facility, the emergency room staff that depends on the computers to bring up and put in data regarding a patient, the nursing staff and doctors who depend on the information on each patient, the billing department that sends out information to the patients. Also affected would be the community that may be calling in to reach loved ones. This must all be down as quickly and efficiently as possible as the entire facility would depend on the information put out by this system. We recognized three years ago that moving to the 'next level' would require a significant upgrade in...
Words: 1295 - Pages: 6
...Assignment 1 Assignment 1: “The American Red Cross (ARC) Shonnette P. Ferebee Dr.Jack Huddleston HRM 522 Ethics and Advocacy for HR Professionals July 22, 2012 2 Determine the impact of this event on ARC’s benefits of business ethics” (employee commitment, investor loyalty, customer satisfaction, and bottom line. Ferrell, Fraedrich and Ferrell (2011) stated that the ARC is an independent organization, supported by the public donations and volunteerism (p.327). ARC mission is offer relief to people of catastrophes and help them prepare for and answer to emergencies. Ferrell, Fraedrich and Ferrell (2011) mentioned that The ARC has had to report allegations of fraud, bribery, and even theft on the part of volunteers and employees working for the organization (pg.327). This had a bad impact on the employee commitment and investor loyalty standpoint. It lead to ARC having to deal with a number of inside trials due to high turnovers, as well as charges of over payment and possible dishonesty among its board of directors and upper management. We know that dishonesty is having a lack of truthfulness, which has a great impact on ARC benefits of business ethics. Clara Barton founded the ARC in 1881 and was enthused by the work of the International Red Cross while on a trip to Europe during the Franco-Prussian War of 1870-1871(p.327). The ARC is one of the many organizations chartered by the U.S government, receiving its first federal charter in 1900(p.327). The ARC employee...
Words: 1031 - Pages: 5
...important for us to create a variety of values by means of accommodating the increasing demands of customers, which demonstrates the social responsibility of Air China as an internationally recognized airline. * To meet customers’ demands is the priority and fundamental mission of Air China. Customer service is the most important product that we provide. Satisfying the customer comes before the shareholders, the company and the employees. * To create mutual value demonstrates the idea of value sharing and benefit sharing of Air China as a public company and a modern enterprise. Mutual value means the value that should be shared by shareholders, enterprises, employees, customers and the society as a whole. * Air China is a stakeholder for shareholders, enterprises, employees, customers and the society. The majority shareholder of Air China is the government, and other investors make up the remaining shareholders. Air China will make unremitting efforts to ensure an attractive return to shareholders, give momentum to Air China, have a sustainable and healthy development, assure satisfactory salaries, benefits and welfare to employees, offer excellent services to customers and bring positive benefits and returns to the society. * Employees are Air China’s most valuable resources and they are treasured by the company. While adhering to the people-oriented management philosophy, Air China will assume the primary responsibility of caring for the life, work and growth...
Words: 329 - Pages: 2
... Goal The purpose for this service request is to plan a new HRIS for Riordan Manufacturing. Mainly the beginning phase is to gather and understand the requirements for the new system; this will not only impact HR but Finance systems as well. Riordan’s HRIS is currently outdated and without a central database or networked compartments. Each record change must be submitted in writing (on specified forms) and manually entered into the system. Project Requirements To grasp the service being requested and the necessary requirements the following stakeholders will be questioned; Finance and Accounting, Training and Development, Recruiters, Managers, Employee Relations, and Dr. Riordan. Suggestions shall be gathered and discussed in the following manner/s: Focus Groups; collective interviews between individuals for both questions and solutions Workshops; ability to interact with many stakeholders Surveys; anonymous stakeholder suggestions Documentation review; preview of company documents to further refine requirements Feasibility According to...
Words: 407 - Pages: 2
...Global perspectives on governance: lessons from east and west While the core principles of governance are the same throughout the world, the Asian model places particular emphasis on trust and relationships. This paper discusses the key differences between the western and Asian approaches to help business leaders explore the best aspects of both. Conclusions 1. The corporate governance model that’s familiar in Asia, Africa and most developing nations places strong emphasis on trust and relationships. This can be beneficial for stakeholders: the typical pattern of ownership in businesses means that there can be a longer-term view of an organisation’s success compared with that in a western company. But the system is potentially vulnerable to corruption and cronyism. It can also be difficult to implement basic control procedures. 2. The prestige of what can be broadly termed the western governance model has diminished in the aftermath of the financial crisis. This model has driven globalisation and has emphasised a combination of legislation and standards as well as transparency, with a focus on developing appropriate structures, processes and frameworks. This is widely understood and helps to create a level playing field. But major financial failures over the past two years, such as that of Lehman Brothers, have shown that there are limits to what can be done to tighten checks and balances. A new emphasis on the behavioural aspects of governance is overdue. ...
Words: 6676 - Pages: 27
...profit, I do not believe that it necessarily follows that the primary accountability is to the shareholders and owners. I would like to present the following argument that suggests real success can be achieved by working with and caring for communities and stakeholders. If we were to believe that companies would only succeed by looking after their shareholders we would surely limit the opportunities for any firm to have any community purpose and would remove any of the benefits that can be achieved by working with other key stakeholders. Firms can benefit greatly from interaction with wider stakeholders and can reap benefits when they care about their communities because these communities can be seen to work together with firms to support mutual success. In outlining my views I will refer to three theories, namely stakeholder theory, legitimacy theory and agency theory and make a case for how an interaction of these theories will support my views that business succeeds when it cares about its community. Stakeholder Theory, (Financial Times Lexicon, 2011), ‘Stakeholder theory suggests that the purpose of a business is to create as much value as possible for stakeholders. In order to succeed and be sustainable over time, executives must keep the interests of customers, suppliers, employees, communities and shareholders aligned and going in the same direction. Innovation to keep these interests aligned is more...
Words: 1527 - Pages: 7
...and success. The mutual fund manager also needs to identify the external and internal stakeholders and how Best Buy meets the wants and needs of the stakeholders. SWOT The strengths of Best Buy include high brand recognition, affordable prices, special offers, convenient locations, and a strong online presence. Best Buy is large enough to afford marketing so that it can use prime time television and radio spots to reach its potential customers. The weaknesses of Best Buy range from impersonal customer service to costs of maintaining huge warehouses and stores. This year already Best Buy lost 1.7 billion. Recently Best Buy announced it is closing 50 of its stores and is planning to open smaller stores and work on a stronger online presence. This will help them avoid what happened to Circuit City and also help compete with Amazon (USA Today, 2012). Potential opportunities are new gadgets and electronics with the latest digital cameras, cell phones, video games, and new television models becoming more popular. If Best Buy can stay ahead of the market and offer the latest gadgets at competitive prices they can have an advantage and boost profits. Threats include the environment with many competitors that undercut Best Buy prices and an economic recession that limits the money customers have available for electronic purchases. Stakeholders Internal and external stakeholders of Best Buy include...
Words: 1008 - Pages: 5
...Is Wal-Mart's stated vision aligned with the needs of their stakeholders? Melissa Stacy MGT 499 MOD 1 Wal-Mart, the world largest and most successful corporation, also has the unflattering reputation of being so uncaring that it now symbolizes corporate social irresponsibility in the eyes of many Americans. Wal-Mart's problems with its own employees are not just perceptual but fundamentally due to the company's targeting and positioning choice: the delivery of always low prices to customers has meant that such stakeholder groups as employees have had to be squeezed. How did a company heralded as a hero as recently as in 2000 become a corporate monster only a few years later? The company's current predicament was not only foreseeable, but a logical consequence of its strategic choices, through its unbalanced approach to stakeholder commitment. Wal-Mart views its shareholders, consumers, and the community as their most important group of stakeholders, while employees are its second most important one. Wal-Mart has recently begun focusing on providing an explanation related for the company's poor performance with its self-declared second most important stakeholder group: its employees. Wal-Mart is being sued for what some workers say is widespread bad practice in forcing workers to do extra work "off the clock"- unpaid. Wal-Mart's policies forbid the practice, but managers under intense pressure to cut costs have allegedly resorted to it in order...
Words: 764 - Pages: 4
...Midterm CHAPTER 1 • Value creation takes place at 3 stages, input, conversion, and output. Each stage is affected by the environment in which the organization operates. - Organizational environment is the set of forces and conditions that operate beyond an organization's boundaries but affect its ability to acquire and use resources to create value. - Inputs include resources such as raw materials, machinery, information and knowledge, HR, and money and capital. They way the organization chooses and obtains from its environment the inputs it needs to produce goods and service determines how much value the organization creates at the input stage. E.g.) choose certain products and people to work for company. - Conversion stage: organization uses human resources and technology to transform inputs into outputs. It depends how much value is created in this stage. The amount of value the organization creates is a function of the quality of its skills, including its ability to learn from and respond to the environment. E.g.) How to best sell and market products. - Outputs come after conversion stage. Outputs include finished goods and services that the organization releases to its environment, where they are purchased and used by customers to satisfy their needs. After all these steps are accomplished, the cycle starts all over again after the money is earned from the sale of its output. • Competitive advantage is the ability of me company to outperform...
Words: 2761 - Pages: 12