...P UNIT 1: BUSINESS ENVIROMENT p1&p2 | | | | | | P1 – a brief introduction of two contrasting businesses Tesco PLC (Public Limited Company) is a British multinational grocery general merchandise retailer. Tesco is the third-largest retailed in the world measured by its revenue. It is also the second largest measured by profits. Tesco has stores in 14 countries across Asia, North America and is the grocery market leader in the United Kingdom. Tesco have many aims and objectives they wish to fulfill, for example to be an outstanding international retailer in stores and online and to be strong in everything they sell because they are in food. Tesco is a Public Limited Company this means that they are able to advertise the sale of shares and sell them to the members of the public through stock exchange and also the company has a legal existence separate from management and its members. Tesco and Lewisham College are completely different because Lewisham College doesn’t offer products it offers services that are entitled to the public. Lewisham College has 16,000 student enrolments and 36,000 courses. The college is a member of the 157 group of high performing schools. Lewisham College work with many diverse partners, including: schools, universities, trade unions, businesses and a range of public sector organizations. Lewisham College is a public college and do not particularly exist to make a profit but to provide a service for people who want to learn. ...
Words: 1028 - Pages: 5
...Tesco Oxfam Tesco UK is a large significant business within the group which 60% of the profit and sales come from UK Business. They have got over 300,000 employs and over 2,900 stores. Tesco made a lot of success by delivering a great shopping trip in every single stores. They also have a plan which was made in UK by building a new Tesco which was focused in 6 keys elements. 1.Service & Staff-More staff for different stores which help will be needed in fresh food department. 2.Stores & Formats-Faster store, introducing warmer look and feel. 3. Price & Value-Better prices and promotions. 4.Range & Quality-Better ranges and re-launching the brands. 5.Brand&Marketing-More relevant communications with costumers and more discounts at the prices. Tesco Steakholders Steak Holders are a group of certain peoples which are interested in a business. Tesco is one of the company’s which have got lots of steak holders as Stake holders- They would want to buy the products the business is selling. Employees-They would want the business to succeed and make more money than other businesses around the community. Manager-Their interest in the business would be that it runs successfully so they can earn higher bonuses. Suppliers-They sells their goods or services to other business to make money, they also keep their interest in the business and try to make more money by trying to enhance their good to make better sales, if not the business will take their...
Words: 317 - Pages: 2
...Assignment 1 – P1 The job that I have chosen for my assignment is the position for Temporary Business Manager in South Morningside Primary School. Job Advert – A job advert is the advertisement of recruitment for a job to attract suitable candidates/applicants for a job. The purpose of a job advert is to try and locate the perfect candidate or applicant for the job that has been advertised. An example of a job advert is shown below; the business I have chosen from the two adverts shown is the Temporary Business Manager – South Morningside Primary School Job description – A job description is a list of rules and conditions of the chosen job that the applicant selected. The purpose of a job description is for it to include a summary of job analysis recordings that helps the employer determine what the applicant going for the position should do if he is accepted. example of a job description is shown below. The job description gives me a brief description of the job and what the applicant would have to do. Job Specification – A job specification is a detailed description of the role that has been advertised; it also includes responsibilities, objectives and requirements. The purpose of a job specification is to introduce the applicant to the employer; it is like a first impression. It is crucial because it portrays an image of the applicant. An example of a job specification is shown below. The applicant should look at this and remember what he/she has to do if accepted...
Words: 1516 - Pages: 7
...P2 –Discuss Theories of Communication Gerard Egan Gerard Egan explored areas of interpersonal interactions based on the assumption that people act in certain way due to their perception of a given situation. While behaviour is obvious, a person's thoughts and feelings are not as obvious. Gerard Egan wrote his own book named 'The Skilled Helper'. The book recommends that people and it also helps to improve your communication skills when put in a situation with others. This acronym is SOLER. use an acronym to help assess other people’s communication The S stands for sitting squarely – It is important to do this when you are interacting with an individual because you can look directly at them and it shows them that you are listening and are interested in what they have to say. The O stands for open posture – It is important to have open body posture when you are interacting with an individual. This means not sitting or standing up with your arms folded across your chest as this can give off signals that you are defensive or are anxious. Having an open posture makes the individual feel more welcome and comfortable to share their problems/concerns. The L stands for leaning forward when necessary - It is important that you lean forwards when necessary when communicating to an individual because it shows them that you are interested in what they are talking about and that you are listening. It may be possible that the person may be sharing personal issues so they may speak in a...
Words: 939 - Pages: 4
...2eqwdas nv,cx dv d f d d s s s d f Court of Appeal The Court of Appeal, which sits in London at the Royal Courts of Justice, consists of two divisions: The Civil Division, which hears appeals from: * The three divisions of the High Court (Chancery, Queen's Bench and Family Division) * From the County Courts across England and Wales, * From certain Tribunals such as the Employment Appeal Tribunal, the Immigration Appeal Tribunal, the Lands Tribunal and the Social Security Commissioners. The Criminal Division, which hears appeals from the Crown Court. The Court of Appeal is the highest court within the Senior Courts, which also includes the High Court and Crown Court. The Court of Appeal normally sits in up to 12 courts in the Royal Courts of Justice. Updated: Monday, 14 October 2013 Court of Appeal The Court of Appeal, which sits in London at the Royal Courts of Justice, consists of two divisions: The Civil Division, which hears appeals from: * The three divisions of the High Court (Chancery, Queen's Bench and Family Division) * From the County Courts across England and Wales, * From certain Tribunals such as the Employment Appeal Tribunal, the Immigration Appeal Tribunal, the Lands Tribunal and the Social Security Commissioners. The Criminal Division, which hears appeals from the Crown Court. The Court of Appeal is the highest court within the Senior Courts, which also includes the High Court and Crown Court. The Court of Appeal normally...
Words: 505 - Pages: 3
...Stakeholder rank of importance | Business | | Costa coffee | The dogs trust | 1st | Customers – customers are the people who buy products/services from a business. Customers are interested in the business because they are the ones who use the products/service which it provides. I think the customers are the most important stakeholders for costa as without the customers they would make no money and the business would shut down. Therefore costa has to keep regular customers happy at all times so they return and also try to bring in new customers or there is no point in the business existing. | Customers – customers are the people who buy products/services from a business. customers are affected by the business as they are the ones who are helped by the charity, and the reason the charity started up. I put this group first as if the group didn’t exist neither would the company as a company revolves around its customers and if there were no customers to use the service there would be no business. | 2nd | Owners – owners are stakeholders because it is their business which they have invested money and time into so they want it to be successful and make a large profit. They are important because they are the ones who set up and invested the most money into the business. They would probably have the highest level of interest in the business as they want it to make as much profit as possible because the more money the business makes the more money they will earn. | Local community...
Words: 1954 - Pages: 8
...The aim is to describe the different types of business organisation that operate in the UK. This will include a comparison between a Limited Company and a Charity in terms of their ownership, aims, economic sector and main stakeholders. For the report, I have chosen to investigate Sainsbury’s and RSPCA. Sainsbury’s Background information Sainsbury’s Supermarkets is the UK’s longest-standing major food retailing chain, having opened its first store in 1869. The Sainsbury’s brand is built upon a heritage of providing customers with healthy, safe, fresh and tasty food. It differentiates itself by offering a range of great quality products at fair prices with a particular emphasis on fresh food, an ethical approach to business and continuous leadership. Size of business J Sainsbury plc consists of Sainsbury’s – a chain of 504 supermarkets and 319 convenience stores. A large Sainsbury’s store offers around 30,000 products and an increasing number of stores also offer complementary non-food products and services. Business sector Sainsbury’s is currently in the Tertiary and Secondary Sector this is because Sainsbury’s provide services (they have banks), sell Food and also they have their own farm. Main goals and purpose At Sainsbury’s they will deliver an ever-improving quality shopping experience for their customers with great products at fair prices. Their aim is to exceed customer expectations for healthy, safe, fresh and tasty food, making their lives easier every...
Words: 788 - Pages: 4
...Business Ownership P1 Organisation 1 – NHS The NHS is a national public sector health service maintained and paid for by the UK. The NHS was founded in 1948 in an attempt by the then heath secretary, Aneurin Bevan, to bring good healthcare to all. It was founded to provide affordable healthcare to the citizens of the UK who need it. Today the NHS has a very good reputation as it continues to provide good healthcare to those in need, they currently employ over 1.6 million government people to achieve this endeavour. The NHS is a national business as it only operates in the UK and only provides its services to those living in the UK. It only operates in the tertiary sector as they provide a service for the public but do not manufacture, sell or harvest raw materials. Because it is a public business it doesn’t make a profit instead it uses it’s funding to help with the financial burden of medical procedures. There are down sides to this for example the NHS don’t always have the most up to date equipment. Because the service is maintained and paid for by the government they are the ones that will be held liable for any problems with the way the NHS runs or if it overspends. The NHS is limited by their annual budget for the year 2015 their budget was £115 Billion. Organisation 2 - Starbucks Starbucks Coffee is a privately owned American global coffee company and coffeehouse chain. Public limited companies become a legal entity whose assets and liability are separate from their...
Words: 3765 - Pages: 16
...Stakeholder: | Description: | Interest in DFS Furniture: | Interest in The University of Nottingham: | Consumer: | A consumer is an individual/organisation who buys a good/service for their personal use. They are a key stakeholder in some business’ as they are the primary source of their revenue. | A consumer would be interested in DFS, as they want them to produce high-quality, value-for-money products and the after-sales service in order to make any future sales. As they are the purchaser of the good, the business is essentially interested in the needs of the consumer. They can have a huge impact on the business as if they receive a poor quality product it would lead to any future sales being lost. This is vital as like every business, they need to sell in order to survive. In this instance the consumer could be pivotal to the survival if decline occurs. | A consumer would have an interest in The University of Nottingham as they want them to produce high quality service education. As the consumer are the students, they are market the business need to survive. If the educational system failed, then private businesses would fail to survive. This means that the business has to tailor the consumer’s needs for service. | Employee: | An employee is an individual who is hired under a contract of employment to work for a business. This could be Part-time, Full-time. Employees are key stakeholders in the business as they have that particular interest to work there, which should...
Words: 3937 - Pages: 16
...UNIT 1 – Developing Effective Communication in Health and Social Care * ------------------------------------------------- Understand Effective Communication and Interpersonal Interaction In Health and Social Care (P1,P2,M1) INFORMATION PACK ADEN COURT NURSING HOME ADEN COURT NURSING HOME What is communication? Communication simply means when information is transferred from one person/place to another person/place. Communication plays a crucial role in all workplaces therefore having good communication skills benefits and helps service users and colleagues. This information pack will include a directory which explains the different forms of verbal and nonverbal communication and discusses the theories of communication. It will also include a series of case studies which will explain the different forms of communication which would enable residents, staff and volunteers to communicate with each other. Finally, it will also assess the role of effective communication and interpersonal interaction in health and social care with references to theories of communication. Directory of Key Words and Terms: Key word/term | Explanation | Example | Verbal Communication | It is the sharing of information between individuals using speech.Verbal communication includes talking, whispering, shouting etc. It uses words to give an idea, thought or a feeling. | In a dental practice, the dentist is talking to a patient about using floss to keep their teeth clean from unwanted...
Words: 4394 - Pages: 18
...Introduction Marketing- is the action or business of promoting and selling products or services, including market research and advertising. A more simple definition is the right product, in the right place, at the right time, at the right price. It involves a business trying to understand its customers by identifying their needs and produce the products which satisfy those needs. The concept of marketing is that firms should analyse the needs of their customer and then make decisions to satisfy those needs, better than the competition. Nowadays most firms have adopted this marketing concept but it’s not always the case. The philosophy of this concept came around after World War II, when people had to be selective with the products they brought and only buy the ones that meet their needs and requirements but to businesses these would not always be obvious. Now companies have to always keep customers in mind when thinking of a product and the market is so competitive you will need to be the best product out there in that market to have the most chance of being brought. Three simple questions are often used when businesses decided to come up with a new product; what do customers want? Can we develop it while they still want it? How can we keep our customers satisfied? All being very good and valid questions to ask which will help to increase customer satisfaction as they are always in their minds. The two businesses I have chosen to use in order to compare and contrast their marketing...
Words: 4679 - Pages: 19
...Chapter 1 Microeconomics of Consumer Theory The two broad categories of decision-makers in an economy are consumers and firms. Each individual in each of these groups makes its decisions in order to achieve some goal – a consumer seeks to maximize some measure of satisfaction from his consumption decisions while a firm seeks to maximize its profits. We first consider the microeconomics of consumer theory and will later turn to a consideration of firms. The two theoretical tools of consumer theory are utility functions and budget constraints. Out of the interaction of a utility function and a budget constraint emerge the choices that a consumer makes. Utility Theory A utility function describes the level of “satisfaction” or “happiness” that a consumer obtains from consuming various goods. A utility function can have any number of arguments, each of which affects the consumer's overall satisfaction level. But it is only when we consider more than one argument can we consider the trade-offs that a consumer faces when making consumption decisions. The nature of these trade-offs can be illustrated with a utility function of two arguments, but is completely generalizable to the case of any arbitrary number of arguments.1 An advantage of considering the case of just two goods is that we can analyze it graphically because, recall, graphing a function of two arguments requires three dimensions, graphing a function of three arguments requires four dimensions, and, in general, graphing...
Words: 3912 - Pages: 16
...2005 1 Ricardian model The Ricardian model provides the simplest setting to illustrate comparative advantage and the gains from trade in a general equilibrium setting. I will use a simple example to discuss the Ricardian model. Two countries, Canada and the US produce two commodities, corn and umbrellas. (The obvious alliteration is used as a mnemonic device.) Definition of comparative advantage: A country (e.g. Canada) has a comparative advantage in the production of a commodity (e.g. corn) if the ratio between it’s pre-trade marginal costs of that commodity (corn), and its pre-trade marginal cost of producing “the other” commodity (umbrellas) is lower than that of its trading partner. 1.1 Technology and markets The Ricardian model assumes that production uses only 1 input (labor), with constant returns to scale. This assumption means that the technology in each country and each sector is entirely determined by the labor requirement per unit of output. The other assumptions are that (a) labor moves freely between sectors within a country, but (b) labor cannot move between countries. Assumption (a) implies that in a particular country, the wage must be the same in both sectors; assumption (b) means that the wage need not be the same (and typically is not the same) in the two countries. In addition, all agents are price takers, i.e. there is perfect competition. In my example, the unit labor requirements are unit labor requirement Corn (good 1) US Canada au = 1 1 Umbrellas...
Words: 6181 - Pages: 25
...is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula for computing elasticity of demand is: (Q1 – Q2) / (Q1 + Q2) (P1 – P2) / (P1 + P2) If the formula creates a number greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the number is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price results in a large change in quantity demanded. An example of products with an elastic demand is consumer durables. These are items that are purchased infrequently, like a washing machine or an automobile, and can be postponed if price...
Words: 689 - Pages: 3
...Lecture 1: Introduction 1 Optimization Problems We start with the utility maximization problem commonly seen in intermediate microeconomics. Example 1.1. Denote I a consumer’ monetary income, p1 and p2 the prices of two goods, s and x1 and x2 for their quantities. The budget set of the consumer is B = f(x1 ; x2 ) : p1 x1 + p2 x2 Ig: 1 where D X is the constraint set. The minimization problem can be de…ned similarly. f (x) have the same set of solutions, Theorem 1.1. The problems maxx2D f (x) and minx2D so do minx2D f (x) and maxx2D Proof. Note that f (x) f (x). f (y) for all y 2 D is equivalent to f (x) f (y) for all y 2 D. Given this result, we can focus on how to solve maximization problems. 2 More examples Economics studies how to make the best use of allocation of scarece resources, translated in mathematical terms, it studies various optimization problems under constraints. 2.1 Expenditure minimization This is the ‡ side of the utility maximization problem. It studies how to sustain a certain ip utility level with the lowest expense. With the usual notation, the problem can be written as min p x; s.t. u(x) u: 2.2 Pro…t maximization Let x be the inputs of a production function f (x); let the price of the inputs be w, and the price of good be p(f (x)); then the pro…t maximization problem can be formulated as max p(f (x))f (x) w x, s.t. x 2 Rn . 2 2.3 Cost minimization Similarly, the cost...
Words: 582 - Pages: 3
