BBA-HNC Business Environment Zeus Pestonji Business Environment Draft: 2 Name: Zeus Pestonji Batch: HNC A business organization is an individual or group of people that collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for owners. Other business organizations, called non-profits, are formed for public purposes. These businesses often raise money and utilize other resources to provide or support public programs. Types of Economic organisations, these are organisations in the private sector which comprise of businesses owned by individuals or groups of individuals Sole trader- A business which is started by one person and is financed by him but has full control of his business and gets to keep …show more content…
Deliver an outstanding service for customers at every point. Grow their presence in every city Build their leading position in London Meet their customers? needs and improve margins through new revenue streams Objectives: These are enumerated statements a company wants to achieve over a period of time. These are used as a standard of measuring the performance of a business and all the departments which they are consisting of. There are three types of objectives these are Primary and secondary objectives: If a new company wants to set their objective as a growth in profits this would be their primary objective but to achieve this, they have to develop various strategies. For each specific strategy, an objective has to be set Secondary objectives are those related to sales growth, customer service quality of the product, technological innovation, efficient use of resources and reducing company debt. Corporate objectives: These are objectives which focus on a business as whole. IT focuses on the performance of the business and the results of the business. They need to cover important arras so they can achieve better results instead of focusing on a single
of the goals and objectives the organisation is trying to achieve in relation to customer
Describe goals and objectives as they apply to business. pg 181-182; wk 6 lecture, pg 1
The company also has many smart objectives to achieve, e.g. they are looking for awareness of the brand, growth and sales to make more profit. However these objectives have to be SMART (specific, measurable, achievable, realistic and time scale) in order to be successful and to see
Sole proprietorship is a business organization operated by one owner. For example, you start a landscaping business by yourself.
These objectives are specific as they explain exactly what the company expects from their employees, how they should treat their employees and customers and how the retailer should take into account environmental factors when dealing with products/services etc. They are not so much measurable as they do not imply whether they have achieved these objectives or not. They are achievable because they are straight forward. They are realistic and using the correct resources they can be met. They are not so much time bound as they do not state exactly when they wish to achieve these objectives by but you can tell they will be ongoing objectives that they constantly wish to achieve in the future.
Not for profit organisations consist of organisations that are not run for the profit or personal gain of individual/s. They are often referred to as charities and provide benefit services to society, often encouraging people to band together by sharing resources to achieve a common goal. Profits can be obtained by these organisations but must applied for the organisations purposes. These organisations include Surf life-saving, Churches, and Salvation Army etc. (Sessoms, 2014).
Sole trader-it’s a business that is owned by only one person and it can have one or more employees. This type of business organization often succeeds because the owner has total control of businees, the owner keeps all profit and it’s cheap to start-up,but also it can be difficult to raise financial,it may be difficult to specialise or enjoy economies of scale and can also have problems with continuity if sole trader retires or dies.
It should be abundantly clear that each one of these objectives is related to one or more of the goals and thus the “cascade” is commenced from the organisations objectives, which are SMART, Specific Measurable Achievable Realistic and with a Timescale can be translated into the individual objectives of each director/general manager and so on downwards.
An organization is a group of people, such as a foundation or an academy that worked together to accomplish multiple goals and is associated to an external environment. There are different types of organization, some organization formed to earn income for its owners but some other organization which called non-profits are worked for public purposes. There are 3 main types of business organization Such as:
The objectives, which a company wants to achieve, can be varied. They can range from sales revenue maximization, increasing market share to growth. Growth is one of the most common and sought after corporate objectives because of its relative advantages. This is so because many perks come with the expansion of a business, which appease almost everyone.
It gives legal ground visible to competitors and customers. For the third importance of objectives, coordination; Objectives aligns the efforts of participants in the company towards the same goals. Douglas McGregor, a psychologist who served a short term as president of Antioch College & professor at MIT viewed that "In selling effective goals managers help members at all levels of the organization to understand how they can best active their own goals by directing their behavior towards the goals of the organization". Objectives not only set standards (benchmarks for success), but they also serve as motivators. Setting objectives, whether they be long or short term, they provide a standard for the company. In lack of better phrase, objectives "set the bar" for companies. So naturally, you are motivated to "clear the bar." Hence, objectives are motivators too. "According to Latham and Yuki goal specificity enables the workers to determine how to translate effort into successful performance by choosing an appropriate action plans." Plans: strategic, tactical, operational and contingency are the general types of plans. Strategic planning establishes long-term objectives and overall strategy or course of action by which a firm fulfill its mission. Tactical plans are short
Objectives are an organization 's performance targets—the results and outcomes management wants to achieve. They function as yardsticks for measuring how well the organization is doing.
Corporate objectives are those that communicate to the business as a whole. They are usually set by the management of the business and they deliver the focus for setting more detailed objectives for the main practical actions. They tend to emphasis on the wanted performance and results of the business. It is vital that corporate objectives cover a range of key areas where the business wants to achieve results. http://beta.tutor2u.net/business/reference/corporate-objectives
Sole traders have unlimited liabilities,meaning that in terms of law there is no separation between them,hence the sole trader is also liable for the debts incurred within the business, which makes it very risky to run for a long-term.