Table of Contents
Task ‘1’: Business Environment
1.1 Types of organizations found in the public and private sectors in the UK.
1.2 Different structures within the business in the UK.
1.3 How local, national and global economic environmental impact on JD Sports business
Task ‘2’: Business functions.
2.1 Importance of accounting in business for success.
2.2 The different functions carried out by the HR department in a business.
2.3 Key features of employment legislation.
Task ‘3’: Accounting workshop.
3.1 The information on the profit and loss account of JD Sports.
Task ‘4’: Teams.
4.1 Determination of my and other roles in the team
4.2 The stages of team development
4.3 Three motivational theories.
4.4 Different types of leadership styles.
Task ‘5’: Customer service.
5.1 The impact of customer service on business success.
5.2 The benefits of customer profiling to a business.
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit. Businesses range in scale from a sole proprietorship to an international corporation. This assignment analyzes the various types of business organizations in the UK. Then, this assignment assesses different structures within the business in the UK. The assignment also discusses the business functions describing the accounting in the third section. Finally, this assignment introduces JD Sports which is the biggest sports business in the UK.
Task 1: Business Environment
According to Hartley (2017), business Environment is the sum or collection of all internal and external factors such as employees, customers’ needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc. These factors affect the function of the company and how a company works directly or indirectly. The business environment helps in identifying business opportunities, tapping useful resources, assists in planning, and improves the overall performance, growth, and profitability of the business (Saleem, 2016). First of all, this task discusses different types of organizations that are found in the public and private sectors in the UK. Secondly, this task identifies different structures within the business of the UK. Finally, this task describes how local, national, and global economic environmental impact the JD Sports business.
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1.1 Types of organizations found in the public and private sectors in the UK
According to Company Address (2016), public organizations and private business organizations exist in the UK.
Public Sector organization
According to Privacy Sense (2018), the Public Sector is usually comprised of organizations that are owned and operated by the government and exist to provide services for its citizens. Similar to the voluntary sector, organizations in the public sector do not seek to generate a profit. Funding for public services is usually raised through a variety of methods, including taxes, fees, and financial transfers from other levels of government (e.g. from a federal to a provincial or state government).
- Local Government: Primary and secondary education, Roads and infrastructures, Libraries, Refuse collection, Social services, and Counsel Housing.
- Central government: Social Security, Universities, National Health Service, Police, Defense, Prisons, and Roads.
Private sector organization
Rouse (2019) said that the private sector is the part of a country’s economic system that is run by individuals and companies, rather than the government. Most private sector organizations are run with the intention of making a profit. This type of business is limited to manpower, storage, availability, etc. Different types of private sector organizations are limited company, franchise, sole trader, and partnership companies which are explained as follows:
A sole trader – also known as a sole proprietorship – is a simple business arrangement, whereby one individual runs and owns the entire business. Debitoor (2018) disclosed that sole traders are legally responsible for all aspects of their business and are personally liable for their business’s finances – while they can keep any profits, they may also have to repay any debts out of their own pocket. A sole trader is self-employed, but they are not necessarily the only work within the business. ‘Sole trader’ therefore refers to the legal structure of the business, rather than the number of employees……..