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Nature of a business
Types of Organization
Organizational Objectives
Stakeholders
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100
On which business function/department is The Imperial struggling with?
Human Resources
100
What is the difference between the private sector and the public sector? To which one does the Imperial belongs?
A private sector is owned by private individuals and is backed by financial institutions, while a public sector is owned/controlled by government or public corporation. **The Imperial belongs to the private sector.
100
What is an objective and what aspects does it need to have?
Objective is: an outcome which allows a business to achieve its aims. S specific M measurable A agreed R realistic T time based
100
What is a stakeholder? and give an example for the Imperial.
Stakeholder is: are people or groups of people who can be affected by, and therefore have an interest in, any action by an organisation. ANY stakeholder: -employees, -owners, -customers -government -etc.
100
Which are the types of growth for a company? Explain.
Internal growth: Expansion of a business by opening new branches, shops or factories ( organic growth). Investment from owners. External growth: Achieved merging with or taking over another business, from either the same or a different industry.
200
On which sector does the business nature activies belong to?
Tertiary Sector
200
Mention and describe TWO profit-based organizations that the Imperial had/has.
--> Sole Trader (Roger Williams) owned by ONE person, has unlimited liability. --> Companies (GP) have separate legal identity from their owners. Has limited liability.
200
What is an aim, and which might be good for the Imperial to adopt and why.
An aim is what a business plans to do in the long-term, it's purpose. ANY of the following and have a good reason. Profit Maximization Increase shareholders value Survival Sales Revenue Maximization Growth Customer Welfare Employee Benefits Community benefit
200
Explain the difference between internal and external stakeholders and some of their interests.
Internal stakeholders - from within the company → Directors and managers: maximise returns for shareholders and their own pay. → Workers: pay and job satisfaction. have the highest rise possible → Owners: maximise their returns. External stakeholders (from outside the company) → customers: want the best prices with the highest quality at these prices, and good service. → suppliers: charge high prices to the business so as to maximise their profits. → community and gov.- welcome jobs, and prosperity, but don’t like environmental conflict. → environmental groups: pressure against business expansion. → pressure groups: influence local, central government, business and media.
200
If the Imperial were to work with other company for a specific project, which external growth is the Imperial in and why.
-Joint Venture When two or more business, in this case, the Imperial and X company, agree to work closely together on a particular project and create a separate business division to do so.
300
Explain the role of marketing and finance departments in overall business activities.
--> Marketing Dpt.- concerned with identifying consumer needs and satisfying them. --> Finance Dpt.- is responsible for the control of money in a business.
300
In order to start a business, there's something it needs to be analyzed, such as the reasons for setting up. Which other aspects does a start-up business has?
--> Identify market opportunity --> Possible problems faced
300
What are ethical objectives, and why should the Imperial consider them?
They are: developed to create codes and need to be explicit. (Know what's right and wrong) Ethical codes state how employees should act upon the business, this code enables them to be more ethical, may impact possitively on the hotel if done correctly, since it would have a good image. On the other hand, if a business is not ethical starting from the employees, probles may come out, such as bad reputation, loss of clients.
300
What is a "stakeholder's conflict", give an example regarding the Imperial.
When different stakeholders in a business have different objectives, and want diffrent things from the business, is known as the stakeholder's conflict. ANY: Owners. Maximizing Profit, return. Managers. Not maximizing return but not falling behind in competition. Workers. Continue Working. Motivation. Pay Job Satisfaction. Rise Payment Customers. Best Prices of highest Quality Suppliers. charging high prices to maximise profit Community and government. Job generation, services for the community, Demanding for a certain service
300
Elaborate a mini- SWOT or PESTLE analysis (one or two aspects) of the Imperial.
Accept tool with correct aspects**