6122 external business

TASK 1 (1.3)
EXTERNAL BUSINESS ENVIRONMENT

WHAT IS INCOME AND WEALTH?
Income is referred to as money received by an individual on
regular basis in turn of work done. Through this individual can
effectively fulfill his wants and needs. For instance, wages and
rent from property are considered income.
Ritz Carlton is luxury hotel brand that offers services at higher
prices. Thus they cannot be afforded by all types of customers.
Wealth of company is influenced by the kind of services
offered by the manager of Ritz Carlton. It is considered as
value of all assets owned by individual. For example, wealth
includes financial and real assets.

CONTINUED....
The services offered largely depends on the skills and abilities
of the employees. It is essential for business to upgrade the
knowledge of personnel through training programs.
In relation to employment it has been determined that 6% of
individuals perform in sales and customer service operations.
This presents that Ritz Carlton posses smaller number of
workers who will be employed in case of vacancy.