BMP3002 Business in Practice Exam Paper 2021/22

BSC (Hons) BUSINESS MANAGEMENT WITH
FOUNDATION
SEMESTER 1, EXAMINATION 2021/22
BUSINESS IN PRACTICE
MODULE NO: BMP3002
Exam Paper Release Date & Time: Saturday 13August 2022 at 10:00am
Submission Cut-off Date & Time: Monday 15August2022 at 10:00am
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ANSWER BOOKLET
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Question1
Discuss the main criteria used for classifying different kinds of businesses?
3 main factors make it easier to categorise various types of businesses. This comprises:
 Organizational size: There are 4 main categories of resources—micro, small, medium, and
large—depending on the volume of the business. The range of workers at micro enterprises
is between one and nine. 10 to 49 workers make up a modest corporate firm. The overall
quantity of workers for the medium-sized business ranges from 50 to 250. 250 individuals or
more make up a huge company's entire workforce (Johnson, 2018).
 Organizational structure: The form of organisation is determined by 4 main organisations.
This included partnerships, corporations, sole proprietorships, and limited liability
companies.

 According to business: A materials or commodity business falls underneath the primary
sector, while a products or production business falls underneath the secondary sector,
depending on the kind of business. An enterprise in the tertiary level which provides
services
Explain micro business with appropriate examples.
A micro business is a company which employs a smaller group of individuals. Less than 10
individuals have been working for the enterprises, which have also received minimal financial
advances. Single-ownership and owner-managed administration are a couple of the typical traits of
micro businesses. Conventional practises have low reliance on work, technologies, or human
resources. Because of this, the manager's administration and activities are very important to the
company. Here are a few typical instances of supermarket stores that trade on Ebay such as
independent advisor, freelancing graphics artist, etc. Through the promotion of a high standard of
living, the company typically offers immediate assistance to its clients and the areas it serves
(Kaowiwattanakul, 2016).
Explain small businesses with appropriate examples.
A smaller company is one which conducts its operations on a relatively microscopic level.
Smaller businesses are typically individually held companies. The company's specified workforce
capacity is between 10 and 50 people. Strong shareholding is one of those companies' key qualities.
The company has still been run by its only proprietor, who is also its manager. However, each firm
has a framework for its operating units inside that sector. The company is at a phase of expansion
and the leadership is very goal-oriented at this time. The company becomes more cost-conscious as
a result. They frequently accept a chance and give priority to client happiness over all else. As an
illustration, take smaller commercial firms such learning centers, super markets, and auto detailing
companies. The dangers which could be seen include those including monetary volatility,
unpredictability, extended operating hours, etc.
Explain medium-size businesses with appropriate examples.
Organizations which fall under the definition of SMEs are medium-sized enterprises. The
med-sized company employs up to 250 people. This company has a solid history and a long history.
The business operates in a sector with rapid expansion and tries to realign itself inside the industry's
maturation for faster productivity. The company is in a phase where it needs both short- and long-
term working capital. Large-scale finance that includes significant capital for corporate expansion is
being used. It is possible to say that perhaps the corporation is in a phase of steadiness and scale-
constrained expansion while utilising sound cash flow administration practices. Verdant Tourism,
and Brown Sons (Construction) Ltd. are a few examples. Several companies have a strong local
presence in the United Kingdom and are now experiencing tremendous expansion. The worth of the
corporate image has a big impact on how mature the firm becomes (Laukkanen and Tura, 2020).
Explain large-size businesses with appropriate examples.
The companies are large corporations, government agencies, and big companies. More than
250 people work for the company. Each firm has the potential to expand from a moderate to a huge
scale. The mines, industrial, hydrocarbons, and petrochemical sectors are a few of the key large-
business corporations. Substantial operations are being conducted, and the organisation is currently
in its matured phase of growth. Those businesses are listed among the Top 500. The majority of the
businesses are extremely sophisticated and worldwide. The firm is not fully owned by the proprietor
of the firm. The company is exceptionally organised, and the hierarchy-based data transmission is
also very well organised. These include Chevron, Petroleum, Galaxy, Microsoft, and Walmart.
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