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How Does Business Operate?

   

Added on  2020-12-10

15 Pages3709 Words308 Views
HOW BUSINESS OPERATES

Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Different Types Of Organization in Public and Private sectors............................................42.2 Different structure of Organization.......................................................................................43. Economic Environment Impact on Business..........................................................................5TASK 2............................................................................................................................................62.1 Importance of Accounting for Business................................................................................62.2 Different function of HR department....................................................................................62.3 Key feature of Employment Legislation...............................................................................7TASK 3............................................................................................................................................73.1 Profit and Loss Account in Business and its Interpretation..................................................7TASK 4............................................................................................................................................84.1 Own and others role in a Team.............................................................................................84.2 Stages of Team Development...............................................................................................94.3 Motivation theories...............................................................................................................94.4 Different types of Leadership Styles...................................................................................11TASK 5..........................................................................................................................................125.1 Impact of customer service.................................................................................................125.2 Benefits of Customer Profiling...........................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

Illustration IndexIllustration 1: Profit or Loss Statement............................................................................................8Illustration 2: Maslow’s Hierarchy of Needs.................................................................................10Illustration 3: Herzberg’s Two Factor Theory...............................................................................11

INTRODUCTIONBusiness operation is very important for any organization to run successfully in the targetindustry. It helps to create the efficiency of the company to increase their sales and production inthe market. In this report it explains different types of organization found in public and privatesectors operating in UK. It will also discuss about how a company is affected by globaleconomic environment. Importance of accounting and different functions. It also explainsimportance of accounting for business and describe different function carried out by HRdepartment. The report also interpret the information on profit and loss account. It also presentsdifferent stages of team development and describe the impact of customer service on a businesssuccess.TASK 11.1 Different Types Of Organization in Public and Private sectorsThere are various types of organization which is operating in UK in different sectors, forexample, public and private sector organization, which is explained below,Private Sector: These sectors are owned by private parties or individuals and their mainobjective from their business is to generate good revenue and earn high profit from themarket. In the economy of UK, private sectors do not contribute. There are variousorganization operating in this sector, for example, ASDA which is a leading retailercompany in UK who offer variety of products and services to their customers (Mamic,2017). Private sector cannot enjoy the powers enjoyed by public sector. In thisentrepreneurs create jobs wherever needed. Public Sector: In these sectors, organization is basically owned by the local government.Their main aim or objective is to serve for public and public enterprises usually do notmean to earn money from the public. They are helpful in reducing inequalities in thesociety. They are not affected by recession. There are so many types of public sectors,such as, The Child Support Agency which works for the children's welfare in UK.2.2 Different structure of OrganizationThere are various structure found in an Organization which can help them to progress toachieve their goals. There are basically three main types of organizational structure: functional,divisional and mixture of both of these, known as matrix structure.

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