INTRODUCTION TO BUSINESS.

INTRODUCTION TO
BUSINESS
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Table of Contents
INTRODUCTION ..........................................................................................................................3
Describe the different types of organisations found in the public and private sectors in a
named country. Give Examples of organisations in private and public sectors..........................3
Explain the different structures within the businesses in your selected country and suggest
reasons for the variation..............................................................................................................4
Identify a named business. Describe how the local, national and global economic environment
impacts on the named business...................................................................................................5
Task 2 – Business functions.............................................................................................................5
Explain the importance of accounting for business success........................................................5
Describe the different functions carried out by the HR department in a business......................6
Outline key features of employment legislation..........................................................................6
Task 3 – Accounting workshop.......................................................................................................7
Present and interpret key accounting information using profit and loss accounts......................7
Task 4 – Teams................................................................................................................................7
Describe the stages of team development...................................................................................7
Carry out an analysis to determine own and others’ roles within a team....................................9
Assess three motivation theories...............................................................................................10
Describe different types of leadership style..............................................................................11
Task 5 – customer service..............................................................................................................11
Explain the impact of customer service on business success....................................................11
Explain the benefits of customer profiling to a business...........................................................11
CONCLUSION .............................................................................................................................12
REFERENCES...............................................................................................................................13
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INTRODUCTION
The term business refers to a conduct of commercial activity through which it can
generates revenue and provides employment opportunities to deserved and required candidates.
Every business firm is being operated by several departments such as human resource, finance,
marketing, production and others with whose contribution a business achieves success. Accounts
and finance department is one of the crucial function of any organisation who is held responsible
for preparation of profit and loss account along with proper maintenance of accounting records.
There are some motivational theories and leadership styles application of which a leader can
motivate and encourage its team to work with more productivity and in healthy environment
(Alkhater, Walters and Wills, 2018). Providing good services to customers is a main motive of
each company which brings success and growth for them because customers are those who are
the actual buyers of their products and services. The present repost comprises of different forms
of businesses in private as well as in public sector organisations, different functions of human
resource depart, significance of accounting. It also includes different leadership and motivational
theories which a leader of Marks and Spenser follows in order to boost employees motivation.
Further a discussion on customers services along with importance of customer profiling for
business success is made.
Task 1 –The business environment
Describe the different types of organisations found in the public and private sectors in a named
country. Give Examples of organisations in private and public sectors.
Public Sector companies:
Public sector companies are those in which majority that is 51 per cent or more of total
stake is in the hands of either state or central government. The various organisations which
comes under the category of public sector are listed under:
 Statutory bodies: This refers to such organisations which are formed with an special act
of government or concern parliamentary body (Azmi, 2019).
 Departmental undertakings: This includes such organisations which which are
established and run by a specific department of government.
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 Government companies: These are those which are run by a board of directors from
government.
For example:- Railways being operated by a department of government, or any other
cooperative business.
Private Sector companies:
These are those in which government has no stake or intervention. The various public
sector organisations are listed below:
 Joint Stock organisation: This includes a combine efforts of two or more business
firms that comes together in order to share resources, capital, profit and losses.
 Sole Proprietorship: This comprises of establishment of a business by single individual
who bears all losses and enjoys business profits alone (Castillo, Canhoto and Said,
2020).
 Partnerships: This refers to a business being established by two or more individuals
and shares profits and losses occurred out of business conduct.
For example- Marks and Spenser, TESCO, etc.
Explain the different structures within the businesses in your selected country and suggest
reasons for the variation
The various structures in a business firm are listed below:
 Divisional Structure: This comprises of company's structure set according to different
products or services, geographic location or even market segment (Delmon, 2021).
 Functional Structure: This comprises of company's structure based upon different
functions of business that includes finance, marketing, human resource, etc.
 Matrix Structure: This structure is a combination of both divisional as well as
functional.
The major reason behind its variations is that the structure of an organisation is always
based upon its size and span or operations.
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