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Unit 2 How Businesses and Organisations Work ATHE Level 3 Assignment Sample UK
Unit 2 How Businesses and Organisations Work ATHE Level 3 Assignment Sample UK
Unit 2 of the ATHE Level 3 course on How Businesses and Organisations Work. This unit is designed to provide you with a comprehensive understanding of the internal workings of businesses and organisations. In today’s dynamic and competitive business environment, it is imperative for organisations to have a deep understanding of how they operate, as well as the various external factors that can affect their success. This unit will explore the different components of organisations, including their structures, functions, and processes, and the ways in which they interact with each other.
Through this unit, you will develop a thorough understanding of how businesses and organisations operate and the role that different departments and functions play in achieving the overall objectives of an organisation. You will also explore the external factors that influence businesses and organisations, including legal and regulatory frameworks, economic conditions, and stakeholder expectations.
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In this section, we will discuss some assignment activities. These are:
Assignment Activity 1: Understand the objectives of organisations.
Outline, giving examples, the difference between operational, tactical and strategic objectives.
Operational, tactical, and strategic objectives are three levels of objectives that organizations use to achieve their goals. Each level of objectives differs in terms of their scope, time frame, and level of detail.
Here are some examples of each:
Operational objectives are short-term goals that focus on day-to-day tasks and activities. They are the specific tasks that need to be accomplished to achieve the tactical and strategic objectives. Examples of operational objectives might include:
- Increase sales by 10% this month.
- Reduce the average call wait time to under 1 minute.
- Train all new employees on the company’s software within two weeks of hire.
Tactical objectives are mid-term goals that focus on the resources and activities needed to achieve the strategic objectives. They provide a bridge between the overall strategy and the operational objectives. Examples of tactical objectives might include:
- Launch a new marketing campaign to increase brand awareness.
- Establish a new partnership with a supplier to reduce production costs.
- Develop a new product line to appeal to a new market segment.
Strategic objectives are long-term goals that focus on the overall direction and vision of the organization. They are broad in scope and provide a framework for the tactical and operational objectives. Examples of strategic objectives might include:
- Increase market share by 25% over the next three years.
- Expand into new geographic markets by opening five new retail locations.
- Become the industry leader in sustainable manufacturing practices by 2030.
Explain factors influencing choice of objectives in both profit and non-profit making organisations.
The choice of objectives in both profit and non-profit organizations is influenced by a range of factors, some of which are common to both and others that are unique to each.
For profit-making organizations, the primary objective is typically to maximize shareholder wealth through profit generation. However, other objectives may also be important, such as market share growth, product innovation, and customer satisfaction. The following are some of the factors that can influence the choice of objectives in profit-making organizations:
- Market conditions: The competitive landscape and market demand can greatly influence the objectives of a profit-making organization. If the market is highly competitive, the objective may be to increase market share, while in a less competitive market, the focus may be on maintaining profitability.
- Organizational culture: The culture of the organization can also play a role in determining its objectives. If the culture is focused on growth and expansion, the objective may be to pursue aggressive expansion strategies. Alternatively, if the culture is risk-averse, the objective may be to maintain profitability and avoid taking unnecessary risks.
- Financial resources: The financial resources available to the organization can also impact its objectives. For example, if the organization has limited financial resources, its objective may be to focus on cost-cutting measures rather than growth.
- Regulatory environment: The regulatory environment can also impact the objectives of profit-making organizations. For example, if there are strict regulations governing a particular industry, the objective may be to comply with those regulations while still maintaining profitability.
For non-profit organizations, the primary objective is typically to fulfill a social or environmental mission rather than generate profits. However, they still need to generate revenue to sustain their operations. The following are some of the factors that can influence the choice of objectives in non-profit organizations:
- Mission: The organization’s mission is the driving force behind its objectives. The objectives are typically focused on achieving the mission, such as providing services to a specific population or addressing a particular social or environmental issue.
- Donor expectations: Non-profit organizations rely on donations and grants to fund their operations. Donors may have specific expectations about how their money is used, which can influence the objectives of the organization.
- Stakeholder interests: Non-profit organizations have a variety of stakeholders, including beneficiaries, employees, volunteers, and donors. The interests of these stakeholders can impact the organization’s objectives.
- Organizational capacity: Non-profit organizations may have limited resources, which can impact their ability to achieve certain objectives. For example, if the organization has limited staff, its objective may be to focus on a smaller number of programs or services.
Assignment Activity 2: Understand the importance of customers and customer service for organisations.
Explain the importance of customers and customer service to organisations.
Customers are the lifeblood of any organization. Without customers, businesses cannot survive. Customer service is crucial to any organization because it helps businesses to build relationships with their customers, retain them, and create a loyal customer base.
Here are some reasons why customers and customer service are important to organizations:
- Revenue Generation: Customers are the primary source of revenue for any organization. If customers are happy with a company’s products or services, they are likely to return and make additional purchases, leading to revenue growth. Happy customers also tend to recommend the company to others, which can further boost sales.
- Customer Retention: It is far more expensive to acquire new customers than to retain existing ones. Good customer service helps to build relationships with customers, making them more likely to stay loyal to a company. By providing excellent customer service, companies can reduce the risk of losing customers to competitors.
- Brand Reputation: A company’s reputation is built on its customers’ experiences. If customers have positive experiences with a company, they are likely to share their experiences with others, which can help to build the company’s reputation. On the other hand, negative experiences can quickly spread through word-of-mouth and damage a company’s reputation.
- Customer Feedback: Customer service provides an opportunity for organizations to receive feedback from their customers. This feedback can be used to improve products and services, address customer concerns, and identify new opportunities for growth.
- Competitive Advantage: Good customer service can be a competitive advantage for organizations. Customers are more likely to choose a company that provides excellent service over a competitor that does not. This can help to differentiate a company in a crowded market.
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Assignment Activity 3: Understand the organisational structures and legal identities of organisations.
Analyse different organisational structures and legal identities of businesses.
There are various organizational structures and legal identities that businesses can adopt, and each has its advantages and disadvantages. Below are some of the most common types:
- Sole Proprietorship: A sole proprietorship is a business structure in which an individual owns and operates the business. This structure is simple to set up, and the owner has complete control over the business. However, the owner is personally liable for all the business’s debts and obligations.
- Partnership: A partnership is a business structure in which two or more people own and operate the business. Partnerships can be general or limited, and the partners share the profits and losses of the business. Partnerships can be complex to set up, and the partners are jointly and severally liable for the business’s debts and obligations.
- Limited Liability Company (LLC): An LLC is a business structure that combines the benefits of a partnership and a corporation. LLCs provide limited liability protection to the owners, which means that the owners are not personally liable for the business’s debts and obligations. LLCs are easy to set up and have less regulatory requirements than corporations.
- Corporation: A corporation is a legal entity that is separate from its owners. Corporations provide limited liability protection to the owners, and they can raise capital through the sale of stock. Corporations are complex to set up and have more regulatory requirements than other business structures.
- Cooperative: A cooperative is a business structure that is owned and operated by its members. Members share in the profits and have a say in the business’s decision-making. Cooperatives can be set up as a corporation, LLC, or other legal structure.
Assignment Activity 4: Understand the resources required by organisations.
Analyse the importance of human resources in a named organisation.
Human resources are a critical aspect of any organization as they manage the most valuable asset of any business – its people. The success of an organization largely depends on the quality of its workforce, and the Human Resource department plays a vital role in ensuring that the right people are hired, trained, and retained. In this regard, I will analyze the importance of human resources in Google, one of the most innovative and successful technology companies in the world.
Google’s success is heavily dependent on its highly skilled and motivated employees. As a result, the company places great emphasis on its human resource management practices. The HR department at Google is responsible for hiring the best talent, developing employees’ skills, and creating a culture that fosters innovation, collaboration, and creativity.
Google is known for its unique hiring process, which involves rigorous interviews and tests to ensure that only the most qualified and talented candidates are selected. The HR department also provides a comprehensive onboarding process to ensure that new hires are integrated seamlessly into the organization.
In addition to hiring and onboarding, the HR department at Google is responsible for developing employees’ skills through training and development programs. The company offers a range of learning opportunities, from online courses to in-person workshops, to help employees stay up-to-date with the latest trends and technologies. This investment in employee development helps to foster a culture of innovation and continuous learning, which is essential in the fast-paced technology industry.
Finally, the HR department at Google plays a crucial role in creating a work environment that is supportive, inclusive, and engaging. The company offers a range of benefits and perks to ensure that employees are happy and motivated, including free meals, on-site gyms, and flexible work arrangements. Google also values diversity and inclusion, and its HR policies reflect this commitment.
Explain the a) physical resources b) technological/ digital resources c) sources of finance required by a named organisation.
- a) Physical resources:
Physical resources refer to tangible assets that an organization requires to operate effectively. They can include equipment, land, buildings, vehicles, and inventory. For example, a manufacturing company like Toyota would require physical resources such as factories, machinery, raw materials, and finished goods inventory to produce and sell cars.
- b) Technological/digital resources:
Technological or digital resources are intangible assets that an organization uses to improve its efficiency, productivity, and competitiveness. They include hardware, software, databases, internet connectivity, and digital infrastructure. For instance, an e-commerce company like Amazon would need technological resources such as servers, websites, mobile apps, and payment systems to facilitate online transactions and manage customer data.
- c) Sources of finance:
Sources of finance refer to the various means through which an organization raises capital to fund its operations and investments. They can include internal sources like retained earnings or external sources like debt, equity, and grants. For example, a startup company like Airbnb might require sources of finance such as venture capital, angel investors, and crowdfunding to fund its growth and expansion plans.
Assignment Activity 5: Understand basic financial statements.
Explain the main components of a) an income statement (profit and loss account) b) a balance sheet c) a cash flow statement.
- a) Income Statement (Profit and Loss Account):
The Income Statement, also known as Profit and Loss (P&L) statement, is a financial statement that summarizes the revenue, expenses, and net profit or loss of a company for a specific period. The main components of an Income Statement include:
- Revenue: This refers to the amount of money generated from sales of goods or services.
- Cost of Goods Sold (COGS): This is the cost of producing or purchasing the goods or services sold by the company.
- Gross Profit: This is the difference between revenue and COGS and represents the profit earned before deducting operating expenses.
- Operating Expenses: These are expenses incurred in the ordinary course of business, such as rent, salaries, marketing, and other administrative costs.
- Operating Income: This is the difference between gross profit and operating expenses and represents the profit earned from the company’s core operations.
- Other Income/Expenses: This includes any non-operating income or expenses, such as investment income, interest expense, or gains/losses from the sale of assets.
- Net Income/Loss: This is the final figure on the Income Statement, representing the company’s profit or loss for the period.
- b) Balance Sheet:
The Balance Sheet is a financial statement that provides a snapshot of a company’s financial position at a specific point in time. It shows the company’s assets, liabilities, and equity, and the main components of a Balance Sheet include:
- Assets: These are resources that the company owns and controls, such as cash, accounts receivable, inventory, property, and equipment.
- Liabilities: These are the company’s obligations to pay debts or other financial obligations, such as accounts payable, loans, and accrued expenses.
- Equity: This is the residual interest in the assets of the company after deducting liabilities. It includes the company’s retained earnings, common stock, and other equity accounts.
- Total Assets: This is the sum of all assets owned by the company.
- Total Liabilities: This is the sum of all liabilities owed by the company.
- Total Equity: This is the sum of all equity accounts.
- Total Liabilities and Equity: This is the sum of all liabilities and equity and represents the company’s total financing.
- c) Cash Flow Statement:
The Cash Flow Statement is a financial statement that shows the inflows and outflows of cash and cash equivalents for a specific period. It helps to evaluate the company’s liquidity and ability to meet its financial obligations. The main components of a Cash Flow Statement include:
- Operating Cash Flow: This represents the cash generated or used by the company’s core operations, such as sales, expenses, and changes in working capital.
- Investing Cash Flow: This represents the cash used or generated by the company’s investments in long-term assets, such as property, plant, and equipment or investments in other companies.
- Financing Cash Flow: This represents the cash used or generated by the company’s financing activities, such as issuing or repurchasing stock, paying dividends, or taking on or repaying debt.
- Net Change in Cash: This is the difference between the inflows and outflows of cash and cash equivalents for the period.
- Beginning Cash Balance: This is the cash balance at the beginning of the period.
- Ending Cash Balance: This is the cash balance at the end of the period, which equals the beginning cash balance plus net change in cash.
Explain the elements and purpose of budgets.
A budget is a financial plan that outlines the expected income and expenses of an individual, organization, or government entity over a specified period. The main purpose of a budget is to help individuals or entities plan, track, and control their spending. The following are the key elements of a budget:
- Income: The first element of a budget is income, which includes all the money an individual or entity expects to receive during the budget period. This may include salaries, wages, investment income, and other sources of revenue.
- Expenses: The second element of a budget is expenses, which includes all the expected costs and expenditures that an individual or entity will incur during the budget period. This may include rent, utilities, salaries and wages, taxes, supplies, and other expenses.
- Savings: The third element of a budget is savings, which is the amount of money an individual or entity sets aside from their income to save for future use. This may include savings for retirement, emergencies, or other long-term goals.
- Goals: The fourth element of a budget is goals, which are the financial objectives that an individual or entity wants to achieve during the budget period. This may include paying off debt, saving for a vacation, or investing in a business.
The purpose of a budget is to provide a framework for managing an individual’s or entity’s finances. Budgets help individuals and entities to:
- Plan their spending: A budget helps an individual or entity plan how they will allocate their resources to meet their financial obligations and achieve their financial goals.
- Track their spending: A budget allows individuals or entities to monitor their actual spending against their budgeted amounts and adjust their spending as needed.
- Control their spending: A budget helps individuals or entities control their spending by setting limits on their expenses and identifying areas where they can reduce costs.
- Make informed financial decisions: A budget provides individuals or entities with a clear understanding of their financial situation, enabling them to make informed decisions about their finances.
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