Nature of a Business

Business Studies PART 1 A) Social Function of a ingathering line Choice Businesses provides goods and services to satisfy individual needfully and wants by good-looking the choice of selecting something among a variety of products. Economic Function of a stemma Employment By creating or providing trade for individuals this minimises the unemployment rate. B) Unincorporated enterprises is when the enterprise has NOT foregone through the transit of not separating the owner from its legal entity events doctor principals and partnershipsIncorporated enterprises atomic number 18 when the patronage HAS gone through the legal process of separating the owner from its legal entity examples private and universe companies. PART 2 A) Stakeholders People who are or may be change by headache activities. B) Possible stakeholders Employees outlet of jobs at that placefore they are unemployed and wint spend a penny a pedigree of income. Competitors more firms may purchase their p roduct as the operations are shut down C) Stakeholders responsibilities society/General public Stakeholders in melody should have ethically responsible for(p) decisions as good corporate citizens. Society expects businesses to give back to the community of what they farm out of profits. For example the Body tell on organises community projects such as charity. How Lelouch and his minions was ethically responsible by being a good corporate citizen by giving back to the community of the profits by destroying Britannia as charity. PART3 Environment They must consider the impacts on the environment as we should fretfulness and conserves our environment.Thus businesses are turning to ecologically sustainable operating practices in response to climate change and destruction of our natural environment. For example Levis has developed its own environment ism and principles and conduct business with following those regulations pillowcase Q&A A) What is the difference between a sol e trader and partnership A sole trader is owned and operated by one person taking care of all responsibilities whereas a partnership consists of 2-20 throng to form a business in concert and share the responsibilities and problems in the business.B) 2 Advantages and 2 dis payoffs operating a partnership as opposed a sole trader POOL CONTINUITY Its advantageous to be in a partnership compared to a sole trader as partnerships will be able to pool their funds and skills together to establish a business and on a death of one partner, the business bathroom continue with the other partners DISPUTES DEBTS Its disadvantageous to be in a partnership as there could be possible disputes between partners and may have a liability for all the debts including the partners.PART4 A) Consumers- Because there are many competitors in the diligence it may be difficult for revolutionary business to have consumers buy the products they head as there are a different range of products available to the m at competitory prices and quality. Consumers CPR CPQ finance- Thus financing the business can also be a challenge like a eye mask effect one thing set up another as they arent make enough profits to keep the business up and running and may not be able to keep employees. Finance DP BEB) External Influences CSI SCA BEBQ can include competitive situation influences CSI as this allows their business to capture for a sustainable competitive advantage SCA everyplace their competition as this is a strategy to ensure that they beat their competitors over a long period of time, by stimulating an efficient production of conk out quality products or services. C) Internal influences LCV can include location as a prime location can tone down to higher levels of sales and profits because of its whatchamacallum and visibility to the public. However a ruffianly location is a liability that negatively affects sales and profits.