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Delving into Business Exploration: Unveiling Unit 1 Insights

University: The London School of Economics and Political Science (LSE)

  • Unit No: 10
  • Level: High school
  • Pages: 15 / Words 3874
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 266
Question :

This sample will let you know about:

  • What is Business Exploration ?
  • Discuss Reasons for Success of Two Contrasting Businesses.
  • Explain Influence of Stakeholders on Businesses 
    Answer :
    Organization Selected : BBC

    INTRODUCTION

    It is very essential for business to explore different features which can help them to compete in market by increasing their efficiency and productivity (Sterling, 2019). This report helps to explain different features which helps business to be successful and how they are more organized inn achieving their objectives effectively and increase profitability.

    Reasons for Success of Two Contrasting Businesses

    BBC

    Ownership

    This is a public owned company which helps them to increase their potential effectively.

    Advantages

    • The benefits of public owned organization is that it provides products and services which are expensive at low cost and also ensure the welfare of the society (Mittal, Aggarwal and Rawat, 2019).
    • Another benefit of public owned company is it has large customer base and the cost of per services is low which helps company to increase revenues to support the society effectively.
    • BBC also advantage of being public owned company as all the customers are involved in the business it also grows rapidly and make more sales than private companies (Delmon, 2017).
    • This company also helps to protect their interest in using their services and making the citizens aware and educating them to become more conscious in making decisions and be safe.
    • Raw material is very easily available to public owned company as they are working for the public interest and help them to improve their standard of living (Buckley, 2018). Worried for Business Communication Assignment Help? Get our experts Help Now!

    Disadvantages

    • Demerits of public owned company are they do not have more profit margins to operate and not innovative ideas.
    • BBC has to face many legal for formalities which make it very difficult for the company to operate in the market (Hodge and Greve, 2018).
    • Due to high number of shareholder BBC has lost their original ownership as all are entitled to speak as a shareholder of the company.
    • BBC has become very inefficient in making decisions due to large size of ownership and company has to provide proper information to all the shareholders effectively.
    • As the size of the company is very large and it is very difficult for BBC to manage all the employees as a result inefficient employees also gets high level of post which makes company more ineffective.

    Liability

    It is the BBC's legal debts which the company has to pay by making profits and survive in the market effectively. It is also possible if the company is not able to repay the debts company can be dissolved (Rogers and et.al., 2017. They have the liability to provide better services to its customers. As BBC is liable to pay all the payments to their creditors to become stable and increase their opportunities in surviving in the market effectively.

    Sector

    Public Sector is the part of economy which is controlled by government and improve the quality to increase the sales and increase the chances to survive in the market. Public sector also provides BBC effective brand value to increase the sales and compete in market effectively.

    Purpose

    The main aim of BBC is to increase efficiency of the company and work for society and also help them by educating and increasing their knowledge to make effective decisions. Company also have the purpose to be impartial in providing information to its audience and making them aware from their surrounding,

    Scope

    The company have to scope to increase their efficiency and collaborating with other broadcasting companies to improve service delivery. BBC also have the opportunity to adopt effective technology and gadgets to improve the service quality and increase the efficiency of the company.

    Size

    Size of the company is the potential which helps the company to increase its chances to survive and provide better services and products to customers and increase customers satisfaction. Total annual revenue of BBC is around 1.1 billion Pounds and total employees of the company is 22400. Want to get Assignment help? Talk Our Experts Now!

    Reason for Success

    The success of BBC is due to its nature of public services welfare with low cost and also provide information to poor people helped company to grow effectively. Company also has succeeded by the increase in the public support and the genuine information provided to them for years.

    John Lewis Partnership

    Ownership

    This is a private company and it is majorly owned by its employees which have the rights over making decision in the organization.

    Advantages

    • The benefit of private company is they are separate legal entity and have easy transferability of shares. The company also has the higher capacity to borrow capital.
    • The company also have the limited liability and the owes only have the liability to pay company which they have invested not all the losses.
    • Private company also has the ability to make decision very effectively and faster than public owned companies.
    • John Lewis has the ability to sue any person and also can be sued by any other party as the focus of the company is to increase the profits whereas public companies works for the interest and welfare for public to provide them safety and protection.
    • Company has the benefit that they have multiple partners which are their own employees which helps to provide effective innovation and creative ideas to expand company and increase profit margins.

    Disadvantages

    • Demerits of private company is it has higher risk of failure due to competition.
    • Private companies have lower capital capacity than public owned company which cn decrease them potential in the market.
    • The company cannot transfer its shares outside the company into public to raise capital to increase the potential and generate higher profits.
    • Members of the company cannot cut off from the company as they are nit satisfied. According to legal complexity members have to stick to the company until they do not incur higher losses and decrease their reserves due to company membership.
    • Due to private in nature the shares are also not listed in the stock market which also discourages the shareholder to know the real value of their investment and resell their shares if possible.

    Liability

    The liability of this company is to provide better profit margins to its share holders (Burns, 2016). Liability of John Lewis partnership is to provide effective stably and satisfy customers and stakeholders to increase the company's growth. Company is also liable to provide better information to its investors and be more transparent to let other partners know its real financial position in the market.

    Sector

    John Lewis operates in the Private Sector and has limited liability to its company and its partners in business. It is also very essential for the company to improve its services and quality of products and increase customer engagement and increase profit margins effectively.

    Purpose

    Profit maximization and increase customer satisfaction to gain better value in the market. Company also have the purpose to increase the happiness of tall the members to increase their potential in being a part of company and support in the growth in the market effectively.

    Scope

    The company is the UK's largest private sectors business. And it has the scope to expand its retail store business in other countries to increase potential. Company have the opportunity to increase its capital by attracting more investors and investing in research and development of its products and services which also help the company to expand in new market and provide better brand value.

    Size

    Company is having revenue of 10 billion and 83000 employees which are the partners of company (Agarwal and et.al., 2019). John Lewis partnership is very effective and it is the largest private company in UK which provides its products and services with the highest quality and low prices to its customers.

    Reason for Success

    The company is successful as it has followed autonomous leadership which helps to increase potential of employees to become loyal. Company also provides motivation by making them partners of the company which helps them to develop conscience to work more effectively (Hope and Vyas, D., 2017). Company is also successful due to its marketing strategies which helped to increase the customer relation in the company and make them loyal and retain them to increase sales and profit margins to grow effectively. Take Examples of Assignments Now!

    Influence of Stakeholders on Businesses

    Internal Stakeholders of BBC

    • Shareholders- They are public which are the owner of shares in company and legally own certificates of purchasing power in company. They help BBC by providing capital of the company which enables company to position itself strongly with large financial strength. The two types of shareholders in company are common shareholders and preferred shareholders. Common shareholders posses voting rights and receive dividends from profits of company and also posses power to take part in corporate actions. Preference shareholders do not have any voting rights, they get the first preference while dividend distribution (MELENDEZ, and GRACIA,2019).
    • Managers- They provide better efficiency to business by making different changes and managing all the employees of the organization. Mangers at BBC have the role to effectively supervise company operational structure which brings high profit level margins and allows cost efficiency in management of company. It aims to keep managers working satisfied with large authority and power along with opportunities to supervise the managerial structure with high efficiency levels.
    • Employees-This is the workforce of the organization which helped the company to support by doing effective activities in achieving objectives. Skilled employees with high technical knowledge bring superior work progress in production targets for BBC. Company aims to keep employees highly satisfied by providing equal opportunities to showcase their skills and enhance their working standards with good cooperation among structural hierarchies.

    External stakeholders of BBC

    • Customers- It is very essential for business to have effective customers to increase their productivity. BBC aims to keep the customers highly satisfied with strong services which enables company to occupy firm position in competitive business environment. In volatile industry where new companies are emerging every day, keeping customers loyal and retaining them for long term is highly important for BBC. Viewersworldwide are highly satisfied with BBC company as it delivers relevant information and news to global audience on large platforms through documentaries and knowledgeable videos.
    • Government- They help to provide all the rules and regulation to business organization which helps to maintain the quality of business effectively (Luoma, Laatikainen and Mazhelis, 2018). Government is an important external shareholder for BBC, which allows company to function out the legal responsibilities in their production levels with great efficiency. BBC's performancelevel has kept government highly satisfied as it follows all norms and ethical responsibilities which company delivers through effective new services.
    • Suppliers-Company have various media collaborations which help to provide information to public and also helps to increase their education. Suppliers have an integral role as external shareholder for BBC, as they enable company to function out the production targets with maximum efficiency. Suppliersof company are highly satisfied with BBC performance levels as company delivers immediate actions quickly to changing business scenario.

    Internal stakeholders of John Lewis Partnership

    • Employees- They are the partners of the business and work in the company as the owner with effective performance and skills to achieve objectives (Langabeer and Champagne, 2016). Trained employees with high skills and talent are an integral part of John Lewis Partnership where effective completion of targets in production helps company to reach high profit margins.
    • Managers-Managers and leaders are the employees which helps to connect the whole organization with company policies to ascertain the common goals to achieve objectives of the company effectively. They are important internal stakeholders of John Lewis where company aims to reach high production targets by supervision of managers in operational stricture.
    • Wait rose- It is the subsidiary company of John Lewis which helps to provide effective revenues to run all the supermarket chain in the country effectively. It is highly important internal stakeholder for company as there lies potential growth opportunities with quality performance enhancement.

    External stakeholders for John Lewis Partnership

    • Suppliers-They are the key stakeholder which help to provide raw material to company at low cost. Maintaining strong relations with suppliers is highly important for John Lewis as they play an important role in delivering cost efficiency production targets with high efficiency in sales performance. Suppliers of John Lewis are highly satisfied with company performance levels and high cost efficiency in delivering products and services to all customers worldwide (Surucu-Balci, Balci and Yuen, 2020).
    • Bank- Bank is the financial support system which helps to increase financial capital for company by providing long term and short term loan facilities to company. Bank serves as an integral external shareholder for company, whose role is to provide financial services and serve the capital stricture with effective performance. Banksare highly satisfied stakeholders of John Lewis as company has strong financial position with high balance sheet reports and successful completion of business loans taken.
    • Customers- They are the end users and company is more focused to increase customers in the company by improving quality and increasing their satisfaction effectively. It is highly important for John Lewis to attain high loyalty within customers which are important external stakeholders to position itself strongly in competitive business environment. Customersare hugely satisfied with the performance levels of services and goods delivered by Jhon Lewis as company aims to build strong innovative approach for their production targets.

    BBC

    BBC uses information and communication technology system to diver its messages to its public and motivate them. With the change in the technology it is very essential for company to understand the information internally as it helps to provide better efficiency to achieve task and objectives. Communication also helps company to make better policies and also understand the issues and problems to resolve them and make healthy environment. BBC uses Autocratic communication which flows from upper management level to lower level and only In be direction. This communication channel is not effective as it decreases the information.

    John Lewis Partnership

    Company uses Hierarchical information system for communication internally to increase the efficiency in understanding and improving the quality of operation effectively. Employees are the partners in the company, and they need to increase the skills and knowledge to become more effective in understanding each other and also make effective teams to accomplish task properly. Due to large size of network company need to adopt autonomous leadership style which helps to reduce the communication gap and helps to make high performance teams which increases efficiency.

    Types of Organization Structures

    Hierarchical

    It is the structure which helps to divide and delegate the authority in the form of power. Every person has the subordinate which they have to supervise for higher attainment of company goals. Hierarchical structure enables company to work with cooperation and sustainable operational efficiency in reaching higher profit margins. There is proper delegation of responsibilities in management which allows company to establish performance targets and reach increased production targets.

    Flat

    Flat organizational structure is one which has no management level in its structure and the posts are equivalent to employees. This structure is also very effective as it helps to improve the efficiency of employees by participating in them and also improving decision-making process. It enables company to motivate employees by increasing their morale levels and giving them equal opportunities for taking decisions in management of company (Galván and Galván, 2019).

    Matrix

    This type of organizational structure helps employees to provide duel relationships as they are functional managers as well as project managers (Guo and Jin, 2019). This structure enables to build operational efficiency as a grid and also provide better information within levels of company which is highly imperative to adopt in competitive business culture. Matrix organizational structure enable companies to build dynamic working style where decisions are taken quickly and company goals can be achieved with cost efficiency in production targets.

    Holacracy

    This is very effective organization structure as in this the company divides the employees into group which has the all the skills and knowledge. This helps to distribute the management into flat structure without any single authority as it focuses that every employee has the authority to make effective decisions. Technical skills and developed production skills in employees help company to teach higher profit margins and deliver quality services for retaining customers' satisfaction. By dividing employees in proper groups leaders are able to supervise better and enhance their working criteria. Holacracy organization stricture enables company to develop strong operational structure in their working standards and sustain long term growth in highly competitive business environment (Silvia, 2019).

    BBC organizational structure

    Company works with Holacracy organization structure where proper distribution of responsibilities in employees within various team members brings high performance quality standards and enhance the working criteria of employees. This structure enables employees to develop high operational efficiency and work with dynamic capabilities which is highly important for competing in changing business environment.

    John Lewis organizational structure

    Company follows matrix organizational structure which enables company to run the organization with efficiency along with the grid in working structures of management hierarchies. It allows individuals to work with high cooperation and dynamic working skills in mangers allow them to supervise subordinates and team members with efficiency. John Lewis company aims to deliver high quality standards in their performance for achieving long term sustainable business in the market share. Matrix organization structure enables company to deliver quick decisions regarding various production targets in company structure.

    BBC is using Hierarchical organization structure and consist board of governor, executive board, creative board, journalism board, commercial board which command all departments according to their specification are required to report to the executive board (Birkie, 2018).Different Structure, Aims and Objectives of Businesses

    John Lewis is using free structure of management in which all the employees of the company are treated as partners and have share in the profits annually. Employees also have the rights to participate in the decision-making of the company and support each other to increase the productivity of organization. This type of structure also motivates employees to work effectively and increase their performance due to high privileges and partnerships.

    AIM

    BBC

    To enrich people's lives with programmes and services that inform, educate and entertain by being the most creative organization in the world. But we don't focus simply on what we do – we also care how we do it.

    John Lewis

    The happiness of all our members, through their worthwhile, satisfying employment in a successful business'

    Objectives

    BBC

    • To increase the awareness of public in UK and increase effectiveness of company.
    • To improve the quality of information by providing live reports and adopting smart technologies till 2024.

    John Lewis

    • To increase the investment and increase in salary and develop apprentice programme and become UK's healthiest workplace by 2025.
    • 30% in crease in customers of lewis brand and provide exclusive products and increase 50% of products ranges in women wear and improve the quality of products.

    Both the companies need to follow the Holacay organizational structure which helps tom increase the efficiency to achieve the aim and objectives of BBC and john Lewis effectively (Johnson, 2016). As this helps to improve the quality of their structure and make them also understand their techniques and importance effectively.

    Reasons for Success

    BBC

    BBC is successful in UK due to its confidence and truthfulness in the nature if providing information to its customers. The company does not hesitate in exposing any country's bad deeds and delivers its audience with authentic knowledge regarding important scenarios and activities happening in world. BBC's success can be understood as it has attracted global audience on world platform by telecasting high quality news in form of documentaries, knowledgable content for all viewers. BBC also has a support of Government and its other stakeholders which helps to improve it's quality of services and information worldwide. It has enabled large level audience globally to reach only relevnat news information and avoids fake news, this element has made BBC a highly successful company.

    John Lewis Partnership

    John Lewis is very successful as it as potential workforce and aims to keep its employees motivated for achieving its set production targets. By researching the market effectively for higher quality performance, John lewis aims to position itself firmly in highly competitive business environment where new brands are emerging every day. The success of company can be understood as company aims to deliver high quality standards in their production levels for retaining worldwide customers' loyalty. John Lewis has attracted large audience globally through innovative business services which has led to large level success of company in competitive business scenario.

    CONCLUSION

    From the above report it can be concluded that private and public organizations have different structure and functions in market. They both are having a lot of difference between them, but they are being able to get a competitive advantage because there methods are different from one another. Understanding and working in their own ways, but they both function to get profits in the market. Both the companies have their own customer base because of their unique identity and products and services which they are serving to the customers.

    Read More -Management and Leadership Perspectives

     

     

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