Year 11 Business Management Business, Types of Business and Objectives Businesses are classified according to size and type. Businesses can be ‘micro’, ‘small’, ‘medium’ or ‘large’ in size, and classified as a ‘for-profit corporation’, ‘not-for-profit’ charity or foundation, or a ‘government department’/‘government business enterprise’. Depending on the type/size of the business, it will exist to achieve certain objectives and is important for various reasons. Objectives can be ‘financial’ (e.g. money/profit), ‘social’ (e.g. to assist disadvantaged groups) or ‘policy’ (e.g. safety and wellbeing).
Case Studies The following questions are to be completed in your workbook under the heading ‘Business Types and Objectives’. Responses should be in table form as follows: Organisation A: Organisation A opened its first Australian restaurant in Sydney in 1971. It now has 780 restaurants Australia-wide and employs around 85,000 people. Organisation A is a franchise business with more than two thirds of Australian restaurants owned and operated by individual businessmen and women. Organisation A’s values include growing business profitability, developing its people, providing a clean and safe ‘restaurant’ experience and giving back to the community. Organisation B: Organisation B is one of Australia’s leading providers of integrated financial services including retail banking,
premium
banking,
business
banking,
institutional
banking,
funds
management,
superannuation, insurance, and investment products and services. It has a vision to be Australia’s finest financial services organisation through excelling in customer service. It aspires to provide service experience which customers appreciate, deliver top returns to shareholders through profitable growth, and be respected and admired in the community. Organisation C: Organisation C is Australia's largest charitable group. It helps over 20 million people every year, thanks to the support of more than 400,000 Australians. Organisation C provides relief in emergency situations and works on long-term community development projects. Together, these address the causes of poverty and help people move towards self-sufficiency.
Questions 1. Using your textbook, define each of the bolded and underlined words above. 2. Identify the business in each case. 3. Suggest whether the business is a for-profit or not-for-profit organisation. Provide one piece of evidence to justify your choice. 4. Identify indicators of why (e.g. significant employment) this business is important and who (e.g. Australian people) it is important to. 5. Identify one-two objectives for each business and suggest whether each is an example of a financial, social or policy objective. ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________
Organisation/ Business
A:
B:
C:
Business Type (For-profit/NFP )
Why is it important?
Objectives of Business