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Factors of The Business Of Heinz

University: University of Chester

  • Unit No: 4
  • Level: Undergraduate/College
  • Pages: 7 / Words 1693
  • Paper Type: Assignment
  • Course Code: MGMT2100
  • Downloads: 43
Organization Selected : Heinz

INTRODUCTION

In order to understand that how the business operates there activities, this report includes different types of organizations in the UK. In addition to this, there are also describing the factors which can affect the business of Heinz. Apart from this, many other factors which are required to operate the business are also included in this report.

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TASK 1

1.1 Types of organization in the UK

Private sector companies:

  • Sole traders: It is the oldest type of business who starts their business with minimum capital. It runs by one owner. They gain more profitability margins compare to other companies.
  • Partnership: This is the business which runs by two or more than two members. They share the profits among them with different bases (McKinnon, 2018). .
  • Companies: It is also known as joint stock company. It requires various documentations as memorandum of association before starting their business.
  • Franchise: These are the business who have already their reputation and brand image in the market. These types of organisations sell their trademark and copyright to person who are interested to run the business.
  • Charities: It is a non profit organisation which provide financial help to those who required. These are tax exempt organisations and not permit distributing their shares to stockholders.

Public sector companies:

Under this sector, Government is the main stakeholders in every organisation. It can be divided into two parts as central government and local government. Prison and armed forces are the example of central and councils or hospitals are the illustrations of local government (McKinnon, 2018). .

Difference between the objectives of public and private sector regarding to profit making:

The focus of private companies is to gain maximum profitability margin whereas the objective of public company is to focus on welfare of the society.

1.2 Different structures of the business with examples and reasons

There are different organisation structure of different companies. As sole traders are the business who have low cost capital while partnership firm has limited but more capital than sole traders. Companies have the largest cost of capital as they distribute their shares among different stakeholders. Furthermore, if a person needs to allocate the risk factor than partnership and companies structure are the best option. However, If there is minimum risk factor then franchises will be foremost alternative.

Structure of Sole tradersis informal. It has limited hierarchy as managing director on top then sales and marketing, production department, human resource director and finance directors are the sub categories. Kurt Geiger is a shining example of sole traders who is adopting the informal organisational structure (Bryman and Bell, 2015).

Structure of partnershipcan be divided into two parts as private and public partners. There are different sub categories under both of these sectors. Go Pro and Red Bull are the best example of partnership firm in U.K.

Structure of companieshave different organisational structures as functional, divisional, matrix and hybrid. Most of the companies are adopting hybrid structure which is a collaboration of various models.

1.3 Impacts of local, national and global economic environment on business

There are different environmental factors who impacts the business of Nike shoes as:

Social factors:Preferences and requirements of the customers are affecting the business of Heinz in strong manner. Due to this, company is reducing the production of mayonnaise as people are more health conscious in now days (Beckmann, Hielscher and Pies, 2014).

Technological factors: Social media has changed the whole environment of the market. This factor impacts the business in positive manner as Heinz is started there business online to connect with more customers.

Apart from this, legal, social, environmental and economic factors also impacts on the business.

TASK 2

2.1 Importance of accounting for successful business

  • Business planning: Financial statement is essential in the process of decision making. Accounting provides balance sheet and ratio of working capital to develop business plan.
  • Budgeting: It helps in to create budget for future period. This provide information regarding to past data by accounting system (McKinnon, 2018).
  • Monitoring costs: Accounts of the company provide information regarding to different direct and indirect cost by which business can control and monitor the excess cost occurs in an organisation.

5.1 Various functions of HR department in a business of Heinz

HR manager has to play various roles in a business as:

  • Training and development: Human resource manager has a responsibility to conduct training programs for employees to increase the knowledge and skills.
  • Recruitment: It is the main function of Hr manager. It is the process of screening and selecting right candidate on particular job.
  • Employee relation: It is a very broad concept in an organisation because the success of the business depends on the employees. To maintain the relationship is the crucial function of HR (McDonald and Wilson, 2016).

5.2 Key features of employment legislation

  • Equality and discrimination act 2010: The characteristics which are protected by the act of equality and discrimination are disability, sex, religion or belief, marriage and gender reassignment.
  • Employment rights act: The main featured factors of this act are the entitlement of national minimum wages and itemised pay statement. In addition to this, it also provides protection against unfair dismissal at workplace.

TASK 3

3.1 Interpretation of accounting information using P&L accounts

Importance of profit and loss accounts:

P&L account of the company provides information about the net income, expenses, financial ratios and helps in future profit planning process.

Explaining the information

As per the above-mentioned profit and loss account, the factor which is considered on the first level is sales income then deduct the cost of goods sold. The outcome from this calculation will be the gross profit of the company. Then many other expenses will be deducted from this and the company will find the net profit amount.

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TASK 4

4.1 The stages of team development

There are different stages to develop a team into an organisation. Fundamental stages if forming which represents a time framework, then next step is storming where competition is on there the highest level, third is norming where group becomes a cohesive unit, fourth is performing and last one is adjourning.

4.2 Determine own and other's roles within a team

Role of a team can be categorised into three different factors as action, people and thought oriented (Wilson and Wilson, 2017). As an action oriented, it is the function of team member to shape, implement and finish the process of activity. Furthermore, they have to play there role as a coordinator, team worker and investigator of resources. Get the best essay help with quality content.

4.3 Evaluation of motivation theories

Maslow’s theory: This theory explains hierarchy of needs. According to maslow, consumer or a person will move to next level only if there first need is achieved.

Mayo Theory: According to this theory, person are motivated by relational factors as attentions and camaraderie. Apart from this, rewards and environmental causes also affects the motivational factor.

Herzeberg's theory: This is two factor theory as intrinsic and extrinsic. It also considers several factors which can cause job specification and satisfaction.

4.4 Leadership styles

Autocratic: It assists in speedy decision making and the strict level of supervision by leader. Furthermore, this management style gives a high reach of outcome.

Democratic: It helps in Acceleratingin commitment levels, High level of job expiation and engagement which gives better results (McKeever, 2016).

laissez faire: Through this leadership style, process of decision making is easy and helps in achievement of reliable outcomes.

5.1 Impacts of customer services on success of business

Good and poor customers services can impact on following factors as:

  • Customer: If company is providing good customer services than it will increase the retention level of customers which will also increase the profit margin.
  • Staff: If company is continuously increasing the profit margin then staff members will put there more efforts to gain more profits.
  • Organisation: Company will gain success as gaining higher profits than competitors.

5.2 Advantages of profiling

Definition: It is the process of extrapolation of data and information about something which is based on well known attributes and qualities. It may refer to offender profiling, racial, DNA and geographic profiling (Mills and McCarthy, 2014). And If you are a student of Houston, then you should go through Assignment Writing Services Houston

Benefits:

  • Consumers: It provides information regarding to customers which are important for the business as well as it also assist in identifying the consumer behaviour and attitudes.
  • Organisation: By the using of profile, company can develop their marketing activities and strategies to attract more customers and company can produce products and services as per the requirements of consumers.

CONCLUSION

From the above report, it can be concluded that different businesses require various processes and functions to operate their business. Many factors play an important role to runs the business.

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