BUSINESS BTEC UNIT 1 learning aim A AND B AND C AND SOME OF D
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Course
Unit 1 - Exploring Business
Institution
PEARSON (PEARSON)
BUSINESS BTEC UNIT 1 learning aim A AND B AND C AND SOME OF D As i did not complete learning aim D due to covid 19 but I achieved a distinction in unit 1
Business BTEC Coursework UNIT 1
A.P1 explain the features of two contrasting businesses by Rahul Nagar
RX LIVE
Rx live is an online pharmacy. It is a free service which delivers your repeat prescription via
the Royal Mail within 24 hours using an electronic device. Rx live is the first online pharmacy
in the United Kingdom. There is a free app you can download on the apple store or the
google store to have your phone. It work by, making or logging into your Rx live account,
the patient can scan the barcode on their prescription, meaning your medicine will be added
to the pharmacists computer and it will be delivered within 24 hours to your address.
Ownership
Rx live is Private limited Company with share capitals meaning when the owners invest
money into RX live, they will get a share of the business becoming a shareholder. Also they
have limited liability meaning the owner aren’t responsible for the debt, also shares can
only be sold to it member of staff and family members, for an investor to buy shares, all the
other shareholders have to agree meaning the owners keep a lot of control of the business
and how the business is managed, however the disadvantages is, that it is more expensive
to set up a Rx live had to legal paper work and every year Rx live have to publish its
accounts.
The purpose of RX LIVE
The purpose of RX live is they believe medications and healthcare should be use through
technology meaning making life easier for the Customer. Also the purpose is to benefit
customer for not going to your GP or pharmacy to get their medication. RX live objective or
aim is to send medical staff for example doctor to come to your house, and say for an
example the patients has a cold and you need some medications. On the very next day they
will send someone to come to your house to give the patients their medication. Lastly to be
the number 1 healthcare company around the UK twice in a row.
Sector of RX live and size and Scope of RX LIVE
The sector Rx live is based in is tertiary as it provides a service to the customers. For an
example Nike, Rx Live and Tesco. Rx live is in the quaternary sector as it uses technology to
get the patients medications. For example when the patients scan the barcode of their
prescriptions, the medication (prescriptions) will be sent to the pharmacist’s computer and
it stores the patient health records on their laptops. Rx live is national business in the
United Kingdom, It has one premise in Wallington. Rx live has twelve employees and it has
five shareholders.
How successful is RX LIVE
Rx live has only been opened for 4 to 5 years, it a successful company as they have got an
investor who want to invest two million pounds into the business, in exchange for a share.
The investor want to put money into the money for a share as he sees Rx live as an excellent
business
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, for healthcare and he believes it has a lot of potential in the future. Rx live have won some
awards for example the number 1 health care in the United Kingdom because their
customer service is excellent, Rx live is a trustworthy and reliable company. When it first
opened it was a gap in the market as it was a brand new service which never existed before.
Also for the some customers it is less hassle for them going to their pharmacy to receive
their medication. The Rx live app is very easy to use to get your medication and for repeat
medication within 24 hours.
Cancer research
Cancer research opened on the 4th of February 2002. Cancer research is a not for profit
business, as it is a charity. It sell goods and product which have been worn, used or played
with before, with the money Cancer research uses the money to research into cancer to find
a cure to cancer and for treatments. Cancer research gives all the profit to the government
or to the researchers, nurses or doctors as they can look into medicine and treatment for
cancer.
Ownership
Cancer research is a limited company which is a registered charity which is governed by the
councils of trustees. Cancer research have 12 trustees. The board of trustees is led by Sir
Leszek Borysiewicz. Professor Sir Leszek Borysiewicz is the chief executive of the medical
research. Cancer research is not owned by shareholder. The Council of trustees “sets the
Charity’s strategic direction, monitors the delivery of the Charity’s objectives uphold its
values and guides, support the Chief Executive, who leads the Senior Management Team
towards achieving the Charity’s vision and purpose” (quote from cancer research). All
trustees must take part in one or more council committed and they must attend committee
meeting. The difference council committees are Audit committee, finance committee,
fundraising and marking committee, research committee and remuneration committee.
Purpose of cancer research
The Purpose of the business is to find a cure and a more effective treatment for people who
are diagnosed with cancer. With the money Cancer research get for donation Cancer
research, researches to find a cure to stop cancer. I believe it is an amazing charity as it has
a good purpose. Cancer research mission statement is to prevent and cure cancer with their
donation they receive. Cancer research aim is “to prevent, control and cure cancer through
our ground-breaking research” Cancer research objective is to reduce the risk of people
developing cancer, to diagnose more cancers earlier, to develop new treatments for cancer
which are more effective. Cancer research vision is “together we will beat cancer”
Sector and size and scope of Cancer research.
The sector cancer research is tertiary and quaternary as they are selling good and product
to customer; however with the money they earn, cancer research uses their money to
looking into research for cancer. There are 600 cancer research stores and cancer research
is a Global business. There are 4,105 employees and 47,000 volunteers. It has more than
4000 researchers, doctors and nurses. Their motto is “together we will beat cancer.” Cancer
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,research is a big charity as it raises about £650 million a year. Cancer research is the only
charity to fight over 200 types of cancer.
Why cancer research is a successful company
Cancer research is very successful because it influences a lot of people. Cancer research is
the one of the largest Charities in the UK. Cancer research helps and support their scientist
and researches to treat cancer and help people who have cancer by researching into
medicines and for a more effective treatment to prevent cancer. “Cancer research only
relay on donations”. They are successful as cancer research have “been working to beat
cancer for more than 100 years” Cancer research have save 520,000 lives meaning if they
have saved 520,000 lives and they’ve been working to beat cancer for more than 100 year it
tells us cancer research is helping and they are being very useful to help patients who are
diagnosed with cancer. This tells us, people believe in cancer research meaning cancer
research is using their donations effectively.
A.P2 Explain how two contrasting businesses are influenced by stakeholders
What is a stakeholder?
A stakeholder of a business are the individuals and groups who are interested or affected by
the activities of the business meaning the individuals and groups have an interest if the
business is a success or if it is a failure and they are interested to know about any news
about the business. There are two types of stakeholders in a business; they are internal and
external stakeholders.
The difference between internal and external stakeholders
Internal shareholder is an individual or group who work within a business, for example,
owners, managers and employees. External stakeholders are individuals and groups who are
outside the business for example, suppliers, customers and the community.
The difference between internal and external stakeholders is that internal stakeholders will
be affected by the business activity meaning they will have a larger impact on the business
activity; however external stakeholders won’t be affected by the business activity meaning
there will be a smaller impact of external shareholders. Internal stakeholders are employed
by the business and have to participate in the business; however external employees aren’t
employed by the business. Another difference is internal stakeholders are primary
stakeholders, and external stakeholders are secondary stakeholders.
Cancer research stakeholders
1. Donors
2. Volunteers
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, 3. Employees
4. customers
5. patients who are diagnosed with cancer
Explaining 5 shareholders of Rx Live
Customers of RX live (external)
Customers are important for every business. Customers expect their medication to be
posted via the Royal mail and deliver to their address safely within 24 hours. It is important
for Rx live to keep the customers happy because without customers, Rx live wouldn’t make
any profit meaning Rx live would have to close down. Another reason why it is important to
keep the customers happy as it will build brand loyalty meaning customers will keep using h
Rx live for their medication meaning more profit will be made. If Rx live keeps their
customers happy, customers could tell family and friends about Rx live which could lead to
potential customers. Rx live is keeping their customers happy as on trust pilots, as there are
50 reviews which are all five stars meaning if your business keeps your customer happy,
your business will get good reviews on social media and online and Rx live is doing an
excellent job. If Rx live was not keeping customers happy, there wouldn’t be a lot of
customers joining to Rx live to get their medication leading to bad reviews on social media
which could lead the business to close down. Customers will have to trust Rx live as they
delivering medication meaning Rx Live will have to be a trustworthy business to gain and
keep customers who are registered to Rx live. Customer will expect a good service from RX
live. Customers have to contribute a lot for Rx live to be a successful business as without
customers Rx live would be making a loss of money, Customers have to sign up and put their
prescriptions into their account meaning Rx live can deliver their medication to their
address. Customers have big influences on aims and objective of RX LIVE. If customers
weren’t happy RX live wouldn’t be able to achieve their aims.
Employees (internal)
Employees expect their income to be paid on time and that employees are treated well by
Rx lives meaning if employees are treated well they will stay and staff won’t have to leave to
find another job, however if Rx live was treating employees badly, employees would leave
Rx live as employees won’t feel comfortable at Rx Live and employees will start finding a
new job. Employees want Rx live to do well as their jobs could be at stake meaning if RX live
was a failure business, all the employees would have to leave as their won’t be enough
money to pay staff on time. It is important for Rx live to keep employees happy as they will
be likely to stat, way Rx live keeps employees happy if by giving staff bonuses and fringe
benefits meaning staff will do an excellent jobs as they are getting treated well and happy
the Rx live is taking care the employees. Employees have to contribute a lot for the business
to succeeded as if employees are working well, this could means better customer service,
however if customers weren’t working well and not doing their job correctly it could loss
customer which will lead to, less profit will be made. Some Employees have power to decide
what the business does as they are higher up in the hierarchy and they have more
experience than other staff meaning employees will have some influences and power over
Rx Live decisions. Employees contribute to the business by making the business run
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