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Name: Carolina Ferreira P1 Unit 1P1 Explain the features of two contrasting businesses.
1 Introduction
Business is an activity where they exchange, sell, buy or develop goods and service for the pleasure
of the customer and to help the business gain profit. Features towards businesses might change due
to their aims and purposes or depending on how well known the business is to their perspective
sectors that they are in or on how present the status of their customers and investors are. An
example of this is how Tesco is known worldwide and how they continuously increase their
awareness and their image as one of the best supermarkets. Another example of this is how
Cranford has become one of the most well-known institution and how they have students going to
the best universities that exists for example: Cambridge and Oxford.
2 Findings
Ownership
There are 3 different types of ownerships: Private, public and not-for-profit. A private ownership are
businesses that are owned by people. Owners of private businesses will take more risks as they are
in business to make profit, private businesses can be of any size for example: Tesco, Virgin and Toys
“R” Us. A public ownership are businesses that are owned by the government. Businesses that are
owned by the government are less likely to take any sort of risks. Tesco’s ownership is a public
limited company in the private sector. This is helpful for their business as Tesco is in the private
sector, they will take more risks to make sure that they can have a lot of success. Cranford’s
ownership is a public sector as it is run by the government but it is also in the private sector as they
hire out their facilities to other people. As Cranford is in the public sector and is also run by the
government Cranford will be less likely take more risks.
Liability
A definition of liability is that what legal debts does the company own to third party creditors. There
are 2 types of liability: Unlimited liability and Limited liability. Unlimited liability is that some
businesses are owned by partnerships or sole traders. If owns have equal rights to a business they
are all responsible for the profits but also for the losses. Limited liability is when people can only
claim to a certain amount of the business. Tesco’s liability is that as they are a company that is
known worldwide and is also in the private sector they will take risks to make profits so that they can
continue to make money. As Cranford is funded by the government so that they can educate their
students and get good grades so that they can continue their future either going to higher education
or straight to employment they can’t risk anything to make them liable.
Purpose
A definition of purpose for the business is that it describes the reason that the company was
originally founded and what their purpose is. Tesco’s purpose is to make good profit and to make
their customers always come back and buy more things from them. This is so that Tesco can still
improve on their customer base and to build more stores in different countries. Cranford’s purpose
is to teach their students and to give them the best education that they can have. This is so that
Cranford can gain more students throughout the years so that they can keep their reputation as an
outstanding school going.
Sectors
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