Peterborough College – Access to HE
by Marius Mazuolis
Classification of business ownership
Objectives for Argos
Business Functional Areas and Roles
Management Style and Culture of the business
Business Communications and ICT
The reason for choosing Argos ltd for the investigation is that I worked there for seven years and it is a private limited company which is one of the largest general-goods retailers in the UK. The company was founded by Richard. He rebranded his another business Green Shield Stamps catalogue shops as Argos beginning in July 1973 with idea which allows his customers to pay for goods by cash, instead by savings stamps. The first store was opened on the Starry road, Canterbury. Green Shield House was in Station road, Edgware. These days Argos Ltd is a unique multi-channel retailer recognized for choice, value and convenience. They are selling from over 700 stores throughout the UK and Republic of Ireland and using information technologies like internet, telephone and TV channel. Together with sister company Home - base, it forms part of the Home Retail Group. The Head Office is in Milton Keynes near the M1. Compared with more stressful urban environments, it’s easy to move around.
Classification of business ownership
There are five main types of businesses, namely sole trader, partnership, public and private limited company, franchise and co - operative. A sole trader is the most common form of business in the UK, it is a single person who owns a business and who is personally liable for any of the business’s debts (The Times 100 2012). Example of sole trader includes small shops, plumbers, electricians and cleaners. Sole trader business is easier set up than any other type of business, because of no complicated paperwork is required. Decisions can be made quickly and close contact can be kept with customers and employees. All profits go to the owner, he may have to work long hours and have not limited liability (Saliet 2005) Partnership
Another business called Partnership, which is similar to sole trader and can have between two or more partners. Partnerships are particularly common in professional services e.g. accountants, solicitors, doctors and dentists (Saliet 2005). Partners are usually sharing they profits, debts and responsibilities. Because of more people can own partnership type of business, can be easier to raise capital, they can share skills and the workload, profits and losses. There exist some constrains on expansion. The partners must rely on the honesty and competence of each other. Limited Company
Third type is Limited Company, the word ‘company’ suggest a group of people who have come together to set up business. A limited company consist of shareholders, who provide money and invest in the business, a board of directors who run the company and employees who carry out the work. There are two types of limited company, private (Ltd) and public (Plc). Private companies have ‘Ltd.’ after their legal name, for example Argos Ltd. or Aviva Insurance Ltd (Saliet 2005). They are typically smaller than public companies although some like Portakabin and Mars are very large. A public company have a suffix ‘Plc.’ after their legal name for example Aviva Plc. or Tesco Plc. This type of company can sell shares to the public and to financial institutions through stock exchange. Public companies are well – known national and international companies like Vodafone, Barclays and BT. (Saliet 2005) Limited companies is good that they have limited liability, shareholders the maximums sum can lose from a business bust is the sum of money that they have invested, large amounts of capital can be raised very quickly and shares are transferable. Shares...
References: Wikipedia. 2012. Argos (retailer). [ONLINE] Available at: <http://en.wikipedia.org/wiki/Argos_(retailer).> [Accessed 17 December 12].
Argos. 2012. Customer services - About Us. [ONLINE] Available at: <http://www.argos.co.uk/static/StaticDisplay/includeName/AboutArgos.htm#about.> [Accessed 17 December 12].
Home Retail Group. 2012. Argos. [ONLINE] Available at: <http://www.homeretailgroup.com/our-businesses/argos/.> [Accessed 17 December 12].
The Times 100. (2012). Strategy theory - Types of business organisations. [ONLINE] Available at: <http://businesscasestudies.co.uk/business-theory/strategy/types-of-business-organisations.html#axzz2FKZ2yJZe.> [Accessed 17 December 12].
Saliet, H.S., (2005). BTEC Introduction Business. 1st ed. Halley Court, Jordan Hill, Oxford OX2 8EJ: Heinemann (book publisher).
Fearns, P.F., (1998). business STUDIES. 5th ed. Milton Park, Abingdon, Oxon OX14 4TD: Hodder & Stoughton.
Cameron, S. C., (2005). The business student 's handbook. 3rd ed. Edinburgh Gate, Harlow, Essex CM20 2JE, England: Prentice Hall.
Please join StudyMode to read the full document