BUSINESS STUDIES - RIP CURL BUSINESS REPORT
Rip Curl have been operating in Australia since 1969 dealing in surfing products and accessories. Over the years consumer tastes have constantly changed and other surfing brands have moved into the market forcing Rip Curl to diversify their products and marketing strategies to remain one of Australia’s most successful businesses
Rip curl was born in 1969 when Brian Singer and Doug Warbick started a partnership with their personal savings of $500. This was a business to make surfboards and was set up in their backyard shed at Torquay in Victoria. Before long Rip curl had expanded from selling in surfing stores across Victoria to selling across Australia. By the 1970’s Not only had their business size expanded but also their range of product. With the Expansion more employees were needed for the large- scale operations and so Rip Curl was no longer just a partnership. In 1980 new premises were opened and another avenue for expansion was decided as they started to export their products to countries such as the USA and France where they had set up rip curl stores. Today Rip curl is a private company that sells to over 70 countries across the world.
Advantages and Disadvantages of being a Private Company
Rip curl’s decision of becoming a private company as opposed to a public company has its distinct advantages and disadvantages. These include the following :
|ADVANTAGES |DISADVANTAGES | |The Company is a separate legal entity to its owners so their |Finance is restricted by amount of shareholders | |personal assets are never in danger | | |Shares can be brought without disrupting rip curls operations |The company pays a constant amount of tax regardless of income | |There can be continuity of family control or in rip curls case |Shares cannot be offered to members of the public | |partnership control of Doug and Brian. | | |Perpetual succession means that the company does not end if Doug | | |or Brian are replaced or become ill. | | |Can easily increase ownership of country by selling shares. | | |Management structure of reasonable size so operations can run | | |more smoothly | |
RIP CURLS MISSION STATMENT
Rip curls mission Statement states that Rip Curl will:
• Strive to make the best product they can with the best materials for best quality. • Provide the best service to their customers and keep a healthy business relationship with them. • Strengthen their business name to make it knowledgeable to as many people possible • Strengthen their relationship with retailers
• Improve the quality of all products
• Design the best quality product on time
Rip curl are ultimately hoping to make the best product they possibly can with the best materials available on the market. This ensures the quality of the product will be of a high caliber. Not only this but they are looking to make sure their production is running on schedule not only with their own personal deadlines within the business but also in time to catch the latest trends at the time. If they manage their time and everything runs smoothly then production will be more effective and again they are...
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