The Nature of Business – IMAX
This business report will analyse and explain certain significant areas in business environment in reference to the Sydney IMAX Theatre. We will look at the business life cycle, the main elements of the business’s environment, the internal and external influences on the business and the social responsibilities of the business. 1. Classify the business and summarise its stage in the business life cycle, include a brief history The Sydney IMAX Theatre is a large privately owned business. IMAX is a proprietary limited business; this means that IMAX has a separate legal existence, distinct from its owners, managers and operators. It also has its own income tax liability, separate to your personal income tax. Effectively, a company has the powers of an individual and can: •
Own and dispose of property and other assets
Enter into contracts
Sue and be sued
The Sydney IMAX Theatre is currently in the maturity stage of its product life cycle. As the business was officially opened in 1996 it has well surpassed its Establishment and growth phase. The company is keeping its sales steady by taking advantage of its homogeneous product and the inelastic demand for its product. IMAX is currently owned by Worlds Biggest Screens Pty Ltd. The history of Sydney IMAX Theatre all starts with the IMAX Corporation that was established in 1967. IMAX Corporation started out as the industry leader in the creation and production of high end rides, attractions and projection technology. The company then went on to be a world leader in the production and design of surround sound technology. The Sydney IMAX Theatre was opened in 1996 and was instantly booming with a very short establishment phase. IMAX very quickly became a tourist attraction and a must see for all people living in the Sydney area. IMAX then saw a large chain of theatres open all over Australia in 4 years putting a great strain on the company. As a result Cinema Plus Ltd was liquidated...
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