LO1 Understand the organisational purposes of businesses
1.1 Identify the purposes of different types of organisation
1.2 Describe the extent to which an organisation meets the objectives of different stakeholders
1.3 Explain the responsibilities of an organisation and strategies employed to meet them
LO2 Understand the nature of the national environment in which businesses operate
2.1 Explain how economic systems attempt to allocate resources effectively
2.2 Assess the impact of fiscal and monetary policy on business organisations and their activities
2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organisation
Purpose of this assignment
This assignment will develop learner to understand purposes of different types of organisations, extent to which an organisation meets the objectives of different stakeholders and responsibilities and strategies of an organisation employed to meet stakeholder's objectives. In addition, learner will also understand how various economic systems allocate resources, impact of monetary and fiscal policies on organisations and their activities and finally, evaluation of competition policy and other regulatory mechanisms on the activities of a chosen organisation.
Task 1 - LO1
Select an organisation of your choice for each of the following legal business structures and identify at least 2 purposes (advantages and disadvantages) for each of those organisations.
a) A sole trader firm
b) A partnership firm
c) A public limited corporation
d) A private limited corporation
To achieve Pass you must;
- Explain each legal business structure and their purpose, when most useful.
- Select 1 real example from the market for each type of legal business structure mentioned above.
- Identify at least 3 advantages/disadvantages for each one of those organisations.
To achieve M1, you have shown ability to make effective judgements when identifying advantages, disadvantages and purpose of each legal business structures
Task 2 - LO1
List and Describe the various types of stakeholders and how their needs/objectives are different. Using 1 or 2 of the organizations from Task 1 describe and explain the extent to which those organizations are able to meet the various stakeholder objectives.
To achieve Pass you must;
- Identify and explain the various types of stakeholders
- Identify 3 objectives of each stakeholder.
- Describe the extent that those objectives can be met by the organization.
To achieve M2, you will have used a range of sources of information by researching secondary data or through gathering primary information through contacts with different stakeholders.
To achieve D1, you will have arrived at and justified your conclusions through synthesis of ideas as to whether your specific organization is able to meet the various objectives of the various stakeholders.
Task 3 - LO1
Explain the various organisational responsibilities of Oman Air and the strategies employed to meet these 5 business organizational responsibilities.
To achieve Pass you must,
- List and explain the 5 organizational responsibilities of Oman Air.
- Explain through an Oman Air specific example/strategy how each of these responsibilities is meet.
To achieve M3, you will have used appropriate essay structure, spelling, presentation approach in presenting the responsibilities and strategies of Oman Air.
Task 4 - LO2
Different counties have different economic systems. Despite the differences in how each system answers the economic questions the main economic problem is always the same.
Identify a nation that follows each of the following economic systems and explain how the economic questions are answered by each nation to effectively allocate resources throughout the nation.
a) Market economy
b) Command economy
c) Mixed economy
d) Transition economy
To achieve Pass you must;
- Provide a short explanation with advantages and disadvantages of each of the economic systems
- Select a country that currently uses each one of the economic systems.
- Explain how each economic system answers the 3 economic questions to allocate resources most effectively.
To achieve M2, you will have used a minimum of 3 sources of information to explain the various economic systems and how the economic questions are answered to effectively allocate resources.
To achieve D3, You will have generated innovative ideas and taken a decision (your opinion) as to which economic system allocates resources effectively.
Task 5 - LO2
Over the last 50 years Oman's government has used the tools of Fiscal and Monetary Policy to help economic growth throughout the nation. Assess the impact of specific Fiscal and Monetary policies on both the Education and Tourism sector businesses and their activities of Oman.
To achieve Pass you must;
- Explain both the Fiscal and Monetary policy.
- Assess the impact of both fiscal and monetary policies on business organizations and their activities.
To achieve M1, you will have used an effective approach and research in assessing the impact on fiscal and monetary policies in context of the Education and Tourism sectors in Oman.
To achieve D2, you will have clearly established the importance of interdependence between fiscal and monetary policy through examples.
Task 6 - LO2
Evaluate the impact of a specific competition policy on the activities of 1 organisation you identified in Task 1.
To achieve Pass you must;
- Identify two positive and negative outcomes of a specific competition policy on the activities of the organisation.
- Discuss whether the specific competition policy is good or bad on a business.
To achieve M3, you will have used an appropriate essay structure and approach to communicate the impact of the specific policy on the specific organization.