Q

Identify the purposes of different types of organization

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Unit Name: Unit 1 Business and Business Environment, Higher National Diploma in Business

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Task 1

Identify the purposes of different types of organization

Answer: Different types of organizations serve diverse purposes, catering to various aspects of society, economy, and human life. Profit organizations aim to generate revenue and maximize profits, while non-profit organizations focus on addressing social causes and community development. Government organizations implement policies, provide public services, and regulate industries to maintain public welfare and safety. Community organizations bring people together to address local issues, promote community engagement, and support social cohesion. Advocacy organizations champion specific causes or rights, influencing policy and public opinion. Organizations that promote education impart knowledge and skills that support individual development. Healthcare organizations promote both physical and mental well-being by providing medical services and support. Faith-based groups bring people together via their same beliefs, offering spiritual counseling and volunteer work. By advancing industry standards and best practices, professional groups represent and assist professionals. Volunteer organizations encourage people to give their time and talents to improve society. Every kind of organization has a distinct function that together advance society and keep it running smoothly.

Describe the extent to which an organization meets the objectives of different stakeholders

Explain the responsibilities of an organization and strategies employed to meet them

Explain how economic systems attempt to allocate resources effectively

Assess the impact of fiscal and monetary policies on business organizations and their activities

Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organization

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Task 2

Explain how market structures determine the pricing and output decisions of businesses

Answer: Market structures have a big impact on what businesses decide to charge and produce. Firms act as price-takers in a market with perfect competition, determining prices in accordance with market equilibrium and producing at the bottom of their average total cost curve. When there is a monopoly, a single company sets output and pricing targets to maximize profits, which frequently leads to higher prices and reduced output. When determining prices and output, oligopolistic businesses use strategic decision-making and take their rivals' responses into account. Firms engaged in monopolistic competition distinguish their goods, which gives them some pricing power. The level of competition is determined by the market's structure, which includes the number of enterprises, entrance hurdles, and degree of product differentiation. This, in turn, influences decisions about price and output. Businesses must adapt to their market structure to optimize profits, and changes in market structure can lead to changes in pricing and output strategies.

Illustrate the way in which market forces shape organizational responses

Judge how business and cultural environments shape the behaviour of a selected organization

Discuss the significance of international trade to UK business organizations

Analyse the impact of global factors on UK business organizations

Evaluate the impact of policies of the European Union on UK business organizations

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