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Unit 1 Learning Aim A

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Business BTEC is a course which allows all students to work to the best of their ability.
The BTEC approach of continuous assessment allows students to work steadily towards their final grade over two years and be confident of the final outcome, without the added stress of a terminal examination.
This approach to assessment also means that deep learning takes place and students’ retention of knowledge is often significantly higher

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Tesco PLC and Cancer Research UK: Business Comparison

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Introduction

Tesco PLC has been in operation since 1919 and operates in several countries including the UK, Ireland, and other parts of Europe and Asia. It offers a wide range of products, including groceries, clothing, electronics, and financial services. Tesco employs over 300,000 people globally.

Cancer Research UK, founded in 2002 through the merger of the Cancer Research Campaign and the Imperial Cancer Research Fund, is a not-for-profit charity based in the UK. Its primary aim is to fund research to beat cancer, and it operates within the UK. It has about 4,000 employees and numerous volunteers working across its charity shops.

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Aim and Objectives

An aim is the overall long-term goal of a business, while an objective is a specific, measurable step taken to achieve the aim.

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Tesco’s Aims:

To be the leading retailer in the UK and continue expanding internationally.
To provide affordable products while maintaining high-quality customer service.

Cancer Research UK’s Aims:

To reduce cancer mortality rates through research and innovation.
To increase public awareness and prevention of cancer.

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Types of Business

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For-profit Businesses

Sole Traders: A business owned and operated by one person. Example: Local corner shop.

Partnerships: A business owned by two or more people who share profits and responsibilities. Example: A law firm.

Limited Companies (Ltd): A private company with shareholders whose liability is limited to their investment. Example: Chiselhurst Heating and Plumbing Ltd.

Public Limited Companies (PLC): A large company whose shares are publicly traded on the stock exchange. Example: Tesco PLC.

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Not-for-profit Businesses

Charities: Organisations that aim to improve societal welfare, such as Cancer Research UK.

Social Enterprises: Businesses that trade to tackle social problems or improve communities.

Community Interest Companies (CICs): Businesses set up to benefit the community rather than shareholders.

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TyPES of Organisation

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Sole Trader

Description

The smallest and most popular type of business in the UK. The Business is owned by one person with of without employees.

Benefits

Easy to set up just register with the HMRC
After paying tax all the profits are yours
Record keeping is simple
You can trade under your own name without needing permission

Issues

Illness or holidays may mean there is no income
You need business skills
You are personally responsible for all debts. There is unlimited liability

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Partnership

Description

Owned by two or more people who share responsibility for running the business. Drawing up a Partnership Agreement stating each person’s role and share of the profits helps to prevent disputes.

Benefits

Partners can share skills and ideas
Problems can be discussed and different views taken into account
The business will operate if one partner is away

Issues

Partners may disagree or not contribute equally
Profits must be shared
Decision making is slower
Partners still have unlimited liability unless they form a Limited Liability Partnership (LLP)

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Private Limited Company

Description

Many firms have this format. The name always ends in ‘Ltd’. The business is registered at Companies House as a limited company. Each person that invests money in the business and receives shares in return. The company now pays corporation tax on its profits.

Benefits

the owners of the business have limited liability. If the business fails, they are only liable up to the amount they invested in the business.
Banks are more willing to lend money.

Issues

Shares in a private limited company cannot be sold to the public.
Limited companies must comply with more laws and send their accounts to Companies House each year.
All directors andcomplany officer have legal duties and obligations.

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Public Limited Company

Description

The largest of the owned enterprise in the uk. The business name ends ‘plc’.Many started as private limited companies and were then floated on the Stock Exchange. This is the term used when a public limited company is formed.

Benefits

The business receives far more capital which can be used to grow the company.
If the business is successful, the value of the shares will increase which will increase the value of the company.
Some of the profit after tax can be paid to shareholders as dividends.

Issues

The company must comply with more rules and its accounts are reported in the press
An Annual General Meeting must be held each year and all shareholders are invited
If the shares fall in value many shareholders may sell which lowers the value of the company

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Business Size

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Micro business: Fewer than 10 employees (e.g., local shops).

Small business: Fewer than 50 employees (e.g., small marketing agencies).

Medium business: 50–249 employees (e.g., regional retailers).

Large business: More than 250 employees (e.g., Tesco PLC with over 300,000 employees).

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LOCAL bUSINESS eXAMPLES

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Micro Businesses (Fewer than 10 employees)

Bromley Locksmiths

A small, independent locksmith service in Bromley providing lock repair, key cutting, and security services.

Employees: Less than 5

Website: https://www.bromleylocksmiths.co.uK

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Small Businesses (Fewer than 50 employees)

The Bromley Picture Company

An independent picture framing business serving the localS area with custom framing services.

Employees: Around 10-15

Website: https://www.bromleypicturecompany.co.uk

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Medium Businesses (50–249 employees)

The Churchill Theatre Bromley

A local theatre providing live performances and community events.

Employees: Around 100-150

Website: https://www.churchilltheatre.co.uk

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Direct Line Group

A major UK insurance company headquartered near Bromley.

Employees: Thousands across multiple sites, including offices near Bromley.

Website: https://www.directline.com

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Business Purpose

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Purpose of Tesco PLC

The purpose of Tesco is to meet the daily shopping needs of customers by offering a wide range of products, from groceries to clothing and financial services. The company aims to maximise profits by ensuring customer satisfaction, providing affordable products, and maintaining its position as a market leader in the retail industry.

Purpose of Cancer Research UK

The purpose of Cancer Research UK is to raise funds to support cancer research, prevention, and education. It aims to reduce the number of cancer cases and deaths by investing in research and development to find cures and improve treatments. The organisation also runs charity shops to raise money and increase public awareness about cancer.

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SMART objectives

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Tesco’s SMART Objectives:

Increase customer loyalty by 5% within the next year through the Clubcard programme.
Reduce operational costs by 3% across UK stores within the next 12 months.

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Cancer Research SMART Objectives:

Raise £5 million in donations by the end of the next fiscal year.
Increase the number of clinical trials by 10% in the next two years to speed up cancer research.

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Competitors

Tesco’s Competitors:

Sainsbury’s: Competes with Tesco in the supermarket sector for groceries and household products.
ASDA: Another major supermarket chain in the UK that competes on price, product variety, and customer service.

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Cancer Research Competitors:

Macmillan Cancer Support: A charity that also supports cancer research and patient care, competing for donations and public support.
British Heart Foundation: Competes with Cancer Research UK in terms of fundraising through charity shops and public events.

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Measuring Success

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It is important for both businesses to measure success to ensure that they are meeting their goals and staying competitive. Measuring success helps businesses identify areas of improvement and make informed decisions to stay ahead of competitors.

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How Tesco Measures Success

Tesco measures success using Key Performance Indicators (KPIs), which include:

Sales growth: Monitoring increases in revenue over time.
Customer satisfaction: Using surveys and feedback tools to assess how happy customers are with their service.
Market share: Keeping track of Tesco’s position in the market compared to competitors like Sainsbury’s and ASDA.

How Cancer Research UK Measures Success

Cancer Research UK uses Key Performance Indicators (KPIs) to measure success, including:

Fundraising targets: Tracking the amount of money raised through donations and charity shops.
Research outcomes: Monitoring the number of successful research projects and clinical trials.
Public engagement: Measuring awareness campaigns and the number of volunteers supporting the cause.

conclusion

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Tesco PLC and Cancer Research UK operate in different sectors with distinct goals, but both measure success in ways that allow them to remain competitive and achieve their objectives. Tesco’s focus on sales, market share, and customer satisfaction allows it to lead the retail sector, while Cancer Research UK uses fundraising, research, and public engagement to push forward in the fight against cancer.

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Similarities in the Purpose, Aims, and Activities.

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Purpose

Both Tesco and Cancer Research UK are focused on meeting the needs of their stakeholders. Tesco aims to provide goods and services to customers, while Cancer Research UK seeks to improve the lives of those affected by cancer through research and advocacy. Despite their differing legal statuses, both organisations aim to generate revenue—Tesco through sales, and Cancer Research UK through fundraising.

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Aims

Tesco aims to grow profits and maintain its leadership in the retail sector, while Cancer Research UK’s primary goal is to reduce the number of deaths caused by cancer. Both businesses aim for sustainability in their respective fields. Tesco focuses on sustainable sourcing and reducing its carbon footprint, and Cancer Research UK aims to use funds efficiently for maximum research impact.

Activities

Both organisations engage in extensive marketing and public engagement. Tesco runs promotions and loyalty programmes, while Cancer Research UK organises fundraising events and campaigns to raise awareness about cancer prevention and treatment. Both use digital platforms extensively for outreach and customer/donor interaction.

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Differences in the Purpose, Aims, and Activities.

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Purpose

Tesco, as a for-profit entity, operates with the main purpose of making a profit for its shareholders. It is driven by the need to increase shareholder value. In contrast, Cancer Research UK, as a not-for-profit, focuses on achieving social good by advancing cancer research rather than generating profit. Its surplus revenue is reinvested into its mission rather than being distributed to shareholders.

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Aims

Tesco aims to dominate the retail market and maintain high profitability, while Cancer Research UK aims to advance cancer research and improve survival rates. Tesco is more driven by financial metrics, while Cancer Research UK measures success by scientific breakthroughs and their impact on public health.

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Activities

Tesco focuses on sales, supply chain management, and customer service. Its activities include product sourcing, store operations, and online shopping services. Cancer Research UK, however, focuses on fundraising activities, conducting and funding cancer research, and running awareness campaigns.

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Measuring Success in Tesco (For-Profit Business).

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How does Tesco measure success?

Tesco measures success through various key performance indicators (KPIs) such as sales revenue, market share, and customer satisfaction. For example, Tesco reported a 3% increase in sales revenue in 2023, showing that it has been successful in maintaining and growing its customer base. Tesco also uses customer loyalty metrics through its Clubcard scheme, which helps in retaining customers and measuring satisfaction levels.

Why is it important for Tesco to measure success?

For Tesco, measuring success is crucial for staying competitive. By tracking sales, it can adjust strategies to outperform rivals like Sainsbury’s and ASDA. Market share is another critical measure—Tesco monitors its position in the retail market to ensure it maintains leadership. Without consistent success measurement, Tesco would not be able to adapt to changing consumer demands or improve operational efficiency.

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Measuring Success in Cancer Research UK (Not-For-Profit Business).

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How does Cancer Research UK measure success?

Cancer Research UK measures success primarily through research outcomes, funding efficiency, and public awareness. For example, they track the number of scientific papers published, breakthroughs in cancer treatment, and improvements in cancer survival rates. Additionally, they measure fundraising success through the amount of donations and grants secured each year. In 2022, Cancer Research UK raised over £400 million, demonstrating its success in generating vital funds.

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Why is it important for Cancer Research UK to measure success?

It’s important for Cancer Research UK to measure success to ensure transparency with donors and to guide future research. Success metrics allow the charity to determine which research projects are most effective and need further investment. By measuring public awareness and the effectiveness of their campaigns, Cancer Research UK ensures it is reaching the right audiences and can improve cancer prevention education.

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Evaluation of Tesco’s Success in Achieving Its Main Purpose and Aims.

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KPI 1: Sales Revenue

Tesco has consistently increased its sales revenue year-on-year, with a 3% rise in 2023. This shows that the company is successfully maintaining its customer base and achieving its primary aim of growing profitability. The rise in online shopping has contributed significantly to this growth, highlighting Tesco’s adaptability in a changing retail environment.

KPI 2: Market Share

Tesco’s dominant position in the UK grocery market is another indicator of success. Despite increased competition from discount retailers like Aldi and Lidl, Tesco has maintained its leading market share of over 27%. This demonstrates that Tesco’s strategic initiatives, such as price matching and quality improvements, have been effective in retaining customers.

KPI 3: Customer Satisfaction

Customer satisfaction surveys show that Tesco continues to perform well, particularly with initiatives like the Clubcard loyalty programme, which has significantly increased customer retention rates. However, there are areas for improvement, such as customer service in stores, which has seen some negative feedback.

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Aim 1: Profit Growth

Tesco has been able to grow its profit margins by focusing on reducing operational costs and improving supply chain efficiency. By introducing more sustainable products and reducing waste, Tesco has enhanced its public image and profitability.

Aim 2: Sustainability

Tesco has set ambitious sustainability goals, such as achieving net zero emissions by 2050. While it is still in the early stages of meeting these goals, the company has made significant strides by cutting its carbon footprint and investing in renewable energy for its stores.

conclusion

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Overall, Tesco has been highly successful in achieving its main purpose of increasing profit and maintaining market leadership. However, there is room for improvement in customer service and sustainability goals. To continue its success, Tesco should further invest in green technology and focus on enhancing customer experience in-store.

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