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Private sector in travel & tourism - revision
Transcript of Private sector in travel & tourism - revision
travel and tourism industry involves business organisations owned by individuals or groups of people Private sector organisations Owned and controlled by one person.
This person takes the risks.
The owner provides the capital
The owner keeps the capital
The owner bears the losses Sole trader Share prices of these companies are quoted and shares sold openly to any members of the public.
Ownership is controlled by the shareholders and the controllers (board of directors) Public limited companies Based on shareholders who own the company.
The principle of this is;
one vote per shareholder, rather than one vote per share owned. Co-operatives The ownership of the business is undertaken by several individuals (2 - 20 people)
Business is likely to be larger than sole traders, as more capital could be available.
Profits are shared
Decision making also shared
All owner have equal ownership of profit and debts Partnerships Business organisations with the word 'limited' in its name implies that investors in the business are liable only for the company's debts up to the amount they have invested. Private limited companies Businesses in the private sector have to compete in order to survive.
They must know their customers
They must know what they want
They must keep up to date
Failure you to keep up to date will result in financial losses Competition in the private sector The money the businesses receive from trading must be more than is spent on buying stock or providing services. Profit maximisation is the most important factor for most organisations, Survival may also be a distinct aim for some especially if trade falls. Aggressive organisations will try and get the biggest market share There are five
forms of business
in the travel and
tourism industry. Known as 'unlimited liability' Examples of sole traders in the industry; Bed & Breakfast establishments.
Fish and chip shops Examples of PLC's include; Hilton group
Euro Disney Example Co-op travel care Examples Tea shops
Independent travel agents Examples Virgin atlantic