A business that is owned by a private individual or company.
Owned or funded by the government.
Business funded by grants, donations.
Main aim is to make a profit.
Increase range of products/services.
To maintain a positive image
Enterprise owned and run by one person.
Be your own boss.
Access to all profit.
Shareholders are only legally responsible for the debts of a company up to the value of their shares.
The business owner is personally responsible for all of the debts of the business, no matter the value.
An organasation owned by shareholders who have each invested a sum of money into the business.
Private limited company.
Private limited companys have limited liablity. Their owners are not personally liable for the businesses debts.
Profits only shared between shareholders so more.
High set up costs.
Lack of of control, due to multiple shareholders.
Personal financial liability.
A public limited company is a company that is legally allowed to offer its shares for sale to the public.
1. Shareholders have limited liability
2. Ability to raise finances through share capital by issueing public shares.
3. Protection from liabilities and debt.
1. Higher set up costs
2. Shareholders could argue over decisions.
3. Complex accounting.
4. Increased legal responsibilities
Public Limited Company.
A place where shares are bought and sold.
A share of a business's profits that is paid to a shareholder.
1. Toursit information centres
2. Vistior Attractions
3. Transport Organisations
1. Provide best possible service to the public
3. Being cost effective
When a business is making enough money to ensure that its revenue covers its costs.
1. Protect environment.
2. Educating visitors.
3. Ensuring sustainability.
Something that can be handled and touched, ticket, car hire.
Something that is not physical object and cannot be handled, booking, Car Insurance.
A place where travellers enter/leave a country including airport, railway, coach & bus stations.
Central transport facility, such as an airport
A tour operator will assemble package holidays that includes 2 or more services. Package from the tour operator will then be sold to a travel agent or directly to a customer.
Targeting the majority of people.
Targeted to certain customers.
Made for someone specifically, built for what you want.
Travel agents are businesses that arrange the details of a holiday on behalf of customers.
1. Retail/ Highstreet
Multiple are chains of more than 100 branches on highstreets in towns and cities.
Are small chains, usually located in small regions.
Often owned by a family/partnership. Often found in smaller towns.
a franchise business gives someone the right to sell their branded products and services in return for a fee or percentage of profits.
Provide advice, guidance on booking a holiday over the phone.
Specialise in corporate travel.
Sell package holidays to particular destinations or for particular activities.
1. Information on holidays
2. Booking holidays
3. Booking accomadation
1. Theme Parks
3. Sporting venues
2. Sporting events
Meals are offered and guests rooms are cleaned.
Guests look after themselves and do their own cleaning and cooking.