The Nature of Business

The Nature of line of descent IMAX This moving in report will analyse and explain certain satisfying beas in personal credit line environment in reference to the Sydney IMAX Theatre. We will face up at the business life cycle, the main elements of the businesss environment, the inbred and external influences on the business and the favorable responsibilities of the business. 1. Classify the business and tell its stage in the business life cycle, include a apprize history The Sydney IMAX Theatre is a large privately owned business.IMAX is a proprietary moderate business this means that IMAX has a separate sanctioned existence, distinct from its owners, managers and operators. It excessively has its own income tax liability, separate to your personal income tax. Effectively, a company has the powers of an individual and can Own and dispose of property and various assets Enter into contracts Sue and be sued The Sydney IMAX Theatre is currently in the maturity date stage of its product life cycle. As the business was offici anyy clear in 1996 it has well surpassed its Establishment and growth phase.The company is keeping its gross sales steady by taking advantage of its homogeneous product and the nonresilient demand for its product. IMAX is currently owned by Worlds Biggest Screens Pty Ltd. The history of Sydney IMAX Theatre all starts with the IMAX Corporation that was established in 1967. IMAX Corporation started out as the diligence attractor in the creation and production of high end rides, attractions and jut technology. The company then went on to be a world leader in the production and design of surround sound technology.The Sydney IMAX Theatre was open(a) in 1996 and was instantly booming with a very short makeup phase. IMAX very quickly became a tourist attraction and a mustiness see for all community living in the Sydney area. IMAX then adage a large chain of theatres open all over Australia in 4 years putting a great strain o n the company. As a result Cinema Plus Ltd was liquidated in 2000 because of cash in flow problems. This Liquidation precept all moving pictures except Sydney close and saw Worlds Biggest Screens Ltd devote all its time and energy on Sydneys IMAX theatre. 2. The Main Elements of the business environmentThe Sydney IMAX Theatre is located in on the waterfront in the heart of Sydneys Darling Harbor. This location has umteen benefits as it is an entertainment hotspot. The attractions include many restaurants, bars and cafes, the Sydney Aquarium, Sydney Wildlife World, The Australian study Maritime Museum, The Chinese Gardens of Friendship and The Powerhouse Museum. IMAX uses its unique location to its advantage by building special relationships with other businesses nearby whence providing pointless advertising and offering customers special deals that will provide extra sales.The IMAX provides its customers with the biggest cinema screen in the world. With this large screen come s a vast force of new possibilities that upgrades the picture quality and the viewers experience. This is the reason for the logo Movies show you, IMAX takes you there. The IMAX provides customers a wide variety of fills that are from many different genres. This wide variety increases the direct market therefore having a large and broader variety of people. The IMAX also includes a snack bar located in the facility that provides consumers with food and drink.This not only increases profit per person unless also attracts unintended customers. 3. Internal and external influences on the Sydney IMAX Theatre External influences Influences that a business cannot control Financial markets exchange rate changes daze profit income as film costs and royalties are based in US dollars Economic factors An scotch downturn can influence people to save and not spend. People cut costs on deprivation out therefore reducing the amount of people going to IMAX. An economic downturn also reduce s the amount of tourists in the theatre Technological advances in IMAX technology whitethorn produce whole new range of films that may or may not attract new audiences. Social changing patterns of leisure will impact greatly on attendance varies also with the time of year and cycles of school holidays. Geographic changes to theatre access, parking or public transport will impact on attendance Consumer flexibleness in scheduling allows the theatre to respond to changing consumer demand for films (reputation and word of mouth is very important is influencing the success of any new film)Internal Influences Influences that a business can control Technological expansion of e-commerce in marketing activities for example the online ticket purchase system has been extremely effective since its submission at the start of 2004. New Systems & procedures introduction EFTPOS and credit card payment has increased sales. New timetabling methods allow teaches to give their students more time i n the theatre. Financial New budgets will affect how a new film is marketed and how much advertisement it gets Product changes in programming and film option will influence attendance levels. The development of new products such as education talks will broaden the theatre market. The widening of the target market can potentially create new streams of people tour the theatre. Both the Internal and external influences on a business are very important in a businesss survival. The IMAX call for to focus on improving their internal weaknesses without forgetting to figure out a way to stabilise its strengths. Only then will the business succeed. 4.The estimable and Social Responsibilities of The Sydney IMAX Theatre The main purpose of business is to generate uttermost returns for its owners and shareholders. So therefore the business has the office of pursuing all activities that enhance profitability and increase the value of the business for the owners and shareholders. But a busi ness also has responsibilities to their consumers, topical anesthetic communities and society as a whole. It is not the right way just to operate within the letter of the law. Businesses should also try and divine service their local community and help its mployees lead better lives. IMAX has the social responsibility for all of its actions, their consequences and impacts on the community and the business itself. IMAX should examine every ratiocination they make not just based on profitability hardly on long term ethical business value and social responsibility. The Sydney IMAX Theatre has the responsibility of introducing policies in place that take allot of your employees and the local community, long term this will still enhance their business rat and over time lead to higher profitability.The IMAX shows its ethical responsibility by only partnering with businesss that are also ethically and socially responsible. As a business ethical and social responsibility is a great wa y to serve the community, advertise and plan ahead for the future. In recent studies it is shown that quite frankly ethical and social responsibility sells. inference In conclusion The Sydney IMAX Theatre is in its maturity phase of the business life cycle, it is a large privately owned proprietary limited business.Its vast array of films caters for a wide variety of target markets therefore increasing entries. The IMAX uses internal influences such as product and financial influences and is go about with external influences such as financial markets and economic factors. IMAX as a whole is slowly working towards gaining the publics respect by dint of ethical and social responsibilities which include pairing up with other ethically and socially responsible businesses, taking consequences for its actions and creating policies that specifically intend to take care of employees and the local community.