Introduction to Business Management
Business Functions
What is business? Business is any organisation that uses resources to meet the needs of customers by providing a product or service.
Business Inputs
Economic Sectors
Marketing ; Making decision concerning pricing, promotion, selling and distribution.
Operations management ; ensuring availability of resources, maintaining production and quality levels, etc.
Finance and accounts ; monitoring the flow of finance, keeping and analysing accounts, etc.
Human resource management ; recruits, select and train employees, provides motivational system, etc.
Secondary sector business :- Manufacture and process products from natural resources.
Tertiary sector business :- Provide services to consumers and other businesses.
Primary sector business :- Industries that extract natural resources.
Quaternary sector business :- Information technology businesses and information service providers.
Labour :- Manual and skiled labour, also known as workforce.
Capital :- Finance needed to set up a business.
Land :- Renewable and non-renewable resources of nature.
Enterprise :- Driving force of business.
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Entrepreneur; someone who takes the financial risk of starting and managing a new venture. Intrapreneur ; someone withing a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using 'entrepreneurial talents' such as risk-taking and innovation.
Consumer goods; physical and tangible goods sold to the general public.
Consumer services; Non-tangible products that are sold to the general public.
Capital goods; Physical goods that are used by industry to aid in the production of other goods and services.
Impact of enterprise and intrapreneurship on business activity
Economic growth
Firms' survival and growth
Employment creation
Innovation and technological change
Common steps in starting a business
Sourcing capital (finance)
Determining a location
Identifying market opportunities
Building a customer base