business in general and nature and concept of management
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BUSINESS IN GENERAL AND NATURE AND CONCEPT OF
MANAGEMENT
CLIENT WILLIAM M. MALINAO
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During and at the end of the session, students will be able to:• define Business and other related terminologies;• explain the relationship between Business and the economy;• discuss the elements of Business systems and reasons for
going into business; and• Realize the importance of business in the economy.
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BUSINESS
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BUSINESS• Known as “Enterprise” or a ”firm”, is an entity involved in the delivery of goods and/or services to consumers.
• It is a social process which involves the assembly and utilization of resources to produce goods and services in order to satisfy the needs of the society.
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• It is an organization or enterprising entity engaged in commercial, industrial or professional activities. A company transacts business activities through the production of a good, offering of a service or retailing of already manufactured products. A business can be a for-profit entity or a nonprofit organization that operates to fulfill a charitable mission.
• the activity of making, buying, or selling goods or providing services in exchange for money
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RELATIONSHIP BETWEEN BUSINESS and ECONOMY
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CIRCULAR FLOW
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5 M’s of Management
• Men (People)• Money (Funds)• Machine (Moderns ways of Production)
• Materials (Needed to create a product)
• Methods (Techniques)
8 M’s of Management
• Management• Messages• Market’s
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ELEMENTS OF BUSINESS SYSTEM
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WHY BUSINESS??????• Personal Satisfaction• Family Involvement• Independence and power.
• Social Activities• Profit Expectation
• Flexibility• More spare Time• Call the shots• Own Deadlines• Own Environment
• Create Jobs• Help People
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THANK YOU FOR LISTENING
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Activity 1Explain the relationship between the economy and firms and how elements of business system affect this relationship?
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Assignment:•What is Management?•Why management is considered as science and an art???• Kinds of Business