BUS 101
Lecture: 01
13.01.15
Introduction to business
A business is any organization that tries for profit by providing goods and services that meet customer needs. It deals with exchange of products and services in exchange of money.
Business is an integrated process of exchanging values between an organization and its customers.
Business involves the exchange of goods, services or money for mutual benefit.
How people form the core of a business?
The human element is the core of a business. Business needs people as
1. Owners
2. Managers
3. Employees
4. Customers
Owner: Owner are those who own the business and invest money to start that business. While taking decisions managers need to consider the owners and what they want from the business.
Manager: managers are of two types
a. Owner manager (entrepreneur)
b. Professional manager (employed by owner)
Both type of managers seek to profit, growth, survival and social responsibility.
Employee: Employees are those who provide abilities and skills to produce goods and services in exchange of salary and wages. Proper increment and motivation should be given to the employee from time to time.
Customers: Business must identify what are the demands of the targeted customers and act accordingly.
Indications of business success:
a. Financial performance
b. Meet customer needs
c. Produce quality products and services
d. Encourage innovation and productivity
e. Gaining employee commitment
Lecture: 02
17.01.15
Why we should study business?
Increasing dependence: Increasing dependence on other both individually as a nation. Barter trade exchanging goods and services in exchange of goods.
International opportunities: To maximize the result of globalization we should study business. For example: joint venture between companies in different countries.
Standard of living: Strive for maintaining and improving our standard of living. Standard of living is a measure of how well a person or family is doing in terms of satisfying their
13.01.15
Introduction to business
A business is any organization that tries for profit by providing goods and services that meet customer needs. It deals with exchange of products and services in exchange of money.
Business is an integrated process of exchanging values between an organization and its customers.
Business involves the exchange of goods, services or money for mutual benefit.
How people form the core of a business?
The human element is the core of a business. Business needs people as
1. Owners
2. Managers
3. Employees
4. Customers
Owner: Owner are those who own the business and invest money to start that business. While taking decisions managers need to consider the owners and what they want from the business.
Manager: managers are of two types
a. Owner manager (entrepreneur)
b. Professional manager (employed by owner)
Both type of managers seek to profit, growth, survival and social responsibility.
Employee: Employees are those who provide abilities and skills to produce goods and services in exchange of salary and wages. Proper increment and motivation should be given to the employee from time to time.
Customers: Business must identify what are the demands of the targeted customers and act accordingly.
Indications of business success:
a. Financial performance
b. Meet customer needs
c. Produce quality products and services
d. Encourage innovation and productivity
e. Gaining employee commitment
Lecture: 02
17.01.15
Why we should study business?
Increasing dependence: Increasing dependence on other both individually as a nation. Barter trade exchanging goods and services in exchange of goods.
International opportunities: To maximize the result of globalization we should study business. For example: joint venture between companies in different countries.
Standard of living: Strive for maintaining and improving our standard of living. Standard of living is a measure of how well a person or family is doing in terms of satisfying their