Business Economics
- To differentiate between micro and macro business environment
- To explain the terms SWOT, PEST, BPPEST, TOWS and SWOC in environmental analysis.
- To describe the various business environmental forces
- To state the strategic role of the environment on business performance
Section 1: An Overview of Business Economics 1.1. Introduction Business economics is concerned with a total approach to organisational existence and activities. According to G.J de Cronje, in his popular book, “Introduction to Business Management” Business Economics also known as Business Management is the science which studies the functioning of the business organisation. It seeks to promote - Interdependence between a company and its Environment
- A continuous assessment of environmental forces - Management decisions that reflect the company’s environmental happenings.
1.2. The Nature of Business Economics Business economics is a broad field and encompasses whatever an organisation needs in order to achieve its objectives. Accordingly, it includes some or all of the following: - General management Purchasing Operations management Publicity Marketing management Financial management Human resources management Production management The above business areas normally constitute the centre of management business decisions. Every company must adequately address the above areas for its own benefit and that of its customers and stake holders. A knowledge of business economics will enable a modern personnel manager to: identify the skills needed in all or most areas of the company describe job purposes across company departments provide key training to the work force take part together with line management in performance appraisals do environmental scanning for recruitment purposes participate in the development of company mission statements, visions and strategic plans, which are all environmentally driven.
Section 2: Micro/Controllable Business
- To explain the terms SWOT, PEST, BPPEST, TOWS and SWOC in environmental analysis.
- To describe the various business environmental forces
- To state the strategic role of the environment on business performance
Section 1: An Overview of Business Economics 1.1. Introduction Business economics is concerned with a total approach to organisational existence and activities. According to G.J de Cronje, in his popular book, “Introduction to Business Management” Business Economics also known as Business Management is the science which studies the functioning of the business organisation. It seeks to promote - Interdependence between a company and its Environment
- A continuous assessment of environmental forces - Management decisions that reflect the company’s environmental happenings.
1.2. The Nature of Business Economics Business economics is a broad field and encompasses whatever an organisation needs in order to achieve its objectives. Accordingly, it includes some or all of the following: - General management Purchasing Operations management Publicity Marketing management Financial management Human resources management Production management The above business areas normally constitute the centre of management business decisions. Every company must adequately address the above areas for its own benefit and that of its customers and stake holders. A knowledge of business economics will enable a modern personnel manager to: identify the skills needed in all or most areas of the company describe job purposes across company departments provide key training to the work force take part together with line management in performance appraisals do environmental scanning for recruitment purposes participate in the development of company mission statements, visions and strategic plans, which are all environmentally driven.
Section 2: Micro/Controllable Business