INTRODUCTION TO BUSINESS STUDIES INTRODUCTION TO BUSINESS CONCEPTS What is business? Importance Of Business Studies 1) Business Studies prepares students for office work. 4. Credit value is three. . Such subject are what we refer to as the components or branches of business studies and they include: The cultural environment is made up of forces that affect society's basic values, perceptions, preferences, and behaviors. These activities facilitate business transactions. These cookies track visitors across websites and collect information to provide customized ads. Disturbances in the environment may spell profound threats or new opportunities. Business studies clearly demonstrates how a variety of areas of study can be combined in productive activity that affects the lives of millions of people. Simply defined, business is any activity directed to provide service or exchange goods for money or payments lieu, for the purpose of satisfying human needs and wants. Even in the smallest business, several key tasks, or functions, that are to be done regularly. It allows students to understand the necessity for the existence of various businesses. It is therefore very important for the manager to understand and evaluate the impact of the business environment due to the following reasons: Policies between 1950-70 were implemented with a sincere belief in the efficacy of the socialist philosophy and political democracy. People in the society earn their living on daily or monthly basis by engaging in one trade or the other. Bookkeepers & accounts clerks who keep records of business transactions. 5. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Economics - This is the study of how human beings strive to satisfy their endless wants using the available scarce resources 4. The successful organization will identify, appraise, and respond to the various opportunities and threats in its environment. i) Business: Any activity that is carried out by an individual or an organization concerning provision of goods and services with a view to making profit. He or she needs to record them in the books of account. iv. Trade refers to the exchange of goods and services for. An organization operates within the larger framework of the external environment that shapes opportunities and poses threats to the organization. Career Opportunities in Business Studies. furniture, buildings, bread. Based on your knowledge of the economics of information and student characteristics, compare and contrast the . Organizations hire lobbyists to influence legislation and run advocacy ads that state their point of view on public issues. In the late 1980s, however, India relied on foreign borrowing to finance development plans to a greater extent than before. communication, filling, clerical, This is the study of activities involved in the process of identifying a business opportunity and, acquiring the necessary resources to start and run a business. Trends in the cultural environment include individuals changing their views of themselves, others, and the world around them and movement toward self-fulfillment, immediate gratification, and secularism. Introduction. Keyboarding in the techniques of using the computer or typewriter keyboard to produce printed information in a hard copy or soft copy. India embarked on a series of economic reforms in 1991 in reaction to a severe foreign exchange crisis. INTRODUCTION TO BUSINESS STUDIES. 1. Form 1 Introduction to Business Studies Notes. WHAT YOU NEED TO DO. Receptionists who receive and attend to visitors and make telephone calls in an office. This website uses cookies to improve your experience while you navigate through the website. Trade knows the facilities that make the exchange of goods and services easier as aids. We hope you enjoyed the class. Organizations must operate within a framework of governmental regulation and legislation. It combines studies in commerce, accounting, management, economic, insurance, etc. The outlook for further trade liberalization is mixed. vii. Each target market has distinct needs, which need to be monitored. Those reforms have included liberalized foreign investment and exchange regimes, significant reductions in tariffs and other trade barriers, reform and modernization of the financial sector, and significant adjustments in government monetary and fiscal policies. It gives ones a better understanding of the world of work and efforts to satisfied human needs. It Makes One To Be Versatile And Resourceful: This is importance for self reliance, which is a tool for self Employment and poverty alleviation. Business is economic activity that involves the exchange of products and/or services for profits, or other motives. This unit covers the basic concepts that give context to a business. The below problem Problem 1 Text: A family has to decide how much of their monthly income to spend on good 1 and good 2. . It covers the buying and selling of goods and services along with those activities that facilitate this exchange to take place. The organization must continuously monitor and adapt to the environment if it is to survive and prosper. The managers job cannot be accomplished in a vacuum within the organization. Simply, they are doing business. Business studies as a subject is composed of topics drawn from various disciplines such as: This is the study of trade and aids to trade. Demographics tell marketers who current and potential customers are; where they are; and how many are likely to buy what the marketer is selling. A productive activity involves using business resources to make goods and services that satisfy human needs and wants. Suppose that this household has a fixed income of $1800 per month. 4) It prepares students for higher education. How To Become A Recharge Card Distributor In Ghana, How To Start A Supermarket Business In Ghana, How To Start A Phone Charging Business In Ghana, How To Become A Profitable Car Dealer In Ghana. Some decades ago, the means by which people earned their living was through trade by barter system. These cookies ensure basic functionalities and security features of the website, anonymously. JUNIOR SECONDARY SCHOOL (JSS 1) THEME: OVERVIEW OF BUSINESS STUDIES PREVIOUS LESSON - TOPIC - INTRODUCTION TO BUSINESS STUDIES LEARNING AREA. ii. We explore economic and historical information governments use to make decisions, which provides a foundation for future decision-making. concerning provision of goods and services with a view to making profit. Advances in technology can start new industries, radically alter or destroy existing industries, and stimulate entirely separate markets. It is a way of making money or getting the best from ones work. They include: activities are related to the production of goods and provision of services. What this means that it comprises more than one subject. Business Studies JSS 1. Meaning/Definition of Business Studies. Online MBA programs significantly reduce the cost to existing managers of obtaining an MBA, as they permit students to maintain their existing residence and employment while working toward an advanced degree in business. The external macro environment consists of all the outside institutions and forces that have an actual or potential interest or impact on the organization's ability to achieve its objectives: competitive, economic, technological, political, legal, demographic, cultural, and ecosystem. It is imperative for an organization to know their customers, how to reach them and when customers' needs change in order to adjust its marketing efforts accordingly. The cookie is used to store the user consent for the cookies in the category "Analytics". decide which is the best idea and who gets the. Entrepreneur Career is a profession. 2. The U.S. is India's largest investment partner, with total inflow of U.S. direct investment estimated at $2 billion (market value) in 1999. 3. INTRODUCTION_TO_BUSINESS_STUDIES_INTRODU.docx - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. Meaning and Origin According to the Longman Dictionary of Contemporary English, business studies is the study of economics and management. Business studies enable students to develop a keen interest in various forms of business, which they can engage in (set up) after leaving school. Progress toward that goal was slow but steady, and many analysts attributed the stronger growth of the 1980s to those efforts. These micro environmental forces include the organization's market, its producer-suppliers, and its marketing intermediaries. They are services provided by persons for which they are paid. DEFINATION OF TERMS i) ii) Business: Any activity that is carried out by an, Any activity that is carried out by an individual or an organization. Marketing service agencies help the organization target and promote its products and include marketing research firms, advertising agencies, and media firms. It starts by looking at what business is and what its purpose is. Academia.edu no longer supports Internet Explorer. Introduction To Business Of Studies Subject: Business and finance. This Introduction to Business course develops students' understanding of business fundamentals with learning design structured around timely, real-world case studies and examples. SWOT analysis is conducted below to see what are the strengths, weakness, opportunities and threats for the company (Graham, 2011). Introduction to Computer Notes. For example, what factors determined the driver's entry and exit into the market in the simulation? Business will attract customers by provision of quality desired goods and services at reasonable prices. Abstract. econdary education, can study the following courses, accountancy, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Telegram (Opens in new window), Click to email a link to a friend (Opens in new window). The legal environment becomes more complicated as organizations expand globally and face governmental structures quite different from those within the United States. In this system, someone who needs one thing or the other has to look for someone who has what he . Introduction to Business Studies. In a small firm, all these jobs may be done by one or two people. These activities are related to the production of goods and provision of services. ii. In our next class, we will be talking about the Office. people hawking goods like oranges, groundnuts, sachet water (pure water). jabu sibuyi Follow General Assistant at Macsteel Tube and Pipe Advertisement Recommended BCG matrix Like suppliers, marketing intermediaries are an important part of the system used to deliver value to customers. Office Practice: This comprises of the activities carry out in the office like typing, disseminating information, mailing, faxing, filing of documents, writing memos and correspondences. Form 1 Introduction to Business Studies Notes. Courses in this discipline provide knowledge and skills that can help students make a successful transition to secondary education, training programs, and the workplace. The intermediaries between an organization and its markets constitute a channel of distribution. This definition must be qualified by the following condition: BUSINESS STUDIES TOPIC BY TOPIC QUESTIONS AND ANSWERS WAREHOUSING Q WAREHOUSING ANS TRANSPORT Q TRANSPORT ANS Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. The public expects organizations to be ethical and responsible. The subject covered by the studies of business are mainly: Business Administration or business management Economics 5. Introduction to business Introduction to business ID: 1181951 Language: English School subject: Business Studies Grade/level: 8 Age: 11-15 Main content: Business Other contents: research Add to my workbooks (2) Download file pdf Embed in my website or blog Add to Google Classroom The list includes all Questions with their Answers. Technology has a tremendous effect on life-styles, consumption patterns, and the economy. Organizations closely monitor their customer markets in order to adjust to changing tastes and preferences. Goodwill can be built by voluntarily engaging in pollution prevention activities and natural resource. E.g. KSh 25.00. Typewriting Answered 0 of 15 questions. Comment * document.getElementById("comment").setAttribute( "id", "acb3bb5a708b242dc65440e059c01f3a" );document.getElementById("h1ad227257").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. roadsides restaurants, with people eating. It widens knowledge and exposes an individual to various occupations and careers through its integrated nature. Short Answer. An organization with an environmental management perspective takes aggressive actions to affect the forces in its marketing environment rather than simply watching and reacting to it. money to set up their own business. To avoid shortages in raw materials, organizations can use renewable resources (such as forests) and alternatives (such as solar and wind energy) for nonrenewable resources (such as oil and coal). Aids to trade are human activities (services) that assist trade to take place. 2 Characteristics of Management. The activity must be lawful and socially accepted. 2.8 Intangible Force. 3 | P a g e 1. introduction to business studies 2. the office 3. departments in an office organization 4. the office staff 5. the right attitude to work 6. introduction to commerce 7. division of commerce 8. production 9. types of business organization 10. consumer, market, and society 11. factors of production 12. occupation i 13. occupation ii The economic environment consists of factors that affect consumer purchasing power and spending patterns. The outcome of the activity should be profitable and be rewarding because the primary goal of setting up a business is to make profit. Some activities that take place as goods and services all moved include transportation, storage, insurance, communication, advertising.e.t.c, Refers to the act of using the goods or services produced consumption, is the ultimate goal of production. This module provides the basic structures upon which the business world is built: how it is organized, what outside forces influence it, and where it is heading. ii) Business studies:Is the study/examination of the business activities in society. It deals with activities carried out on a day-to-day basis within an organization. Use the links below. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Suppliers are organizations and individuals that provide the resources needed to produce goods and services. According to Boone and Kurtz (2003) business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system, of course at a profit. 4. roadsides restaurants, with people eating. Meaning of Business Studies Identify the types of business shown on the other side. Business manager The cookies is used to store the user consent for the cookies in the category "Necessary". i. busy shops and supermarkets, here and there. The external environment has a major impact on the determination of marketing decisions. Each day in the United States, thousands of new businesses are born. BBM 113: Introduction to Business Studies Notes 1st Year, 1st Semester Institution: Mount Kenya University Course: Bachelor of Business Management Posted By: Mabongajoel Document Type: PDF Price: KES 1000 Views: 12276 Downloads: 10 Summary Lesson one:Introduction to business concept lesson Two:Business Ownership Lesson Three: Business Environment idea to sell to the teacher, with the aim of. Significant liberalization[4] of its investment regime since 1991 has made India an attractive place for foreign direct and portfolio investment. 2.7 Dynamic Function. INTRODUCTION Motivation is an important attribute that resides in people's action, willingness and goals. Introduction to Management Science and Business Analytics: A Modeling and Case Studies Approach with Spreadsheets 7th Edition By Frederick Hillier and Mark Hillier ISBN10: 1260716295 ISBN13: 9781260716290 Copyright: 2023 Management Science and Business Analytics Read more + Lowest Price Rent eBook (180 Days) Learn more about the ebook $57.00 3) It enables students to enquire a lot of skills which assist them in their daily living such as buying and selling, letter writing, family budget, etc. In fiscal year (FY) 1950, agriculture, forestry, and fishing accounted for 58.9 percent of the gross domestic product (GDP) and for a much larger proportion of employment. 4. It teaches you how to establish and run businesses (Private or Public) efficiently. self employment business centre, typesetting and photocopying documents. Organisation spends focus on giving motivation by various ways so that employees can contribute in organisational goals . barbing saloon at work The profit is made on behalf of the owner (Symons and Adams 1993). (a). Introduction. Therefore we can define business studies as the study of the means through which people in a society earn their living by engaging in . They study the business process - inputs through to outputs and explore how profit is made. they can be touched and felt. 1. Functional Areas of Business. It involves learning how the computers process data, solve problems and carry out tasks. Changes in the demographic environment can result in significant opportunities and threats presenting themselves to the organization.

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