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  • Bushra Nayab Bba Ims, Uop Mba Nust ITB

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    Business includes all commercial and industrial activities undertaken to provide goods and services for profit. It has key characteristics like an entrepreneur who takes risks to earn profits. Business is important as it leads to mass production, innovation, market expansion, employment, and government revenue. The objectives of business are both economic, like profit and market growth, and social, like supplying quality goods and jobs. Functions include production, finance, management, marketing, and social responsibility. Risks include competition, demand changes, and policies, while problems involve selecting the right location, size, and facilities for a business.

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    Business includes all commercial and industrial activities undertaken to provide goods and services for profit. It has key characteristics like an entrepreneur who takes risks to earn profits. Business is important as it leads to mass production, innovation, market expansion, employment, and government revenue. The objectives of business are both economic, like profit and market growth, and social, like supplying quality goods and jobs. Functions include production, finance, management, marketing, and social responsibility. Risks include competition, demand changes, and policies, while problems involve selecting the right location, size, and facilities for a business.

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    34 views16 pages

    Bushra Nayab Bba Ims, Uop Mba Nust ITB

    Uploaded by

    bushra
    Business includes all commercial and industrial activities undertaken to provide goods and services for profit. It has key characteristics like an entrepreneur who takes risks to earn profits. Business is important as it leads to mass production, innovation, market expansion, employment, and government revenue. The objectives of business are both economic, like profit and market growth, and social, like supplying quality goods and jobs. Functions include production, finance, management, marketing, and social responsibility. Risks include competition, demand changes, and policies, while problems involve selecting the right location, size, and facilities for a business.

    Copyright:

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    Download as PPTX, PDF, TXT or read online from Scribd
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    of 16

    Bushra Nayab

    BBA IMS,UOP
    MBA NUST
    ITB
    Concept of Business

     Includes all commercial and industrial activities


     That provides goods and services
     Undertaken for profits
    Commercial Vs. Industrial

    Industrial
     Manufacturer who converts raw material into finished goods
     Poultry
     Farming
     Mining
    Commercial

     Buying and selling on retail or wholesale


     Financing of trade by banks
     Transportation of goods
    Activities excluded from business

     Social service activities


     Personal consumption activities
     Religious and other activities
     Illegal activities
    Characteristics of Business

     Entrepreneur (The one who starts the business/owner)


     Deals in goods and service
     Involves production or exchange of goods
     Series of deals (ongoing process)
     Desire to earn profit
     Involves element of risk
     Creation of utilities (goods/services)
    Importance of business

     Mass production of goods (individual vs. Factory)


     Innovations (new methods, technologies)
     Expansion of markets
     Employment
     Source of revenue (profit)
    Objectives of Business
    What do we mean by objective?
     Economic objectives
    1. Profit earning
    2. Creating markets
    3. Innovation

     Social objectives
    1. Supply of quality goods
    2. Employment
    Objectives

     Human objectives
    1. Employment
    2. Reward for job
    3. Working conditions
    Components of Business

     Industry
     Commerce
    Functions of a modern business

     Production Function (produce goods and services)


     Financial function (Secure Finance)
     Management Function (Getting things done through other people)
     Innovation Function
     Organizational Function (under a one building)
     Motivating Function
     Marketing Function ( Activities)
     Social Responsibility Function
    Role of profit in business

     Source of income
     Continuity of Business
     Expansion of Business
     Reward of risk bearing
     Profit acts as a measure of efficiency
    Business Risk

     Competition
     Mismanagement
     Change in Demand
     Change in policy
     Use of modern technique of production
     Human Causes
    Problems Faced

     Selection of business
     Location of business
     Size of business
     Demand of product
     Selection of physical facilities
    Social Responsibility of Business

     Obligation to self
     To shareholders
     To Employees
     To customers
     To the government
     To the neighborhood
    Key stakeholders in Business

     Owners
     Creditors
     Employees
     Customers
     Suppliers

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