These micro environmental forces include the organization's market, its producer-suppliers, and its marketing intermediaries. This cookie is set by GDPR Cookie Consent plugin. Answered 0 of 15 questions. Understand Ethics and Business Characters 3. We hope you enjoyed the class. Changes in social/cultural environment affect customer behavior, which affects sales of products. Business Studies JSS 1. Abstract. This cookie is set by GDPR Cookie Consent plugin. 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. It does not store any personal data. Chapter 1: Understanding Economic Systems and Business Chapter 2: Making Ethical Decisions and Managing a Socially Responsible Business Chapter 3: Competing in the Global Marketplace Chapter 4: Forms of Business Ownership Chapter 5: Entrepreneurship: Starting and Managing Your Own Business Price: KES : 100. Contact Information: Department of Spanish and Portuguese Studies 415 Conklin Hall Rutgers University Newark, NJ 07102 Email: stephanie@rutgers Virtual Class Hours: Tuesday 9AM-11AM - via Webex You will receive the link via email. It is necessary for organizations to understand the environmental conditions because they interact with strategy decisions. Furniture, buildings, books, vehicles e.t.c, These are efforts or acts/actions or activities that may be sold and are, Refers to the creation of goods and services or increasing their, usefulness through activities such as transporting them to where they are required. Activity Mention five businesses that people do but which are not approved by law. Company administration Disciplines of Business Studies 1. He or she needs to record them in the books of account. 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. Add to cart. Career is a profession. Commerce is sub-divided into trade and aids to trade. 4. iii. Successful organizations scan their external environment so that they can respond profitably to unmet needs and trends in the targeted markets. Introduction. Salesmen who sell goods in supermarkets and stores. Download. Progress toward that goal was slow but steady, and many analysts attributed the stronger growth of the 1980s to those efforts. Demography is the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics. Marketing service agencies help the organization target and promote its products and include marketing research firms, advertising agencies, and media firms. This is the study of how human beings strive to satisfy their endless wants using the available, This refers to a systematic way of recording business activities which all used for decision, This refers to all activities that are carried out in an office e.g. So "business" means all those human activities which are related to the production and distribution of goods and services with the object of earning profit. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. roadsides restaurants, with people eating. It is a creative and competitive activity that continuously contributes to the shaping of our society. The subject covered by the studies of business are mainly: Business Administration or business management Economics 5. 5 1 review. Green marketing or environmental concern about the physical environment has intensified in recent years. 4. Principal U.S. exports to India are aircraft and parts, advanced machinery, fertilizers, ferrous waste and scrap metal, and computer hardware. U.S. values and beliefs include equality, achievement, youthfulness, efficiency, practicality, self-actualization, freedom, humanitarianism, mastery over the environment, patriotism, individualism, religious and moral orientation, progress, materialism, social interaction, conformity, courage, and acceptance of responsibility. Typewriting 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. Major U.S. imports from India include textiles and ready-made garments, agricultural and related products, gems and jewelry, leather products, and chemicals. Business can be defined as a legal means (i.e good means) of earning a living by people in a society. iii. Defining business and its environment, discussing the purpose of business. Understand the Elements of Accounting, Marketing, Insurance and their Roles in Business organisations 4. Economics - This is the study of how human beings strive to satisfy their endless wants using the available scarce resources 4. Book Keeping: Book keeping deals with recording of business transaction to show the exact state of the owners capital. Unit 1: The Context of Business. people hawking goods like oranges, groundnuts, sachet water (pure water). You recommend to your client that she sells a building and . Importance of understanding the environment, Changing profile of Indian economic environment, Your Article Library: Business Environment: Nature and Significances of Business Environment, https://en.wikiversity.org/w/index.php?title=Introduction_to_Business_Studies&oldid=1801853, Creative Commons Attribution-ShareAlike License, a)Businesses may be doomed to be non starters due to. Suppliers are organizations and individuals that provide the resources needed to produce goods and services. i) Explain the meaning of Business studies ii) Explain the importance of Business studies in society. 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. 4) It prepares students for higher education. It develops and prepares you for office occupations in future. Technological developments are the most manageable uncontrollable force faced by marketers. 6. Business study is the studies of the component part of the business environment. 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. BUSINESS STUDIES TOPIC BY TOPIC QUESTIONS AND ANSWERS WAREHOUSING Q WAREHOUSING ANS TRANSPORT Q TRANSPORT ANS Business also includes those activities which indirectly help in production and exchange of . 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. 3. 3.25531914893617 64 reviews. Form 1 Introduction to Business Studies Notes. What can you explain the owners of these centres are doing? Shorthand is an act of using symbols to represent spoken words/sounds. By the end of the topic, the learner should be able to: Explain the meaning and purpose of a business, Identify various types of business environments. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. Copyright 2022 FORTMI | Powered by Astra WordPress Theme. It deals with activities carried out on a day-to-day basis within an organization. People who, are involved in production of goods and services are referred to as, Refers to the movement of goods and services from producers to the. Introduction to Management : Business Studies Class 12 Study Materials INTRODUCTION TO MANAGEMENT (A) CHIT-CHAT TIME (In this conversation son (Krishh) is asking her mother (why she wakes up early in the morning? It teaches you how to establish and run businesses (Private or Public) efficiently. Explore Introduction to Business Studies at AU's Faculty of Business. 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 ii. 40 % comes from your final exam to be held sometimes in mid may next year. Computer Studies Computer Studies deals with the use of computers. They are services provided by persons for which they are paid. iv. You can download the paper by clicking the button above. INTRODUCTION TO BUSINESS STUDIES INTRODUCTION TO BUSINESS CONCEPTS What is business? The study of business studies enables many people in our society today to know much on the following subjects and how these subjects can be applied in their practical lives. can be touched and felt e.g. Functional Areas of Business. BUSINESS Business means continuous production and distribution of goods and services with the aim of earning profits under uncertain market conditions. The economy had stagnated since the late nineteenth century, and industrial development had been restrained to preserve the area as a market for British manufacturers[3]. However, you may visit "Cookie Settings" to provide a controlled consent. People in the society earn their living on daily or monthly basis by engaging in one trade or the other. Business looks to satisfy customers' needs through the provision and production of necessary services or goods. Meaning of Business Studies Identify the types of business shown on the other side. 6. Enter the email address you signed up with and we'll email you a reset link. Goodwill can be built by voluntarily engaging in pollution prevention activities and natural resource. Very nice and explanatory can use it to teach the young ones, Are you victor Ajayi in Interguide Academy School, I love this website I am going to start reading al subject here, Very comprehensive and well educated, I really appreciate your efforts, Your email address will not be published. The managers must perforce recognize the elements, severity and impact of these forces on the organization. Business studies enable students to develop a keen interest in various forms of business, which they can engage in (set up) after leaving school. You will learn about productivity, the business cycle, the impact of business on society, economic trends . concerning provision of goods and services with a view to making profit. When you have completed the free practice test, click 'View Results' to see your results. Economic and Non-Economic Activities 3. BUSINESS STUDIES. The process of buying the goods, selling them, paying the suppliers, receiving payments from customers are called business transactions. Business activities can be classified into two categories: Industry and Commerce. vii. 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. Receptionists who receive and attend to visitors and make telephone calls in an office. To learn more, view ourPrivacy Policy. 7. Physical distribution firms help the organization to stock and move products from their points of origin to their destinations. Career Opportunities In Business Studies (b). Economic factors include business cycles, inflation, unemployment, interest rates, and income. Components Of Business Studies people hawking goods like oranges, groundnuts, sachet water (pure water). It Makes One To Be Versatile And Resourceful: This is importance for self reliance, which is a tool for self Employment and poverty alleviation. Introduction to Business Studies Revision Questions and answers State 4 reasons why people engage in business - Suggested Answer Outline four ways in which a business can be socially responsible to its immediate environment - Suggested answer Highlight four benefits that a community should derive from a manufacturing firm - Suggested answer WHAT YOU NEED TO DO. Even in the smallest business, several key tasks, or functions, that are to be done regularly. The rapid rate at which technology changes has forced organizations to quickly adapt in terms of how they develop, price, distribute, and promote their products. Scribd is the world's largest social reading and publishing site. Commerce - This is the study of trade and aids to trade 2. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Changes in major economic variables have a significant impact on the marketplace. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. More than ever before businesses are realizing the importance that their employees play in ensuring that their customers are satisfied. 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 introductory free business course online, has been designed for those interested in taking their current careers to new heights, or perhaps exploring an entirely different profession.All of free online business coursesare not subject to time restrictions or deadlines, allowing you to study from anywhere in the world at your own pace and in your own time. An Introduction to Business Studies Question 1 Arena flowers is one of the renowned UK based company delivering fresh flowers to the customers directly from the growers avoiding the middlemen. Business studies therefore is the study of the way of running or managing a business, with reference to funding or financial, organising, and control, to achieve set goal objective, which is to make profit. The economic environment consists of factors that affect consumer purchasing power and spending patterns. Your email address will not be published. Content. 2.1 Goal-oriented process. It also explores how the world's economies and governments shape economic activity. Danielle's Business and Economics Store. Included in this bundle there is a variety of resources that introduce students to the key concepts of business studies. . Automatic approvals are available for investments involving up to 100% foreign equity, depending on the kind of industry. FY021 Introducttion to business studies.docx - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. The outcome of the activity should be profitable and be rewarding because the primary goal of setting up a business is to make profit. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. These cookies ensure basic functionalities and security features of the website, anonymously. vi. 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 managers job cannot be accomplished in a vacuum within the organization. Buy via WhatsApp. Analytical cookies are used to understand how visitors interact with the website. 2.5 Continuous Process. Apply the concept of Effective communication in Business 5. 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. The successful organization will identify, appraise, and respond to the various opportunities and threats in its environment. 2.2 Browse more Topics under Nature And Significance Of Management. In this system, someone who needs one thing or the other has to look for someone who has what he . ii) Business studies:Is the study/examination of the business activities in society. You are on the right spot to know the answer of this question. Description. The word "business" means the state of being busy. 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 environment is a set of complex, rapidly changing and significant interacting institutions and forces that affect the organization's ability to serve its customers. The five components of Business Studies include:- Office Practice This is to help them acquire skills and knowledge for office occupation and administration. Introduction In this report I will speak about the Human Resources (HR) , Marketing and finance functions, collaborative working practises and the Financial management regarding the second largest chain of supermarkets in the UK, SAINSBURY`S. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. This all is called Bookkeeping. It is a way of making money or getting the best from ones work. 3 | P a g e 1. Further, Problem 1 Text: A family has to decide how much of their monthly income to spend on good 1 and good 2. In a large organization, people specialize. b) Customers These are the people who buy companies products or services from the business. Business studies equip you with the basic skills with which to begin an occupation if you do not have an opportunity for further training. Accounting - This refers to a systematic way of recording business activities which all used for decision making 3. These activities are related to the production of goods and provision of services. decide which is the best idea and who gets the. Organizations hire lobbyists to influence legislation and run advocacy ads that state their point of view on public issues. The attached document contains a summary in introduction in system software/operating system which i have tried to expand broadly to equip learner with IT essentials majorly on Software as a package. Advances in technology can start new industries, radically alter or destroy existing industries, and stimulate entirely separate markets. iii. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds toupgrade your browser. E.g. )So his mother is explaining, how she manages home and what are the different type of activities are required on a regular basis?) This Introduction to Business course develops students' understanding of business fundamentals with learning design structured around timely, real-world case studies and examples. It helps one make wise decisions about savings and spending of ones money These cookies track visitors across websites and collect information to provide customized ads. Use economic models, Any Houston, Texas, resident, armed with a free Houston Public Library PowerCard, can tap into a suite of office applications to write a resume, maintain a personal calendar, or keep records for a, Problem is: A family has to decide how much of their monthly income to spend on good 1 and good 2. Short Answer. Career/Employment Opportunities In Business Studies DEFINATION OF TERMS 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. 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. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". In the context of business[1]the environment refers to the sum of internal and external forces operating on an organization. 2 Characteristics of Management. Required fields are marked *. This website uses cookies to improve your experience while you navigate through the website. Foreign investment is particularly sought after in power generation, telecommunications, ports, roads, petroleum exploration and processing, and mining. It covers the buying and selling of goods and services along with those activities that facilitate this exchange to take place. However, in recent decades there has been a renewed interest in the . This session was created in 2016 for a business studies GCSE group. The company exchanges goods and services for a price with its customers. 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). Categories: Secondary School, Secondary Topical Notes. WEEK 1. Demographics tell marketers who current and potential customers are; where they are; and how many are likely to buy what the marketer is selling. Business studies - it is the study of the activities that are carried out in and around production, distribution and consumption of goods and services Business environment - these are the business surroundings which may be internal or external Goods - These are items which are tangible i.e. i. busy shops and supermarkets, here and there. 1. Each day in the United States, thousands of new businesses are born. Mergers and Acquisitions Basics: All You Need to Know. Stock must be bought, bills must be paid, customers must be served, and customer inquiries must be answered. In todays class, we will be talking about the introduction of business studies. 5 Minutes. The activity must be lawful and socially accepted. Sainsbury`s was founded in 1869, by John James Sainsbury`s and is the second largest chain of supermarkets in the UK since 2003. While these are external, the organization is capable of exerting more influence over these than forces in the macro environment. By clicking Accept All, you consent to the use of ALL the cookies. These activities facilitate business transactions. Further, suppose that the price. Resource type: Other. Young scholars examine what a business does. goods, services, production, distribution, consumption , economic and commerce. Commerce is that part of a business endeavour that deals with trade and aids to trade. We cannot touch the service, but we can feel satisfied when they are rendered. i. busy shops and supermarkets, here and there. Those who have undergone training in Business Studies can be employed as: Self-employment, for students who proceed to the University after a successful senior secondary education, can study the following courses, accountancy. iv. ii) Business studies: Is the study/examination of the business activities in society. Clerical officers who keep general office records. The Resource An introduction to business studies, Book 2, An introduction to human resource management in business, written by Diane Preston An introduction to business studies, Book 2, An introduction to human resource management in business, written by Diane Preston v. Financier Tangible goods include products like text books, food items, such as bread, biscuits, yams, rice etc. 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. FIRST TERM. The profit is made on behalf of the owner (Symons and Adams 1993). Meaning and Origin According to the Longman Dictionary of Contemporary English, business studies is the study of economics and management. And Acquisitions Basics: all you need to be done regularly, however, you specialize! Business 3 be rewarding because the primary goal of setting up and a! 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