Scribd Logo
Upload

Welcome to Scribd!

  • 2K views

    Topic 1 - MGT 153

    Uploaded by

    Amri Gaban
    Business refers to an organized effort to provide goods and services to customers in order to earn a profit. There are different types of business organizations including sole proprietorships, partnerships, corporations, and cooperatives. Businesses operate within an economy and are influenced by various environmental factors such as technological changes. They aim to fulfill social and economic functions through their operations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    Topic 1 - MGT 153

    Uploaded by

    Amri Gaban
    2K views28 pages
    Business refers to an organized effort to provide goods and services to customers in order to earn a profit. There are different types of business organizations including sole proprietorships, partnerships, corporations, and cooperatives. Businesses operate within an economy and are influenced by various environmental factors such as technological changes. They aim to fulfill social and economic functions through their operations.

    Original Title

    TOPIC 1- MGT 153

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPT, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Business refers to an organized effort to provide goods and services to customers in order to earn a profit. There are different types of business organizations including sole proprietorships, partnerships, corporations, and cooperatives. Businesses operate within an economy and are influenced by various environmental factors such as technological changes. They aim to fulfill social and economic functions through their operations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    2K views28 pages

    Topic 1 - MGT 153

    Uploaded by

    Amri Gaban
    Business refers to an organized effort to provide goods and services to customers in order to earn a profit. There are different types of business organizations including sole proprietorships, partnerships, corporations, and cooperatives. Businesses operate within an economy and are influenced by various environmental factors such as technological changes. They aim to fulfill social and economic functions through their operations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 28

    An activity of providing goods and services to fulfill customers needs and wants An organized, profit- seeking approach to providing

    g people with goods and services they want (Euthans F,Hodget)

    A commercial or industrial entreprise, owned and organized to buy, sell ,manufacture, or provide product or services for a profit. (Steade and Lowry)

    The composite of all business firms and their relationship to one another including the buyers, the public and society.

    Objectives that a business hopes and plans to achieve An end- state that the business is expected to achieve GOAL SETTING process of developing and committing a business to set an objective

    Rovides direction and guidance for business Help the firm to allocate resources Helps business to define corporate culture Helps business managers to assess the business performance

    Long

    term goals Intermediate goals Short term goals

    Vission
    Mission

    Objectives
    Purpose

    Provide goods and services - Making raw material useful to customer - Creating new product - Creating an organized market Provide employment Helping increase growth rate Help protect environment

    Def: mechanism which all resources are combined to produced and distribute goods and services Economic: study of wealth Distribution of wealth relates to 3 basic questions: - What? - How? - For whom?

    Land

    (natural resources) Labour Capital Entrepreneurs

    Capitalism
    Socialism

    Communism
    Mixed

    economy

    Businesses changed due to environmental factors Businesses to survive and grow must adapt with changes in environment

    Historical Natural /physical Political or Legal Social Cultural Economic Technological International

    Pure monopoly e.g: TNB Oligopoly Monopolistic competition Pure/ Perfect competition

    Sole

    proprietorship Partnerships Corporations Co-operative

    Business owned and operated by one person with the profits motive Easy to start Small in size Limited capital of the owner Eg: Bakery shop, laundry shop

    Easy to set up Low cost of org. Financial advantages Freedom to manage and promptness of action Personal incentives and satisfaction

    Limited size Unlimited liability Limited life Limited management ability/ Difficulties of management

    An association of two or more person Act as a co owner of the business for a profit Legal basis is usually in written document Also known as article of partnership Types of partnership: - General partnership - Limited partnership

    Increase

    sources of capital and credit Improve decision making potential Possibilities for expansion and growth Personal interest in business

    Unlimited

    liability of partners Managerial problems Lack of continuity Difficulty in resolving conflict

    Association of individual united for some common purpose and permitted by law to use a common name Chartered by state and employ by many people Separate legal entity by its owner

    Private

    or business corporation Public or government corporation Open or close corporation Domestic and Alien corporation

    Limited liability of stock holders Continuity of life Ownership of Transfer Specialized management Large financial capability of growth potential

    Legal

    restriction on activities Cost and difficulty of org. Double taxation of earnings Lack of personal interest Lack of secrecy

    Medication of corporation Business owned and operated for the benefits of the members Gives service rather than profit Profit I the form of Patronage.

    Owners are called members Limit to the amount and capital Share only 1 vote for the members Patronage dividend paid in proportion Interest on their investment No salary received.

    You might also like