•BUSINESS
•The term business is derived from the term busy, an occupation in which a person in regularly engaged
•GOODS AND SERVICES
•It is the production and sale of the goods and services to earn profit
•ELEMENT OF RISK
•There is uncertainty of return
•*Activity which helps in earning profits.
•PRODUCTION OF GOODS AND SERVICES
•*It involves production and supply of goods and services
•REGULAR EXCHANGE OF GOODS AND SERVICES
•*Every business transaction must be done on a regular basis.
EcONOMIC OBJECTIVE: This is the objective
without which a business.
Profit making :finance is the life blood of business. Its main aim is to earn profit. Its the money earned over and above the capital invested, so every decision of a businessman deals with earning profit.
Innovation: Today the consumer is becoming more and more aware that he/she is a global customer.
Innovation can be done in 2 ways:
In manufacturing product or service
In various skills needed to supply the products Market standing
Its the position of an enterprise in relation to its competitors as business is the market leaders, when more than half of his consumer consumes his products .
Therefore, a businessman has to provide quality product at reasonable price.
social objective
High quality product at a fair price.
The businessman must not indulge in adulteration, hacking and black marketing.
Contribution to community development by providing hospital facilities &educational institutions.
Fair return to the investors: A business is run by shareholders money so it is the responsibility of the business to give a fair return.
Opportunity should be provided by the businessman to the unemployed youth.
individual objective
To get things done from others a businessman has to fulfill the personal objectives:
Good monetary incentives to attract skillful employment.
Non-monetary incentives such as recognition and status.
Challenging business with good career prospective.
Good communication system (formal & informal) for correct information and news
res ou can see he pp for more information
•The term business is derived from the term busy, an occupation in which a person in regularly engaged
•GOODS AND SERVICES
•It is the production and sale of the goods and services to earn profit
•ELEMENT OF RISK
•There is uncertainty of return
features of business
•ECONOMIC ACTIVITY•*Activity which helps in earning profits.
•PRODUCTION OF GOODS AND SERVICES
•*It involves production and supply of goods and services
•REGULAR EXCHANGE OF GOODS AND SERVICES
•*Every business transaction must be done on a regular basis.
•UNCERTAINTY
OF RETURN
•*Return
depends on factors like fashion, change in demand, government policies.
•PROFIT
EARNING
•*The
main aim of every business is to earn profit either by improving quality or
reducing price.
•ELEMENTS
OF RISK
•*Business
is full of uncertainty ,which causes risk.
ELEMENTS OF BUSINESS ENVIRONMENT
•SOCIAL
•POLITICAL
•LEGAL
•ECONOMIC
•TECHNICAL
profession
It
includes all those activities which requires special knowledge & skill in
their occupation.
The membership of a professional
institution & a certificate is required in a profession.
The main objective is service.
The reward is known as professional
fees.
No transfer of interest and minimum
capital is required.
Professional
code of conduct is followedemployment
There is
an employer and employee relationship & performance of work has to be done
as per rules of the service.
The reward for employment are
wages, salaries
There is no capital required due to
which the risk element is less.
Transfer of interest is not
possible until stated
The code of conduct decided by the
employer is to be followed.
The
qualification and training as prescribed by the employer has to be followedliability
•DEFINITION
•Claims of various
stakeholders on the business of persons.
•A person has to make a
lot of payment in cash to various parties such as employees, raw materials ,supplies,etc.
•LIMITED LIABILITY
•The business houses
who have limited liability do not run their risk of losing their private
property,
•The creditors cannot
claim the private property of the businessman to recover the payment.
•UNLIMITED
LIABILITY
•The business houses
who have unlimited liability expose their private property to their creditors .
•The outsiders can
claim their outstanding payment through private property
objectives of business
Profit making :finance is the life blood of business. Its main aim is to earn profit. Its the money earned over and above the capital invested, so every decision of a businessman deals with earning profit.
Innovation: Today the consumer is becoming more and more aware that he/she is a global customer.
Innovation can be done in 2 ways:
In manufacturing product or service
In various skills needed to supply the products Market standing
Its the position of an enterprise in relation to its competitors as business is the market leaders, when more than half of his consumer consumes his products .
Therefore, a businessman has to provide quality product at reasonable price.
social objective
High quality product at a fair price.
The businessman must not indulge in adulteration, hacking and black marketing.
Contribution to community development by providing hospital facilities &educational institutions.
Fair return to the investors: A business is run by shareholders money so it is the responsibility of the business to give a fair return.
Opportunity should be provided by the businessman to the unemployed youth.
individual objective
To get things done from others a businessman has to fulfill the personal objectives:
Good monetary incentives to attract skillful employment.
Non-monetary incentives such as recognition and status.
Challenging business with good career prospective.
Good communication system (formal & informal) for correct information and news
res ou can see he pp for more information
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