business in general and nature and concept of management

C V C I T CCagayan Valley Computer & Information Technology College, Inc.

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BUSINESS IN GENERAL AND NATURE AND CONCEPT OF

MANAGEMENT

CLIENT WILLIAM M. MALINAO


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During and at the end of the session, students will be able to:• define Business and other related terminologies;• explain the relationship between Business and the economy;• discuss the elements of Business systems and reasons for

going into business; and• Realize the importance of business in the economy.


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BUSINESS


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BUSINESS• Known as “Enterprise” or a ”firm”, is an entity involved in the delivery of goods and/or services to consumers.

• It is a social process which involves the assembly and utilization of resources to produce goods and services in order to satisfy the needs of the society.


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• It is an organization or enterprising entity engaged in commercial, industrial or professional activities. A company transacts business activities through the production of a good, offering of a service or retailing of already manufactured products. A business can be a for-profit entity or a nonprofit organization that operates to fulfill a charitable mission.

• the activity of making, buying, or selling goods or providing services in exchange for money


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RELATIONSHIP BETWEEN BUSINESS and ECONOMY


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CIRCULAR FLOW


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5 M’s of Management

• Men (People)• Money (Funds)• Machine (Moderns ways of Production)

• Materials (Needed to create a product)

• Methods (Techniques)

8 M’s of Management

• Management• Messages• Market’s


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ELEMENTS OF BUSINESS SYSTEM


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WHY BUSINESS??????• Personal Satisfaction• Family Involvement• Independence and power.

• Social Activities• Profit Expectation

• Flexibility• More spare Time• Call the shots• Own Deadlines• Own Environment

• Create Jobs• Help People


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THANK YOU FOR LISTENING


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Activity 1Explain the relationship between the economy and firms and how elements of business system affect this relationship?


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Assignment:•What is Management?•Why management is considered as science and an art???• Kinds of Business