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  3. University Of South Africa (Unisa)
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  5. Introduction To Business Management (MNB1501)

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Bcom : Introduction to Business Management Summary
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  • Course
  • Introduction To Business Management (MNB1501)
  • Institution
  • University Of South Africa (Unisa)
  • Book
  • Introduction to Business Management

University notes (first year) for Business Management available now! Prescribed book used for UNISA and STADIO Book : OXFORD Introduction to Business Management [Erasmus et. all] Chapter 1,6-15 #MAN101 #MNB1501 #MNB1601 #STADIO #UNISA #STUDY #UNIVERSITY #STUDENT #NOTES #SUMMARIES #HELP

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  • No
  • 1,6-15
  • April 8, 2022
  • 175
  • 2021/2022
  • Summary

Subjects

  • chapter 1
  • introduction
  • business management
  • stadio
  • sbs
  • mnb1501
  • mnb1601
  • man101
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • bcom
  • unisa

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  • University of South Africa (Unisa)
  • Introduction To Business Management (MNB1501)
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BUSINESS MANAGEMENT

,Business world & Business management
The business environment refers to the internal and external elements and the
external environment of the enterprises that influence its operation. The
success of a business is based on understanding the environmental variability
and adapting its business policies so that the business can grow and survive




Business environments:
Internal environment External environment
MARKET ENVIRONMENT MACRO ENVIRONMENT
MICRO ENVIRONMENT
⇨Operational ⇨General
[full control by the
[limited control by the [no control by the
company]
company] company]
• Vision, mission, strategy, • consumers • political
and goals of the • competitors • economic
business enterprise • suppliers • social
• Production • civil society • technological
Elements




Elements
factors/resources • intermediaries • legal
• Business functions • customers/clients • environment
• Management structure • physical/natural
• Work environment • sociocultural &
• Culture demography
• Image of the business • international/global
• institutional
• difficult employees • competition • changes in income
• lack of vision and mission • demographics levels
• lack of adequate • stock shortage • globalization
management skills • change in consumers' • political changes
Challenges




• trade unions preferences and • recent legislation Challenges
• strikes habits • work restrictions
• psychography • socio-economic
issues
• inflation and
interest rates
Business has complete Business has no control, but management can
control influence control factors




2 © NOTED BUSINESS MANAGEMENT www.notedsummaries.co.za

,Business world q complex system (market economy) that involves transforming
resources into products and services[meet needs of people in exchange for profit]

Important characteristic of the business world:

=FREEDOM of individuals to establish any business of their choice [called a market
economy / market system]

Role of Business world = transforming resources into products and services [offered to
market in exchange for profit] in order to meet people’s needs / MEET THE NEEDS OF
SOCIETY



ELEMENTS OF BUSINESS WORLD:

q Human activities [operated/managed by people]
q Production [transformation of certain resources into products]




q Exchange
q Profit [dependent on ability to efficiently deliver goods and services]

Profit q reward for meeting people’s needs = enables businesses to pay for resources ;
a financial gain, the difference between the amount earned and the amount spent
[buying, operating, or producing]



TYPES OF PRODUCTIONS:

Predominantly tangible products = bread, cars, houses etc.

Predominantly services = entertainment, communication, insurance etc.


3 © NOTED BUSINESS MANAGEMENT www.notedsummaries.co.za

, ROLE BUSINESS PLAYS IN SOCIETY

= business is how society endeavours to satisfy needs and improve living standard [& at
the heart of each business = entrepreneur wanting to start new ventures]

= business creates wealth, ensures economic grow = bringing high living standard in
developed countries

= serves community indirectly by technological innovation, research and development,
improvements to the infrastructure [sustainability]

=critical role in supporting education, human resources, conservation and other activities
that improve quality of life.



MARKET ECONOMY (MARKET SYSTEM) = individuals decide what to produce, how to produce
and at which price to sell their product [PREVAILING ECONOMIC SYSTEM IN SOUTH-
AFRICA]

= complex system comprising various types of small and large organisations [collectively
grouping = industries]

Purpose of business in free-market : to make a profit while satisfying the needs of
people

Industries q various types of small and large business organisations that collectively
mobilise the resources of a country.



Formal sector = large businesses who are responsible for most economic activity; a
sector which encompasses all jobs with normal hours, regular wages, and is recognised as
income sources on which income taxes must be paid.

Informal sector = micro enterprises [SMMEs], not registered; system of employment
that does not abide by any form of legal requirements



FORMAL SECTOR INFORMAL SECTOR

OPERATIONS • Involves large businesses that are • Activities by people who are unable
legally registered to find work (survival sector)
• Fall within the mainstream of the • Falling out of the mainstream
economy economy
• Comply with all regulations and • People are self-employed, labor-
laws that apply to them sensitive with adapted technology

CHARACTERISTICS • Contribute to GDP because they • Contributes little to GDP and falls
are legally registered outside economic activities
• Consists of highly skilled, semi- • Consists of large numbers of poor
skilled and unskilled labor people in rural or urban areas
• Not easy to enter as it is legal • It's easy to enter the sector
• Resources are obtained through • Rely on indigenous resources
proper plans and policies and are • Small-scale operations
budgeted for



4 © NOTED BUSINESS MANAGEMENT www.notedsummaries.co.za

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