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Summary

Summary - Business Management 1A
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  • Course
  • Business Management 1A
  • Institution
  • University Of Johannesburg (UJ)

This document consists of chapter summaries and key conceptst that is designed to assist students in preparing for their exams with ease and confidence. This comprehensive resource compiles concise summaries of each chapter covered throughout the course, providing a succinct overview of the main to...

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Document information

  • June 14, 2023
  • 2
  • 2022/2023
  • Summary

Subjects

  • simple

Written for

  • University of Johannesburg (UJ)
  • Business Management 1A
All documents for this subject (7)

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CHAPTER 1

WHAT IS A BUSINESS
 A BUSINESS IS RECOGNIZED AS AN INSTITUTION THAT IS ABLE TO IDENTIFY AND
OPPORTUNITY OR GAP IN THE MARKET TO SATUSFY CONSUMER NEEDS OR WANTS BY
ROVIDING GOODS AND SERVICES WITH THE AIM TO MAKE A PROFIT
o GOODS: TANGIBLE ITEMS THAT CONSUMERS PURCHASE AT A SET PRICE
o SERVICES: AN ACT, AMENITY OR BENEFIT THAT CONSUMERS PURCHASE/HIRE
INORDER TO MEET THEIR NEEDS AND WANTS
o PROFIT: THE MONEY LEFT OVER AFTER THE BUSINESS HAS PAID AL ITS EXPENSES

BUSINESS MANAGEMENT TASKS
 PLANNING
 LEADING
 ORGANISNG
 CONTROLLING

CONTRIBUTION OF THE BUSINESS ON THE MODERN
SOCIETY
 THE CREATION OF A PRODUCT HAS TO BE TRANSFORMED FROM ITS INITIAL STATE INTO THE
FINAL PRODUCT
 THE PRODUCTIONAND USE OF THE PRODUCT MUST INVOLVE HUMANS
 THE ULTIMATE GOAL OF THE BUSINESS SHOULD BE TO EARN A PROFIT

CONTINUED
 THE BUSINESS SECTOR PLAYS AN IMPORTANT ROLE IN DIRECTLY AND INDIRECTLY CREATING
JOBS
o GDP (GROSS DOMESTIC PRODUCT) IS THE AMOUNT OF GOODS SND SERVCIES
PRODUCED IN A COUNTRY WITHIN A YEAR
 ACCORDING TO STATS, THE FOLLOWING INDUSTRIES CONTRIBUTE LARGELY TO SOUTH
AFRICAS GDP
o FINANCE AND BANKING
o GOVERNMENT SPENDING
o MANUFACTURING
o IMPORTS AND EXPORTS
o MINING HAS SINCE DROPPED
o AGRICULTURE
 INORDER FOR BUSINESSES TO BE SUCCESSFUL, THEY NEED TO DEMEND ON OTHER
BUSINESSES
 THEY SHOULD ALSO FOCUS ON THE FOLLOWING ROLES



CONSUMER NEEDS AND WANTS
CONSUMER NEEDS ARE BOTH PHYSICAL AND PSYCHOLOGICAL

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