Small Business Management (SBM) notes typically cover essential concepts, theories, and practices for managing and operating a small business. Here's an in-depth overview of the topics commonly covered:
*Unit 1: Introduction to Small Business Management*
1. Definition and characteristics of s...
,The business world and
business management
Chapter 1
, Learning outcomes
On completion of this chapter, you should be able to:
• explain the role business plays in making products and services available to society
• describe the needs of society and how a business organisation satisfies those needs in
market economy
• distinguish between the world’s three main economic systems
• explain the interface between a business organisation and a market economy
• describe the nature and purpose of business management as a science, where the
enabling factors, methods and principles of the business are studied to ensure the effi
functioning of a business organisation
• comment on the development of business management as a science
• distinguish between and comment on the different management functions.
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