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Summary Business Management BMNG5121 Summaries
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Chapter 1 - 10 summarized Typing error on page 1 (it's not unit 1 - 5, but unit 1 - 10)
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Business ManagementBMNG 1 A
Rosebank College (varsity college)
Learning unit 1 -5
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,Learning unit 1: Business and society
Business world
- Business = state of being busy an individual/organization
Most important element for any work to become a business is the presence
of commercial viability or profitability.
- Basic function of a business = optimize the outcome of economic activities
- Person engaged in business = businessman/entrepreneur
- Profession = activity which involves the rendering of personalized of a specialized
nature based on professional knowledge, education, and training is called a
profession.
- Employment = activity assigned to a person by the employer under an agreement or
rules of service comes under the category of employment
- Business world = complex system of individuals & organizations that, in a market
economy, involves the activity of transforming resources into products and services
to meet people’s needs.
Features of business
Exchange of goods & services
- Business deals with goods & services
- Goods may be consumer goods (sweets, bread, shoes, electronics) or producer’s
goods (machinery, equipment)
Production or exchange
- Economic activity = business only when there’s production/transfer/exchange/sale
of goods or services for the value
- If goods are produced for self-consumption or presentation as gifts, such activities
shall not be treated as a business.
- In the business activity, there must be 2 parties = seller & buyer
Perpetuity in dealings
- A single transaction shall not be treated as a business
- An activity is treated as a business only when its undertaken continually or at least
recurrently
- Business = ongoing concern
Profit motive
- Earning profit is the primary motive of business
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, - A business will flourish only when it’s able to serve its customers to their satisfaction
- Profits are essential to enable the business to survive, grow, expand and to get
recognition
- By reinvesting the profits, the business increases its capital and contributes to the
wealth of the owners
Usage of resources
- Any business needs one or many of the 4 productive factors/resources (labor,
capital, land and enterprise to earn profit from the business)
- All 4 resources are limited in supply
- Thus, businesses must use them efficiently and effectively to produce goods &
services
- These resources allow for the creation of a product/service that customers buy for a
value/price
The element of risk
- The possibility of incurring a loss in inherent in the nature of business
- The possibility of a loss is termed as risk
- The element of risk exists due to a variety of factors that’s outside the control of the
business
- 2 types of risks:
One whose probability can be calculated & and can be insured like losses due
to fire, floods, theft etc
One whose probability cannot be calculated & which cannot be insured
against (change in technology, fall in demand)
- Any business has to recognize this risk environment, survive within these risk
constraints and need to bear the risk if they happen
Business objectives
- Earning of satisfactory profits & a fair return on investment for stakeholders
- Creation of new customers and markets to sustain growth
- Making innovations and improvement in goods & services
- Providing employment opportunities
- Supply of quality goods & services at reasonable costs
- Avoidance of profiteering and unfair practices
- Fair deal to employees ito wages & incentives
- Providing better working conditions & environment to the employees
- Provide job satisfaction
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, Business sustainability
= also known as corporate sustainability
= management of environmental, social and financial concerns by a company to ensure
responsible, ethical and ongoing success.
- Corporate culture, social and environmental concerns are often considered to be in
conflict with financial goals
- Why business sustainability is important:
It helps resolve or mitigate environmental, social and economic challenges
through the strategic management of corporate resources
It seeks to improve the effects a company has on the external world
In return, the business generates goodwill with customers, employees,
community members, investors and other stakeholders
Business sustainability can lower costs and promote long-term financial
health of the organization
A business’s sustainability initiatives might help improve business results by
evaluating its standing in the community and with employees
Companies should regularly publish sustainability goals & report on their
progress towards them (helps employees & outsiders understand how the
business is contributing to a sustainable global economy)
Business sustainability objectives & goals help organizations stay true to
commitments to core business interest
- 3 types of sustainability (triple bottom line)
Environmental sustainability = requires companies to focus on improving
energy efficiency in data centers & other facilities and on reducing their
carbon footprint, packaging waste & water usage
Economic sustainability = focuses on long-term business profitability and
includes activities such as corporate governance, risk management,
regulatory compliance and accounting transparency
Social sustainability = focuses on corporate social responsibility
o Companies practicing social sustainability are advised to adopt their
labor practices and invest in long-term community relationships by
giving back to the local community.
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