BOS unit 1 part 1Business Organization and System - Introduction, Meaning, Definitions.pptx

Business Organization and System - Introduction, Meaning, Definitions

1. Business Organization and System FYBBA SEM II CBCS 2019 Pattern Dr. Pooja . P. Talreja Lecturer, BYK College of Commerce

2. Unit:1 Unit Title: Nature and Evolution of Business Concept of Business Characteristics of Business Objectives of Business Pre-requisites of a Successful Business

3. Concept of Business Business is defined as an original economic activity, wherein the exchange of goods and services takes place, for adequate consideration.

4. Characteristics of Business Economic activity Economic motive Production/purchase of goods and services Selling of goods and services Continuity in dealings Profit earning Element of risk Uncertain return Legal and lawful Consumer satisfaction

5. Objectives of Business Four Broad Categories: Economic Objectives Social Objectives Human Objectives National Objectives

6. Economic Objectives Earning profits Creating customers Innovations

7. Social Objectives Supplying desired goods at reasonable prices Fair remuneration to employees Employment generation Fair return to investors Social welfare Payment of Government dues

8. Human Objectives Labour welfare Developing human resources Participative management Labour management cooperation

9. National Objectives Optimum utilization of resources National self-reliance Development of small scale industries Development of backward areas

10. Pre-requisites of a Successful Business Establishment of clear-cut objectives Proper planning and clear policy Sound organization and effective management Dynamic leadership Pleasant personality Adequate capital/proper financial planning Proper location and layout Employee morale Modern technology Research innovation Efficient marketin g