IMPORTANCE OF BUSINESS.pptx

Importance and meaning of Business

1. B.J.P.S Samiti’s M.V.HERWADKAR ENGLISH MEDIUM HIGH SCHOOL MEANING AND IMPORTANCE OF BUSINESS S TD 8TH Staff Name:Rashmi Pandit

2. Economic objectives Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, which include, creation of customers, regular innovations and best possible use of available resources.

3. Social objectives Social objectives of business include production and supply of quality and standard goods and services, adoption of fair-trade practices and contribution to the general welfare of society and provision of welfare amenities.

4. Trade, Industry and Services Trade is a part of business. It is mainly concerned with buying and selling of goods to the consumers. Trade is divided into three types, they are, 1. Home Trade , 2. Foreign Trade 3 . Entrepot Trade.

5. Home Trade Trade within the country is called home trade. It is carried through Retailers and Whole Salers

6. Retail Trade Retailers carry out their trade at places where consumers live. They buy goods from the whole salers and sell them to the consumers . Availability New Products Convenience in Buying A Wide Selection of Goods Services

7. Retail trade is carried out in different ways. The important types are : a ) Permanent shops b) Itinerant or mobile traders.

8. Permanent shops

9. Itinerant or Mobile Traders They do not have a fixed place to carry on their trade. The important among them are Hawkers , Peddlers , Street vendors Market vendors.

10. Itinerant or Mobile Traders Hawkers Peddlers

11. Itinerant or Mobile Traders Street traders or Foot path traders Market sellers ( shandy sellers

12. Wholesale Trade

13. Foreign Trade The trade between two countries is called foreign trade. Foreign trade can be classified into three types. They are: Imports, Exports and Entrepot trade.

14. Foreign Trade Imports refer to a country buying goods from other countries for its use. Exports refer to a country selling its goods to other countries for their use.

15. Foreign Trade Entrepot Trade refers to buying of goods from one country with a view to sell it to other countries. Singapore and Middle East countries are the best examples for entrepot trade. Now a days many countries carry out entrepot trade.

16. Need for foreign Trade Some countries have plenty of natural resources. Using the available natural resources they produce more goods than they require and the excess is exported to other countries. In the same way some countries have deficit of some natural resources and depend on other countries for their requirement and import them.

17. Industries

18. Industries Genetic industries Extractive Industries

19. Secondary Industries Manufacturing Industries Construction Industries

20. Cottage and small scale Industries

21. Small scale industries

22. Services for smooth conduct of business Hindrance of place- Transportation Financial services – Banks Hindrance of Loss - Insurance companies Hindrance of Time - Storage Hindrance of Knowledge- Advertisement

23. Trade and commerce are perhaps the older traditional occupations. Traders supply goods to the consumers. They supply essential commodities. They are supposed to keep marginal profit to cover the cost of business. By doing so ethical principles in the business are followed. But it is unfortunate that greed and profiteering have entered into business

24. To earn more profits, some anti social practices are followed, and some of them are-adulteration, charging excess or abnormal rates, using false weights and measures, creating artificial scarcity by hoarding the goods and carrying out black marketing etc. These are unethical business practices.

25. In our country the Government has introduced Public Distribution System to avoid such practices. (Supplying essential commodities through fair price shops). To maintain the standard of goods and essential commodities the government has opened an institution - Bureau of Indian standards. ISI and AGMARK marks are printed on goods and commodities to certify their quality etc...

26. Personal responsibility. Each person who works for a business, whether on the executive level or the entry-level, will be expected to show personal responsibility . …

27. It is a legal mandatory provision. Government has also opened Janatha bazaars, consumer co-operative societies etc. to supply essential commodities to the people. Despite these measures, business becomes public cheating, in the absence of business ethics

28. Corporate responsibility. ... Loyalty. ... Respect. ... Trustworthiness. ... Fairness. ... Community and Environmental Responsibility.