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8/22/2019 F.Y Bcom com

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Prof.Anamika Sonawane


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The term Business refers to commericialactivities relating to production anddistribution of goods and services foreconomic again i.e. profit.

Business is an institution organised andoperated to provide goods and services tosociety under the incentives of private gain.

Business is an organised effort by individualsto produce goods and services,to sell thesegoods and services in mareket place.


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Nature ofBusiness

Organis

edActivity

Creativity

ProfitMotive

Societal

Interest

SocialResponsibi

liy

Risks andUncertaintie

s

Degreeof

Scale

Regularity in

Dealing


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1.Organised Activity2.Profit Motive.

3.Degree of scale Some firms such as sole trading concerns may undertake

business on a small scale and that too in a local area. But some firms, such as joint stock companies may

undertake business on a large scale, event at a global level. The degree of scale of business varies depending on factors

like availability of finance ,capacity to bear risks, businesspolicy of the firm, competition in the market and so on..

4.Regularity in Dealings5.Risks and UncertaintiesMarket recession.

Changes in fashion, tastes and preferences of customers.Change in government policiesChanges in technology.Damage to goods/property due to fire, natural calamities

..etc.


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6.Societal Interest

Balance society.

Profits+Consumer Satisfaction+Public Interest.

Therefore, increasing efforts are made to produce eco-friendly products.

7.Social Responsibility

Fulfill their social responsibility towards various groups such as

Employees

Customers Government

Shareholders

Competitors

Society.8. Business Function

It involves various activities right from production todistribution of goods and services, quality control, materialmanagement..etc.

Various marketing activities.


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9.Customer Satisfaction10.Creative and Dynamic

11.Government Control


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A process or operation that is performed

routinely to carry out a part ofthe mission of an organization.


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The following diagram gives most of the mainfunctions that graduates will enter whenstarting a business career.Internal functions are those which are part ofthe company.

External functions are those which aresupplied by an outside agency.


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PRODUCING Research & Development

Develops products. Designs & conducting experiments &tests. Interprets data. Manages projects. Writes reports.

Keeps up to date with new developments. Production & Quality

Manages the production process. Plansproduction schedules. Ensures that machinery,staff & materials are efficiently utilised. Monitors

health & safety & environmental issues. Liaiseswith marketing, research & finance. Distribution/Logistics

Manages all the supply chain processes from rawmaterials to where the end product is used.

Coordinates supply, distribution & storage ofgoods. Manages transport & distribution centresincluding drivers & warehouse staff.


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SELLING Sales

Demonstrates & presents products tocustomers. Manages budgets. Learns aboutnew products. Makes sure that the productmeets the customers requirements. Writestenders & proposals.

MarketingCoordinates all the elements involved insuccessfully promoting & selling a product:market research, pricing, packaging,

advertising, sales, distribution. Involvesforecasting, budgeting & planning,implementation of plans.


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SUPPORT FUNCTIONS FINANCE - Management Accountant

Provides the information required for the financial

protection & planning of companies. Preparesaccounting records & management information.

ComputingDesigns, implements & maintains computer systemsto meet requirements of users. Provides computing

support for staff. Maintains databases & networks. HR/Personnel

Recruits & selects new staff. Involved with contractsof employment, job descriptions, training,management development, industrial relations &disciplinary matters.

Buying/PurchasingLocates & maintains relationships with suppliers, ofproducts. Negotiates prices, delivery dates & productspecifications. Works with managers to anticipatefuture demands.


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EXTERNAL SERVICES Chartered Accountants

Visits clients as part of an audit team; reviews theirbusiness operations & financial records to establish

the validity of the company's accounts. Advises ontax liability & other matters.

Management ConsultantsIdentifies & investigates, problems concerned withpolicy, organisation, procedures & methods of

organisations. Recommends appropriate action &helps to implement this. Recruitment Agency

Matches job-seekers with employers' vacancies.Assesses candidates' skills & employers'requirements.

AdvertisingLiaises with & advises clients on all aspects ofmarketing communications; presents proposals toclients; manages advertising spend budget; keepsclients up-to-date on their own & competitors

activities.


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Market ResearchThis can be done by the marketing department

inside a company, or by an external marketresearch agency. Plans market research projectson behalf of the client. Analyses the problem.Drafts proposals. Prepares questionnaires &

survey methods. Briefs interviewers. Analysesdata & presents it to client. Prepares reports.

Public RelationsAll aspects of media & public relations for clients:e.g. corporate brochures & exhibition stands.

Answers enquiries. Prepares press releases,organises press briefings, conferences & PRcampaigns


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Primary

PrimaryGenetic TadeExtractive Aid to-tradeManufacturingConstruction

Business

IndustryCommerc

e


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1.Primary Industries:-

These industries are engaged in the production ofprimary goodssuch as rice cotton,fish etc.

2. Genetic Industries:-

These industries are engaged in the reproductionand multiplication of certain spices of plants andanimals with the object of sale.

Eg: Cattle breeding,poultry and plant.

3.Extractive Industries:-

These industries are concerned with extractingmaterials or minerals from naturalresources.Mining and oil drilling are examples.


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4.Manufacturing Industries:-Eg:Textiles ad Chemicals

5.Construction Industries:-

Eg: Buildings, Bridges..etc.6.Service Industry

Eg: Hotels,banking,transport..etc


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COMMERCE=TRADE+AIDS-TO-TRADE


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COMMERCE

TRADE AIDS-TO-TRADE

INTERNAL EXTERNAL


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INTERNAL EXTERNAL

Retail Import

Wholesale Export

Enterport


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Warehousing Transport Communication Insurance Banking Advertising Salesmanship Mercantile Agents Trade Organisations Global Organisations


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1.Significance to Business Firms 2.Significance to Consumers

3.Significance to Society


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Accomplishment of objectives: Producing good quality of goos and services

Satisfy customer.

Higher the sales higher the revenueEnhances knowledge and skills: An entrepreneur should have deep knowledge

of its business

Knowledge and Skills enables to take valuabledecision and actions.


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Expansion of Business: Expand the business by using effective

marketing techniques. Moving from national to international market.

Product Development: Market research.

Innovative product to meet the customerdemand.

Enhances Relations:

Build a good reation with dealers,suppliers,customers,government authorities,media people and the society in general.


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Corporate Image: R&D Built Image in the mind of various

stakeholders such as customers, employees,dealers, suppliers and others.Optimum Utilisation of Resources:

Uses of resources like physical, financal,

human resources to generate demand for itsgoods and services up to its optimumproduction capacity.Social Status:

Act as a motivating factor to undertakebusiness.


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Availabilty of Goods and Services: Increase the business.

Consumer satisfy.

Goods at Good Price: Right price should be quote for product. Right place.

Better Facilities and Services: Increase in the competition ...company

provide better facilities and services to growtheir business.


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Customer Satifaction:Higher Standard of Living: Business firms make all possible efforts to

provide new and better product.

The consumption of better goods and

services enhances standard of living ofcustomers.


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Economic Growth Regional Development

Revenue to the Government

Social Welfare Employment


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Analysis Of Environment Values of Top Management

Past Performance

Setting of Objectives Implementation

Review of Performance


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1.Analyse of Internal Environment:

Physical resoucres Human resources Financial resources Marketing strategies Production development2.Analyse of External Environment: Government policies Competitors strategies Dealers expectation Customer expectation Other activitiesetc

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