Business Management Unit 1 Chapter 1.1 PDF
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MTRO. IAN BUSINESS MICHEL GUILLEN ORTEGA
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Summary
This document presents an overview of business management principles, including the nature of business, various functions within a business, and the process of starting a new business. It discusses input-output relationships, different business sectors, and factors influencing business decisions and growth.
Full Transcript
MTRO. IAN BUSINESS MICHEL GUILLEN MANAGEMEN ORTEGA T GET SET…. READY…. WHAT IS A BUSINESS? NATURE OF BUSINESS MEET NEEDS AND WANTS OF INDVIDUALS OR ORGANIZATIONS PRODUCCING CROPS EXTRANCTING RAW...
MTRO. IAN BUSINESS MICHEL GUILLEN MANAGEMEN ORTEGA T GET SET…. READY…. WHAT IS A BUSINESS? NATURE OF BUSINESS MEET NEEDS AND WANTS OF INDVIDUALS OR ORGANIZATIONS PRODUCCING CROPS EXTRANCTING RAW MATERIALS CREATING A PRODUCT PROVINDING A SERVICE Focus on one or more. (related or diff erent) Input - output human PHYSICAL FINANCIAL ENTERPRISE Production processes to add value can take many forms Capital- intensive Labour- intensive Product outputs Goods: tangible products, form primary or secondary sector. Services: intangible and not physical. Human Resources Marketing Business functions Finance and Accounting Operations management and production Huma n resour ces Financ e and accou nting marke ting Operations management or production interdepende ncy activity Individually, think of a business and explain how can this business respond to a rapid change in the marketplace. Example, Zara, it constantly changes entire racks and production of clothes as a response to new trends. What would happen if it is static? Primary: All raw materials, by extraction, mining, farming, fishing, hunting, Primary, are monitored due to potential to damage secondary Secondary: environments.Manufacturing of materials into consumer , tertiary goods. Tertiary: services provided and using manufactured goods, as financial, leisure, quaternar education, transport, etc. Quaternary: e-services, y sectors involving IT, media, web- based services. Sectoral change REWARDS INDEPENDENCE Reasons NECESSITY for CHALLENGE starting a INTEREST business FINDING A GAP SHARING AN IDEA REWA RDS INDEPENDENCE NECESSITY CHALLENGE INTEREST Finding a gap Sharing an idea The process of starting up a business Two features The Planning business The business idea Steps for start-ups The basics RESEA RCH The marke t PLANNING THE BUSINESS ESTABLISHING LEGAL REQUIREMENTS Raising finance Testing the market failure
