Introduction to Business AP5304 PDF

Introduction to Business AP5304 Course Intended Learning Outcome (CILO) 1. Describe the nature and purpose of a specific company/organization. 2. Explore various disciplines within the field of business. 3. Evaluate problems and challenges encountered in different b...

Introduction to Business AP5304 Course Intended Learning Outcome (CILO) 1. Describe the nature and purpose of a specific company/organization. 2. Explore various disciplines within the field of business. 3. Evaluate problems and challenges encountered in different business disciplines.  Assessments Overview Assessment Weighting CILO Due Date/Time Assessment1 (online Quiz) 20% 1 6 Assessment 2 (Group Project) 50% 1, 2 & 3 9 Assessment 3 (Online Quiz) 30% 2&3 12 What do you know about a “Business”?  What is a Business? A business is the organized effort of individuals to produce and sell goods or services, to satisfy society's needs and to earn profit. It can be for-profit, meaning it aims to make money for its owners, or non-profit, meaning it focuses on social good rather than financial gain. Businesses come in all shapes and sizes, from small, local shops to large, multinational corporations.  Think What is the difference between Goods and Services?  What is a Business? ultimately involved in the activity, namely, the transformation of inputs (resources) into outputs (goods or services) (Whorthington & Britton, 2006) Transformation Process The Importance of Business Businesses play an important role in the economy by: Creating jobs: Businesses provide employment for millions of people. Producing goods and services: Businesses produce the goods and services that we need and want. Generating revenue: Businesses generate revenue that can be used to pay taxes, invest in new businesses, and support communities. What is Business Environment? Business Environment is the sum of all internal and external factors or forces that affect the functioning and performance of a business. Factors of Business Environment  Internal Factors such as the organization’s structure, functional areas, employees, strategies  External Factors Economic conditions: The overall health of the economy, including inflation, exchange rate, unemployment rate, supply and demand. Competition: The number and strength of other businesses offering similar goods or services. Technology: The latest technologies that can be used to improve efficiency and productivity. Government regulations: Laws and regulations that businesses must comply with. Social and cultural trends: Changes in consumer education, lifestyle, preferences and values. Importance of Business Environment a. It helps the business enterprises for meeting the challenges successfully. b. It enables the business to identify the areas for growth and expansion of their activities. c. The managers can be motivated to continuously update their knowledge, understanding and skills to meet the predicted changes in the business. d. Environmental understanding helps the business organisations in improving their image by showing their sensitivity to the environment within which they are working. e. It helps the firms to analyse the competitors’ strategies and formulate their own strategies accordingly. f. It helps to identify the individual strengths and weaknesses in view of the technological and global developments.