Business Management Lecture Notes PDF

Topic 1: Lecture 2 ‘Business’ Management Businesses are a special category of organisation. 'Business' concerns the creation of wealth. Hence, ‘business’ management is the governance of all the administrative, technical and human processes involved in wealth generation. C...

Topic 1: Lecture 2 ‘Business’ Management Businesses are a special category of organisation. 'Business' concerns the creation of wealth. Hence, ‘business’ management is the governance of all the administrative, technical and human processes involved in wealth generation. Competent ‘business’ management leads to prosperity which enables society to produce the goods and services required by individuals and the community. It is therefore a socially useful activity. Defining Business “…any activity that provides goods or services to consumers for the purpose of making a profit.” A business is a profit-seeking activity that provides products and services to satisfy the needs, wants and demands of consumers. Society Benefits. Adam Smith Smith argued against government involvement in a market economy either to set prices or to determine output. Rather, private industry should be left to its own devices to regulate and control itself. Smith believed that if business acts independently and with its own interest in mind, the greater good of society is ensured. ‘Invisible Hand’ regulates Capitalism is best when there is much less regulation  Is Capitalism better with less regulation and state intervention? Do you How is this relevant in the Irish agree context? with European context? Adam Smith? US Context? 08/10/2024 Business Management 5 Classifying Business Profit/Non-Profit Manufacturing/Services Private/Public Process Driven/Labour Intensive. Online / Bricks and mortar Each present their own challenges and opportunities for management