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  2. 2. BUSINESS • Usually refers to a company or a corporation, and may refer to a particular trade, such as a “computer business”, or a “restaurant business”. • A business is a legal entity, recognized in an economically free country, and may come in the form of a single proprietorship, partnership, or corporation.
  3. 3. • Business community – usually refers collectively to the totality of businesses in a given locality.
  4. 4. INDUSTRY • Is a collection or grouping of businesses that have a common or similar manner of generating profits, such as the “car industry”, or “publishing industry”.
  5. 5. TYPES OF BUSINESS 1. Agriculture and Mining Businesses These deal with the production of raw materials, such as plants, timber, fuel, or minerals, which are then processed by other businesses.
  6. 6. 2. Manufacturers – these businesses process raw materials or parts to come up with a final product. 3. Service Businesses – these offer intangible goods, and not actual or physical goods. These type of business generate profits by providing services which depend on the “talent” or capacity of their human resources.
  7. 7. 4. Financial Service Business – these are forms of service businesses which cater specifically in providing financial service or management. 5. Retailers and Distributors – these act as the link between manufacturers and the customers. They get products from manufacturers and delivers them to customers, generating a profit as a result.
  8. 8. 6. Real Estates – these are businesses which do selling and development of land, buildings, and other properties. Companies that develop subdivisions and homes are into this type of business. 7. Information Businesses – are those that sell intellectual property in the form of data and information, databases, and knowledge bases.
  9. 9. 8. Transportation Businesses – these deliver people or products from one point to another, and charge a particular cost for that service. 9. Utilities – these companies provide basic necessities, such as electricity and water, and are usually regulated by the government in certain aspects.
  10. 10. • BUSINESS ORGANIZATIONS for Large and organized groups that work a common goal. • A business organization already has the factors of production ready – the land or building is there, equipment or capital is set up, personnel are prepared, and the entrepreneurial ability already exists in the way the business has been organized by its owners.
  11. 11. How Businesses are Organized? Businesses, specifically companies and corporations, are usually managed by a Board of Directors for the company to follow. The Board also selects various people to occupy key posts within a company, from the president to the lowest top-level managers. Middle managers and lower managers are usually hired by the top-level officers and not by the Board.
  12. 12. Companies perform various functions in order to meet its needs. These function are performed by specific departments, which may include the following:  Procurement or Purchasing – this involves the acquisition of goods and services necessary for the business, such as raw materials for production, and supplies needed by personnel during the manufacturing or processing stage.
  13. 13.  Production or Service – this function turns the raw materials into goods or services that can be sold or delivered.  Marketing and Sales – this takes care of selling the goods and services to the customers, and includes advertising and distribution functions.
  14. 14.  Human Resources – this is responsible for the overall management of personnel in the organization.  Finance and Accounting – this handles the financial aspects of a business, specifically its bookkeeping and financial controls, management of funds, and the raising of capital or money to run the business.
  15. 15.  Information Technology – most businesses use computer and information technology for various aspects of its operations. Data on employees, sales, and customers are now stored and accessed quickly using computers.  Corporate Affairs – this takes care of internal and external communications, public relations, events management, and corporate social responsibility.
  16. 16. – this provide various administrative and logical support to an organization, such as typing, janitorial services, building administration, & others.  Administration  Internal Audit – this is an independent function that checks how the different departments are performing and then reports their findings to the top management of an organization.
  17. 17. DEVELOPMENT OF BUSINESS AND INDUSTRY SKILLS To be employed in a company, an individual has to have specific skills suited to be able to perform a particular function in a company.
  18. 18. Example: • Human Resources Department – managing personnel or human resources. • Persons who will work in a firm’s auditing department should have training and education in accounting. • Those to be in-charge of sales should have marketing skills.
  19. 19. BUSINESS CYCLES • Businesses run for the purpose of profit. But each business performs differently. Some gain great profits while others get modest returns only. While others have no profit at all and even have losses. Businesses experience swings in profit and gains, which are connected to economic activities.