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  1. 1. Business <ul><li>Meaning of Business </li></ul><ul><li>Business is an organized and systematized human activity involving production and purchase of goods and services with the objectives to selling them at a profit. We can say that Business concerns with buying and selling goods, manufacturing goods or providing services in order to earn profit. </li></ul>
  2. 2. Features of a Business <ul><li>Production or acquisition of goods </li></ul><ul><li>Continuity in the exchange of goods and services </li></ul><ul><li>Value addition </li></ul><ul><li>Risk Taking </li></ul><ul><li>Transfer of title </li></ul><ul><li>Profit or Loss </li></ul>
  3. 3. Objectives of Business <ul><li>a) Economic Objectives: </li></ul><ul><ul><ul><ul><li>Profit earning </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Employment generation </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Demand creation </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Risk taking </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Survival and growth </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Contribution to economy </li></ul></ul></ul></ul>
  4. 4. Objectives of Business <ul><li>b) Social Objectives: </li></ul><ul><ul><ul><ul><li>Improving Environment </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Energy conservation </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Participating social working </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Improving standard of living </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Maintaining good networks with people </li></ul></ul></ul></ul>
  5. 5. Requisites for a Successful Business <ul><li>Clear Objectives </li></ul><ul><li>Effective Planning </li></ul><ul><li>Sound organization </li></ul><ul><li>Market research capability </li></ul><ul><li>Financial Knowledge </li></ul><ul><li>Proper plant location and layout </li></ul><ul><li>Effective Management </li></ul><ul><li>Harmonious relation with employees </li></ul><ul><li>Risk taking capability </li></ul><ul><li>Consideration for social responsibility </li></ul>
  6. 6. Branches Of Business <ul><ul><ul><ul><ul><li>Industry </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Commerce </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Trade </li></ul></ul></ul></ul></ul>
  7. 7. Industry <ul><li>By the term 'industry' we mean all factories or companies or processes involved in the production or manufacturing of products and/or services. It includes all the processes of extraction, conversion, processing or fabrication of products. </li></ul>
  8. 8. Commerce <ul><li>It includes all the activities, which are necessary to bring goods and services from the places of their production to the place of their consumption. </li></ul><ul><li>The principal function of commerce is to remove the hindrances of persons, place, time, exchange and knowledge in connection with the distribution of commodities until they reach the ultimate consumers </li></ul>
  9. 9. Trade <ul><li>Trade is, in fact, a branch of commerce itself. It is a final stage of business activities which involve sale and purchase of goods and/or services to their customers/consumers. </li></ul>
  10. 10. People in Business <ul><ul><ul><ul><ul><li>Owner/Entrepreneurs </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Managers </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Employees </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Consumers </li></ul></ul></ul></ul></ul>