What is business

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What is business

  1. 1. Introduction to business environment
  2. 2. Introduction • Economic & social activity • Provides Goods n services to society • Earlier profit oriented then converted to Customer oriented and now Societal Oriented • Basis of need satisfaction • Narrow in terms of environment hence has to adapt to changing environment
  3. 3. Definition of business • The activity of buying and selling goods, manufacturing goods or providing services in order to make profit. “ • Business is an institution organized and operated to provide goods and services to society under the incentives of private gain”- Wheeler B .O
  4. 4. Features /characteristic of business • Buying selling activity • Continuous in nature • Deals with goods and services • Activity for private gain • Risk & uncertainty involved • Supports Society • Creativity & innovation • Takes from the society • Employment generation
  5. 5. Function / needs of business • Regular supply Goods & Services • Satisfaction Of Need & wants • Optimum use of natural resources • Better standard of living • Must for growth of economy • Revenue to govt • Employment generation
  6. 6. Role of Business
  7. 7. What is business environment? • Business environment is “the total of all things external to firms and individuals, which affect their organization and operations” – B.O Wheeler • Business environment “ Consist of all external and internal factors that influence the complex interaction of the market, production and finance, the three basic components of our business world.” – Joseph A Kriz & Curtiz J Duggan
  8. 8. Characteristics/ Features of business environment • Broadly divided in two component • Surrounding Situation • Complex & dynamic in nature • Multi-faceted • Study involved-as varied aspect • Influences business activity • Must be adaptable • Creates framework for planning • Challenging & opportunity oriented • Direct & lasting effect • Business is inseparable
  9. 9. Significance / importance/ need of study of business environment • Recognize opportunity & threat • Ensures optimum use of resources • Accuracy in decision making • Helps adapt to changing dynamics • Stability, growth, survival • Makes business socially acceptable • Study level of competition
  10. 10. Classification of Business Environment
  11. 11. Business Structure

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