FYBCOM SEM I COMMERCE PAPER I PROF. ANUJA BAPAT

Transcript:FYBCOM SEM I COMMERCE PAPER I PROF. ANUJA BAPAT:
FYBCOM SEM I COMMERCE PAPER I PROF. ANUJA BAPAT SYLLABUS MODULE I: BUSINESS Introduction to Business: Concept, Functions, Scope and Significance of business, Traditional and Modern Concept of business. Objectives of Business: Steps in setting business objectives, Classification of business objectives, Reconciliation of Economic and Social objectives New Trends in Business: Impact of Liberalization, Privatization and Globalization, Strategy alternatives in the changing scenario, Restructuring and Turnaround Strategies. Introduction to business The term “Business” refers to commercial activities relating to production and distribution of goods and services for economic gain i.e. profit. “Business is an institution organized and operated to provide goods and services to society under the incentive of private gain.” –B.O.Wheeler. Nature/Feature of Business Functions of business Production Function Inventory Management Marketing Function Sales Function Finance Function Human Resource Management Research and Development Public Relations Corporate Planning Corporate Social Responsibility Scope of business Business Industry Commerce Primary Trade Genetic Aids to Trade Extractive Manufacturing Construction Scope of commerce Commerce Trade Aids to Trade Internal Retail Wholesale External Import Export Entrepot Warehousing Transport Communication Insurance Banking Advertising Salesmanship Mercantile Agents Significance/importance of business Role of business To business firms 1.Achievement of objectives 2.Corporate image 3.Customer satisfaction 4.Competitive Advantage 5.Efficiency of business 6.Expansion of business 7.Economies o scale 8.Optimum utilization of resources 9.Research and development 10.Relationships with society 11.Social status To consumers Availability of quality goods and services Goods at good price Better facilities and services Customer satisfaction Higher standard of living Status to the customers To society 1.Economic growth 2. Employment 3. Regional development 4. Revenue to the Govt. 5.Social order 6.Standard of living 7.Capital formation 8.Competition benefits to society 9.Infrastructure development 10.International relations Difference between traditional and modern concept of business Difference between traditional and modern concept of business Objectives of business It’s the aims of an organization. The objectives can be short term, medium term and long term. It includes: Sales, market share, profits, corporate image etc. “Objectives are the goals, aims or purpose that organization wish to achieve over varying period of time.”- Dalton E. McFarland Steps in setting business objectives Analyze internal environment: Physical, financial, human resources, policies and strategies, working conditions, management, Strengths and Weaknesses. 2. Analyze external environment: Government policies, competitor’s strategies, consumer tastes and preferences, events in the international environment, technological development etc, Opportunities and threats. 3. Values and beliefs of top management: Mission statement, vision of the organization, mentality of the top