Understanding Business: Definition, Kinds, Objectives, and Role in Society, Lecture notes of Business Strategy

Download Understanding Business: Definition, Kinds, Objectives, and Role in Society and more Lecture notes Business Strategy in PDF only on Docsity! Business and Its Environment  What is business?  Kinds of Business  Objectives of Business  The Environment of Business Forms  Matching the Organization with the Environment  Survival Strategies in Uncertain Environments  Coping Strategies  Environmental Controlling ◉Profit refer to the rewards for businesspersons who take the risk involves in producing and marketing goods and services. Kinds of Business 1. Commerce Business firms, which are engaged in buying and selling of goods and services are classified as commerce. Also included in this category are trading, merchandizing, and marketing. 2. Industry Industries are those that are mainly engaged in the production. Goods produced, which are intended for ultimate consumption are called consumer goods, while goods intended for use of business and industry are called producer’s goods. Objectives of Business Profit - Making profit is the primary goal of any business enterprise. Objectives of Business Growth - Business should grow in all directions over a period of time. Objectives of Business Power - Business houses have vast resources at its command. These resources confer enormous economic and political power. Objectives of Business Market Leadership - To earn a niche for oneself in the market, innovation is the key factor. Objectives of Business Challenge - Business offers vast scope and poses formidable challenges. ocietyServi and h Objectives of Business ce to society - Business is a part of s as several obligations towards it.