9 Scope of Business and management studies- Meaning, elements, steps, scope with picture gallery

Business

Business is a process of exchanging goods and services between the buyers and sellers. Business is an economic system in which goods and services are exchanged for money from one party to another. Business is an economic activity that deals the production and distribution of goods and services with the aim of earning profit.

Process of Business

The main characteristics of business is as follows:-

1) Business is a process of exchange of goods and services for the purpose of earning money.

2) Earning profit is the main aim of every business..

3) Business is a continuous transactions between the buyers and sellers.

4) It is a process which consists of risk and uncertainty due to the fire or theft.

5) Every business is a contract or agreement between two parties that is the buyer and the seller.

6) Business is the result of the production of goods and services.

7) Every business has its own social responsibility to their customers in the modern scenario.

8) Business involves two kinds of goods that is Consumer goods and producer goods.

Management

Management is the art of getting things done with the help of others. It includes Planning, Organizing, Directing, Staffing, Co-ordinating, Reporting and Budgeting. These are known as the PODSCORB of the management.

  The important Elements of Management are as follows:-

1. Planning- It is the process of getting things done through others.
2.  Organizing-  Organizing is a process of arranging all the process of activities for the effective management.
3. Directing- it is a continuous process which includes decision making and execution of the decisions with the help of others.
4. Staffing- Staffing is a very important activity which involves the protection and the work allotments to the staffs in an organization.
5. Co-ordination- This is an inter related activity which co-ordinates all the works in an organization.
6. Reporting- Reporting is an another important activity which connects the superiors with their subordinates every day. This is very essential to report the day to day activities to the superiors by directly, telephone call, message or e-mail etc.
7. Budgeting-  Budgeting is doing as planning and controlling of the future business. 

Elements of Management

 Business and Management

                   Business and management are the very important thing which an entrepreneur should have a well knowledge about this.  The study of business and management will enable us to identify the trends and techniques which can be use in the day to day business. As a part of the Business and Management study, we will get a clear idea about how things works in business and management and also enable to study about the Markets, finance, Information system, operations management, dealings with the external world etc.

 The proper study of the business and management gives a confidence to start the business in any competitive environment. Study of the business and management also enable to the following:-

• To start a business with clear idea of the internal as well as external environment of the business.
• It enable to apply business strategy and directions to the business.
• This gives the general rules and regulations to start a business
• It gives the clear idea of law for starting a business in other countries too.

Business and management

Business and management

Business and management

Business and management