SS3 Commerce Lesson Note on Introduction to Business Management

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TOPIC: – Introduction to business management.                                                             CONTENT 

1. Meaning of business.
2. Meaning of management
3. Business resources – man, money, materials, opportunity/ goodwill.
4. Objectives of business.
5. Management of business
6. Business organization
7. Business and its environment
8. Social responsibility of business (scholarship employment of people in the community, provision of social amenities.

 SUB TOPIC 1   – meaning of business.

Business can be defined as any activity that people engage directly or indirectly in order to make profit.  It can also be defined as the sum total of all economic activities which people engage in order to create, procure or provide desired goods and services to the consumer in proper quantities at suitable times and at satisfactory prices in order to make profits.

  EVALUATION

Define the ‘term business’.

SUB TOPIC 2: Meaning of management.

Management is the process of setting organizational goals, deciding what actions and resources must contribute to meeting goals and then co-coordinating, guiding and encouraging the co-operative work of other people to meet the goals.

We can also define management as the process of using authority to organize, direct, and control subordinates in order to achieve the objectives of the business.

Functions of management.        

1. Planning: It is the function of management to set objectives and goals, forecast the future, formulate policies, programmes and procedures and ways to achieve the set objectives and goals.
2. Staffing: This concerns itself with the organization of human resources in a way that the organization has the right people in the right place and at the right time to achieve the objectives of the organization. It involves employment of the right of workers, giving them training and induction courses, disciplining of staff, fixing the salary and fringe benefits as well as the motivating of the workers.
3. Organizing: This involves the bringing together all available resources (people, time, and money, machinery) to achieve organizational objectives.  It concerns itself with the identification of tasks to be done, grouping them into sections, sharing of duties and responsibilities, authority relationships established etc.
4. Controlling: Controlling involves setting standards and measuring progress with the set standards to ensure the achievement of the objectives of the organization. It involves setting of standards and achievements matched to the standards set and eventually, deviations from the standard set are corrected.
5. Communication: To establish a good network of communication system in the organization, effective and efficient transmission of information of information from worker to worker, from organization to the public, from department to department is very important.
6. Motivating – This is the process which deals with the various ways by which an organizations leader can channel the inner – force in the people towards behaving in the ways that will coincide with the cooperate goals. Motivation is usually adopted in order to boost the morale of the workers.

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