Business Management

Page 1 A business consists of all profit seeking activities and enterprises that provide goods and services necessary to an economic system, an organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough consumers to which products can be sold on a consistent basis in order to make a profit. The underlying aim of a business is to serve customers at a profit. Businesses can be privately owned, non-profit, or state owned. Now onto business management and the many different business environments that make it up. Business management is defined as the process of managing an organization by applying various business concepts on the set objectives. In order for the business to be successful there are certain business objectives that must be met. There must be good planning, organization, coordination, and direction. These functions are carried out through a management team, which then makes sure it is translated though out the organization. There are some key components that make up a dynamic business environment. One of these concepts is the ever changing economic environment this can affect businesses as well as consumers. It looks at income, expenditures, and resources that affect the cost of running a business. There are also economic changes these changes refer to the changing trends of general performance within the economy. Other points of interest that fall under the economic umbrella are tradable currency, minimum taxes, import and exports, and employment levels and productivity. The next component would be marketing conditions this refers to the extent of demand and supply of goods and services in the market.
Page 2 Demand is the willingness and ability of buyers to purchase goods and services at different prices. And supply is the