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Introduction to Business

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Business: organized approach to providing customers with the goods and services they want. The word business also refers to an organization that provides these goods and services.

Types of businesses A. Manufacturing Firm Manufacturing firms produce a wide range of products. Large manufacturers include producers of airplanes, cars, computers, and furniture. Many manufacturing firms construct only parts rather than complete, finished products. B. Merchandisers Merchandisers are businesses that help move goods through a channel of distribution—that is, the route goods take in reaching the consumer. Merchandisers may be involved in wholesaling or retailing, or sometimes both. A wholesaler is a merchandiser who purchases goods and then sells them to buyers, typically retailers, for the purpose of resale.
A retailer is a merchandiser who sells goods to consumers.

C. Service Enterprises
Service enterprises include many kinds of businesses. Examples include dry cleaners, shoe repair stores, restaurants, hospitals, and hotels.

1.3. BUSINESS OPERATION or BUSINESS FUNCTION. A variety of operations keep businesses, especially large corporations, running efficiently and effectively. Common business operation divisions include (1) Production, (2) marketing , (3) finance, and (4) human resource management Management is an Art: This is due to the following reasons:

1. Manager applies knowledge and skills to coordinate the efforts of people 2. Management seeks to achieve concrete practical results—profits, growth, social service, etc… 3. It is creative…converts input into output utilize new situations. 4. Personalized process… Individual managers adopt their own approach to manage. 5. Continuous practice refines managerial art...lead to organization goal achievement.

Management is a Science: This is due to the following reasons: 1. Management is a systematized body...

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