Scope of business Scope of business s Vast Vast s Buy car- supplier of raw material, Buy car- supplier of raw material, manufacturer, dealer, transport agent, manufacturer, dealer, transport agent, banker, advertising agency, insurance agent banker, advertising agency, insurance agent s Multitudinous activities- bring raw material Multitudinous activities- bring raw material to factory, end product from there to market, to factory, end product from there to market, constitute business constitute business s Business includes all activities connected Business includes all activities connected with production, trade, banking, insurance, with production, trade, banking, insurance, finance, agency, advertising, packaging etc finance, agency, advertising, packaging etc
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
8/14/2019 Introduction to Indian Business Environment
Scope of businessScope of businesss VastVasts Buy car- supplier of raw material,Buy car- supplier of raw material,
manufacturer, dealer, transport agent,manufacturer, dealer, transport agent,banker, advertising agency, insurance agentbanker, advertising agency, insurance agent
s Multitudinous activities- bring raw materialMultitudinous activities- bring raw materialto factory, end product from there to market,to factory, end product from there to market,constitute businessconstitute business
s Business includes all activities connectedBusiness includes all activities connectedwith production, trade, banking, insurance,with production, trade, banking, insurance,finance, agency, advertising, packaging etcfinance, agency, advertising, packaging etc
8/14/2019 Introduction to Indian Business Environment
s Includes efforts to comply with legalIncludes efforts to comply with legal
restrictions, government requirements,restrictions, government requirements,discharging obligations to consumers,discharging obligations to consumers,employees, owners, other interestemployees, owners, other interestgroups- stake in business directly,groups- stake in business directly,indirectlyindirectly
s All above activities- organized/ carriedAll above activities- organized/ carriedout- earn profitout- earn profit
s People occupy central place aroundPeople occupy central place aroundwhom, by whom, for whom business iswhom, by whom, for whom business isrunrun
8/14/2019 Introduction to Indian Business Environment
s Business is peopleBusiness is peoples NGOs, non business organizationsNGOs, non business organizations
follow principles/ practices of follow principles/ practices of managing a business – competitionmanaging a business – competitionamong them severe, need topamong them severe, need topprofessionalize their practices toprofessionalize their practices tosurvive/ prospersurvive/ prosper
8/14/2019 Introduction to Indian Business Environment
Characteristics of Characteristics of modern businessmodern business
s Transition TransitionGlobalization- new environment, increasedGlobalization- new environment, increased
competitioncompetitionLifting of all protective measuresLifting of all protective measuresIn between new environment, and old practicesIn between new environment, and old practices
of doing businessof doing businessStructure( flexible, flat, team based),Structure( flexible, flat, team based),
Competing among themselves/ foreign firmsCompeting among themselves/ foreign firmsBoon to customers- choiceBoon to customers- choiceDefines new ways of doing businessDefines new ways of doing business
Build new capabilitiesBuild new capabilitiesBuilds new customer satisfaction standardsBuilds new customer satisfaction standardsMakes business proactiveMakes business proactive
s Immense opportunitiesImmense opportunitiesExploit for one’s advantageExploit for one’s advantageBPOs, KPOs, IT, wealth managementBPOs, KPOs, IT, wealth managementManufacturing outsourcing- low cost production,Manufacturing outsourcing- low cost production,
confidence of entrepreneurs, erosion of confidence of entrepreneurs, erosion of competitiveness of traditional manufacturingcompetitiveness of traditional manufacturingcenters of worldcenters of world
8/14/2019 Introduction to Indian Business Environment
s InformationInformationRecognition of and the need for informationRecognition of and the need for information
Retrieving, extending information- dataRetrieving, extending information- dataprocessing, information system analysis,processing, information system analysis,preparation of effective records, reports-preparation of effective records, reports-importantimportant
Due to complexities of modern business/ govtDue to complexities of modern business/ govtrequirements-information crucialrequirements-information crucial
Availability of computers, electronic devices-Availability of computers, electronic devices-quick gathering, processing/ distributingquick gathering, processing/ distributinginformation feasibleinformation feasible
s Some – not for profits- hospitals, charitableSome – not for profits- hospitals, charitableinstitutions, govt agenciesinstitutions, govt agencies
s Profit – beginning, act as seed money forProfit – beginning, act as seed money for
more products/ projects/ dividends/ taxmore products/ projects/ dividends/ taxpayments/ jobs etcpayments/ jobs etcs While pursuing profit, should not forgetWhile pursuing profit, should not forget
s Service to societyService to societySecondary objectiveSecondary objectiveObligations to societyObligations to societyProvide safe/ quality goods at lowProvide safe/ quality goods at low
pricespricesProvide employmentProvide employmentPatronize religious / cultural activitiesPatronize religious / cultural activities
Maintain/ protect ecologyMaintain/ protect ecologySupport less privileged sections of Support less privileged sections of
peoplepeople
8/14/2019 Introduction to Indian Business Environment