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01 Business Basics - Class Notes With Examples

Business Studies examines how organizations function and engage with stakeholders, focusing on areas such as marketing, finance, operations, and human resources. It covers business objectives, types of businesses, and the internal and external environments affecting them. Additionally, it discusses marketing strategies, financial functions, and human resource management, including motivation theories.

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16 views4 pages

01 Business Basics - Class Notes With Examples

Business Studies examines how organizations function and engage with stakeholders, focusing on areas such as marketing, finance, operations, and human resources. It covers business objectives, types of businesses, and the internal and external environments affecting them. Additionally, it discusses marketing strategies, financial functions, and human resource management, including motivation theories.

Uploaded by

Saba Fatima
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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06_Business_Studies_Basics

Introduction to Business Studies

Business Studies explores how organizations operate, grow, and interact


with stakeholders.


Key areas include marketing, finance, operations, and human resources.

1. Business Objectives and Types

Objectives: Profit, growth, market share, social responsibility.


Types of Businesses:

Sole Proprietorship: Owned by one person.

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Partnership: Shared ownership and responsibilities.

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Corporation: Legal entity separate from owners.


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Cooperative: Owned and run by members for mutual benefit.

2. Business Environment

Internal Factors: Leadership, culture, staff morale.


External Factors: Economic trends, legal regulations, technology,


competition.

3. Marketing and Finance

Marketing Mix (4 Ps):

Product: Features, design, branding.

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Price: Strategies (e.g., penetration, skimming).

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Place: Distribution channels.


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Promotion: Advertising, PR, sales promotions.

Finance Functions:

Budgeting and forecasting.

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Income Statement: Revenue – Expenses = Profit.

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Balance Sheet: Assets = Liabilities + Equity.

4. Human Resource Management

Key roles: Hiring, training, evaluating, compensating.


Motivation Theories:

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Maslow's Hierarchy: Basic to self-actualization needs.

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Herzberg’s Two-Factor Theory: Hygiene factors and motivators.

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