MGT211 Midterm Notes Lectures 1-22

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MGT211 Introduction To Business Short Notes From Lecture No.01 to Lecture No.22 for Midterm Exam Preparation

Lecture 01 Business:

Any activity to earn profit.

The word “business” is derived from the term “busyness.” Entrepreneurship A phenomenon in which a person searches for an opportunity and try to avail it. Components of business Industry Commerce Industry Conversion of raw material into finished goods. This is a form utility. Types of Industry Primary Industry Extractive Industry Extraction of underground resources. Genetics People doing business by changing genes. Types of industries Secondary Industry

Construction Construction of buildings, roads, bridges etc. Manufacturing Conversion of raw material into final goods.

Services Banking, consultancy, accountant, Lawyer, Interior decorator, designer, music composer etc. Commerce

All those activities which start from the warehouse of the manufacturer to the buyer. Types of commerce Trade

Trade means buying and selling Aid to trade Institutions that are meant and build to assist and support the trading process. Factors of production Labor People working in an organization.

Capital Amount invested by investor in the business.

Entrepreneurship Management ability of the people who are running the business. Physical Resources Land, labor, building, vehicles, machinery etc. Economic System

A system for allocation of resources. Types of Economic Systems Planned Economy Free market Economy

Types of environmental forces External Forces Factors found outside an organization.

These factors are not controllable by the organization. Types of environmental forces

Internal Forces

Factors within the organization.

These are controllable by the organization. SWOT Analysis Strengths Weaknesses Opportunities Threats Lecture 02 External Factors Economy of the country Per capita income of the country