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Business Activity

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The nature of business Business Activity What is a business?  A decision-making organization involved in the process of using inputs to produce good and/or provide services.  Businesses exist to satisfy the needs and wants of people, organizations, and governments.  Peter Drucker: the only purpose of a business is to create customers.  Drucker is considered the “father of modern management” and wrote nearly 40 business books What do business do?  Businesses process inputs to create good
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  The nature BusinessActivit  What is a business?  A decision-making organization involved in theprocess of using inputs to produce good and/orprovide services.  Businesses exist to satisfy the needs andwants of people, organizations, andgovernments.  Peter Drucker: the only purpose of a businessis to create customers.  Drucker is considered the “father of modernmanagement” and wrote nearly 40 business  What do business do?  Businesses process inputs to create goods orservices  Goods are physical products  Consumer goods – purchased by general public;can be durable or non-durable  Capital goods – purchased by businesses  Services are intangible products  Businesses contribute a “value added” thatenhances the value of the inputs and producesprofit for the business  How do business produce?  By using different resources or FACTORS OFPRODUCTION  Land  Labour  Capital  Enterprise
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