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Eventually, all students will encounter the world of business, whether they work in urban or rural areas. They must be pre- pared to engage in business activity with confidence and competence. Young people need to understand how business functions, the role it plays in our society, the opportunities it generates, the skills it requires, and the impact it can have on their own lives and on society, today and in the future.
Business Studies is challenging! It requires a variety of skills analytical skills and evaluation skills.
Business Functions
Finance
This refers to the money aspect of the business. It mainly involves managing the financial flows that support the other functional areas and keep detailed records of financial activity.
Marketing
Many people see this as the heart of the business organization. Marketing is defines as the process involved in the identifying, anticipating and satisfying consumer needs profitably. Example of marketing activities are: Marketing Research, Advertising, Promotions, Pricing etc.
Prepared By Ajay Bhardwaj
Human Resources
The purpose of this function is to deal with the labour resources in an organization.
Google gets 1,300 resumes every day.
That adds up to nearly a half a million a year from people who want to come and work at the Googleplex HQ, famed for its free gourmet lunches and on site massages.
All activities related to employees pay, training, welfare, recruiting, motivating are the responsibility of this function.
Production
This area deals with the making of goods or the provision of services. Functions relating to techniques of production, scheduling of production, stock levels, quality control all come under the production function.
Ford Motor Company Henry Ford was the founder of the Ford Motor Company and father of modern assembly lines in mass production.