VU Study 700

Word Business literally means busyness or the state of being busy. It includes all the economic activities of a busy man. Simple Meaning:  It includes all those activities which are related to profit earning, So business includes all those legal activities whose primary purpose is to make a profit. Functions of a Business:         Business functions are groupings of business processes and capabilities. 1.Organization:      This is the first function of the businessman. It is about decided whether the business should be a sole proprietorship, partnership or a company. He should also decide what work should be allocated to each worker. In order to run the organization smoothly, he should also set the responsibility and authority of each individual worker. 2.Strategy:       It is a long term plan. This function of business is about the development and implementation of a strategy. 3.Warehouse:      In...

It is a common perception that Economics is something about money or related to money. Some peoples think Economics and Finance are the same things and both words can be used interchangeably. Different authors have given different definitions of Economics Adam Smith, Marshall and Lionell Robbins definition are common. According to Adam Smith: "Economics is a science of wealth" At that when presented his definition of Economics British society was religious and Adam Smith definition was not accepted by British Society. So after Adam Smith, Marshall presented another definition of Economics According to Marshall "Economics is the study of mankind in the ordinary. It examined that part of individual action which is most closely connected and attainment of the material requisite of well being". So Marshall Definition was about Material Welfare. So after Marshall Robbin gave his definition so the definition of Robbins is the following:   : Econ...

Marketing: Normally when we think about Marketing we think it selling or much more Advertising but Marketing is much more than this it is about identifying and satifying customer needs at profit.So marketing includes all those activities which are perform for identifying and satisfying customer needs. Need:   These are basic human requirements without these a human cannot survive.e.g.Food,Cloth,Shelter.

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