Strictly Business Activities Economics LAP 19 Strictly Business

Strictly Business Activities Economics LAP 19

Strictly Business Replace when cover is approved Business Activities A Discuss types of business activities. B Explain how business activities are interrelated. Economics LAP 19

A Discuss types of business activities.

§ Every business must accomplish certain things. § Or, no one would have a job!

Business Goals • To produce and/or distribute goods and services • • May be for profit May be nonprofit

Primary Business Activities ü Financial analysis ü Human-resources management ü Information management ü Marketing ü Operations ü Strategic management

Financial Analysis § The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources

Financial Analysis § Businesses get financing from: • Venture capital • Debt • Equity § Businesses rely on solid accounting.

Human-Resources Management § The process of planning, staffing, leading, and organizing employees § Makes the business a fair and inviting place to work!

Information Management § The process of accessing, processing, maintaining, evaluating, and disseminating business knowledge, facts, or data

Information Management § Businesses must have systems for: • Identifying necessary information • Determining how that information should be presented, viewed, or accessed • Providing appropriate access to the information

Marketing § The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Marketing § Activities include attention to: • Product • Price • Promotion • Place

Operations § The day-to-day activities required for continued business functioning § Includes production, quality control, purchasing, and inventory management

Strategic Management § The process of planning, controlling, and organizing an organization or department § Involves: • Creating the mission and vision of the business • Determining goals • Selecting strategies to support goals

B Explain how business activities are interrelated.

Interrelation of Business Activities § If one business activity changes, all other activities must adjust. § Example—finance shortage may mean human resources cutbacks

Special Situations Requiring Adjustment § Mergers § Outsourcing § Virtual services

§ Your school’s business activities § Effect on education?

§ Offshoring § Is it ethical?

Acknowledgments Original Developers: Sarah Bartlett Borich and Lelia Ventling, MBAResearch Version 2. 0 Copyright

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