Business Studies

Scope of Business and Management Studies

Alfred Ajibola - 06th February, 2019 @ 11:37 AM

Topics in Business Studies

Agencies of Consumer Protection Consumer Right and Protection Methods of payment through commercial Banks, Part 2 Methods of payment through Commercial Banks Meaning, Scope and Importance of Business Studies Meaning and Types of Business Structure Clerical Staff, their Qualities and Functions Principle of Double Entry Disadvantages of Money Scope of Business and Management Studies

Academic Questions in Business Studies

QUESTION: In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.

  1. chain store
  2. hyper market
  3. hypo market
  4. warehouse
  5. mobile shop
  6. supermarket

ANSWER is: Warehouse

A warehouse is a building where large quantities of goods are stored. They are usually managed and operated by the wholesaler.

Business Studies

What is Business?

Whenever you exchange something of yours for another thing or money, then that's business. By definition, business is an economic activity or a process of exchanging goods and services between the buyers and sellers for the purpose of making profit. Goods and services are exchanged in business usually for money or perhaps, something else, from one party to another. In business, profit goes beyond money. It also includes other items, goods and services exchanged in the place of money.

Characteristics or Nature of Business

  1. The exchange of goods and services is always involved.
  2. The goal of every business is to make profit.
  3. The buyer and seller comes into a contract agreement.
  4. It involves risk from unforeseen circumstances like fire and flood.
  5. Goods and services are constantly produced as a result of business.
  6. Business is a continuous transaction between the buyers and sellers.
  7. Investments are required to begin a business.
  8. Consumer good and producer goods are involved in business.
  9. Creativity and dynamism is required in modern business.
  10. They are subject to policies made by the government.
  11. Nowadays, businesses have social responsibility to their respective customers.


What is Management?

A good business structure is highly dependent on how it is managed. The leaders in any organization or institution play a very integral part in management. Different people have given different definition of the term management.

According to Harold Koontz

Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals.

According to F.W. Taylor

Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way

For me, I will simply define it to be the process of doing things and achieving goals with the input of other people. Good management is a critical factor if a country is to be considered as developed. If developing countries can be properly managed, businesses and other economic activities will thrive. A good management will including the elements of management:

Elements of Management

  1. Planning: This is the first step of management process. During this process, "we think on what should be done", "how it should be done", "where it should be done" and "when it should be done".
  2. Staffing: This process involve acquiring the needed manpower for the job. Recruiting, selection and trainings are carried out on those qualified for the job.
  3. Organizing: When organizing, we will rearrange the harmonious co-adjustment all all activities towards an effective management.
  4. Directing: it is a continuous process concerned with supervision, regulation and inspiration of all members. Decisions will be made and executed during directing.
  5. Co-ordination: This process lubricates all other managerial element so that the best result may be achieved. It functions to co-ordinate all the work done.
  6. Control: This process keeps all systems in check, making sure all is in order.
  7. Reporting: This process connects superiors with their subordinates. Reports can be made directly or by phone or e-mail.
  8. Budgeting:  Budgeting is also related to planning. It controls the future of the business.
  9. Motivation: This process involves encouraging and inspiring the staff members to give in their best. This act will maximize output.


Understanding Business and management will help to:

  • Start a business in a very competitive environment.
  • Maximize the ideas of business strategy.
  • Comprehend and interpret law for starting a business in foreign nations.
  • Comprehend the general rules regarding a specific type of business.

Amazing facts in Business Studies

NOTABLE POINTS IN Business Studies

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