Topics in Business StudiesFranchise Business Structure: Types, Advantages and Disadvantages What is Corporation? Types, Advantages and Disadvantages of Corporations What is Limited Liability Company? Its Advantages and Disadvantages Partnership in Business: Types, Advantages and Disadvantages Business Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender
Academic Questions in Business Studies
Which of the following is NOT a characteristics of business?
A. The buyer and seller must always come into a contract agreement
B. Risk from unforseen circumstances is involved
C. They are subject to policies made by the government
D. All business transaction is aimed at making profit
E. It requires a discontinuous transaction between the buyer and the seller
F. Investments are required to begin a business
Which of the following is not a Right of Consumer Protection?
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.
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Management is an important concept in business studies. It can be correctly defined in a variety of ways.
For me, I will simply define Management to be the process of doing things and achieving the desired goals with the input of other people.
Elements of Management are those necessities that are required to achieve the stipulated managerial goals. (Think of managerial goals as the business motive of an organization).
Note: If properly implemented, the various elements of management (in steps) will indeed help any organization to achieve its goals.
The elements of management include:
Planning is the first phase of any managerial process. During the process of planning, the following questions are pondered upon:
what should be done?
How should it be done?
When should it be done?
where should it be done?
who are required to get the job done?
If an appropriate answer can be given to each of the question (above), then it implies that the management comprehends the manner through which they will interprete their priorities or vision towards the goal(s) of their organization.
Note: Without proper planning, an organization may likely become liquidated or bankrupt.
Staffing simply refers to a process of acquiring the needed manpower for a job.
Note: Recruiting, Selection and Monitoring are all carried out on those that will be eventually staffed for the job.
When one is a ratified (or confirmed) as a staff of an organization, it implies that such an individual had successfully scaled through the recruitment, selection and monitoring phases in accordance with the standards of the organization.
Organizing as an element of management requires the rearrangement and harmonious adjustment of all activities in the organization.
Note: Through the "organizing" process, the different sections required to effect the company's goal becomes well defined.
An instance of "organizing" is seen in a football match where the different positions in the team (for instance, goalkeeper, center back, left back, defensive midfielder, central forward and so on) work harmoniously (or in unity) to achieve victory in a football competition, for example, world cup.
In the above instance, it is the duty of the coach and technical department to organize the players towards achieving their goals.
Directing is a continuous process concerned with supervision, regulation and inspiration of all members in an organization.
Note Decisions will be made and executed during directing.
An instance of directing is seen during a football match. At halftime (in the game of football), the coach is expected to direct his players on how to go about the second half of the game. He may even make substitution(s) if need be.
Coordination is the managerial process that lubricates all other managerial elements so that the best result can be achieved.
It is the responsibility of the coordinator to coordinate (control and supervise) all the work done.
The coordinator does not have to be too aggressive on the other team members if the best results are to be achieved.
As a coordinator, one is expected to oversee all the departments (usually through their leaders). In this case the coordinator get reports and feedbacks from the heads of these departments.
This element of management keeps all systems in check, making sure all is in order.
One who is in control (in an organization) is expected to have all necessary information from the relevant departments while also guiding them on the appropriate process(es) to follow.
The process of reporting presents a link between the superiors and their subordinates.
Reports can be given by the staff to the management through a variety of ways. These include:
In schools, an instance of reporting is seen when the teachers submit their lesson notes and examination questions to the appropriate department head.
The act of budgeting controls the future of the business. For this reason, it is often linked to planning.
During budgeting, monetary allocations are made to various sections of the business. For instance, budgets may be allocated to the followings in a production factory:
Motivation as an element of management refers to the act of encouraging and inspiring the staff (and organizational teams) to always give in their best in the course of doing their jobs.
Motivation is a powerful tool utilized in management to maximize output from workers, teams or members of staff.
There are various ways to motivate staff; and one of such is by giving an extra allowances to those who are deserving.
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Amazing facts in Business Studies
The world's 💰💰💰100 richest people 💰💰💰 earned enough money in 2012 to end global poverty four times over
NOTABLE POINTS IN Business Studies
Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.
The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:
One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.
Below are some of the Government Agencies of consumer protection
- National Drug Law Enforcement Agency (NDLEA)
- National Agency for Food, Drug Administration and Control (NAFDAC)
- Consumer Protection Council (CPC)
- Rent Tribunal
- Ministry of Health
- Ministry of Commerce
- Ministry of Transportation
- Ministry of Environment
- National Wages and Salaries Commission