BUSINESS OFFICE SYSTEMS AND profit.

It is vital for
TECHNOLOGIES REVIEWER business survival and
expansion. It is the
Basic Concept reward for the investors.
*should be earned
“Human activity directed through legal and fair
towards producing or means and in ethical
acquiring wealth through manner.
buying or selling of goods.” ⚫ Continuous Process - to
- Lewis Henry provide goods and
services by the business
Business - it is defined as an to the customers
organization or enterprising continuously and
entity engaged in commercial, regularly.
industrial, or professional ⚫ Satisfaction of Customers
activities. - satisfy human demands by
producing quality of
Characteristics of Business goods and also to supply
right product in right
⚫ Human Activities - the time at right place to
main aim of the business meet right needs.
is to produce goods and ⚫ Finance - it is the
services to fulfill the “Lifeblood” of business.
requirement of human ⚫ Organizing - It means
being internally integration of all
associated in the business. It ensure that
production or the the resources of the
consumers. business are used
⚫ Economic Activities - efficiently and
these are the activities effectively.
which are performed by
individuals for earning Types of Trade
profits and generating
wealth. 1. Home Trade -
⚫ Production of goods and national, domestic or
services - main feature of internal trade.
the business is to produce - buying and
goods and services to the selling within a
society. nation.
⚫ Risk and Uncertainty- A
possibility that losses 2 types of Home
may occur. Trade
⚫ Profit Motive - Business
has the main aim to earn a. Wholesale trade -
 Bulk of goods are brought different activities.
from manufacturer and are ⚫ Managing Function- it
sold to retail. helps in management of
b. Retail trade - when business. Includes
a trader buy goods in bulk planning, organizing,
amount and resell to controlling,
customer in small volume. coordinating,
Sells goods in small decision-making, and
volume/ small quantity. soon.
⚫ Research and Development
2. Foreign Trade - Function - helps in
international, global, improvement of product.
external trade where Marketing, strategies,
buying and selling is skills, knowledge, and
between 2 or more nation. experts are used.
Economic Objectives
Functions of Business - related to earning
profit through customer
⚫ Organizing Function- satisfaction
helps to organize all the
activities. It organizes Major Economic Objectives
men, machine, materials,
money, and methods. ⚫ Earning Profit- main
⚫ Financing Function - economic function of
helps in maximum business. it includes
utilization of resources. supply of quality goods
It’s function is related and services to
to money. gain-profit.
⚫ Production Function - the ⚫ Production of
main function of business Commodities- production
is to produce goods and of goods and services are
commodities and transfer to be done according to
then to right place at the customer demand and
right time. desired.
⚫ Distributing Function- *supply of commodities is
helps in the transfer of also done according to needs
goods/services from of customer.
producers to customers. ⚫ Creation of Market -
⚫ Personnel Function - also business can provide
called staffing function. service only if demand of
It deals with human customers are fulfilled.
activities. It is related ⚫ Innovation - new ideas,
to the utilization of methods, men, tactics,
people to perform and technology create the
 ways of better production develop their skills.
and services. ⚫ listen and handle their
complaints and issues.
Importance of Business
To Creditors
*Concept of True Business
is used in industries and ⚫ Make duly payment
commerce. ⚫ Satisfaction of creditors
*Industries use men, with proper relationship
money, materials, methods ⚫ Helping them to create
and machines and help to their own market
create employment. ⚫ Entrusting the right of
*Commerce is the concept proper selling of goods
of exchange goods/services and services of their
at national and goods
international levels. ⚫ copyright and other legal
⚫ Provide Investment rights.
Opportunities-
establishment of new
industries and commercial
fields are the major
source of investment.
⚫ International relations -
* business fosters
both national and
international relations
promoting harmony among
countries.
Social Responsibility of
Business To Investors

To Employees ⚫ True information about

earning power of business
⚫ provides better working ⚫ The objectives are to
environment to satisfy provide reasonable rate
the employees. of return to shareholder
⚫ provides salary, bonus, ⚫ provide the information
provident funds and job about plan of business
security. ⚫ ensure safe investment
⚫ provides financial and ⚫ promote utilization of
non-financial supports. resources without leakage
⚫ enrich employees ⚫ ensure transparency of
performance business activities
⚫ provide training to
To the Government

⚫ Increase in tax i.e.

Increase in government
revenue
⚫ Fulfill demand of
government
⚫ Non violation of rules and
regulation of government
⚫ Avoid unfair trade
⚫ Provide essential
information to the
government
⚫ Solve national problems
like natural calamities
⚫ Avoid malpractice like
black marketing,
adulteration, smuggling

To the Society

⚫ Good environment
⚫ Employment opportunities
generation
⚫ Socio-cultural
understanding
⚫ Apply anti pollution
measures