Economics LAP 19 Business Activities Strictly Business

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

A Discuss types of business activities.

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

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

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

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

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

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

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

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

 The process of creating, communi- cating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing

 Activities include attention to: Product Price Promotion Place Marketing

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

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

Explain how business activities are interrelated. B

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

 Mergers  Outsourcing  Virtual services Special Situations Requiring Adjustment

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

 Offshoring  Is it ethical?

Acknowledgments Original Developers: Sarah Bartlett Borich and Lelia Ventling, MBA Research Version 2.0 Copyright © 2013 MBA Research and Curriculum Center Acknowledgments Original Developers: Sarah Bartlett Borich and Lelia Ventling, MBA Research Version 2.0 Copyright © 2013 MBA Research and Curriculum Center

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