Meaning of business and management. - SS2 Commerce Lesson Note

Business:

Business refers to the activities involved in the production, distribution, and exchange of goods or services for the purpose of earning a profit. It involves various economic transactions, such as buying and selling products, providing services, and engaging in financial activities. Businesses can be small-scale, such as a local store, or large-scale, such as multinational corporations. The goal of a business is to generate revenue by satisfying the needs and wants of customers through the creation and delivery of value.

Management:

Management refers to the process of planning, organizing, coordinating, and controlling resources to achieve the goals of an organization. It involves overseeing and directing the activities of individuals or teams within an organization to ensure efficient and effective utilization of resources. Managers are responsible for setting objectives, making decisions, allocating resources, and guiding employees towards achieving organizational goals. The key functions of management include planning, organizing, leading, and controlling. Effective management involves balancing the interests of various stakeholders, fostering a positive work environment, and achieving sustainable business outcomes.