Understanding Business Concepts and Definitions with Dr. Daniel Quaye at UGBS
Explore the basics of business concepts and definitions with Dr. Daniel Quaye at UGBS. Learn about the objective of business, historical development in Ghana, goods-producing vs. service businesses, and characteristics of services.
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Definitions and Concepts Lecturer: Dr. Daniel Quaye, UGBS Contact Information: danquaye@ug.edu.gh College of Education School of Continuing and Distance Education 2014/2015 2016/2017 Dr. Daniel Quaye, UGBS
Session overview The course provides a basic understanding of the concepts and definitions of business. It gives a general understanding of the management issues in business as well as the types of business one can proceed into. Slide 2 Dr. Daniel Quaye, UGBS
What is Business? A business is an organized, profit-seeking activity that provides goods and services designed to satisfy customers needs (Bovee, Thill and Mescon 2010). A business is any organization that strives for profits by providing goods and services that meet customer needs (Fry, Stoner and Hattwick 1998). Slide 3 Dr. Daniel Quaye, UGBS
The objective of Business To make a profit. Business is a way of life. Business provides opportunities for gaining other forms of satisfaction. Dr. Daniel Quaye, UGBS
Historical development of Business in Ghana Business in Pre-colonial Ghana. Business in Post-colonial Ghana Business in Modern Ghana Slide 5 Dr. Daniel Quaye, UGBS
Goods Producing Businesses vrs. Service Businesses Characteristics of Goods Producing Businesses Goods producing businesses produce tangible goods by engaging in activities such as manufacturing, construction, mining and agriculture. It is difficult to start a goods-producing business without substantial investment in building, machinery and equipment. Goods-producing businesses are capital-intensive Slide 6 Dr. Daniel Quaye, UGBS
Service A service is defined as an intangible product, performance of which mainly requires human effort or work. Examples include, banking, health care and restaurants. Slide 7 Dr. Richard Boateng, UGBS
Characteristic of Services Services are intangible. Service performance (delivery) and consumption are inseparable. Services are perishable Performing services is highly labour-intensive. Services tend to be heterogeneous. Services are performed rather than produced. Slide 8 Dr. Richard Boateng, UGBS
The Economic and Social roles of Businesses It is impossible to evaluate the overall contributions and importance of businesses. The simple reason for this being that their contributions vary. Some contributions that stand out though include; Slide 9 Dr. Richard Boateng, UGBS
Cont. They provide jobs They introduce new products They inject a considerable of money into the economy They add greatly to the rich variety of goods services available to consumers Contribute to society s values and stability Are a rich source of new ideas and innovations in products and services, and Slide 10 Dr. Richard Boateng, UGBS
Reading materials Introduction of Business Administration Distance Education Manual- Dr Daniel Quaye. Madura, Jeff (2007), Introduction to Business Administration, South-Western College Slide 11 Dr. Richard Boateng, UGBS
