Final

Output
Submitted by: Aira Meneses Yutuc
Submitted to: Joanna C. Abata
Bachelor of Science in Legal Management
CHAPTER 1
Introduction to Business
BUSINESS AND SOCIETY
 A society is an association of men brought together by common traditions, beliefs,
values, purposes and actions.
 The association of men is called an organization. An organization is a society. Men
Business
organize themselves together in line with their orientation and interests.
 is the process of producing (manufacturing) goods (products) and services and then
distributing (selling) them to those who desire or need them. In this process, there are
several key ingredients needed to support economic activity. These items are called the
Fourfactors
Factorsofofproduction .
Production
 Natural Resources include the Land and the materials that come from the land, such
as timber, mineral deposits, oil deposits, and water.
 Labor(Human Resource) encompasses the mental and physical efforts of all workers
regardless of their skill or education, who perform the many tasks required to
produce.
 Capital this factor includes the buildings, machinery, and tools used to produce
goods and services.
 Entrepreneurship this factor refers to the people willing to accept the opportunities
and risks of
There are three types of business which are; Commerce, Industry, and Service
 Commerce refers to the transfer or exchange of goods and services.
 Industry It refers to business firms which are mainly concerned with the production.
 These are the classifications of industry
Genetic Industry Manufacturing Industry
Extractive Industry Construction Industry
 Service enterprises cater to personal needs of people.
Forms Of Business
Sole Proprietorship
Organization
 is a business organized by one person who usually acts as manager. As
a owner he or she gets all the profits.
Partnership
 is a contract of two or more persons binding themselves to contribute money, property
or industry to a common fund with the intention of dividing profits among
themselves.
Corporation
 is an artificial being created by operation of law having the right of succession and
the powers,
attributes and properties expressly authorized by operation of law or incident to i
existence.
CHAPTER
2
Introduction to Management
Organization
 is a deliberate arrangement of people to accomplish some specific purpose
No managerial Employees
 People who work directly on a job or task and have no responsibility for overseeing the work
of others.
Managers
 Someone who coordinates and oversees the work of other people so the set organizational
objectives can be achieve.
 TOP Managers make decisions about the direction of the organization
Examples: President, chief Executive officers, Vice President
 Middle Managers manage the activities of other managers
Examples: district manager , division manager
 First – line Managers direct non - managerial employees
Management
Examples:
 Supervisor,
is the process Teamthings
of getting Leader
done effectively and efficiency , with and
through people
The Four Management Function
Planning
 Involves determining the organizations goals or performance objectives, defining strategic actions
that must be done to accomplish them, and developing coordination and integration of activities.
Organizing
 Is the process of arranging an organization’s structure and coordinating its managerial
practices and use of resources to achieve its goals
Leading
 Entails influencing or motivating subordinates to do their best so that they would
be able to help the organizations endeavor to attain their set goals
Controlling
 Is the process of monitoring actual organizational activities to see that they
conform to planned activities and correcting deviations or flaws
nical Skills
is pertains to abilities or expertise to do the job required
an Skills
is pertains to interpersonal skills or the ability to work well with other people
eptual Skills
is pertains to interpersonal skills or the ability to work well with other people

Structural Elements (5 M’s) of Management

 Money it is the most critical and all-purpose resource because it used to acquire or hire other
resources.
 Methods refers to the normal and prescribed way of doing things. Various operations are
performed according
to certain systems and procedures.
 Manpower it refers to the managerial and non-managerial personnel employed in an
organization
 Machinery machines are the equipment used to process the materials into semi- finished or
finished products.
 Materials represent the physical raw materials and intermediate products which are
converted
CHAPTER 3
Foundation of Planning
Planning
 involves defining the organization’s goals, establishing strategies for achieving those goals,
and developing plans to integrate and coordinate work activities.
GOALS AND PLANS
 Planning is often called the primary management function because it established the
basis for all the other things managers do as they organize, lead, and control.
 Goals (objectives) are desired outcomes or targets. They guide management decisions
and form the criterion against which work results are measured.