PENGANTAR BISNIS | PENGERTIAN BISNIS (PART 1)

Summary

This lecture introduces the concept of business, covering its definition, purpose, and indicators of success. Business is described as an activity focused on producing goods and services for profit, whether by individuals or organizations. Key elements for a successful business include financial performance, customer satisfaction, product quality, innovation, and employee commitment. The lecture emphasizes the importance of meeting customer needs, generating profits, and ensuring long-term success. Additionally, the business objectives include market dominance, innovation, resource control, and worker performance, along with public responsibility.

Takeaways

• 😀 Business is the activity of producing goods or services for trade, aiming to meet consumer needs and generate profits.
• 😀 A healthy business must generate consistent profits, both in the short and long term.
• 😀 Successful business indicators include financial performance, customer needs fulfillment, quality of products/services, innovation, and employee commitment.
• 😀 Understanding customer needs, such as timely delivery, is critical for business success.
• 😀 Innovation and creativity are essential for keeping a business competitive and relevant.
• 😀 Employee commitment, including motivation and responsibility, plays a key role in the business's success.
• 😀 The primary goal of a business is to meet consumer needs and achieve long-term profits.
• 😀 A business must focus on sustainability and not only short-term profits to be successful in the long run.
• 😀 Businesses should aim to dominate their market, as seen with industry giants like Honda, Toyota, or Yamaha.
• 😀 Innovation adds value to products or services, such as the introduction of features like sunroofs, airbags, or electric cars.
• 😀 The business objectives include controlling resources (financial and physical), maintaining high performance, ensuring employee loyalty, and fulfilling social responsibilities.

Q & A

What is the definition of business according to IB and Griffin (2009)?

According to IB and Griffin (2009), business is an activity aimed at producing goods or services for trading, involving both individuals and companies.

What is the difference between business as per Griffin (2009) and Ferrel (2011)?

Griffin (2009) defines business as an activity focused on producing goods or services, while Ferrel (2011) emphasizes that business is about making a profit by fulfilling customer needs through those goods or services.

What are the five indicators of business success mentioned in the lecture?

The five indicators of business success are financial performance (profit), understanding customer needs, product/service quality, innovation and creativity, and employee commitment.

What does it mean for a business to be considered 'healthy' or 'successful'?

A business is considered healthy or successful if it consistently generates profit, both in the short term and long term, and operates effectively in meeting customer demands and staying competitive.

How can businesses meet customer needs effectively?

Businesses can meet customer needs by understanding and delivering on specific demands such as timely deliveries, product quality, and adapting to customer expectations.

Why is innovation important for a business?

Innovation is crucial for a business because it helps create new value, adapt to changing consumer preferences, and stay competitive in the market.

What role do employees play in the success of a business?

Employees contribute to a business’s success through their commitment, performance, and attitudes, which directly impact productivity, customer service, and long-term growth.

What does market standing mean for a business, and why is it important?

Market standing refers to a business's position in the market relative to competitors. Achieving strong market standing, such as dominating a particular sector, is crucial for sustained growth and profitability.

What is the primary objective of a business, according to Madura?

According to Madura, the main objective of a business is to serve customer needs while also generating profits, ensuring long-term sustainability.

What is the role of public responsibility in business?

Public responsibility involves a business’s obligation to contribute positively to the environment and society, not just focusing on profit but also ensuring that its operations benefit the broader community.