A short introduction to Business Management
Summary
TLDRIn this Business Management Simplified presentation, Besim introduces the concept of business management as a process aimed at achieving organizational goals, often related to financial gain. He explains it involves managing resources, influencing human behavior, and making decisions to meet these goals. Besim presents a triad model consisting of the market, products/services, and businesses, emphasizing that businesses exist to serve the market by providing products and services better, faster, and cheaper than competitors. He also touches on various business management subjects like organizational behavior, marketing, and operations management, highlighting their focus on different elements of the triad or their interactions.
Takeaways
- 😀 Business management is about achieving goals, often related to financial gain, through decision-making and control.
- 🏢 It's not limited to profit-driven entities; its principles apply to charities, sports teams, and other organizations.
- 📈 The triad of business management includes the market, products/services, and businesses that connect the market to its needs.
- 💡 The market is central to business management, driving the economy and creating competition among businesses.
- 🚀 Businesses aim to serve the market by providing products and services better, faster, and cheaper than competitors.
- 📊 Business management subjects like organizational behavior, marketing, and operations management all relate to the triad elements.
- 🤝 Organizational behavior focuses on integrating individual personalities into a cohesive group to improve collaboration.
- 📈 Marketing studies the market to interpret and translate customer needs into business strategies.
- 🔧 Operations management aims to increase efficiency and performance in the production of products and services.
- 🔍 Quality management ensures products and services meet customer requirements and translates market needs into measurable features.
Q & A
What is the primary focus of business management?
-The primary focus of business management is to achieve organizational goals, which often reflect in making a financial gain or profit, by directing action towards a common goal, utilizing resources, and influencing human behavior.
How does the speaker define the term 'market' in the context of business management?
-The speaker defines the 'market' as a collection of individuals and/or businesses that have needs, requiring products and services. It is considered the Alpha and Omega of business management, driving the whole economy and business activity.
What is the role of competition in a market economy according to the script?
-In a market economy, competition is inherent as there are many other companies with similar market offers. Businesses must compete by offering products and services better, faster, and cheaper than their competitors.
What is the purpose of businesses in the context of the triad mentioned in the script?
-The purpose of businesses, as part of the triad, is to fulfill market needs or satisfy market requirements by connecting the market with the products and services it needs, aiming to do so better, faster, and cheaper than competitors.
How does the speaker suggest businesses should approach the market?
-Businesses should approach the market by understanding and interpreting what the market wants, then finding and providing those products and services back to the market better, faster, and cheaper than their competition.
What are the three elements of the triad that the speaker introduces in the script?
-The three elements of the triad introduced are the market, the products and services, and the businesses. These elements represent the core components of business management in a market-driven economy.
Can you provide an example from the script to illustrate how business management applies to a non-commercial entity?
-The script mentions that the principles of business management can help achieve goals not just for commercially-driven enterprises but also for charities, sports teams, or even fishing associations, indicating its broad applicability.
What is the relationship between business management subjects and the triad elements?
-Business management subjects deal with one particular element of the triad or some kind of interaction between two or three elements. They study the market, products and services, businesses, or the interplay between these components.
How does the speaker describe the role of organizational behavior in business management?
-Organizational behavior is described as focusing on the internal processes within an organization, aiming to integrate individual personalities into a collective whole, such as a team or company, to help employees work better together.
What is the primary interest of marketing in the context of business management?
-Marketing is primarily interested in the market, researching and interpreting market needs or requirements, and translating them into a language that businesses can understand and act upon.
How does operations management contribute to business management according to the script?
-Operations management contributes to business management by focusing on making the processes for creating products and services or internal business processes more efficient and increasing performance.
Outlines
📈 Introduction to Business Management
In the first paragraph, Besim introduces the concept of business management by questioning its meaning and exploring various definitions. He emphasizes that while business management is often associated with making money, it also involves achieving goals through decision-making and control. Besim highlights that management principles apply to a wide range of organizations, not just profit-driven ones. He introduces a triad model consisting of the market, products/services, and businesses, explaining that businesses aim to serve the market by providing products and services better, faster, and cheaper than competitors.
🚀 Business Management Strategies and Subjects
The second paragraph delves into the practical application of business management, focusing on how to serve the market more effectively than competitors. Besim uses examples from automotive sales and grocery stores to illustrate the importance of offering better quality, faster service, and lower prices. He connects this to the broader study of business management subjects, which all relate to the triad of market, products/services, and businesses. Besim explains that subjects like organizational behavior, marketing, operations management, and quality management each address different aspects of this triad, aiming to improve business operations and customer satisfaction.
💌 Conclusion and Contact Information
In the final paragraph, Besim concludes the introduction to business management, summarizing the key points discussed. He invites viewers to reach out with questions or suggestions via email, providing a contact address for further engagement. This paragraph serves as a closing remark, encouraging interaction and signaling the end of the presentation.
Mindmap
Keywords
💡Business Management
💡Market
💡Products and Services
💡Competition
💡Organizational Goals
💡Decision-Making
💡Organizational Behavior
💡Marketing
💡Operations Management
💡Quality Management
💡Triad
Highlights
Business management is defined as the process of directing action towards a common goal.
It involves decision-making and control to attain predetermined goals.
Business management is not just about making profit but also about achieving organizational goals.
The market is central to business management, being the driving force behind all business activities.
Competition is inherent in market economies as multiple companies offer similar products and services.
Businesses aim to fulfill market needs by providing products and services better, faster, and cheaper than competitors.
Business management can apply to various types of organizations, not just profit-driven enterprises.
A triad model is introduced, consisting of market, products/services, and businesses.
Business strategy revolves around the three elements of better, faster, and cheaper service to the market.
Examples given include automotive sales and grocery stores, illustrating how businesses compete on the triad elements.
Business management subjects like organizational behavior, marketing, and operations management all relate to the triad model.
Organizational behavior focuses on integrating individual personalities into a collective whole for better collaboration.
Marketing studies the market to interpret and translate market needs into a business-understandable language.
Operations management aims to increase efficiency and performance in the processes of making products and services.
Quality management is about ensuring products and services meet customer requirements and expectations.
Modern quality management is closely related to marketing, focusing on converting market requirements into measurable features.
All business management subjects deal with one element of the triad or interactions between elements.
Contact information provided for questions or suggestions regarding business management.
Transcripts
Hello everyone. Welcome to Business Management Simplified. My name is Besim and today we start
with the first presentation - Business Management short introduction. There is a strong probability
that most people hear the term business management every day perhaps even a couple of times a day
but what does it mean business management? Well, a simple answer will be to manage a
business right! Then again, not to be annoying, a follow-up question would
be something like "but what does it mean to manage a business?" What is business anyway?
As we shall, see there are many standard definitions of Management, like Management
is defined as the process by which a cooperative group directs action towards a common goal or that
is it a social and technical process which utilizes resources, influences human behavior
etcetera in order to accomplish organizational goals. So again has something to do with goals or
that it is simply a process of decision-making and control over the actions of human beings for the
the express purpose of attaining predetermined goals. From these definitions and others similar to them,
one can surmise that business management is the process of doing something in order to achieve
your goals, which is a bit vague definition, a vague understanding that probably will help
little to understand the subject itself. What is important to note is that when we say business
management, we usually imply that there is some kind of activity that it is going on and the aim,
the objective of that activity is to reach some kind of goal, to accomplish certain goals that
should reflect in making a financial gain, in making profit or, as it is popularly known,
to make money. However, all organizations, all companies or businesses, irrespective of their
objective have people working for them. Hence, one will find that many of the principles of
business, management can help achieve the goals of not just commercially-driven enterprises but
also of charities, sports teams, or even fishing associations. So what is business management then?
It is a bit difficult, a bit challenging to understand business management by just looking
at different definitions. Instead, what I'll try to do is present you here with a scheme, a sort
of triangle, or a triad with three elements. The first element of this triad is the market which is
nothing but a collection of individuals and/or businesses that have needs or in other words
they require products and services, products like coffee, milk, eggs, transportation.... When we look at
the market, we need to appreciate that market is the Alpha and Omega of business management. It is
no coincidence, that we use the term market economy, as the whole thing, the whole economy, the whole
business thing is driven by the market. The term market also means, the market economy also means that
there are many other companies who have similar market offers to what you have.So it doesn't matter
what kind of industry you're operating in, if you work in the market economy, you have competition. Now
market, as we said, wants products, needs products, needs products and services and that's your second element of,
that's the second element of the triad and those products exists somewhere or they have yet to be
created. Now, perhaps we can come to a better idea of what businesses are. Businesses are the element that
fulfills market needs or satisfies market requirement. They are nothing but a mechanism that
connects the market with the product and services it needs. Simply put it, every business tries to
understand (interpret, define) what the market wants then goes on to find those products and services that
the market requires and brings them back to the market BETTER, FASTER, CHEAPER than its competitors.
The sole purpose of businesses is to serve the market and do it BETTER, FASTER, AND CHEAPER.
Remember this definition! Now that we know what businesses do, perhaps we can have a better idea of
what business management is. Another definition of business management, a very short one, would
be would go something like "Business management teaches us how to serve the market BETTER, FASTER
and CHEAPER than the competition. Let's take two examples; let's say you're in automotive sales.
what are you doing? what is your mission? what is your objective? what are you looking for? Well, you
have a customer who wants, who has a need for an automotive vehicles or a number of customers who
want automotive vehicles. You have to meet, you have to fill that requirement better, by offering better
cars with better features or quality dimensions, faster, when the customer needs them, means faster than
your competition and cheaper, the price has to be lower than your competition. So you can you
can compete in one, two or three elements or some kind of combination of these three elements but
the whole of your business strategy will revolve around these three points, these three elements.
if you have a grocery store, a simple convenience store, you have different market
requirements but again you fulfill that market requirement by offering, by serving the market
BETTER, with more products or of higher quality, FASTER, FASTER than your competition or
CHEAPER, by offering price which is lower than your competitors. So again, your whole business strategy,
the way you do business, your business model revolves around these three elements. So this triad is
valid for any type of company that operates in a market-driven economy. So what about business
management subjects. If you happen to study business management, you will probably come
to hear about many subjects like organizational behavior, managerial accounting, operations
management and many many others. What is common to all of them is that they deal with one, two
or some kind of interaction between two or three elements of our triad. So either
they're gonna study the market or the product and services or the businesses or some kind
of interaction between the three. For For example, let's look at organizational behavior,
which is usually taken as the first subject in many business management courses.
Organizational behavior is primarily interested in organizations themselves or in businesses by
looking, by taking an internal perspective of the processes within the organization. What it
tries to do is, organization behavior teaches us how to integrate or assimilate different
individual personalities into this collective whole, a collective whole that we might call it a
group a team or department or simply a company. As all business operations are based on some sort of
collaboration between individuals, the subject of organizational behavior help employees work better
or adjust to one another. Another interesting subject might be the marketing, but what market
studies what marketing studies ? Well, it's primarily interested in the market and it tries to research
the market and interpret market needs or requirements. In a sense, it tries to define
them, translate market needs into a language that businesses understand. Operations management, on
the other hand is about product and services and businesses, So the other two elements do not necessarily
deal with the market itself and it helps us make our processes, processes by which we make the products
or services or internal processes in our business, more efficient, increase the performance.
Quality management helps in making those products and services as per customer needs, so the features
and the quality dimensions of the product and services have to fit customer requirements,
Even though might sound counterintuitive, in modern times, quality management is very much
related to marketing. Modern definition of quality management is that quality management
job or mission or definition is that it tries to convert market requirements into
measurable dimensions and features so it's not just about products and services but also has
a little bit with researching the market. Irrespective of the subject and there are
many many many others you will find that all business management subjects deal with one
particular element of our triad or some kind of interaction between two or three of the elements.
I hope this very short introduction helps somewhat understand a bit more what businesses do and what
is business management. If, however, you have any questions or would like to make a suggestion
please contact me on the email address business managementsimplified at gmail.com. Thank you
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