A short introduction to Business Management

Summary

In 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

00:00

📈 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.

05:05

🚀 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.

10:05

💌 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.

Keywords

💡Business Management

Business Management refers to the process of directing and coordinating the activities of a business towards achieving its goals. In the video, it is described as a set of activities aimed at reaching financial gain, which includes managing resources, influencing human behavior, and making decisions to accomplish organizational objectives. The video emphasizes that business management is not just about profit-making but also about serving the market better, faster, and cheaper than competitors.

💡Market

The market, as mentioned in the script, is a collection of individuals and/or businesses that have needs and require products and services. It is the driving force behind business activities and is central to business management. The video uses the term 'market' to illustrate the importance of understanding and serving customer needs, which is the primary focus of any business operating within a market economy.

💡Products and Services

Products and services are the offerings of a business that fulfill market needs. The video explains that businesses exist to connect the market with the products and services it requires. Examples given include coffee, milk, eggs, and transportation. The script emphasizes that businesses aim to provide these products and services better, faster, and cheaper than their competition.

💡Competition

Competition in the video script refers to the rivalry among businesses within the same market. It is an inevitable aspect of operating in a market economy, where multiple companies offer similar products or services. The video suggests that businesses must outperform their competitors in terms of product quality, speed of service, and price to succeed.

💡Organizational Goals

Organizational goals are the objectives that a business aims to achieve. In the context of the video, these goals are often tied to financial gain and market success. The script mentions that business management involves utilizing resources and influencing human behavior to accomplish these goals, which can vary from profit-making to serving the market effectively.

💡Decision-Making

Decision-making is a critical aspect of business management, as it involves making choices that affect the direction and success of a business. The video describes it as a process that is integral to achieving predetermined goals. Effective decision-making is essential for businesses to navigate market dynamics and stay competitive.

💡Organizational Behavior

Organizational behavior is a subject within business management that focuses on the internal processes of an organization. The video explains that it is concerned with how to integrate individual personalities into a collective whole, such as a team or a company. It helps in understanding how employees can work better together, which is crucial for the overall success of a business.

💡Marketing

Marketing, as discussed in the video, is the study and interpretation of market needs and requirements. It involves translating these needs into a language that businesses can understand and act upon. The video suggests that marketing is about defining and researching market demands, which is essential for businesses to create products and services that meet customer expectations.

💡Operations Management

Operations management is another business management subject that the video touches upon. It deals with the efficiency and performance of the processes involved in creating products and services. The video implies that by improving operations management, businesses can enhance their ability to produce better, faster, and cheaper products and services, which is key to staying competitive.

💡Quality Management

Quality management, as mentioned in the script, is concerned with ensuring that products and services meet customer requirements in terms of features and quality dimensions. The video describes it as a process that converts market requirements into measurable attributes. It is closely related to marketing and is essential for businesses to deliver products and services that satisfy the market.

💡Triad

The triad in the context of the video refers to the three interconnected elements of business management: the market, products and services, and businesses. The video uses this concept to illustrate how these elements work together to form the foundation of business operations. The triad helps to understand the interdependencies between understanding market needs, creating products and services, and the businesses that provide them.

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