Organisation deals with the human and material factors in business. Journal of Small Business and Enterprise Development, 14(2),339 - 352. This is. To accomplish the task of building up a sound organisation, it is essential to prepare an outline of the organisation which is logical and simple. Good organisation structure is an indispensable means for better business performance and better achievement of the objectives. NCERT Chapter MCQs 1. goods or services for money or money's worth. and social and cultural factors that influence business behavior (Aremu, 2012). consumers. Now the question arises as to why we all keep ourselves busy day and night. thoroughly understand their environment and have appropriate. Thus, it generates employment in the country, which in turn reduces poverty. ECONOMIC ACTIVITY Economic activities are those by which we can earn our livelihood. To some other authors, an organisation is a system with inputs (men, ma­terials, machines, etc. Employees Incentive: Partnerships have employment opportunities. Ninety two per cent of the respondents were wage labourers and among them, a majority (52%) of women performed both construction and road work, and 40% performed only construction work. %PDF-1.5 %���� Good organisation stimulates independent creative thin­king and initiative by providing well-defined areas of work with provision for development of new and improved ways of doing things. Steps. In fact, organisation is quite often defined as a structure of authority-responsibility relationships. Business needs objectives, without objectives the business is like a car without headlights driving blind. ��,�9�����\�(�}P�� cooks in a chicken, there are bound to be disagreements among them. There is independent and freedom in decision making. The difference lies in the following: Sales mainly involves face-to-face contact-the seller has to deal with potential the buyers. bicycles, railway wagons, etc., are the typical examples of the industry, products of manufacturing industries such as. Friedman, M. (1970). In book: Contemporary Entrepreneurship Development (pp.1 - 23). Benefits 5. H ence, if the business owners want to formulate and establish valid decision rules for thei r bus iness, they must accessed. Organising of people and things is essential for co-ordinated work. 10. Stephenson, J. Thus, ‘Organising is concerned with a well-planned division of the numerous func­tions of an enterprise, assignment of duties and responsibilities to the individual execu­tive and subordinate employees supported by a strong system of supervision and co­ordinated control in order to ensure the effective execution of the plans as formulated by those in administrative authority. During the last 3 decades few changes have been witnessed. h�2�0R0P0�0V01R& Which of the broad categories of industries covers oil refinery and sugar mills? This is necessitated by the magnitude and complexities of business enterprises. & Clon, J. E. (1997). An organisation as a structure contains an “identifiable group of people contributing their efforts towards the attainment of goals.” It is an important function of man­agement to organise the enterprise by grouping the activities necessary to carry out the plans into administrative units, and defining the relationships among the executives and workers in such units. Encyclopedia of Britannic clearly focuses on the relevance of medical ethics, political ethics etc. The proprietor enjoys all the profits earned and bears all losses incurred by the business. Importance and Significance 4. is profit-making are generally known as business enterprises. Nature of Organisation 3. Human element is the most important element in an organisation. International Review of Management and Marketing. 5. The various steps involved in this process are the following: The first step in organising is to divide the total job of an enterprise into several essential activities such as—production, financing, purchasing, sales, personnel, and so on. directly related and that job satisfaction is the result of job performance. business-economic-a-social-objectives-of-business. Modern society cannot exist without business. satisfaction. Highest percentage of women labour migrants were within the age group of 26-35 (40%) and lowest number was found within 56-65 age group (4%). affordable price outside Unilorin campus if it is not adequately advertise to the general public. More also, in d. he/she to consider in the in the business purpose. producing finished goods. Ultimate Home based Business Handbook, Entrepreneur Press. to good in all areas of business such as production, finance, marketing, personnel, etc. Khanchi, M. S. (2014). The speed of performance is ensured and the standard of work performed is improved by distrib­uting the work constantly among a number of persons on the basis of their knowledge, expe­rience and capacity. 2. following are the general stakeholders of the business in any economy: of Administration, Nasarawa State University, Postgraduate School, University of lorin, Ilorin. By participating in international trade fairs and exhibitions it also demonstrates the progress and achievements of its own country to the outside world. Haney defines organisation as: “a harmonious adjustment of specialised parts for the accomplishment of some common purpose or purposes”. The answer is to earn money that will be used to satisfy our wants by purchasing goods and services which will be produced by business organisation. Before publishing your articles on this site, please read the following pages: 1. It is the mechanism through which the manager directs co-ordinates and controls the business affairs. “The social responsibility of business is to increase its profits,”. It also recognizes the different types of business activities along with the latest developments in business such as e-commerce, etc. This determines the company success and optimally satisfies the customer’s needs. ResearchGate has not been able to resolve any references for this publication. These business transactions are Business-to-Consumer (B2C), Business-to-Business, (B2B), Consumer-to-Business (C2B) and Consumer-to-Consumer (C2C). being taken to the markets. Marketing management in the process of implementing is the organization and management system of production and sale’s activity of the enterprises, market research for the purpose of formation and satisfaction of demand for production and services and make profit. I believe that anthropologists have a unique contribution to make in understanding labor commitment among the various peoples of the world. The work of organising in this way looks to the structural as well as functional aspects of business and correlates the different factors with their functions. 66����y% on the basis of functions, products, territories or customers. and to define the responsibility of each one of them. move the goods from one point to another. 1. Next Prev Home. It is easy to form because initial starting cost is low. They are the decision makers of the business and working for themselves. Their tradition of lengthy study, of learning the local language, and of analyzing their subjects' categories can be used with profit in such situations. ResearchGate has not been able to resolve any citations for this publication. Content Guidelines 2. whom its output can be sold at profit on a regular basis. Publisher: Technical and Entrepreneurship Center (TEC), University of Ilorin, Ilorin, Nigeria. And herein lies the need for and significance of organisation. In horticulture they have started using technology, pesticides and chemical fertilizers to maximize their production and profit. ... “a harmonious adjustment of specialised parts for the accomplishment of some common purpose or purposes”. All rights reserved. levels of inventory of various items, etc. The term ‘Organising’ and ‘Organisation’ are given a variety of interpretations. Some important definitions are given below: “Organisation is the harmonious inter-relation of functions and staff.”, “Organisation is the form of every human association for the attainment of common purpose.”, “Organisation is the process of identifying and grouping the works to be performed, defining and delegating responsibility and authority and establishing relation­ship for the purpose of enabling people to work more effectively together in accomplishing objectives.”, “Organising embraces the duties of designating the departments and the personnel that are to carry on the work, defining their functions and specifying the relations that are to exist between the departments and individuals.”, “Organising is the process of defining and grouping the activities of the enterprise and establishing the authority relationships among them.

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