Finance refers to activities concerned with obtaining

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financial resources for business operation. Finance refers to activities concerned with obtaining money and using it effectively. Functions of Business 10 Dr.Su, Mkt Dept Finance Framework of Business
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9/4/2017 6 Management includes the use of resources and settings of tasks. It involves coordinating employees’ actions to achieve the firm’s goal, organizing people to work efficiently and motivating them to achieve business’s goals. 11 Dr.Su, Mkt Dept Functions of Business Management Framework of Business Marketing focuses on satisfying customers. Based on the researches on customers’ needs and wants, companies plan and develop products, set prices and promotion strategies. 12 Dr.Su, Mkt Dept Functions of Business Marketing Framework of Business
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9/4/2017 7 Macro-environmental Forces 13 Dr.Su, Mkt Dept • Competition • Economy • Information technology • Legal and Regulatory Force • Social Responsibility and Ethics Framework of Business 14 Dr.Su, Mkt Dept Competition is the rivalry among business for consumers’ dollars. Competition Nature of Competition Framework of Business
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9/4/2017 8 15 Firms that understand consumer preferences Gain customers Gain profits! Firms that do not understand consumer preferences Lose customers Fail! Dr.Su, Mkt Dept Competition Force Framework of Business Dr. Rosenbloom Pure Competition: Many firms selling the same basic products.
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