Dec 22, 2012

Article | Analyzing the Term and Process of Business

THE TERM BUSINESS
Business is an economic activity which involve the continuous process of identifying wants and needs of people, institution and nations. More so, in developing and delivering suitable products and services to meet those needs and wants in effective, efficient, profitable and productive way.

Analyzing the process of business:
Identification- This entails the use of required tools to make enquiries or business research to determine the needs of people.
Needs: These are the requirements that drive human behaviour. For example, these things include food, clothing, shelter , etc. Needs can also include things that are essential to sustaining or improving your quality of life, like medicines and education. After customer’s needs have been identify, then what follows is the acquiring of productive recourses.
Wants: These are products and services that consumed or used by consumers to satisfy particular needs.
Product Development: This talks about producing and developing satisfying goods or services to prospective individuals and institutions.
Distribution: This is the marketing, merchandizing, warehousing, and transportation of goods and services to target customers.
Efficiency: This is economic utilization of human and material resources. In other words, making the best use of products and services.
Effectiveness: As regards business process, this means attaining goals and target in an organisation
Profitability: This is a measure of efficiency. A stimulant or catalyst for further productive business dealings. It is also a reward for entrepreneurs
Customers: These are the end users in business process and they also play participatory roles in marketing. These are interested individuals, consumers, institutions and the nation as a whole...

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