Business studies concepts

Detailed/Important Concepts in Business Studies

Definition of business

Still there is no commonly accepted definition for business. The word "business" means the state of being busy.

Most of the people think that a business is something related to buying and selling. Some people think that it a profitable economic activity which have the intention of earning profits.

In general it is better to introduce the concept of  business as an economic activity done in firms (Only profit intention).

Commercial business

Any sort of activity done to to deliver goods and services in order to sacrifice consumer needs and wants with the goal of earning profits.


Concepts of Business

• Needs and Wants.
• Hierarchy of needs.
• Demand.
• Exchange.
• Customer value.
• Customer satisfaction.
• Market.
• Market place and Market space.
• Necessity of businesses.
• Business expectation.
• Vision.
• Mission.
• Goals.
• Objectives

What is a business ?

A business, also known as an enterprise or an organization , is a firm involved in the trade of goods or services (Consultancy etc)or both, to its' consumers around it.In other words it is an organization or it can be an economic system where goods and services are exchanged for money or for an acceptable value.Further more business should not be a specific place where someone can go and purchase their desired goods or services but it can be a virtual business space or a digital market (eg- e bay)where consumers and sellers having one to one and online connections.