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