Business may include those activities in which singly or in association with other, endeavor to produce and distribute the goods and services that are important to the well begin, comfort and happiness of individuals, and for the benefit of the society as a whole. The owners of business enterprises are naturally motivated in their activities not only by the need for their material contributions to the welfare of the communities of which they are part, but also by the desire to make a profit.
Business can be described as any organized activity or scheme undertaking by a person or persons with a view to earn a living.
Objectives Of Forming A Business
Osuala (1982) states that the successful operation of any business is measured by how well it’s products or services really satisfies the needs and wants of the individual in the society at a price they can and are
willing to pay. Most business firms attempt to satisfy a particular economic need. The products or services intended to meet that need vary from business to business, similarly, the prices also vary. However, to be successful, a business must offer goods and services that are capable of satisfying consumers at a reasonable price. The main objectives of business therefore are
1. To produce goods and/ or services effectively to meet the need desire of customers.
2. To do so at a profit.
3. To protect the health and well-being of employees.
4. To exercise good community citizenship in relation with neighbors and community.
5. To provide desired sound growth for the firm and it’s profits. Class Of Bussiness
Business firm can be grouped into four classes according to the kind of activity in which they are directly or indirectly engaged.
1. Basic Production: This includes farming, mining, fishing and forestry.
2. Processing. This includes manufacturing, construction, processing food, oil refining, publishing and printing.
3. Distribution: This class includes wholesale and trades, advertising, transportation, some form of communication and public utilities.
4. Service: This includes finance, insurance, real estate, professional service sure as medicine and law: shop and maintenance and repair of equipment, local, State and federal government services.
The Environment Of Business.
Business operates in an environment having six components, each of which is itself regarded as an environment. These six environment are the (1) natural, (2) historical, (3) economic, (4) political legal, (5) cultural and (6) social.
1. Natural environment
The natural environment consists of air, land, water, and all natural resources- all of which are necessary for business. The costly destruction of these resources through pollution has given this environment a new important.
2. Historical environment
The historical environment is the background against which business operates. In some advanced countries, business has gone from mercantilism to Laissez-fair capitalism to modified capitalism. Mercantilism is the philosophy that as business flourishes, the nation flourishes. Laissez-fair capitalism is the philosophy of allowing business to operate without government interference or restriction. Modified capitalism is the philosophy of regulating Business for the benefit of society.
3. Economic Environment
The economic Environment is the supply and demand of the free enterprise system.
4. Political-legal Environment
The political legal environment is made up of the laws and regulations within which business conducts it’s affairs.
5. Cultural Environment
The cultural environment of business is the support given by Business to the architectural development of communities, and to recreation, the arts, and education through grants and other aids. For example, banks in some communities either purchase art or offer exhibits to local artists as their contribution to the community.
6. Social Environment
The social Environment includes such objectives as the elimination of unemployment, the hiring of minorities, health care, product improvement, advertising credibility, and the stabilization of the economy. Some larger business firms organise drives for their local blood bank. Others send mobile personnel offices into ghetto areas areas to recruit persons formerly thought unemployed (Lerner & Baker 1976)
The Social Responsibility Of Business
The social responsibilities of Business fall under three major heads:
1. Poverty and Discrimination
Poverty and Discrimination
A society conducted by the Council of Economic of Advisors in 1962 showed that approximately one fifth of the population of the United States was living in poverty. In Nigeria, the poverty level is high, hence the setting up of the poverty Alleviation Programme of the Federal Government to address poverty problem of those discriminated against because of race or sex were, and are, the American Indian, Blacks, Mexican- Americans, and women of all backgrounds. These are problems and Business is called upon to deal with by hiring the so-called disadvantage (those who lack opportunities through no fault of their own) and by establishing fair wage levels.
The Four major forms of pollution affecting Business are air, water, refuse (social waste), and noise. Most of these problems were created by business, but even where this is not the case, business is being called upon to help solve the problems.
Consumerism is a protect against deceptive advertising and packaging defective production and unsafe products. It occasionally takes the form of an unofficial boycott, as in the meat boycott in the early 1970s.
Business And Social Problems
Basically, business is concerned about social problems for five reasons:
1. Changing societal values
2. Enlightened self-restraint
3. Personal responsibility
4. Managerial and financial resources
5. Federal legislation
Changing Social values
The quality of life has gained important in society’s system of values. Where, in years past, cheap goods – cars, for example- traditionally hadg cars with anti -pollution equipment.
By helping society as a whole, business is actually serving it’s own long run interests. Thus business justifies huge expenditures for higher education, health, and cultural activities on the grounds that it is then in a position to hire talented employees by offering them a good place to work. People who live well make productive employee and satisfied customers.
Many businessmen feel that they have helped to create some of the social ills and want to do something about it.
Management And Financial Resources
Big business has sufficient managerial and financial resources to undertake social changes. Moreover many feels that business has a obligation to help because with that economic power must come economic responsibility.
Anti- discrimination laws, environment protection laws, and consumer laws provide protection to society as a whole.
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