1) Business is important because it is the main economic activity of the country.
2) Business allow economy to work efficiently .
3) It is a vehicle for exchange of goods & services .
4) It helps in generating employment.
5) To acquaint students with the dynamic nature & inter –independent aspects of business.
6) To help the students understand the economic & social significance of business acitivity.
7) To acquaint students with the practice of managing the operations & resources of business.
8) To enable the students to be aware of socio-economic & ethical dimensions of business.
9) To acquire with the knowledge of new trends in the field of business.
10) To enhance the interest of students while doing the practical work like projects.
11) To acquire the knowledge of nature & scope of business, small business.
12) To understand private, public & global enterprises including Internal trade.
13) To know about international business.
14) To understand about business environment.
15) To know about marketing process.
16) To understand the nature & significance of management.
17) It helps business in taking advantage of opportunities instead of losing them to competitors.
18) It alerts business of coming threats so that firm can take reasonable steps to minimize the effects of threat on its business.
19) It serves as a base for planning & policy making.
20) It helps firms to respond to the environment & thus improve its image.
21) It helps business to cope up with the changes in the environment.
22) Common Elements of an Organization from a manager’s perspective, operations will be successful if a common purpose is made clear across the organization to create a coordinated effort of resources.
23) Edgar Schein, a prominent organizational psychologist, identified four key elements of an organization’s structure: common purpose, coordinated effort, division of labor, and hierarchy of authority.
24) Each of the four elements represents an essential component of an effective structure.
25) Further, Schein proposes that these elements are instrumental in defining the organization’s culture.
26) The process of organizing, planning, leading and controlling resources within an entity with the overall aim of achieving its objectives.
27) The organizational management of a business needs to be able to make decisions and resolve issues in order to be both effective and beneficial.