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Chapter 1 Business Environment

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Adegbite Hammed

Majok Dod Kon

Amit Singla

The term business is understood and explained in different ways by different people. For some, business is an activity, for some it is a method of transacting, for sonic others, it is a method of money making and some people argue that business is an organized activity to achieve certain predetermined goals or objectives. Dictionary meaning of business is: the act of buying and selling of goods and services, commerce and trade. Based on all these meanings of justness, we may define business as: gainful activity through which various elements of society conduct exchanges of the desirable things. But now a day, business is viewed more as a profession or occupation. From the days of family owned business, we have reached a stage of professionals and experts starting and running business. It could also be noted that business administration and business management have emerged as the most prospective field of study and occupation. Persons with educational background in business enter business or join business organizations to make them successfully function. Unlike the olden days, a number of interests are involved in business today, viz. owners, and investors in business, suppliers, customers, employees, government, stake holders, administrators, managers, strategists, executives, and so many others. Hence, every business activity has to meet the goals or aims or objectives of these various groups of people. That in fact, has made business a most complicated activity. Modern business has a number of features. Understanding of these would help to appreciate and organize business activities in a highly professional way. BUSINESS ENVIRONMENT Business involves activities, which links an organization with outside world. Within an organization, a business is governed by the behaviour of its employees, management or decision makers. But externally a business is influenced by a score of factors, which range from customers to competitors and government. Therefore, a business cannot be independent of (he influence of these external factors. It should also be noted that a business has absolute control over all the internal factors, it has no control over the external factors. So often it becomes necessary for business houses to modify their internal decisions and policies, on the basis of the pressure from external factors This highlights the need to be ever-cognizant of changes and influences of external factors so as to conduct business on healthy lines. It is in this context that business environment assumes all significance. Business environment therefore refers to the influences and pressures exerted by external factors on the business. The following Figure would help to understand the various factors which constitute the business environment. From the Figure: 1, it would be clear that business organizations function in an environment subject to the influence of various constituents. Earh one of the constituents have in turn a number of factors influencing them. For example, economic environment has micro and macro environmental factors affecting it. To develop a right perspective about business environment, let us discuss briefly about each one of the external environment constituents.

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In this article, we philosophically reflect on the nature of business management. We move beyond the political paradigm of the conceptualization of management in order to lay the ground for a philosophy of business management. First, we open-up the self-evident conceptualization of business management in contemporary management practices by comparing ancient and contemporary definitions of management. Second, we develop a framework with six dimensions of the nature of business management that can guide future philosophical and empirical work on the nature of business management: management control, people management, asset management and entrepreneurial action, management as participation, management as responsive action and management as constituting meaning.

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Course Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Selected answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

Sun City Boards Assignments and Discussions

Half of the written assignments and discussions are based on a case study, whose focus is a fictional high-end surfboard company, Sun City Boards, which is also highlighted in the Why It Matters and Putting it Together in Module 3: Planning and Mission. Many of these assignments take the form of asking students to give Tom, the company’s inexperienced owner, advice about how he can run his business more effectively. The Sun City Boards assignments create a common framework for applying knowledge and skills developed through the course, encouraging students to demonstrate mastery of the content through real-world tasks and work products.

Alternate Assignments and Discussions

The other half of the written assignments and discussions use a variety of approaches, depending on the subject and learning outcome being assessed; many ask students to go beyond course content to form connections between research topics and what they’ve learned in class.

Using Assignments

We recommend assigning one discussion OR one assignment per chapter, rather than all of them. Some instructors prefer to stick with the Sun City Boards theme throughout the course; others like to use some of the alternates along the way. You can view any assignments or discussions below or throughout the course.

You can view them below or throughout the course:

Rubric for Assignments

There is also a sample rubric to assist you in grading. Instructors may modify these guidelines or use their own.

Open Pedagogy Assignments

Open Pedagogy Assignments are assignments in which students use their agency and creativity to create knowledge artifacts that can support their own learning, their classmates’ learning, and the learning of students around the world. (See this peer-reviewed article for more details.) All of the assignments can be created with a cell phone camera or any video recording device, Google or Word documents, and your learning management system.

Discussions

The following discussion assignments will also be preloaded (into the discussion-board tool) in your learning management system if you import the course. They can be used as is, modified, or removed. You can view them below or throughout the course.

Rubric for Discussion Posts

This discussion invites conversation on race, which might require additional monitoring and involvement from instructors. This blog post from the Choices Program at Brown University contains links to helpful resources to facilitate talking about race in the classroom: "Approaching Race in the Classroom, Actively" ↵
Assignments. Provided by : Lumen Learning. License : CC BY: Attribution
Pencil Cup. Authored by : IconfactoryTeam. Provided by : Noun Project. Located at : https://thenounproject.com/term/pencil-cup/628840/ . License : CC BY: Attribution

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