Enroll Principles Of Commerce XI Sindh Board Course
Businesses are defined as “any activity or enterprise entered into for profit.”
Business activities are the actions a company takes to earn profits through sales, investments, manufacturing and distribution. Companies record these business activities on their cash flow statements.
There are three main types of business activities: operating, investing and financing.
Production
Production is the process of using raw materials to create goods and services. The resources that are used include land, labour, and capital.
Businesses often use production to make their products and services more efficient. This helps to increase profits and lower costs.
Economists define production as the organisation of transforming resources into finished goods and services in a way that meets the demands of consumers. This can take the form of manufacturing or farming.
There are several types of production processes, including extractive, analytical, and synthetic. These can be used to create different types of goods and services, such as medicines, oil, and computers.
Marketing
Marketing is the process of identifying, satisfying, and retaining customers for a company. It involves a wide variety of activities, from product design and distribution to sales and customer service. The most important thing is to understand your target audience so you can tailor your marketing efforts to their needs.
The marketing department can help you determine the optimal mix of tactics, thereby maximizing your business’s potential. They can also help you devise an actionable plan to increase your bottom line.
Using a marketing strategy to promote your product can be an excellent way to increase your bottom line without resorting to the black hole of advertising. It’s all about making your product as visible as possible, so that it gets the best possible chance of being purchased by potential customers. It’s also a great way to promote your company and its products and services, which in turn helps to improve brand awareness, build loyalty, and boost revenue.
Sales
Sales are an essential part of commerce, as well as a major driving force behind the financial health of nations and consumers. They occur 24 hours a day, in every industry and around the world.
A sale is an agreement between two parties in which one party gives something of value to the other, usually money. It can involve any type of goods, but typically involves an exchange for payment.
There are many different types of sales, according to the audience targeted, motive and offering sold. These include business-to-business (B2B) sales, B2C sales, inside sales and outside/traditional sales.
Human Resources
Human resources (HR) is the department within a company that manages employees and all matters related to them. This includes recruiting, vetting, hiring, onboarding, training, promoting, compensation and firing.
HR departments are also responsible for maintaining records and policies. These documents help employers identify skills gaps, analyze demographic data and comply with regulations.
Another function of HR is to keep up with new legislation that outlines how workers need to be treated during the hiring, working and firing process. These laws vary by state, and they often change periodically.
HR professionals also focus on employee retention and morale, as well as creating a company culture that is welcoming and respectful of everyone’s differences. These efforts can make your company more attractive to potential employees and lead to better business results. In addition, HR professionals are able to confront and resolve issues that small business owners may find daunting. These include diversity, equity, inclusion and accommodation.