Concepts, Definition & Origin Summary

Topics: Business, Management, Economics Pages: 4 (741 words) Published: February 25, 2014

University of London

Introduction to Business & Management


Topic: Unit 1.1

Concepts, Definition & Origin

Concepts, Definitions & Origins

1 Why do organisations exist and its objectives

2 Origin of Organisation
Since time immemorial (early days) organization have been in existence [Hammurabi].

3 Organisation
Definition - Is a social entity that provides the necessary structures to achieve specific aim – Is this definition acceptable for organization ???? This is a generic term which applies to all institutions

Problem with this definition – whether organizations is Profit / Non-Profit / Public Sector Organisation A definition has to be arrived at – Why? To have better governance/mgt of organization.

4 Business
Definition - It is a commercial enterprise of any establishment that trades in goods & services This definition was applicable in the early days of business Barter is a form of trade
Business was not in exchange of money but for goods

Definition does not refer to non-profit / public sector - definition considers trade in terms of exchange of money; not true; trade can be in exchange of value - therefore definition cannot apply to non-profit and public sector.

A definition has to be arrived at - why? so as to have better governance of organizations

5 Why All Organizations are Commercial Enterprises?
During WW1 & WW2, markets and countries were isolated. Isolation provided protection. As a result, organizations need not have to be run as businessesGreatest change is in Information Technology. Internet and networking enabled the world to become more integrated. The way we operate was revolutionized by IT.

• Work of WTO ( World Trade Organisation ) has made the world more global and integrated

• National govts have privatized public firms and
deregulated industries

•  Trading blocs have been established and have become
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