B

Introduction to Business - At a Glance

M
Introduction to Business - At a Glance

by
Directed by QMK & Produced by MBK

K
M
Q

Page 1
 Introduction to Business - At a Glance

Chapter 1

Understanding the basic structures, organization, and key forces are important for the survival and
success of a business. In a fast-changing environment, the change is the only constant. Those
businesses which understand the functioning of major variables influencing its growth and
profitability, will succeed in long-run. This chapter will focus on key elements of understanding the
nature of business such as:
- Purpose - profit and not-for-profit
- Vision, mission, goals and objectives
- Factors of productions
- Stakeholders - internal and external

Crux: This chapter introduces the foundational concepts of business, including its goals,
organizational structure, and stakeholders, emphasizing how businesses adapt to dynamic
environments.

Page 2
 Introduction to Business - At a Glance

Chapter 2

To achieve the goals and objectives of a business in an effective and efficient manner, the first step
of owner(s) is to decide on the type of business organization which means the form of business
ownership such as sole proprietorship, partnership, or a limited liability company.

Crux: This chapter explains the types of business ownership structures, such as sole proprietorship,
partnership, and limited liability companies, to achieve business goals.

Page 3
 Introduction to Business - At a Glance

Chapter 3

An organisational structure is a formal arrangement of activities that bring efficiency and

effectiveness for the achievement of business/organisational goals. An organizational structure is
based on several key elements such as specialization, levels of management, chain of command,
spans of control, and chain of command. A formal structure, whether based on traditional or
contemporary approaches, bring order, discipline, and control in overall decision-making process
and help creating the shape of an organization such as tall or flat.

Crux: This chapter discusses the importance of organizational structures in ensuring efficiency and
control, highlighting key elements such as specialization and management levels.

Page 4
 Introduction to Business - At a Glance

Chapter 4

To achieve the goals and objectives of a business, financial management is critical to decide which
type of financing is required to maximize shareholders- value. This could be achieved through a mix
of debt or equity, or short-term and long-term financing. The ultimate financing decision should be
based on optimal capital structure and value maximization for shareholders.
Any company, whether it-s a small grocery shop or a large fast moving consumer goods company,
needs money (funds) to operate. To make money (funds inflow) through sales, a company must first
spend money (funds outflow) on inventory and supplies, equipment and facilities, and employee
wages and salaries. Therefore, finance is critical to the success of all companies. It may not be as
visible as marketing or production, but optimal management of a company-s finances is just as
much a key to the company-s success. Accordingly, the role of financial manager is also critical for
the overall success of a company

Crux: This chapter explains the importance of financial management and capital structure in
achieving business goals and maximizing shareholder value.

Page 5
 Introduction to Business - At a Glance

Chapter 5

In an increasingly technological world, every business faces new opportunities as well as unique
challenges. Information is critical for effective and efficient decision-making, and to achieve the
goals and objectives of a business. This chapter focuses on the use of Information Systems (IS) in a
business organization including its role, types, and levels.
The overall objective of this chapter is to equip the students with the basic understanding of IT
based management information system and enable them to understand:
- Basic computer hardware i.e., input, output, storage of information and network
- The concepts of information technology and information systems
- Role and types of information systems in business
- Key elements of information system:
- Data
- Data entry - batch, online, real-time
- Database
- Database Management System
- Networks
- Integration
- Security and privacy
- Use of information systems at different levels of management - operational, middle, senior

Crux: This chapter highlights the role of information systems and IT in business decision-making at
various management levels.

Page 6
 Introduction to Business - At a Glance

Chapter 6

In addition to the primary goal i.e., value maximization for shareholders, businesses are responsible
not only to the bottom-line, but to providing goods and services in an ethically responsible manner.
A proper governance process must put in place to achieve key goals and objectives of an
organization through ethical decision-making, and socially responsible management.
This chapter will focus on:
- Personal and professional ethics
- Tools and techniques for creating ethical awareness and setting ethical standards
- Concept of individual and corporate responsibility

Crux: This chapter focuses on ethical business practices and governance for achieving socially
responsible and value-driven organizational goals.

Page 7
 Introduction to Business - At a Glance

Chapter 7

Marketing plays a key role in the success of a business by generating sales revenue, supported by
branding and selling activities. Marketing is a broad term which include the process of discovering
the needs and wants of potential buyers and customers, and then providing goods and services that
meet or exceed their expectations.
This chapter will focus on:
- Marketing concept and strategy
- Product types, characteristics, and life cycle
- Branding importance and key elements
- Difference between marketing and selling activities

Crux: This chapter explores the role of marketing in business success, focusing on branding,
strategies, and customer satisfaction.

Page 8
 Introduction to Business - At a Glance

Chapter 8

Successful human resource management is based on a company-s ability to attract and hire the
best employees, equip them with the knowledge and skills they need to excel, compensate them
fairly, and motivate them to reach their full potential and perform at high levels. Human resource
management is a key function in an organization to achieve its strategic goals and objectives,
through creating a strategy for meeting current and future human resource needs.
This chapter will focus on key elements of human resource management function such as:
- Strategy and planning
- Job analysis and description
- Recruitment and selection process
- Training and development activities
- Compensation and benefits
- Retention strategies

Crux: This chapter focuses on the importance of HR management in attracting, training, and
retaining top talent for business success.

Page 9
 Introduction to Business - At a Glance

Chapter 9

Manufacturing is a specialized form of business, where raw materials are processed into finished
goods using tools, machinery, and human capital. It may be a labour or capital intensive, or a
combination of both. The key objective of a manufacturing business is to efficiently produce and
deliver quality products at a competitive price. To achieve this objective, a manufacturer needs to
manage and control its operations and optimally integrate them with other key functions such as
marketing, finance, and human resources.
This chapter will focus on key elements of operational management and structure of a
manufacturing business such as:
- Transformation process
- Production planning and control including location, design, and resource management
- Organizational structure
- Key departments
- Benefits of operations management

Crux: This chapter highlights the operational management of manufacturing businesses,

emphasizing resource efficiency and quality.

Page 10
 Introduction to Business - At a Glance

Chapter 10

The industrial sector of the country contributes to approximately 13 percent of Pakistan-s (2020-21)
annual GDP. In 2020-21 it recorded a growth of 8% as compared to the growth of 5% last year.
Manufacturing is the most vibrant subsector having over 60-70% contribution to the industrial sector.
Major sectors in industries include cement, fertilizer, edible oil, sugar, steel, tobacco, chemicals,
machinery, food processing, and medical instruments, primarily surgical. Pakistan is the largest
producer and exporter of surgical instruments in the world. In Pakistan, SMEs have a significant
contribution to the total GDP, which accounts for 90 percent of all the enterprises in Pakistan and
employ almost 80 percent of the total non-agriculture labor.
This chapter provides an introduction to some of the major industries of Pakistan and their
operations.

Crux: This chapter introduces Pakistan's major industries, highlighting their contributions to GDP
and employment.

Page 11