Meaning of Business Management Resources
MARKETING SS 3 SECOND TERM
Subject : Marketing
Class : SS 3
Term : Second Term
Week : Week 3
Topic :
Meaning of business management
Business resources
Previous Lesson :
Marketing Concepts (CONT) The consumer orientation Integrated organizational efforts
Objective:
- Understand the meaning of business management and its importance in achieving organizational goals.
- Identify the different types of business resources, including manpower, money, materials, machines, and opportunities.
- Understand the importance of setting clear business objectives and how they relate to resource management
Content :
Meaning of business management
Business resources
Meaning of Business Management:
Business management refers to the process of planning, organizing, directing, and controlling resources (both human and non-human) to achieve organizational goals. It involves making strategic decisions, coordinating activities, and overseeing the day-to-day operations of a business. In Nigeria, business management is important for both small and large enterprises.
Examples of Nigerian companies with effective business management include:
- Dangote Group, which is one of the largest conglomerates in Africa, with interests in cement, sugar, flour, and other industries.
- Access Bank Nigeria, which has grown rapidly in recent years through strategic acquisitions and expansion into new markets.
- Innoson Vehicle Manufacturing (IVM), a Nigerian automobile manufacturer that has built a reputation for quality and innovation.
Business Resources:
Business resources refer to the various inputs that are required to run a business, including man, money, materials, and machines. These resources are essential for the success of any business, and must be managed effectively to achieve business objectives.
Examples of Nigerian companies with effective management of business resources include:
- UBA Nigeria, which has a strong financial management system that allows it to efficiently allocate its financial resources towards achieving its business objectives.
- Nestle Nigeria, which sources high-quality raw materials for its food and beverage products to ensure consistent quality and customer satisfaction.
- Flour Mills of Nigeria, which has invested heavily in modern machinery and technology to improve its production processes and increase efficiency.
Business Objectives:
Business objectives are the specific targets that a company sets for itself in order to achieve its overall goals. These objectives may include financial targets, growth targets, or customer satisfaction targets.
Examples of Nigerian companies with clear business objectives include:
- Nigerian Breweries, which aims to be the leading brewer in Nigeria by offering high-quality products and services that meet the needs of its customers.
- Oando Nigeria, which has a vision to become Africa’s leading indigenous energy solutions provider by providing innovative and sustainable energy solutions.
- MTN Nigeria, which aims to be the leading provider of telecommunications services in Nigeria by offering innovative and affordable products and services.
Business management, business resources, and business objectives are important concepts for any Nigerian company to understand and apply. Effective management of these resources and setting clear objectives is essential for achieving success in the competitive Nigerian business landscape
Business resources : Man, Money Materials, Machines, and Opportunities
Man: Manpower, or human resources, refers to the people who work in a business. Manpower is one of the most important resources in any organization as it determines the quality of the workforce and the success of the business. Effective management of manpower involves hiring the right people for the job, providing adequate training and development opportunities, and maintaining a positive work environment.
Examples of effective management of manpower in Nigerian companies include:
- Access Bank Nigeria, which has a strong human resource management system that focuses on attracting and retaining the best talent in the industry.
- Dangote Group, which invests heavily in employee training and development to ensure a highly skilled workforce that can drive innovation and growth.
- MTN Nigeria, which has a strong focus on employee engagement and empowerment to drive performance and customer satisfaction
Money: Money, or financial resources, is essential for running a business. Financial resources refer to the funds that a business has available to invest in its operations, pay its bills, and pursue growth opportunities. Effective management of financial resources involves budgeting, forecasting, managing cash flow, and raising capital when necessary.
Examples of effective management of financial resources in Nigerian companies include:
- Zenith Bank Nigeria, which has a strong financial management system that allows it to make sound investment decisions and achieve its financial objectives.
- Nigerian Breweries, which has a strong financial position that enables it to invest in new products, markets, and technologies to drive growth and profitability.
- Dangote Group, which has a robust financial management system that allows it to leverage its financial resources to drive innovation and growth.
Materials: Materials, or physical resources, refer to the raw materials, supplies, and other physical resources that a business uses to produce its products or services. Effective management of materials involves sourcing high-quality materials at competitive prices, managing inventory levels, and optimizing production processes.
Examples of effective management of materials in Nigerian companies include:
- Flour Mills of Nigeria, which has a strong supply chain management system that allows it to source high-quality raw materials at competitive prices and maintain adequate inventory levels.
- Nestle Nigeria, which has a strong procurement system that ensures the consistent quality of its ingredients and materials, which is essential for meeting customer demands.
- Nigerian Breweries, which has a strong logistics system that allows it to transport raw materials and finished goods efficiently and effectively
Machines: Machines, or technological resources, refer to the equipment, machinery, and other technological resources that a business uses to produce its products or services. Effective management of machines involves maintaining equipment and machinery, optimizing production processes, and investing in new technologies when necessary.
Examples of effective management of machines in Nigerian companies include:
- Innoson Vehicle Manufacturing (IVM), which has invested heavily in modern machinery and technology to improve its production processes and increase efficiency.
- Dangote Group, which has a strong focus on innovation and technology to drive growth and competitiveness across its various business units.
- Flour Mills of Nigeria, which has invested in modern milling equipment and automation technology to optimize its production processes and increase efficiency
Opportunities: Opportunities refer to the external factors that can have an impact on a business, such as changes in the market, new technologies, or emerging trends. Effective management of opportunities involves identifying and capitalizing on opportunities that can drive growth and profitability.
Examples of effective management of opportunities in Nigerian companies include:
- Access Bank Nigeria, which has expanded its business operations into new markets and segments, such as mobile banking and e-commerce, to capture new growth opportunities.
- Jumia Nigeria, which has capitalized on the growing trend of e-commerce in Nigeria by providing a convenient and reliable online shopping platform for customers across the country
Evaluation
- What is business management? a. The process of planning, organizing, directing, and controlling resources to achieve organizational goals. b. The process of acquiring and managing financial resources to achieve business objectives. c. The process of managing physical resources to achieve business objectives. d. The process of hiring and managing employees to achieve business objectives.
- What is manpower? a. The people who work in a business. b. The physical resources that a business uses to produce its products or services. c. The financial resources that a business has available to invest in its operations. d. The external factors that can impact a business, such as changes in the market or new technologies.
- What are financial resources? a. The funds that a business has available to invest in its operations, pay its bills, and pursue growth opportunities. b. The people who work in a business. c. The raw materials, supplies, and other physical resources that a business uses to produce its products or services. d. The equipment, machinery, and other technological resources that a business uses to produce its products or services.
- What are materials? a. The funds that a business has available to invest in its operations, pay its bills, and pursue growth opportunities. b. The people who work in a business. c. The raw materials, supplies, and other physical resources that a business uses to produce its products or services. d. The equipment, machinery, and other technological resources that a business uses to produce its products or services.
- What are machines? a. The funds that a business has available to invest in its operations, pay its bills, and pursue growth opportunities. b. The people who work in a business. c. The raw materials, supplies, and other physical resources that a business uses to produce its products or services. d. The equipment, machinery, and other technological resources that a business uses to produce its products or services
- What are opportunities? a. The funds that a business has available to invest in its operations, pay its bills, and pursue growth opportunities. b. The people who work in a business. c. The external factors that can impact a business, such as changes in the market or new technologies. d. The raw materials, supplies, and other physical resources that a business uses to produce its products or services.
- What are business objectives? a. The specific targets that a company sets for itself in order to achieve its overall goals. b. The external factors that can impact a business, such as changes in the market or new technologies. c. The raw materials, supplies, and other physical resources that a business uses to produce its products or services. d. The equipment, machinery, and other technological resources that a business uses to produce its products or services.
- What is the importance of financial resources for a business? a. They are essential for running a business, paying bills, and pursuing growth opportunities. b. They determine the quality of the workforce and the success of the business. c. They are required to produce the products or services of a business. d. They allow a business to identify and capitalize on growth opportunities.
- What is the importance of manpower for a business? a. It determines the quality of the workforce and the success of the business. b. It is required to produce the products or services of a business. c. It allows a business to identify and capitalize on growth opportunities. d. It provides the funds necessary to run a business.
- What is the importance of identifying opportunities for a business? a. They can drive growth and profitability. b. They determine the quality
Lesson Presentation
Revision
Revise the last lesson which was
Introduction:
- Begin by asking the class what they think the term “business management” means.
- Discuss some examples of businesses they know of and ask what they think it takes to run a successful business.
- Introduce the concept of business resources and explain that these are the inputs that businesses need to achieve their goals.
Main Content:
- Define business management and explain its importance in achieving organizational goals.
- Introduce the different types of business resources and provide examples of each:
- Manpower: the people who work in a business (e.g. employees, managers).
- Money: the financial resources that a business has available to invest in its operations and pursue growth opportunities.
- Materials: the physical resources that a business uses to produce its products or services (e.g. raw materials, supplies).
- Machines: the equipment, machinery, and other technological resources that a business uses to produce its products or services.
- Opportunities: the external factors that can impact a business, such as changes in the market or new technologies.
- Explain how each type of resource is important for running a successful business and achieving business objectives.
- Discuss the importance of setting clear business objectives and how they relate to resource management. Provide examples of specific business objectives that companies may set, such as increasing sales, expanding into new markets, or improving customer satisfaction.
Conclusion:
- Summarize the main points covered in the lesson and emphasize the importance of effective resource management for running a successful business.
- Ask the class if they have any questions or if there are any areas they would like to discuss further.
- Assign homework or a class activity that requires students to apply the concepts learned in the lesson to a specific business scenario or case study.
Assessment:
- Test students’ understanding of the concepts covered in the lesson through a written quiz or class discussion.
- Assign a homework or class activity that requires students to apply the concepts learned in the lesson to a specific business scenario or case study.
- Provide feedback on students’ performance and understanding of the lesson material
Weekly Assessment /Test
- Business management is the process of planning, organizing, directing, and controlling resources to achieve __________ goals.
- Manpower, or human resources, refers to the people who work in a __________.
- Financial resources refer to the funds that a business has available to invest in its operations, pay its bills, and pursue __________ opportunities.
- Materials refer to the raw materials, supplies, and other physical resources that a business uses to produce its products or __________.
- Machines refer to the equipment, machinery, and other technological resources that a business uses to produce its products or __________.
- Opportunities refer to the external factors that can have an impact on a business, such as changes in the market or new __________.
- Business objectives are the specific targets that a company sets for itself in order to achieve its overall __________.
- Effective management of financial resources involves budgeting, forecasting, managing cash flow, and raising capital when __________.
- Effective management of manpower involves hiring the right people for the job, providing adequate training and development opportunities, and maintaining a positive __________ environment.
- Effective management of materials involves sourcing high-quality materials at competitive prices, managing inventory levels, and optimizing __________ processes
- What is business management?
- What are the different types of business resources?
- What is manpower?
- What are financial resources?
- What are materials?
- What are machines?
- What are opportunities?
- What are business objectives?
- Why is effective management of financial resources important for running a business?
- Why is effective management of manpower important for running a business?