WEEK ONE INTRODUCTION TO BUSINESS MANAGEMENT CONTENT Meaning of Business, Business Management Resources of Business Objectives of Business Functions of Management Business can be defined as the sum of all activities involved in the creation and distribution of goods and services for profit. Business management is the act of planning, organizing, directing and controlling business ….  Read More

MANAGEMENT OF BUSINESS Management has been variously defined as follows: The organ of leadership, direction and decision in a business enterprise. The process of preparing, directing, planning and organizing people and material in order to attain business objectives.   DUTIES OF A MANAGER He is the departmental head. He is responsible for planning and executing ….  Read More

BUSINESS AND ITS ENVIRONMENT Business environment refers to those factors such as activities, agencies and organizations within and outside the business set-up which facilitates or hinder the achievement of a business objective.   The business environment comprises the following: Economic Environment: The economic system, income level, income distribution, availability of human and natural resources. Political ….  Read More

DEPARTMENTS IN A BUSINESS ORGANISATION   CONTENT Departments in a business organization. Functions of the departments. Social responsibilities of a business. DEPARTMENTS IN A BUSINESS ORGANISATION Business organizations are usually divided into different departments on the basis of their functions. The typical departments to be found in a business organization include: Personnel Department. Accounts / ….  Read More

STRUCTURE OF A BUSINESS CONTENT Structure of Business Organization Chart Types of Organizational Structure. Organizational structure is the framework by which tasks are divided, grouped and co-ordinated.  It entails the division of the activities of a business organization into departments, division, units and sub-units and the allocation of positions, responsibilities and authorities to the official ….  Read More

  TYPES OF ORGANISATIONAL STRUCTURE Line Organization: This refers to the direct working relationship between the subordinates and the superiors in which the line of authority and responsibility flow from the top executives to the lowest subordinates. Functional Organization: This applies where the activities of the organization are arranged according to the basic functions of ….  Read More

AUTHORITY: SPAN OF CONTROL CONTENT Meaning of Authority Delegation of Authority Span of Control Definition of Marketing Functions of Marketing   AUTHORITY Authority is defined as the right to give orders or command (directive) and enforce compliance (obedience) to the order.Authority may be used directly or delegated.   Delegation of Authority: This is a practice ….  Read More

DISADVANTAGES OF DELEGATION OF AUTHORITY Delegated power may be abused or misused by subordinates. It leads to duplication of efforts at different level of the organization. There is risk that the subordinate may make costly mistakes. It may encourage superior officers to abandon or dodge their responsibilities. The temporary nature of delegated powers may make ….  Read More

NATIONALIZATION NATIONALIZATION This is the taking over (or transfer of ownership) of privately owned business enterprises by the government for economic, social and political reasons.  Such industries involved are known as NATIONALISED INDUSTRIES and the individual owners of the affected industries are paid compensation by the government.   REASONS WHY GOVERNMENT NATIONALIZE INDUSTRY To prevent ….  Read More

DISADVANTAGES OF NATIONALIZATION It destroys private initiatives. It promotes state monopolies. Nationalized businesses become inefficient. Corruption and embezzlement is rampant in nationalized industries. Bureaucracy and political interference in the operations/management of nationalized industries.   DIFFERENCES BETWEEN NATIONALIZED INDUSTRY AND PUBLIC LIMITED COMPANY S/N AREAS OF DIFFERENCE NATIONALIZED INDUSTRY PUBLIC LIMITED COMPANY 1 Ownership Owned by ….  Read More

Which of the following is not a business resource? (a) Man    (b) Materials    (c) Markets    (d) Machines Which of the following is the most important business resource? (a) Money (b) Management    (c) Materials   (d) Man power Which of the following clearly defines business (a) The process of planning, co-ordinating, organizing and controlling    (b) The act ….  Read More

INDIGENIZATION CONTENT Meaning of Indigenization. The Nigerian Enterprises Promotion Decree 1972 & 1977 Advantages and disadvantages of Indigenization. INDIGENIZATION Indigenization is the policy initiated by the government to ensure and accelerate the participation of Nigerian citizens in the ownership and management of business organizations hitherto owned by foreigners. Indigenization transfers ownership of some foreign business ….  Read More

PRIVATIZATION /COMMERCIALIZATION CONTENT Privatization Commercialization PRIVATIZATION Privatization is the process whereby ownership and control of the businesses, companies, industries or co-operation are transferred from the Government (public sector) to private individual (private sector)   ADVANTAGES OF PRIVATIZATION It promotes efficiency in the business that are commercialized or privatized. Government generates more revenue during the implementation ….  Read More

The national headquarters of Niger Basin Commission is at ___ (a) Lagos (b) Niamey (c) Yaounde (d) N’djamena Which of the following countries is NOT a member of Lake Chad Basin Commission.(a)  Benin (b) Chad (c) Cameroun (d) Niger Which of the following countries is not a member of ECOWAS. Which of the following is ….  Read More

The national headquarters of Niger Basin Commission is at ___ (a) Lagos (b) Niamey (c) Yaounde (d) N’djamena Which of the following countries is NOT a member of Lake Chad Basin Commission.(a)  Benin (b) Chad (c) Cameroun (d) Niger Which of the following countries is not a member of ECOWAS. Which of the following is ….  Read More

COMMERCE CLASS: SS 3   SCHEME OF WORK   WEEK TOPIC 1 Introduction to Marketing 2 Advertising 3 Public Relations/Consumer Services 4 Law of Contract 5-6 Agency 7 Sale of Goods Act /Hire Purchase Act 8 a. Employer /Employee Relationship Government Regulation of Business 9 Information and Communication Technology 10 Revision 11 Examination

INTRODUCTION TO MARKETING CONTENT Definition of marketing. Functions of marketing Marketing concept. Marketing mix Definition of marketing terms   NOTES Marketing may be defined as the process of assessing consumer needs, wants, preferences and demand; designing and producing goods and services that will satisfy such wants and moving such gods and services to the final ….  Read More

 PUBLIC RELATIONS / CUSTOMERS SERVICES CONTENT Importance of Public Relations Media of Public Relations Types of Customer Services   Public relation is the image building done by an organization to give the public favourable impression about its aims and policies.   FUNCTIONS OR IMPORTANCE OF PUBLIC RELATIONS It ensures the maintenance of a favourable relationship ….  Read More

CUSTOMER SERVICES Customers services are services rendered free of charge by the seller to his customers in order to convince them to buy or to retain their patronage. Customer services can be divided into two categories. They are: Pre-sales services After sales services   Pre-Sales Services: These are services provided to the customers before the ….  Read More

Definition of Contract Parties to a Contract Essential Elements of a Contract Types of Contract Determination of a Contract   NOTES Definition of Contract   A Contract is an agreement between two or more parties which creates legal rights and obligations as between the parties involved.   Parties to a Contract: This is the identity ….  Read More

Definition of Contract Parties to a Contract Essential Elements of a Contract Types of Contract Determination of a Contract   NOTES Definition of Contract   A Contract is an agreement between two or more parties which creates legal rights and obligations as between the parties involved.   Parties to a Contract: This is the identity ….  Read More

The general idea of “looking at a business but using the consumer as the mirror” illustrates (a) marketing concept (b) market orientation (c) consumer research (d) product orientation To know precisely how consumers react to a product, a manufacturer should (a) make a feasibility study (b) take stock control (c) undertake a marketing research (d) ….  Read More

A deliberate effort to boost the image of an organization is known as (a) advertising (b) personal selling (c) public relations (d) sales promotion The reputation and good image benefits arising from the business connections of a firm are called (a) Commission (b) dividend (c) goodwill (d) interest the advertising medium which uses electric current ….  Read More

TOPIC: AGENCY CONTENT Definition of agency Function of an agent Parties to contract of agency Method of creating agency Duties of the agent Duties of the principal Rights of the agent and the principal NOTES Agency is the relationship which arises whenever one person (the agent) acts on behalf of another person (the principal) and ….  Read More

EVALUATION QUESTIONS What is marketing concept? Explain the four elements of the marketing mix Differentiate between marketing and a market Explain the meaning of the term “Market Segmentation”.   GENERAL EVALUATION QUESTIONS State three uses of capital as a factor of production State four uses of land as a factor of production State five features ….  Read More

SECTION A : OBJECTIVE 2017 JAMB ANSWER ALL THE QUESTION 1 Which of the following legislation aims primarily at the protection of consumers? A. Law of contract B. Trade description Act C. Company’s Act D. Partnership Act 2 A bill of exchange already accepted can be discounted by the holder in ______? A. the central bank B. at least two banks ….  Read More