1st Edition

Business Administration An Introduction for Managers and Business Professionals

    226 Pages 9 B/W Illustrations
    by Productivity Press

    226 Pages 9 B/W Illustrations
    by Productivity Press

    226 Pages 9 B/W Illustrations
    by Productivity Press

    The progress of several businesses was severely challenged through the advent of the COVID-19 pandemic, with several businesses collapsing globally. Apart from the pandemic, the business posture and dynamics of yesteryear has significantly changed, as the way business is conducted today, especially in this era of Industry 4.0 and the proliferation of technology-assisted processes, have created a new environment for doing business. Comparatively, yesterday’s businesses seemed to have been in the "dark," keeping itself within limited geographical locations, contacts, and markets. However, business today, with the technological boom, has created a global village with the advent of the World Wide Web and social media which is redefining the way business is conducted especially in product and service development, marketing and publicity, customer attraction and retention, scouting and recruitment, and so on.

    This book responds to contemporary calls for new ways of managing businesses with practitioner-oriented discourses on topical issues like business environments and how modern businesses can thrive in the same. It discusses in some detail the general composition of business environments, specific factors that influence the operations and decisions of a business within its environment, the level of control businesses have over the factors that operate within the business environment, and the need for businesses to be proactive and to strategise in order to take advantage of the opportunities the business environment presents as while minimising the negative effects some factors also present.

    The book provides practical applications while not losing sight of the theoretical underpinnings. Case studies have been provided to elucidate the theories learnt and provide practical application to real-life situations. Written in easy non-technical language, the book also has practice questions at the end, making it an easy instructional manual for business owners worldwide. It is also a brilliant text for introductory students of business administration and management and covers important business areas like types of business ownership and how to start a business.

    Contents

    Table of Contents. 5

    CHAPTER 1: BUSINESS AND ITS EXTERNAL ENVIRONMENT. 9

    1.1 Introduction. 9

    1.2 Defining Business Environment 10

    1.3. The 21st Century Business Posture. 10

    1.4. Types of Business Environment 11

    1.4.1 The Internal Environment 12

    1.4.2 The External Environment 13

    CHAPTER 2: FORMS OF BUSINESS OWNERSHIP. 21

    2.1 Introduction. 21

    2.2. Sole Proprietorship. 22

    2.2.1 Advantages of Sole Proprietorship. 23

    2.2.2 Disadvantages of Sole Proprietorship. 23

    2.3 Partnerships. 23

    2.3.1 Advantages of Partnerships. 24

    2.3.2 Disadvantages of Partnership. 25

    2.4 Limited Liability Company. 25

    2.4.1 Advantages of Limited Liability Companies. 26

    2.4.2 Disadvantages of Limited Liability Companies. 26

    2.5 Business Corporations. 26

    2.5.1 Advantages of Business Corporations. 27

    2.5.2 Disadvantages of Business Corporations. 27

    2.6 Cooperatives. 28

    2.7 Social Enterprises. 28

    CHAPTER 3: HOW TO START AND GROW A BUSINESS. 34

    3.1 Introduction. 35

    3.2 Stages in Business Formation and Growth. 35

    3.3 Starting with the EndGame in Mind. 36

    3.4 Preparatory Stage for Starting a Business. 37

    3.5 Profile of an Entrepreneur 38

    3.6 STARTING THE BUSINESS. 39

    3.7 BUSINESS GROWTH AND EXPANSION.. 41

    4.1 Introduction. 49

    4.2 PLANNING.. 50

    4.2.1 The Planning Process. 50

    4.3 Policies and Procedures. 53

    4.4 Forecasting. 55

    4.5 Decision Making. 57

    4.6 Organising. 58

    4.7 STAFFING.. 64

    4.8 DIRECTING.. 68

    4.8.1 Leadership styles. 68

    4.8.2 Leadership Training. 71

    4.8.3 Motivation. 72

    4.9 CONTROLLING.. 75

    4.9.1 Types of Control systems. 76

    CHAPTER 5: HUMAN RESOURCE MANAGEMENT. 89

    5.1      Introduction. 89

    5.1      HRM Defined. 90

    5.2      Strategic HRM (SHRM) 90

    5.3      Goals of HRM... 90

    5.4      Objectives of HR.. 90

    5.5      HR Architecture. 91

    5.5.1       The HR System.. 91

    5.5.2       HR Activities. 93

    5.6      HR Functions. 93

    5.6.1       People Resourcing. 94

    5.6.2       Learning and Development (L & D) 95

    5.6.3       Performance and Reward Management 95

    5.6.4       Employee Relationship Management (ERM) 96

    5.6.5       Employee Well-being. 96

    5.7     Nature of HR Policies. 96

    5.8      Importance of Human Resource Policies. 96

    5.9      Specific Human Resource Policies. 97

    CHAPTER 6: PRODUCTION AND OPERATIONS MANAGEMENT. 104

    6.1 INTRODUCTION.. 104

    6.2 Production. 105

    6.2.1 Production system.. 106

    6.2.2 Classification of Production System.. 106

    6.2.3 Types of production. 108

    6.2.4 Factors of production. 108

    6.3 Production management 110

    6.3.1 Objectives of Production Management 110

    6.4 Operating System.. 111

    6.4.1 Concept of Operations. 111

    6.4.2 Distinction between Manufacturing Operations and Service Operations. 111

    6.5 Operations Management 112

    6.5.1 A Framework for Managing Operations. 112

    6.5.2 Objectives of Operations Management 113

    6.6 Scope of production and operations management 113

    6.7 Business Automation. 115

    Chapter 7: Marketing Management 119

    7.1 INTRODUCTION.. 119

    7.2 MARKET. 120

    7.2.1 Characteristics of a market 120

    7.2.2 Elements of a Market 120

    7.3 CONCEPTS IN MARKETING.. 121

    7.3.1 Production concept 121

    7.3.2 Sales concept 122

    7.3.3 Marketing concept 122

    7.4 THE MARKETING PROCESS. 122

    7.4.1 Situational analysis. 123

    7.4.2 Marketing strategy. 123

    7.4.3 Marketing mix decisions. 123

    7.4.4 Implementation and Control 123

    7.5 PORTER’S FIVE FORCES MODEL.. 123

    7.6 FUNCTIONS OF MARKETING MANAGEMENT. 126

    7.7 THE MARKETING ENVIRONMENT. 128

    7.7.1 The Internal Environment 128

    7.7.2 The Micro-environment 128

    7.7.3 The Macro-environment 128

    7.8 MARKETING PLANNING.. 129

    7.8.1 Elements of a Marketing Plan. 129

    7.8.2 Marketing objectives. 130

    7.8.3 Strategies to achieve the objectives. 130

    7.8.4 Tactical plan and budget 131

    7.8.5 Implementation and evaluation - action plan. 131

    7.9 MARKETING RESEARCH.. 131

    7.9.1 The Research Process. 132

    7.10 MARKET SEGMENTATION.. 133

    7.11 THE PRODUCT LIFE CYCLE.. 134

    7.12 BRANDING OF THE PRODUCT. 134

    7.13 BRAND EQUITY.. 135

    Chapter 8: Accounting and Financial Statements. 143

    8.1 Introduction. 144

    8.2 The Nature of Accounting. 144

    8.2.1 Bookkeeping. 146

    8.2.2 Accounting Terminologies. 147

    8.2.3 Reasons for Accounting. 150

    8.3 Accounting Ratios. 156

     

    Biography

    Kwame Adom is an Associate Professor at the Burman University in Canada. He has acted as a Senior Lecturer at the Department of Marketing and Entrepreneurship at the University of Ghana Business School. He has several journal papers, book chapters and books to his credit. His research specialization is entrepreneurship and he can be reached at [email protected].

    Robert E. Hinson is currently the Pro Vice-Chancellor at the Ghana Communication Technology University, having the joined that University from the University of Kigali where he acted as Deputy Vice Chancellor – Academic with additional responsibility as Interim Vice Chancellor. His main research interests lie in the academic areas of marketing and communications, information and technology management, service management, and social responsibility and sustainability management. He has 30 originally authored and edited volumes to his credit and his book collection can be accessed at www.robertebohinsonbooks.com. He can be reached on [email protected].

    Enoch Opare Mintah is an Associate Lecturer at the University of Lincoln, UK and doctorate student at the Kingston University in the United Kingdom. He holds an MBA (University of Liverpool, UK), MSc Governance (University of Lincoln, UK) Cert. Hospitality and Tourism Management (Florida Atlantic University, USA) and a BA English (KNUST, Ghana). His research interests revolve around ESG disclosures, Sustainability Reporting, Corporate Social Responsibility, Nonprofit Leadership and Education. Enoch is a member of the British Accounting and Finance Association (BAFA), European Accounting Association (EAA), and the Institute of Corporate Responsibility and Sustainability (ICRS-UK). He can be reached at [email protected].

    Theresa Obuobisa-Darko holds a Doctor of Philosophy in Public Administration and Policy Management, a Master of Philosophy in Public Administration as well as a Masters of Business Administration (Human Resource Management option), all from the University of Ghana. She has over thirty (30) years teaching and research experience in the field of Human Resource Management, Organisational Development and Public administration and has authored several journal articles and book chapters in these areas. She can be reached on [email protected].