BUS101 Lecture1

Lecture 1: Current Issues in Contemporary Business
Introduction to Business
BBA Program, School of Business, North South University
Zulfiquer Ali Haider

u s i n e s s ?
Wha t i s B
Profit-seeking activities and enterprises provide

goods and services necessary to an economic
system.
Profit is the reward for businesspeople who

take the risk involved to offer goods and
services to customers.
What about NfP organizations?

Fact o r s o f
u c t i o n
Prod
Natural Resources
Capital
Human Resources
Entrepreneurship
Th e P r i v a t e
En t e r p r i s e
Capitalism (vs Communism)
Adam Smith is the father of capitalism.
Economic system determines business ownership, profits
and resources
Rewards firms for their ability to serve the needs of
consumers
Minimized government intervention
Competition is the battle among businesses for
consumer acceptance.
What is competitive differentiation? (Volvo vs Toyota)
(Example: telecom industry in BD)
i g h t s i n t h e
B a s i c R
t e r p r i s e
Private En
e n e u r s h i p
r e p r
The Ent t i v e
Alter n a
The risk-taker
Fuels the U.S. economy
Provides innovation
Entrepreneurial thinking is important
inside of large firms.
t h e H i s t o r y
Six Er a s i n
u s i n e s s
of US B
l a t i o n s h i p s
a g i n g R e
Man e c t i o n s
r o u g h C o n n
t h
Relationship Management
Activities to build and maintain mutually
beneficial ties with customers and other parties
Relationship management depends upon
technology.
(Example: Tesco)
A l l i a n c e s
S t r a t e g i c
r t n e r s h i p s
a n d P a
A strategic alliance
is a partnership
A partnership is an formed to create
affiliation of two or a competitive
more companies that advantage for both
help each other parties.
achieve common
goals.
Example: STAR Allliance

B u s i n e s s
To d a y s
Wor k f o r c e
Dedicated workers who can foster strong

ties with customers
Capable of high-quality production
Ability to compete in global markets
Technically savvy
g e s i n t h e
Chan n g
r c e - A g i
Workfo
o p u l a t i o n
P
By 2030, the number of U.S. workers 65 or older
will reach 72 million.
Many baby boomers are hitting the peak of their

careers while Generation X and Y are launching
their careers.
Technology has intensified the hiring

challenge by requiring workers to have ever
more advanced skills.
W o r k f o r c e -
e s i n t h e
Chang L a b o r
Shrink i n g
o l / D i v e r s i ty
Po
Economists predict the U.S. labor pool could
soon fall short by as many as 10 million people.
The two fastest-growing ethnic populations in

the United States are Hispanics and people of
Asian origin.
Blending individuals of different genders,

ethnic backgrounds, cultures, religions,
ages, and physical and mental abilities.
e s i n t h e
Chang
r k f o r c e -
Wo
s o u r c i n g
Out
Offshoring is the
Outsourcing is using relocation of business
outside vendors to processes to lower
produce goods or cost locations
fulfill services and overseas.
functions that were
previously handled
in-house or in-country. Example: Tesco Shared Services
(Hindustan Service Centre)
Example: Virgin Trains, Walmart

f o r c e s -
t h e W o rk
a n g e s i n l ity
Ch n d M o b i
i b i l i t y a
Flex
and Innovation Through Collaboration
Younger workers are looking to something

other than work-comes-first
Part-time and temporary workers are
growing
Collaboration is replacing working alone
Value risk taking and innovation
C e n t u r y
The 21
st
M a n a g e r
Critical-thinking
Creativity
Ability to lead change
Vision
o f C r i t i c a l
Im p o r t a n c e
d C r e a t i v i t y
T h i n k i n g a n
Critical thinking is the ability to analyze

and assess information to pinpoint
problems or opportunities.
Creativity is the capacity to develop novel

solutions to perceived organizational
problems.
t o L e a d
Ability
C h a n g e
Guide employees and organizations

through changes
Managers must be comfortable with tough

decisions.
Factors that require organizational change

can come from external and internal
sources.
M a k e s a
What r e d
a n y A d m i
Co m p
Solid profits
Stable growth
Safe and challenging work environment
High-quality goods and services
Business ethics and social responsibility

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Lecture 1: Current Issues in Contemporary Business

Zulfiquer Ali Haider

Profit-seeking activities and enterprises provide

Profit is the reward for businesspeople who

What about NfP organizations?

Example: STAR Allliance

Dedicated workers who can foster strong

Capable of high-quality production

Ability to compete in global markets

Many baby boomers are hitting the peak of their

Technology has intensified the hiring

The two fastest-growing ethnic populations in

Blending individuals of different genders,

Example: Virgin Trains, Walmart

Younger workers are looking to something

Critical thinking is the ability to analyze

Creativity is the capacity to develop novel

Guide employees and organizations

Managers must be comfortable with tough

Factors that require organizational change

Safe and challenging work environment

High-quality goods and services

Business ethics and social responsibility

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