BUSINESS MANAGEMENT
MNB1501 — Complete Study Notes
UNIVERSITY OF SOUTH AFRICA (UNISA)
✦ Introduction to Business Management ✦
Comprehensive Notes | Definitions | Tables | Exam Tips
Semester 1 & 2 | All Units Covered | 2024/2025
, TABLE OF CONTENTS
UNIT 1 Introduction to Business Management 3
UNIT 2 The Business Environment 5
UNIT 3 Forms of Business Ownership 8
UNIT 4 Management Functions 11
UNIT 5 Human Resource Management 14
UNIT 6 Marketing Management 17
UNIT 7 Financial Management 20
UNIT 8 Operations Management 23
APPENDIX Key Formulas & Quick Reference 26
, UNIT 1 Introduction to Business Management
What is business? Why does it exist?
1.1 What is Business?
A business is any organisation that provides goods or services to consumers with the aim of making a
profit. Businesses are the backbone of any economy — they create jobs, generate wealth, and satisfy
human needs and wants.
Key Definitions
Business An organisation that combines resources to produce goods/services for
profit.
Entrepreneur A person who takes the risk of starting and running a business.
Profit Revenue minus total costs. The reward for risk-taking.
Goods Tangible (physical) products sold to consumers, e.g. a car, bread.
Services Intangible activities offered for a fee, e.g. banking, haircuts.
Needs Basic requirements for survival: food, clothing, shelter.
Wants Desires beyond basic needs, shaped by culture and income.
1.2 The Purpose of a Business
Every business exists for a reason. The main purposes include:
• Create and deliver value to customers
• Generate profit for owners/shareholders
• Provide employment and income
• Contribute to economic growth and tax revenue
• Meet social responsibilities (CSR)
1.3 Business Goals vs Objectives
Aspect Goals Objectives
MNB1501 — Complete Study Notes
UNIVERSITY OF SOUTH AFRICA (UNISA)
✦ Introduction to Business Management ✦
Comprehensive Notes | Definitions | Tables | Exam Tips
Semester 1 & 2 | All Units Covered | 2024/2025
, TABLE OF CONTENTS
UNIT 1 Introduction to Business Management 3
UNIT 2 The Business Environment 5
UNIT 3 Forms of Business Ownership 8
UNIT 4 Management Functions 11
UNIT 5 Human Resource Management 14
UNIT 6 Marketing Management 17
UNIT 7 Financial Management 20
UNIT 8 Operations Management 23
APPENDIX Key Formulas & Quick Reference 26
, UNIT 1 Introduction to Business Management
What is business? Why does it exist?
1.1 What is Business?
A business is any organisation that provides goods or services to consumers with the aim of making a
profit. Businesses are the backbone of any economy — they create jobs, generate wealth, and satisfy
human needs and wants.
Key Definitions
Business An organisation that combines resources to produce goods/services for
profit.
Entrepreneur A person who takes the risk of starting and running a business.
Profit Revenue minus total costs. The reward for risk-taking.
Goods Tangible (physical) products sold to consumers, e.g. a car, bread.
Services Intangible activities offered for a fee, e.g. banking, haircuts.
Needs Basic requirements for survival: food, clothing, shelter.
Wants Desires beyond basic needs, shaped by culture and income.
1.2 The Purpose of a Business
Every business exists for a reason. The main purposes include:
• Create and deliver value to customers
• Generate profit for owners/shareholders
• Provide employment and income
• Contribute to economic growth and tax revenue
• Meet social responsibilities (CSR)
1.3 Business Goals vs Objectives
Aspect Goals Objectives
