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 consumer at a profit to an organisation. Importance of Marketing to the Economy It encourages mass- production which leads to […]
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SALE OF GOODS A contract of sale of goods is a contract whereby the seller transfer the property in goods to the buyer for a money consideration called the price. The parties to this contract are known as the seller (vendor or transferor) and the buyer (vendee or transferee). The seller must be either the
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DUTIES OF THE EMPLOYER To pay wages – i.e. enumeration To provide work which the employee will handle To give holidays to the employee Duty to take reasonable care for his employee’s safety Indemnity – The employee must reimburse the employee for any expense / loss incurred on behalf of the employee. Duty to provide
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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 work in his
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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 whereby decision making powers and authority to handle a particular assignment is transferred to a subordinate by a superior officer.The superior
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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 operating in Nigeria to indigenous entrepreneurs. The major objective is to reduce the power of control of the
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 of policies. It leads to
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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 the
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 / Finance Department Training & Manpower Development Department Production Department Sales Department Marketing Department Administration Department Maintenance Department Mails Department etc.
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