MAJOR TASKS OF BUSINESS

The basic factors of production (men,materials and machines) in any society work together to perform what we know as the basic functions of business.It is however, certain that the proportion in which these factors are combined differ from one product or service to the other. It all depends on what is to be produced and how it is to be produced.


There are four major tasks out of which a business must perform one or more including:

Making raw materials available and they are in turn used to produce other goods and services. A good example of this is the wood industry that provides wood for furniture and construction companies. Unilever Nig Plc manufactures soap/detergent which are also used by laundry services firms.



Provision of services for individuals and other businesses. For instance,the insurance firms and banks provide service for firms and individuals. Honeywell Technical sells and services generators for both individuals and firms. All advertising firms render services that create benefits to individuals and organisations.


Converting raw materials into finished goods. All manufacturing activities involve converting raw materials into finished goods.



Distribution of goods or marketing. This includes the various activities involvedin moving finished products from the production point to consumers of all types,when and where they need the products. Sometime,one wonders how a product manufactured in far way america gets to a village in nigeria. It is part of the marketing function of business.



Sometimes a particular organisation may diversify so much that it performs three or more of these functions. The essence of these tasks is for business to create satisfaction as well as achieve reasonable profit to enable it continue to perform the functions.