Explain the concept of business.

Explain the concept of business.

the concept of business

concept of business is the fundamental idea behind the business. The business model, plan, vision and mission are developed based on this concept. Ola,for example, was commenced on the concept of aggregating taxi drivers and providing their services on demand under are brand. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.

Give the objectives of internal and external communication.

Thus, a business concept explain the reason of existence and reach of a given product or concern. Concept of business can be studied under the following two heads:

  1. Old Concept of Business: According to old concept of business term ‘Business’ was applied only for such activities which were executed to earn wealth.
  2. Modern Concept of Business: As per modern concept of business business is a social and economic activity and objective of business is to earn profit with service motive.

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