MGM101H5 Lecture Notes - Lecture 1: Wi-Fi

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

System of mission-based acions: towards a speciic goal, design them to achieve objecives. Develop and grow markets for its goods/services: through saisfying customer needs, beter than compeiion, atract customers, provide superior goods, maintain posiion by constant innovaion. Create organizaional value (wealth) on behalf of its stakeholders. Organizaions must properly idenify soluions to market place needs/desires and deliver these soluions to right customer, right place, at the right ime, for right price creaing a proit. Every business needs; assets, labour, capital, managerial acumen. Labour: frontline labour, producion labour, supervision, accouning, inance, secretarial. Capital: money, independent wealth, partners wealth, shares (selling equity), bank (debt) Managerial acumen: talented managers, leadership that provides visions and guidance, develop strategies, put plans into acion to achieve success and gain compeiive advantage. What i get for what i have to give up . What we give to customers in relaion to what they give up for our product. What we ofer to our target markets.