MGMT 1P93 Lecture 2: Chapter 1 - Business Now
16 Jan 2019
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3. 5 employees needed to handle 1 million. Online only 0. 9 needed to handle same amount. Online shopping/workers = less employees = saving money. Firms core goal is to generate long term profits by delivering unsurpassed value to their customers. Average person spends 12 hours consuming information. 20 percent of vertebrate species are threatened. Long-term food preservation might be essential to our survival. More consumers rely on search engines and smartphones. Population growth makes food preservation may become more important. Entrepreneurs help the economy because their profit. Businesses raise the standard of living through taxes which the government spends on projects. Business: any activity that provides goods and services in an effort to earn a profit. Not 4 profit organization: focuses on causes, not making profit. Value: what you get for what you pay. Relationship between the good or service and the benefits it offers to its customers.
