MGMT 1P93 Lecture Notes - Lecture 1: Product Differentiation, Human Services, Hard Sell
17 Sep 2016
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Document Summary
What consumers want, and how we buy has changed. Computers were launched and businesses growing faster than ever. Mature firms are being merged, acquired and dissolved. Successful firms: embrace change, seek opp and avoid pitfalls, evaluate risks, understand their market. Core goal: generate long term profits by delivering high value to their customers. Business: any activity that provides goods and services in an effort to earn profit. Profit: the financial reward that comes from running a business. Not- for profit organization: focus on causes not for profit: ex: brock: focus-education, no stockholders, goal is not to make a profit, profit is put towards building the environment for education. Entrepreneurs: people who risk time, money, and other resources to manage a business. Easier to keep a customer than to find a new one. Focus on health, human services, education, art, religion and culture.
