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BUSI 2701

Business 2701 Lecture 1 – Business and the firm Overview - Why is business important - How its organized and functions of departments What is a business? - A place where they have good or services in exchange for something of value in order to obtain a profit - Important? o They’re everywhere in our world  One person companies  Partnerships (2-many)  Large private firms  Public companies  International public or pvt companies  Gov’t (federal/provincial/municipal) Business Firm Structure - Top: Exec Leadership  Ceo/GM/President?Owner  Functional are leads report to  Senior decision authority  Responsible for overall strategy of the firm o Operations & logistics  Money making (value creation) engine of the firm  Produces goods/services  Supply chain mgmt o Engineering & design  Design of P&S and processes  Have to be close with marketing to ensure their designs are customer friendly o Marketing  What are you going to sell?  How much for the item?  Who are you going to sell it to?  How to attract them? How to sell it?  Product/Place/Price/Promotion  Quality and pricing o Accounting and Finance  Recording and reporting all financial info  Internal and external people  Finance: mgmt of financial assets  Raising capital through debt and equity financing o Human resources  Recruiting  Training and skill development  Compensation and benefits  Personnel records  Employee services  Labour relations o Support: IS/IT/Quality/Safety/Infrastructure  Numerous functions essential to the effective operation of the firm.  Sometimes these can be put under other sections such as IT being unde
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