COMMERCE 1E03 Lecture Notes - Lecture 1: Uee, Industrial Policy, Elze
19 May 2016
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Document Summary
Business: an organization that manufactures or sells goods or services to satisfy some customer"s needs in an attempt to generate a profit. Customer-driven: customer satisfaction becomes the driving force of the company. Decentralized: decision making is spread downward from the top of an organization. Empowerment: the leaders of organizations give their workers the freedom, incentives, and training to be decision makers and creative contributors to the organization. Globalization: a globally integrated system of production, marketing, finance, and management. Goods-producing sector: the sector that produces tangible products. Information age: (current) era in which information is a crucial factor in the successful operation of organization. Restructuring: the process of reorganizing the structure of companies to make them more efficient. Strategic alliances/joint ventures: arrangements whereby two or more companies cooperate for a special or limited putpose. Sustainable development: economic development that meets the needs of the present without endangering the external environment of future generations.
