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ADM1301 (111)
Lecture 1

ADM1301 Lecture 1: Chapter 1

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Rumaisa Shaukat

An Introduction to the Canadian Domestic MacroenvironmentA Business Government and Civil Society PerspectiveSignificance of Business in its Social ContextBusiness affects and is affected by society in which it operatesFor managers to operate effective an understanding of business domestic macroenvironment is essentialTechnology advances facilitate misinformation and disinformation but also puts business in societys spotlightConsider the complex issues o Who in society has the greatest influence o Who has the right to dictate how business should operate o What exactly is ethical behaviour o What exactly is social responsibilityIt must be acknowledged that in order to succeed as a business and to sustain competitive environment one must understand the environmentOnly 5 of new business survive their first five yearsBusiness interact their environment they are influenced by their environment and they influence their environment as wellThing have changed business now have to work together to achieve their goalsmostly about private enterpriseThe Modified Boulding Triangle A way to depict the Canadian macroenvironment Business all forms of profit based organisations Civil Society NGO charities organisation that operate within society and may hold string beliefs that they stand by Government government organisations whether federal provincial or municipal they all have contain different legislationprovince has authority to regulate and manage business organisation lobbying is used by business and civil society to influence business organisationEach sector of the triangle influences and are influenced by eachExist codependent of each otherCanadas MacroenvironmentThe Business Government Society NexusRules or sorting mechanisms of coordination for each segment are based on different principles o Businesssupply and demand forces and price mechanisms are norms o Governmentredistribution and coercion through rulesEnforces regulations o Civil societycooperation reciprocity and solidarity are the integrating principlesMore connected w the world more in tune w the world outside their organisation Globalisation economic definition moving beyond natural economic boundaries to do business w other countriesThe Macroenvironment of Canadian BusinessBusiness drives the economy of a nationThe economic system in Canada is a private enterprise system anchored in the doctrines of capitalism o Rewards firms for effectively and efficiently meeting the wants and needs of customers o Basic rights of a private enterprise systemPrivate propertyFreedom of choice have freedom to choose what type of business you want to createProfitsCompetitionSix distinct time periods define North American business history o Colonial before 1776Agricultural production o Industrial Revolution 17601850The advent of the factory system and massproduction o Industrial Entrepreneurs Late 1800sRisktakers and inventors advances in technology o Production Late 1800s1920sAssembly lines producing greater quantity faster o Marketing Since 1950sConsumer orientation o Relationship From 1990sStrategic alliances between customers suppliers RememberInitially businesses were very product orientated o Focused more on productivity and efficiency oThen then it moved to a more customer focus o Then focus shifted to a more relationship focused approachThe workforce of today
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