MGM101H5 Lecture Notes - Lecture 2: Value Proposition
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MGM101H5 Full Course Notes
Verified Note
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Management= art of getting things done through people. Filling the needs of a market to make $ The role of the business owner is to anticipate an opportunity to create a product or service that unique, and important in value. +commercial: the markets that the business satisfies in terms of its p/s"s. The failure to meet the objectives of a planning cycle can be the result of poor positioning, poor operational execution, or a combination of the two. Too much emphasis on short-term profitability may result in decisions that are detrimental to long- term market opportunities and fall short of social responsibility expectations. Profitability measures how well a company is using its resources over a specific period of time to generate earnings relative to its competitors. As opposed to profit which is just the overall money brought in by the company (tr-te=tp).
