MGM101H5 Lecture 2: Chapter 2 - What is Business

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Develop and grow markets for it goods and services. Create organizational value (wealth) on behalf of its stakeholder. If a business cannot provide a service that is not being provide or a service that is better in some way than their competitors, they have a very small chance of success. Organizations must properly identify these solutions to marketplace needs/desires and deliver these solutions to the right customer, at the right place, at the right time, and for the right price creating a profit. Business model composition (that will help a business achieve goals) Constantly trying to balance short term and long term profit. If we can create competitive advantage, we have a good chance for success. Emotional benefits (feeling good about your decision)