MGM101H5 Lecture 2: Lecture 2
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MGM101H5 Full Course Notes
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Document Summary
What is business: a system of integrated mission-based actions, develop and grow markets for its goods and services, create organizational value (wealth) on behalf of its stakeholders. Organizations must properly identify 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 profit. Assets + labour + capital + managerial acumen = business model competition. Fundamental objectives of business: short term profit, long term growth and profitability, social and environmental responsibility. Managers are responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving the organization"s strategic resources. What makes someone an effective manager: someone who plans strategies of running the business, organize resources, effective leader within the context of their job/position. Import goods from around the world: selling products made from international places and domestic places while having the knowledge of the price and cost.
