MGM101H5 Lecture Notes - Lecture 2: Frederick Winslow Taylor, Mary Parker Follett, Henri Fayol
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MGM101H5 Full Course Notes
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What should business do: 3 possible suggestions, 1) make money, 2) meet needs, existing needs, 3) create value, creating new things to give people better quality of life. If people work in their own interests, everyone will eventually be benefitted: therefore, ultimate goal of all businesses are to make money, though some do this by creating values and meeting needs. How is the company organized/interacts with the world? (ex. Apple company: assets, hardware, technology, garage (work location/office, circuits. Labour: woz and wayne built stuff, steve jobs found vendors, capital (invested money, startup investment from markkula, managerial acumen (decisions, apple"s sleek aestheti(cid:272)/products, turning labour and capital into assets, competitive position of the (cid:862)perso(cid:374)al (cid:272)o(cid:373)puter(cid:863) The business platform: commercial endeavors, employee interaction, organizational efficiency/culture, structure. Craftsman: has to perform each step in production, makes fewer items, but emotional/brand value; uniqueness, advanced skills; quality.
