MGM101H5 Lecture Notes - Lecture 3: Income Statement, Resource Consumption

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

Document Summary

Assets: refers to the infrastructure and resource base of the organization. Labour: refers to the human resource requirements of the business. Capital: refers to the money needed by an organization to support asset-based expenditures, meet operating cash requirements, and invest in the development of new products and/or services which the organization desires to introduce into the marketplace. Managerial acumen: refers to the foresight, drive, knowledge, ability, decision- making competency and ingenuity of the organizations key individuals its owners or top-level managers. Business model (system): the operational platform or structure that a business uses to generate revenue and profit. The role of the business manager/owner is to recognize, anticipate, and sense an opportunity to create a product/service that is unique, important and of meaningful value to targeted customer(s) Fundamental to this challenge is a strategy and 3c assessment . Strategy = the specific objectives an organization hopes to achieve during the planning cycle.