MGM101H5 Lecture Notes - Lecture 3: Resource Consumption
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
A system of integrated mission-based actions: business is to achieve goals, guide people, launch plans, etc. Develop and grow markets for its goods and services: can be profitable short-term but need long-term plan; defend position, grow, increase profit, market share, customer base, etc. Create organizational value (wealth) on behalf of its stakeholders: balance needs of all stakeholders and be successful. Organizations must properly identify solutions to marketplace needs/desires and deliver these solutions to the right customer, at right place, at right time, and right price for profit. Assets + labor + capital + managerial acumen = business model composition. Assets: equipment, land, property, minerals, money, gas reserves, etc. Labor: how many people, what roles, etc. Capital: money to sustain operations and hire people and make it back plus profit. Managerial acumen: smart leaders who are aware, intelligent, intuitive, strategic, etc.
