LECTURE 3.docx

31 views1 pages
Published on 4 Oct 2012
School
Department
Course
Professor
MGM101H WEEK 3
Business is a system if integrated mission bases actions designed to ensure that an
organization develops and grows a market for its goods and services in a manner that
creates organizational value on behalf of its stakeholders.
Organizations must properly identify solutions to market place needs/desires and
deliver these solutions to the right customer, at the right pace and at the right time and
for the right price creating a profit.
Successful businesses do better when they satisfy customers’ needs and wants rather
than targeting profits. You need to meet the needs of the market in order to gain higher
profits. To succeed in business you need to determine - Who are your customers, what
are their needs and wants?
Business model composition consists of assets, labor, capital and managerial acumens.
Without these four factors of production, working together in a coordinated manner in
order to succeed, it becomes difficult.
The role of the business manager is to recognize, anticipate and sense an opportunity to
create a product/service that is unique, important and of meaningful value to targeted
customers.
Strategy: The specific objectives an organization hopes to achieve during the planning
cycle.
3 C’s: Capabilities, Competencies, Capacity
Competitive Advantage: the advantage an organization has over their competitor that
enables it to generate more sales, achieve greater margins (on costs), achieve a lower
cost base and attract/retain more customers.
If a business doesn’t have a voice that makes you unique, you may have very little
chance into getting in the market and gaining competitive advantage because you will
not have anything special to separate your business from the other businesses out
there.
As a manager, the key responsibility you must need in order to succeed the business you
need to have a business plan.
The fundamental objective of a business is short term profit, long term profit and social
responsibilities.
Short term profit: Ensures immediate survival of the firm and is necessary to pay bills
and reinvest in the future.
Long term growth/profitability: New products and services need to be developed to
ensure the organization remains healthy and continues to grow.
Social and environmental responsibility: Customers want businesses to operate and act
in a socially responsible manner with respect to product development, resource
consumption and operation processes.
Unlock document

This preview shows half of the first page of the document.
Unlock all 1 pages and 3 million more documents.

Already have an account? Log in

Document Summary

Business is a system if integrated mission bases actions designed to ensure that an organization develops and grows a market for its goods and services in a manner that creates organizational value on behalf of its stakeholders. Organizations must properly identify solutions to market place needs/desires and deliver these solutions to the right customer, at the right pace and at the right time and for the right price creating a profit. Successful businesses do better when they satisfy customers" needs and wants rather than targeting profits. You need to meet the needs of the market in order to gain higher profits. Business model composition consists of assets, labor, capital and managerial acumens. Without these four factors of production, working together in a coordinated manner in order to succeed, it becomes difficult. The role of the business manager is to recognize, anticipate and sense an opportunity to create a product/service that is unique, important and of meaningful value to targeted customers.

Get OneClass Grade+

Unlimited access to all notes and study guides.

YearlyMost Popular
75% OFF
$9.98/m
Monthly
$39.98/m
Single doc
$39.98

or

You will be charged $119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.