MGM101H5 Lecture 3: LECTURE 3.docx

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

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.