Friday, September 27th 2013
MGM101 Lecture 3
What is Business?
A system of integrated mission-based actions
Develop and grow markets for its goods and services
Create organizational value (wealth) on behalf of its stakeholders
Businesses need to carry out activities that add value.
Organizations must properly identify solutions to market places needs/desires and deliver these
solutions to the right customer, at the right place, at the right time, and for the right price creating a
-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.
3 C's: Capabilities,Competencies, Capacity