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MGM101H5 (341)
Lecture 3

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Dave Swanston

MGM101HWEEK 3Business 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 stakeholdersOrganizations must properly identify solutions to market place needsdesires and deliver these solutions to the right customer at the right pace and at the right time and for the right price creating a profitSuccessful 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 determineWho are your customers what are their needs and wantsBusiness model composition consists of assets labor capital and managerial acumensWithout these four factors of production working together in a coordinated manner in order to succeed it becomes difficultThe role of the business manager is to recognize anticipate and sense an opportunity to create a productservice that is unique important and of meaningful value to targeted customersStrategy The specific objectives an organization hopes to achieve during the plan
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