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Lecture 01.docx

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Management (MGT)
Chris Bovaird

MGTA03 Lecture 01 – Chapter 1  Read chapter 1  Business defined  is more like the characteristic of what business looks like o An organized effort -> business is organization where one or more people puts time/ thought into doing something ( effort /plan) o To make or sell something  produce/provide something - business has to come out the end  e.g. McDonalds make food, Nike makes running shoes o To sell to customers o Who need or want something -> business exists because they believe  there are people who have needs and wants --> by identifiying them  can sell what business makes  these people are called customer o In order to make profit (end goal)  by selling it to customers  make profit  E.g. This is a business - making pizza (organized effort) selling it to the customers who will wants pizza  customer buys it  profit o This business exists because people might be hungry  Business Characteristic  customers need and want things & they will pay for them o When a customer reaches into pocket & hands over money (pay)  call that sales or revenues – this is what business brings in/ is what people will give them for product or service that they supply o Every time
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