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MGTA01H3 (350)
Lecture

MGTA03 – Intro to Management – Lecture 1 Notes

2 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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MGTA03IntrotoManagementLecture1
Chapter1:UnderstandingtheCanadianBusinessSystem
PagesfromTextbookCoveredinthisLecture;1to9
NextLectureWillCoverPages;9to15
PurposeofLec/Chapter;
Setthescene
Basicdefinitions
Explanationofkeytheories
KeyPointsofLec;
DefineBusiness
Profit&Loss
FactorsofProduction
DefinitionofBusiness:
Organizedefforttomake/sellsomethingtocustomers/clientstomeetaneed/wantfor
aprofit
E.g.TimHortons,Microsoft,GeneralMotors,Pizzaplace,LemonadeStand(areall
organizedeffortswhichtrytosellyouthey’reproduct)
Characteristics:
Customersneed&wantthingsandtheywillpayforthem
KeyWords/Points:

Revenues/Sales
Themoneythatcomesin

Profit
Moneyin(revenues/sales)
Moneyout(costs/expenses)
E.g.ofProfit
Revenue(Sales) =$6
Expenses(Costs)=r$5
Profit  =$1
BasicreasonforabusinesstoexistisProfit
Notallorganizationarebusiness
E.g.hospitals,universities,churches
TheyDOprovideaservice,butNOTintendedforprofit



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Description
MGTA03IntrotoManagementLecture1 Chapter1:UnderstandingtheCanadianBusinessSystem PagesfromTextbookCoveredinthisLecture;1to9 NextLectureWillCoverPages;9to15 PurposeofLecChapter; Setthescene Basicdefinitions Explanationofkeytheories KeyPointsofLec; DefineBusiness Profit&Loss FactorsofProduction DefinitionofBusiness: Organizedefforttomakesellsomethingtocustomersclientstomeetaneedwantfor aprofit E.g.TimHortons,Microsoft,GeneralMotors,Pizzaplace,LemonadeStand(areall organizedeffortswhichtrytosellyoutheyreproduct) Characteristics: Customersneed&wantthingsandtheywillpayforthem KeyWordsPoints: RevenuesSales Themoneythatcomesin
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