Class Notes (810,488)
Canada (494,139)
Business (3,226)
BU111 (655)

Lecture #1 Introduction to Business Note includes topics such as: What is a business? Critical Success Factors Business Stakeholders and relationships Managements Primary Objective

3 Pages
Unlock Document

Wilfrid Laurier University
Jim Mc Cutcheon

September 15, 2010 Introduction to Business Lecture 1 Notes - What is Business? What is Business? Definition of Business: The sum total of all activities involved in the creation and distribution of goods and services for private profit 1. Primary activities a. Creation of good/service (operations function) b. Distribution of good/service (marketing - promotion, distribution network, retailer, getting to final consumer) 2. Secondary activities (make possible the performance of the two primary activities) a. Accounting b. Finance (generate necessary capital, facilitates performance) c. H/R (hiring, pay systems) 3. Profit Motive (purpose of business) Business 111 Course Model (BBA Program Model) What Is A Model? o A model is a representation of reality Characteristics of a "Good" Model? o A "good" model helps to simplify our understanding of what would otherwise be a very complex phenomena o A "good" model structures or "frames" our thinking regarding a complex topic o A "good model provides a meaningful framework for analyzing and studying a complex phenomena o A "good" model helps to show how the various aspects of reality (parts of the model) interact with or impact upon one another (forecasting what could happen in the future, impact on one thing against another) Critical Success Factors (Indicators of Business Success)  Achieving financial performance (need to make profit) o Shareholders: firm making for every dollar invested  Meeting customer needs o Beat competitors by understand needs and address with product offerings o Monitor customers and desires and needs  Providing quality products and services o World-class level of service and quality  Encouraging innovation and creativity o People-driven type of activity  Gaining employee commitment (most important: people) o Good manager: lead people, direct people, get people motivated to achieve the goals the organization set out for itself o Your people are the ones really leading you to success September 15, 2010 Introduction to Business Lecture 1 Notes - What is Business? It is the job of every manager to help his respective organization achiev
More Less

Related notes for BU111

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.