MGMT 1 Lecture Notes - Lecture 1: Identity Theft, Outsourcing, E-Commerce
Document Summary
Every person or organization impacted by or part of the business world. Goal: not to make money but to make the world a better place. Employees don"t take same risks as entrepreneurs do and enjoy many benefits (eg paid vacation, sick leave) Rewards may be financial or personal (eg independence) Advances in technology have often led to leaps in productivity. Efficiency: achieving your goal with least amount of resources. Productivity: amount of output per unit of input. E-commerce: buying and selling goods online (b2c,b2b) b: business, c: commerce. Customers want high quality products at low/ reasonable prices. To succeed in a highly competitive environment, businesses must listen to and satisfy customers. Empowerment of employees is one strategy to do so. Businesses and you need to be globally competitive (eg understand cultures, learn foreign languages) Evolution of business has been driven by innovation and increased productivity with shifts in employment.
