MGTA01H3 Chapter Notes -Financial Transaction, Life Insurance, Cable Television

• School: UTSC
• Department: Management
• Course: MGTA01H3

Document Summary

***chapter 2: product: the things that people need and want (p. 20-47) People can not have all the goods and services they want. We must choose some things and give up others! Something that you want, but can live without. Something you have to have to survive [food, sheiter, clothing] Things people make or use to satisfy needs or wants. Activities that satisfy people"s needs and wants. Satisfy customers is the means by which a business generates revenue; therefore a business must never lose sight of the need to satisfy customers [if it wants to make a profit] A business must satisfy customers in order to make a profit. Unless it makes a profit, a business cannot continue to satisfy customer needs. A business must strive to satisfy customer need by: Listen attentively and respond to the customers" needs. Product: whatever a purchaser hopes to get, or believes they are getting whenever they make a purchase from another individual or organization.