MGM101H5 Study Guide - Value Proposition, Resource Consumption, Business Plan
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MGM101H5 Full Course Notes
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Document Summary
Business foundations: commercial endeavors, employee interaction, organizational efficiency and structure. What kind of resources do they need: capital. We need money to invest and start. Where should we get the money from: managerial acumen. Developing a strategy is developing a plan to reach an objective specifically in a business: external market. Here"s what we should do: management priorities. Process: strategy and 3c assessment, business development, business plan execution, company performance and profitability, company growth and reinvention. Necessary to pay bills and reinvest in the future: long term growth and profitability. New products and services need to be developed to ensure the organization remains healthy and continue to grow. If money goes to owners = no money to reinvest: social and environmental responsibility. Customers want businesses to operate and act in a socially responsible manner with respect to product development, resource consumption and operating process. Not just the owner"s needs but everybody"s needs. Rim affected by employees, retailers, investors etc .
