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ADM1100- Business Management.docx

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ADM1100N Introduction to Business Patrick WoodcockLecture 1Why is Sara McLachlan a good entrepreneuroMore than just a songwriter makes herself uniqueoLots of different aspects to her in terms of working with the band dynamic her brand Who she and her music appeal to band operations etcoStarted businessNever Get Off the Boat Inc ToursAmp Merchandising 48 million in 1998McLachlan Foundation manages philanthropyoFounded the Lilith Fair Tour a showcase of female musicians which ended as the most successful music tour in history Grossed over 60 million and raised awareness and money for shelter womenoLots of partnersWhat is a businessoAll profitseeking activities and enterprises that provide goods and services necessary to an economic system Thus filling a needoProfits Rewards for business people who take the risks involved Notforprofit businessesGoal is not profitsoGoal is to provide benefits to customers as well as raise money from donor stakeholdersProfitability list of 2012oTop 3 are banks TD Scotia RBCoFollowed by 3 Energy then 2 more banks and 3 more energy to round out the top 11Factors of Production Things that allow you to do a production process to create products and servicesoNatural resourcesRentoCapitalInterestoHuman Resources People their knowledge and abilities WagesoEntrepreneurship The ability to innovate and create ProfitProduction Process Products ServicesProduction GDP Flow chart downoEntrepreneurship Innovation and Organizational Management Labour Working population and skillsNatural Resources Land Minerals Oil etcCapital Cash material building machineryEconomic Performance Economic Productivity is the ratio of outputs to inputsoEconomic ProductivityOutputs InputsProducts and Services Factors of Production Values Increase of productivity due to new technology and the growth of new businesses using this technologyCanadian relative technology petered off in the late 90s Why Different reasonsColonial PeriodoAgricultural and trading are the principle businessLand is the main factor of productionoTrading and transportation hubsoWealthythose who owned land and trading hubsIndustrial RevolutionoBeginning of mass production and specialization beginsoMechanization invented for transportation agriculture and resource harvestingoBeginning of the transition to full industrial production Labour skills are starting to become specialized Where before it was largely just grunt workoIndustrial period in its initial stageIndustrial entrepreneursoMachinery becomes widespread and people begint o innovate new concepts around the principles of engineeringoIndustrial Revolution in full swing high growthoNew product and service opportunities begin to stimulate customer demandProduction EraoLarge factories are built and mass production is the focusoSpecialization of work becomes more intenseoFocus in on internal processes becoming larger and more productive Efficiency and effectivenessoDemand blossoming because of the new products and lower relative costsoIndustrial period is maturing Need to remain competitive and remain productiveMarketing EraoCompetition has intensifiedoGreat depression poor economycustomer demand has tankedoMarketing branding customer orientation becomes important How do we sell our product Show its value to the customeroFocus on finding and educating the customer on the value of the product or serviceoCustomer orientation and branding try and make products to suit customersoMoving away from competition to fill the need for a unique marketRelationship Era Current eraoTransaction managementoTech driven machinery is no longer the focus but what tech can do for usoWant to enhance and keep relationships rather than continually build them with customersoAlliances joint ventures etc become popularoInternet makes relationships easier and busines built around relationships arise Social media etcManaging Relationships through TechnologyoRelationship ManagementThe collection of activities that build and maintain ongoing mutually beneficial ties with customers and othersIF YOU ARE A BUSINESS WHOSE GOAL IS TO MAKE A PROFIT WITHOUT PROVIDING GOODS OR SERVICES YOU ARE A THIEF Strategic AlliancesoA partnership is an affiliation of two or more companies that help each other achieve common goals
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