ADM 1301 Study Guide - Social Market Economy, Intellectual Capital, Jeremy Bentham
Document Summary
From management to the social context of business. Management: planning, organizing, leading, controlling, forms of business ownership, motivation, communication, con ict, Negotiation: organizational structure, culture and change, planning and strategy, marketing, etc. Social context of business: what is the purpose of a business, to maximize the wealth of shareholders (by creating a sustainable competitive advantage, some realties concerning managing to make a pro t , ethics, social responsibility, Diversity: ability to make a pro t will be in uenced by, competition (domestic and global, government, civil society, environmental, social concerns, etc. Signi cance of business in its social context: business affects, and is affected by the society in which it operates, for managers to operate effectively, an understanding of business" domestic macroenvironment is essential. Business" domestic macroenvironment: it is intuitive that business can affect, and be affected by other businesses, but business can affect, also be affected by, government, civil society.
