What Is Business?

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Winter

Description
MGM101 Lecture 3 Notes September 28, 2012 What is business?  A system of integrated mission-based actions designed to ensure that an organization develops and grows a market for its goods and services in a manner that creates organizational value on behalf of its stakeholders o Organizations must properly identify solutions to market place needs/desires and deliver there solutions to the right customer, at the right place, at the right time, and for the right price creating a profit  Business foundations o Commercial endeavors o Employee interaction o Organizational efficiency and structure  Business model o Assets  Ex. Software for online company o Labor  How much labor vs. capital  How many people?  How should we pay them?  How do we motivate?  What benefits?  What kind of resources do they need? o Capital  We need money to invest and start  Buy furniture, equipment, etc  How much money do we need?  Where should we get the money from? o Managerial Acumen  Strategies  Plan  Manage resources  Deliver something of value to customers  Developing a strategy is developing a plan to reach an objective specifically in a business o External market  Here’s what we should do o Management priorities  Organization’s capabilities  3Cs = capabilities, compete
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