MGTA01H3 Study Guide - Final Guide: Profit Motive, Voice Of The Customer

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12 Dec 2019
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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Document Summary

Business: an organized effort to provide the things that people need and want, and are willing to pay for. A business exist in order to satisfy those customer needs, and also to make a profit. Created as result of the time, effort, and energy of people who start them and run them. Business provides things people need and want a. Business must try to satisfy customers needs a. b. c. Customers: the people who need or want, and are willing to pay for, the things that a business provides. Some businesses refer to customers as clients, commonly used to refer to people who use the services of a professional (eg. lawyer, accountant) Business generates revenue from sales a. b. c. d. Revenue: the money that flows into a business every time it sells a product or service to a customer. Key issues with revenue -> customer decides that the product or service is worth paying for.

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