MGTA02H3 Study Guide - Midterm Guide: Human Resource Management, Philip Kotler, Target Market
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
A business turns factors of production (input) into products that people demand (output). People who plan, organize, lead, and control resources in order to realize a goal: 13 system is a series of connected parts or connected activities. The parts are organized for a common purpose, work together: 14 the value chain. *this model suggests business are systems that turn factors into goods and services that people demand. In order to make a profit, an succeed, a business must of all these things quickly effective and well. They need capital to buy or rent office space, pay the wages and salaries of the employees, buy equipment, etc. finance involves planning and managing the organization"s relationship with financial intermediaries. Planning: determining what needs to be done to accomplish a task, and the best way to accomplish it. Organizing: assembling and preparing the resources necessary to complete a task. Determining the price people are willing to pay,
