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Lectures 1-11 - First Midterm This note includes all topics discussed in class, in great detail. A great way to study and review all the subjects Jim touched on in class. Contains theories, definitions and examples for every unit. Notes include points Jim

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Wilfrid Laurier University
Jim Mc Cutcheon

Business 111 Lectures 111 Lecture 1 What is Business It is the sum total of all activities involved in the creation and distribution of goods and services for private profit All Activities refers toA Primary1 The creation of tangible goods or services referred to as operations functions 2 The distribution of products getting it into the hands of customers marketing and creating awareness B Ancillary Secondary makes the primary activities possible ie accountingalthough important and helpful isnt the reason the business exists Financemoney to facilitate primary activities Human Resourcesrecruit people to do all jobs All activities are based around the profit motive everything is done to make money What is a Model A representation of realityCharacteristics of a good model 1 Helps simplify understanding of a complex subject 2 Structures or frames our thinking for the complex topic 3 Meaningful framework for analyzingstudying topic 4 Shows the impacts and interactions of all the parts of the model Critical Success Factors indicates a business success 1 Achieving financial performancethey need to make profit its more than just gainloss but rather how much the stock yield is ROIs etc 2 Meeting customer needsout do competitors be very specific address needs meet them change them and listen to the customer 3 Providing quality products and servicescompete with other products all over the world helps acquire market share 4 Encouraging innovation and creativitypeople driven activity improving on what the business does advancing products new ideas create an environment where all this is possible 5 Gaining employee commitmentability to lead direct motivate etc to achieve business goals it is the people that are responsible for meeting all other success factors therefore they are most important It is the job of the manager to help his or her respective organization achieve these 5 factorsOrganization Stakeholders individuals or groups who depend on a company for the realization of their personal goals and upon whom the company is dependent for the realization of its goals therefore the relationship between the two is one of mutual dependency Primary StakeholdersOwners shareholdersGAIN capitalGAIN FOR THEM ROIsCustomers revenuegoods and servicesEmployees labourcreativitypay check Secondary Stakeholders Suppliers component partsrevenueCreditors capitalrevenueCommunities infrastructurepeopletax revenue employment sponsorsGovernment bailouts enforcing policiestax providing goodsservicesSociety as a wholeconsumers influencesjobs business cycle flows BusinessStakeholders Relationship Stakeholders provide a business with the capacity to operateStakeholders therefore have legitimate expectations of a business Therefore the business must recognize its responsibility to address stakeholders expectations
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