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BU111 - Every Single Lecture It's a PDF of every single lecture and everything that was taught all in one file! :)

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Wilfrid Laurier University
Jim Mc Cutcheon

Lecture 1September1609257 PMWhat Is BusinessIt is some total of all activities involved in the creation and distribution of goods and services for private profitPrimary Activities of a BusinessWill create some kind of goods or servicesoperations functionDistribution of the actual goods of servicesmarketing functionAncillary secondary ActivitiesAccounting function information gathering summarizing info to help marketing their products and selling the productFinance function responsible for generating the fundsHR function recruiting ppl training ppl salary admin human side of the operation etcIT functionProfit MotivePpl are driven to make money this is what drives business and and differs from the govtThe Business 111 Course Model The BBA program modelWhat is a modelA model is a representationof realityCharacteristics of a Good ModelA good model helps to simplify our understand of what would otherwise be a very complex phenomenaA good model structures or frames our thinking regarding a complex topicA good model provides a meaningful framework for analyzing and studying a complex phenomenaA good model helps to show how the various aspects of realityparts of the model interact with or impact upon one anotherYour current model of bu111 and the role of management in businessLike a blank pageOur course model will effectively shape or frame your view of business and the role that managers must play in todays business environmentModelCritical Success FactorsAchieving financial performance1Meeting customer needs2Providing quality products and services3Encouraging innovation and creativity4Gaining employee commitment5 Lecture 1 Page 1 Lecture 2September1609259 PMBusiness StakeholdersIndividual or groups who depends on a company for the realization of their personal goals and on whom the company is dependent for the realization of its goalTherefore the relationship btwn a business and its stakeholders is said to be one of mutual dependencyPrimary stakeholdersOwners shareholdersCustomersEmployees Secondary stakeholdersSuppliersCreditorsCommunitiesGovtSociety as a wholeStakeholders RelationshipStakeholders provide a business with the capacity to the company to operateOwners provide capitalCustomers provide sales revenueEmployees provide labour creativity customer quality etcStakeholders therefore have legitimate expectations of a businessOwners expect fair ROI return on investmentCustomers expects quality of product serviceEmployees expects fair wagesTherefore business must recognize its responsibility to address stakeholder expectationsFailure to address stakeholders expectations will result in demotivated and uncommitted employeesDissatisfied and disappearing customers Angry shareholders and falling stock pricesPotential banktruptcy of the firmManagements Primary ObjectiveTo devise and implement strategies that will allow the organization to achieve the critical success factors in a manner that meets legitimate stakeholder expectationsIn attempting to achieve this primary objectiveall managers must be able to analyze 2 different sets of environment factors Factors operating within the firms externalbusiness environmentFactors operating within the firms internal business environmentCharacteristics of the External Business EnvironmentExtremely dynamic and constantly changingthe paste of change is very rapidly acceleratingIncreasingly competitive Increasingly globalizedComplex interactive twoway phenomena Lecture 2 Page 2 Largely uncontrollable from the perspective of individual firm or managerPEST A Model for Analyzing the External EnvironmentBc the external business environment is largely uncontrollable it must be constantly monitored by managementGoals is the be proactive vs reactive PEST Political Economic Social Technologic The Process of ManagementAll managers in respective of their level in the organization must master the process of managementDef The basic tasks performed by all levels of management in order to realize the firms primary objective achieving critical success factors in a manner that meets legitimate stakeholders expectationsThe basic tasks arePlanning OrganizingDirecting motivatingand employing Controlling CommunicatingFactors of ProductionThe basic resources that a countrys business use to produce goodsservices5 Basic factors of productionCapital the financial resources needed to operate a businessLabour the mental and physical capabilities of an organization work forceNatural Resources physical resources such as land mineral water etcEntrepreneurs ppl who accept the risks involved in creating and operating a businessInformation Resources information such as economic as data market info various measures of performance sales cost etc and the means where by this info can be quickly summarized retrieved and use by managers Lecture 2 Page 3
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