ENTI 201 Chapter Notes - Chapter 1: Canada Pension Plan, Planned Economy, Business Cycle
20 Aug 2013
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Document Summary
External environment: pressure from governments and society + new technology changes economic environment. Internal environment: what to produce (marketing and operations) Critical success factors: better training and technology to improve worker productivity help to build a workforce committed to meeting the quality needs of the customer and build long-term relationships with them. This results in both higher revenues and cost savings, helping the company achieve better nancial performance. How to price these products (marketing and nance) How many people to hire and wages (human resources and nance) Factors of production: the resources used to create goods and services. Natural resources: commodities that are useful inputs in their natural state. Capital: the inputs, such as tools, machinery, equipment, and buildings, used to produce goods and get them to the customer. Sometimes the term capital is also used to mean the money that buys machinery, factories, and other production and distribution facilities.
