AFM123 Chapter Notes - Chapter 1: Financial Institution, Business Process, Total Quality Management
27 Mar 2016
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Document Summary
The work of management and the need for managerial. Broadly speaking, there are 3 types of business organizations: service: Include doctor"s clinic, advertising agency, inancial institution. Do not sell goods, but instead, provide services: merchandising: Retail and wholesalers that buy goods from suppliers and resale them to customers: manufacturing: Engage in production and sale of diferent products. Proitability is common objective for a business. Strategy pertains to the general direction in which an organization plans to move to achieve its goals and objectives: it is also the combination of activities to achieve goals. Involves setting a course of action and specifying how the action will be implemented: first step is to identify alternatives, then select the one that best furthers the organizations objectives. Involves carrying out day-to-day activities, making short and long term decisions, organizations and allocating resources, and managing people by directing and motivating them.
