3rd Lecture - What is Business?

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University of Toronto Mississauga
Communication, Culture and Technology
Dave Swanston

Chapter 3What Is Business page 3659 Lecture 3 BusinessA system of integrated actions designed to ensure that an organization develops and grows a market for its goods andor services in a manner that creates organizational value wealth on behalf of its stakeholdersAlso activities that the company executes to bring profit cover expenses and improve surplus small or bigIn order to be more successful at business a companyorganization has to be better at satisfying customers more than the competition is Products and servicesneeds and wants of customers developed to meet Things to considerOrganizations must succeed in properly identifying solutions to needs that the marketplace desires and creating a mechanism for delivering such solutions to the right customer at the right place at the right time for the right priceHow are those organizedThese integrated actions are categorized into areas such as technology application product engineering and design manufacturing and operations marketing and sales distribution and serviceThe Big PictureCommercial Endeavoursrefers to the markets the organization serves the products and services it offers and the needs it professes to meet in the marketplaceEmployee Interaction refers to the valuecreating skills an organizations employees bring to the marketplace The success of many businesses lies with the specialized skills that exist within its labor forceOrganizational Efficiency and Structure is a reflection of the complexities of the business activities that circulate within an organizationSome Business Functions In a BusinessIncludeManagers will attempt to initiate and control activities in a manner that Accounting results in the most efficient and effective approach to the Finance marketplace Human resource management To accomplish this an organization will build its business model or Information systemssystem around four core fundamental resource areas Insurance Law Business AssetsLabourCapitalManagerial Acumen Marketing Composition Operations managementModelThese must work together in order for a business to be
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