MGM101H5 Chapter Notes - Chapter 2: Market Segmentation, Operating Surplus, Tim Hortons

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Commercial endeavors: what market does the organization serve, understanding the demand and supply, understanding price/cost requirements. Employee interaction: giving your employees a sense of value, making them feel needed and comfortable. Organizational efficiency and structure: a reflection of the complexity of the business activities that circulate within an organization, reflective of the organization"s infrastructure and workplace culture. A good mix of the above three characteristics results in a well-functioning business that not only understands its consumers, but its capabilities and employees just as much. Business: mission-focused activities aimed at identifying the needs of a particular market, the development of a solution to such needs, delivering that solution at a profit. To accomplish those goals, the business has to build itself around four core resource areas: Assets: the infrastructure and resources a business has at its disposal. Labor: the human resource requirement of the business. Capital: the money needed by an organization. Managerial acumen: abilities of the organization"s key individuals.