ACTG 2020 Chapter : Lecture 1.docx
16 Mar 2014
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Document Summary
Managerial accounting provides information to managers so that they can effectively and efficiently manage an organization. In this first chapter, we will look at what managers do, the information that they need, the general business environment in which managers function, and the importance of business ethics. A strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors. The focal point of a company"s strategy should be its target customers. A company can succeed only if it creates a reason for customers to choose it over a competitor. These reasons, or what are more formally called customer value propositions, are the essence of strategy. Companies that adopt a customer intimacy strategy strive to understand and respond to individual customer needs better than competitors. Examples of companies that pursue this strategy include: cisco systems, the keg steakhouse & bar, and dell computer corporation.
