MGMT 1P93 Lecture Notes - Lecture 1: Hard Sell, Liquid Oxygen, Mass Production
1 Feb 2018
School
Department
Course
Professor
Document Summary
In the last decade, the players, what consumers want, and how we buy, has changed: companies are being launched and growing faster than ever, mature firms are being merged, acquired, and dissolved, loblaws and shoppers drugmart. Value: the relationship between the price of a good or service and the benefits that it offers to its customers. Business: any activity that proves goods and services in an effort to earn a profit. Profit: the money that a business earns in sales (or revenue) minus expenses, such as the cost of goods as the cost of goods and the cost of salaries: revenue expenses = profit [or loss] Loss: when a business incurs expenses that are greater than its revenue. Entrepreneurs: people who risk their time, money, and other resources to start and manage businesses. Standard of living: the quality and quantity of goods and services available to a population.
