MGMT 2150 Lecture Notes - Lecture 1: The Foundations, Starbucks, Perfect Competition
14 Sep 2016
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Lecture 1: chapter 1 the foundations of business. Identify main participants of business, functions businesses perform and external forces that influence business. Define economics and explain key questions economists answer. Describe perfect competition, monopolistic competition, oligopoly and monopoly. Any activity that provides goods or services to consumers for the purpose of making a profit . Management: planning, organizing, staffing, directing and controlling a company"s resources [to] achieve its goals. Operations: converting resources into goods or services ensuring that products are of high quality. Marketing: all of the organizational activates involved in identifying customers" needs and designing, pricing, promoting, and delivering products to meet those needs. Accounting: measure, summaries, and communicate financial and managerial information. Finance: involves planning for, obtaining, and managing a company"s funds. Study of how scarce resources are used to produce outputs-goods and services to be distributed among people.
