BUSI 1600U Lecture Notes - Lecture 1: Critical Thinking, Business Ethics, Strategic Alliance
Document Summary
A business: all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. A profits: rewards for businesspeople who take the risks involved to offer goods and services to customers. The economic system determines business ownership, profits, and resources. The firms rewarded for their ability to serve the needs of consumers. Competition: the battle among businesses for consumer acceptance. Devises a plan to achieve success in the marketplace and earn those profits. Relationship management: the collection of activities that build and maintain ongoing, mutually beneficial ties with customers and others. A partnership is an affiliation of two or more companies that help each other achieve common goals. Strategic alliance: a partnership formed to create a competitive advantage for the businesses involved. Two-thirds of ca(cid:374)ada"s populatio(cid:374) growth is due to i(cid:374)ter(cid:374)atio(cid:374)al i(cid:373)(cid:373)igratio(cid:374), particularly fro(cid:373) Vision is the ability to perceive marketplace needs and what an organization must do to satisfy them.
