MGM101H5 Lecture 3: Chapter 3 - What is Business Note

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

Document Summary

Business is a system of integrated actions designed to ensure that an organization develops and grows a market for its goods and services in a manner that creates organizational value (wealth) on behalf of its stakeholders. Organizations must identify solutions to the needs of consumers and create a mechanism for delivering a product or service to the right customer, at the right price, at the right place, at the right time. A successful business can be assessed by its commercial endeavours, employee interaction, and organizational efficiency and structure. Commercial endeavours refers to the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Employee interaction refers to the value-creating skills an organization"s employees bring to the marketplace. The success of many businesses lies with the specialized skills that exist within its labour force.