MGM101H5 Lecture Notes - Lecture 3: Resource Consumption

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

Document Summary

Commercial endeavours: the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Employee interaction: the value-(cid:272)reati(cid:374)g skills a(cid:374) orga(cid:374)izatio(cid:374)"s e(cid:373)ployees bring to the marketplace. Organizational efficiency: a reflection of the complexities of the business activities that circulate within an organization. Assets: the infrastructure and resource base of the organization. Labour: the human resource requirements of the business. Capital: the money needed by an organization to support asset-based expenditures, meet operating cash requirements, and invest in the development of new products and services which the organization desires to introduce into the marketplace. Managerial acumen: the foresight, drive, knowledge, ability, decision-making competency, and ingenuity of the orga(cid:374)izatio(cid:374)"s key i(cid:374)di(cid:448)iduals - its owners or top-level managers. Business model: the operational platform or structure that a business uses to generate revenue and profit.