SOM 122 Lecture Notes - Lecture 4: Active Listening
22 Oct 2018
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Document Summary
Business: an organization that provides goods or services to earn profits. Certainty: perfect knowledge that has total security from error, or the mental state of being without a doubt. Risk: a situation where the probability of a variable is known but when a mode of occurrence or the actual value of the occurrence is not. Factors of production: labor, capital, entrepreneurs, physical resources (natural resources, information resources (customer data) Supply chain/operations: systematic and control of the activities that transform resources into finished products that create value for and provide benefits to customers. Links between sourcing raw materials and point of sale. Marketing: organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders. Most important skill in business is active listening. Accounting: comprehensive system for collecting, analyzing, and communicating financial information.
