MGMT 1P93 Study Guide - Midterm Guide: Sinking Fund, Capital Structure, Cash Cash
30 Mar 2015
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Document Summary
Business: any activity that provides goods or services in an effort to earn profit. Not for profit organization: focus on causes not profits. Entrepreneurs: people who risk time money and other resources to start a business. Businesses raise the standard of living and quality of life. Industrial revolution: characterized by workers becoming specialized, dawn of mass production and large factories. Entrepreneurship era: characterized by a large increase in the standard of living. Associated with the original titans of the business world, such as john d rockefeller. Production era: started by henry ford and characterized by the creation of the modern assembly line. More could be created for a lower cost. Marketing era: characterized by a focus on consumer power, the customer now had a choice of what to buy. Companies had to tailor their product to compete with others. Relationship era: characterized by companies creating long term relationships with consumers and satisfying customers.
