MGTA01H3 Final: MGTA01 Exam Chapter 2
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MGTA01H3 Full Course Notes
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Document Summary
A business must satisfy customers in order to make a profit. Unless it makes a profit, a business cannot continue to satisfy customer needs. On a day-to-day basis, there are a number of things that we all want profoundly. The range of human needs and wants are infinite. Product: whatever a purchaser hopes to get, or believes they are getting whenever they make a purchase from another individual or organization. While governments are not businesses, they are organizations that provide us with many of the things that we need and want. Public sector organization: an organization that is owned or funded by the government. Private sector: the part of the economy that is run by private individuals, usually with the aim of making a profit. Goods can be made in advance, services are performed immediately a. b. c. Goods can be made in a different time and in a different place form the purchase or consumption.
