MGM101H5 Chapter 2: What is Business?
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MGM101H5 Full Course Notes
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Document Summary
A business is a system of integrated actions designed to ensure that an organization develops and grows a market for its goods and/or services in a manner that creates organizational value (wealth) on behalf of its stakeholders. Organizations must succeed in properly identifying solutions to the right customer, at the right place, at the right time, for the right price. An efficient and effective operating platform can be assessed through three fundamental characteristics. The market the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Reflects the results of understanding demand/supply relationships that exists and the abilities of each competitor to deliver products/services to its buyers. Understanding this relationship enables the creation of a business system that delivers a profitable outcome. For google, the commercial endeavours objective is the generation of revenue and profits resulting from its multitude of offerings. The value-creating skills that an organization"s employees bring to the marketplace.
