MGM101H5 Chapter Notes - Chapter 3: Resource Consumption, Value Proposition

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

Document Summary

The best way to think about business is as a system of integrated actions designed to ensure organization develops/grows a market for its goods/services in a manner that creates value on behalf of its stakeholders. Technology application, product engineering and design, manufacturing and operations, marketing and sales, distribution, and service. The success of many businesses lies with specialized skills of labor force: organizational efficiency and structure: reflection of the complexities of the business activities that circulate within an organization. Jointly, they result in an understanding of a business system whose objective is the design, production, distribution, and communication of goods/services that are sought after by the marketplace and valued by targeted customers. Business: mission-focused activities aimed at identifying needs of particular market(s) and development of solution to needs thru acquisition/transformation of goods/services that can be delivered to marketplace at a profit. Managers attempt to initiate/control activities in manner most efficient/effective.