BMGT 110 Chapter Notes - Chapter 1: My5, Antivirus Software, Insourcing

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hugh Turner

Document Summary

Entrepreneurship and wealth building: business is a system of providing goods and services an exchange for a profit, goods: something that is tangible that a business can provide (ex: books, pie, computers. Stakeholders can be customers, employees, stockholders, suppliers, dealers, bankers, surrounding communities, media, environmentalists, competitors, unions, critics, government, etc: a business faces challenges of recognizing and responding to the needs of stakeholders b. i. Sometimes they make enact a policy without knowing certain stakeholder"s interests b. ii. Sometimes a business has to choose between conflicting needs from stakeholders like whether to cut jobs to preserve profits: currently, companies are outsourcing jobs. c. i. Outsourcing is contracting other companies to do all or some of a company"s functions like manufacturing or accounting c. ii. Outsourcing in today"s world usually refers to u. s companies hiring foreign companies to do some of their functions or all of it: however, foreign companies are outsourcing their jobs to the u. s d. i.