MGM101H5 Lecture 3: chapter 3- What is Business

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

Document Summary

Developers, engineers, and system designers with specialized skills employed: organizational efficiency and structure- reflection of the complexities of the business activities that circulate within an organization. Formal framework set in place to manage + deliver products and services. Develop and grow markets for its goods and services. Create organizational value (wealth) on behalf of its stakeholders. Assets- infrastructure and resource base of the organization. Capital- money needed by an organization to support asset based expenditures, meet operating. Labour- human resource requirements of the business cash requirements, and invest in development of new products/services which organization desires to introduce into the marketplace. Managerial acumen- foresight, drive, knowledge, ability, decision making competency, and ingenuity of the organization"s key individuals; its owners/top level managers. Visionary leadership- ability of managers to establish a direction for the organization based on the needs identified in the marketplace and the mission (reason for being) of the organization ->translated into strategic plan.