MIE 201 Lecture Notes - Lecture 1: American Red Cross, Profit Motive, E-Commerce
4 Aug 2016
School
Department
Course
Professor
Document Summary
Developing a business mindset: any profit-seeking organization that provides goods and services designed to satisfy customers" needs, examples: fast-food restaurants, retail stores, banks, etc. Also commonly referred to as firms or enterprises . Adding value to satisfy customers: each company in this chain makes choices about what it will do to generate revenue, which is the money the company brings in through the sale of goods and services. The result of these decisions is a company"s business model, a clear, simple outline of how the business intends to generate revenue. The business model also indicates how the company is going to realize profit, the amount of money left over after expenses all the costs involved in doing business have been deducted from revenue: choices for adding value: Types of businesses: goods-producing businesses typically produce tangible goods by engaging in activities such as manufacturing, construction, mining, and agriculture.
