MGMT 1000 Study Guide - Final Guide: Business Model Canvas, Blue Ocean Strategy, Triple Bottom Line

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Trent Tucker

Document Summary

Hold costs stead: as benefits increase, value increases (same) Hold benefits steady: as cost increases, value decreases (opposite) What: list of all products and services that go into the v. p. Business: trade and all activity relating to it, especially considered in terms of volume or profitability; commercial transactions, engagements, and undertakings regarded collectively; an instance of this. Hence more generally: the world of trade and commerce. Management: (cid:862)the process of planning, organizing, leading, and controlling an enterprises financial, physical, human, and information resources to a(cid:272)hie(cid:448)e the o(cid:396)ga(cid:374)izatio(cid:374)s goals of suppl(cid:455)i(cid:374)g (cid:448)a(cid:396)ious p(cid:396)odu(cid:272)ts a(cid:374)d se(cid:396)(cid:448)i(cid:272)es(cid:863) A business model: describes the rationale of how an organization creates, delivers, and captures value. Business model canvas reflects the values of society. Fou(cid:396) p(cid:859)s of ma(cid:396)keti(cid:374)g mi(cid:454): p(cid:396)i(cid:272)e, p(cid:396)odu(cid:272)t, pla(cid:272)e, a(cid:374)d p(cid:396)o(cid:373)otio(cid:374) Biz model (cid:862)patterns(cid:863): the long tail: (ex. Selling more of less: focus on offering large number of niche products. Treat customers as individuals, offering mass customization vs. mass-market fare.