MGTA02H3 Study Guide - Final Guide: Finished Good, Customer Relationship Management, Income Statement
MGTA02 Notes
Chapter 1
Textbook Notes
Businesses exists: Satisfy customer needs and wants to make a profit
-creates value by: adding time/ effort
using skills and expertise to goods and services that are
specifically created for markets
Goes through:
Managing
-Process of PLOC in order to accomplish a task
Has Managers: Individuals responsible for PLOC (same definition as managing)
-manages systems (series of connected parts or activities to work together,
Recognized by: Michael Porter)
PLOC
1) Planning
(Determining what needs to be done to accomplish a task and best way to accomplish it)
2) Leading
(Art of guiding or inspiring others to follow)
-Similar to Leadership (same definition)
3) Organizing
(Assembling and preparing the resources necessary to complete a task)
4) Controlling
(Setting a standard, measuring performance for the better good of the company)
Standard: Setting a goal or an intended result of an activity
Second stage: Measure actual performance of an activity
(Improve or correct performance to bring company up to standard)
Purpose: Use this concept in order to transform the factors of resources into finished goods and
services that people need and want
Value Chain: System of activities which a business must manage in order to transform factors of
production into finished goods and services
-Developed by: Michael Porter
Purpose: Add as much value as possible cheaply and efficiently
Two types of Activities:
1) Primary: Directly involved with making the good or services that the business provide to
its customers
Ex: Engage with customers, determine needs, making products, taking payment
Requires: P/O
2) Support: Indirectly work with customers or making the product which are crucial for the
organization to function
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Business Function: Process or activity that is routinely carried out by a business
Lecture Notes
Leades: Deteie ogaizatio’s pupose ad dietio
Guide and inspire others to go along
Leadership: Influencing people so that they will strive willingly towards the achievement of
group goals
Ex: Autocractic (Person who believes in one person power authority)
Laissez-Faire (Have some decisions but not all decisions decided, basically iffy)
Democratic (Equal say and decision made all together)
History of Leadership:
-Transactional Theory (1940-1945)
-Tait Theo ’s-’s
-Behaoual “tle Theo ’s-’s
Rebuttle to Trait Theory
-Cotige Theo ’s-’s
-Tasfoatioal Theo ’s-’s
Help broaden leaders
SMART:
S-Specific (must be specific)
M-Measurable (must be measurable to be able to determine how much it increases/month)
A-Attaiale Must agee, it eeds to e possile ith eeoe’s help
R-Realistic (Possible)
T-Time Bound
Hei’s Faal’s Definition of Management:
PLOC
Chapter 2
Textbook Notes
Marketing: Business function concerned with planning and organizing:
1) Creation of a product
2) Determining a price that customers will pay
3) Making product well known
4) Making it available to customers
Purpose: Create exchanges so that customers get what they want or need and to make a sale
-allows everyone to benefit
Concept: Business resources should primarily be directed toward serving customer needs
Two Focuses: Product (Producing improved goods and services for which a company has
expertise)
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Customer (Determining the needs and wants of customers in market
Developing goods and services that meet those needs)
Businesses can be two types of focused:
Product
-focus on energy on selling what it has
-udestads aket’s eeds ad sties effetiel as possile
Customer
-pour resources into determining new or emerged needs in its markets
-develop the goods and services to meet those needs
-strives to discover customer wants
All influenced by: Philip Kotler
(American Professor, Author and Consultant)
-Believed that: Evolution in strategic management in Business to create
Maketig Coept Busiess’s esoues should piail e
Directed toward serving customer needs)
Market: Dividing a total population into groups or categories who share common
characteristics, habits or behaviors
Target Market: Group of similar people who have similar needs and wants
-Most likely to buy a product
-Separated by noticeable aspects by segmentations:
Market (Special Occasions)
Demographic (External traits)
Psychographic (Internal traits)
Geographic (Where people live)
All go through: Market Research
(Systematic study of what buyers need and how best to meet those needs)
Pupose: Iease usiess’ opetitieess ette udestadig taget
customers
Two types: Primary
(Original research conducted or commissioned by business itself)
Purpose: Obtain timely answers to its specific questions
Secondary
(Collecting info from already published sources)
Purpose: Inform business managers by learning from what orders
have already learned
Research Methods:
1) Observation
Ioles ieig o otheise oitoig osues’ ehaios
Advantage: Done easily/ at very little cost
Purpose: Improve customer service provision or shop amenities by
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MGTA02H3 Full Course Notes
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Document Summary
Businesses exists: satisfy customer needs and wants to make a profit. Creates value by: adding time/ effort using skills and expertise to goods and services that are specifically created for markets. Process of ploc in order to accomplish a task. Has managers: individuals responsible for ploc (same definition as managing) Manages systems (series of connected parts or activities to work together, Ploc: planning (determining what needs to be done to accomplish a task and best way to accomplish it, leading (art of guiding or inspiring others to follow) Similar to leadership (same definition: organizing (assembling and preparing the resources necessary to complete a task, controlling (setting a standard, measuring performance for the better good of the company) Standard: setting a goal or an intended result of an activity. Second stage: measure actual performance of an activity (improve or correct performance to bring company up to standard)
