Mgmt 1p93 Notes

In: Business and Management

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MGMT 1P93 Exam 1 Notes
Chapter 1
Business- any activity that provides goods and services in an effort to earn profit
Not-for-profit organizations-focus on causes not profit
• Focus on health, human services, education, art, religion, and culture
• While focused on doing good rather than financial gain, non-profits are businesses in every other sense: they employ people, take in revenue, and produce goods and services
Profit- the financial reward that comes from starting and running a business; the money that a business earns in sales (or revenue), minus expenses
Entrepreneurs- people who risk time, money, and other resources to start and manage a business
Business drives up the standard of living, which, in turn, contributes to the quality of life
Industrial Revolution
1700-mid 1800s
Entrepreneurship Era
Second half of 1800s
Production
Era
Early 1900s
Marketing
Era
1950s
Relationship
Era
-Mass Production
-Factories
-Work Specialization
-Efficiency
-industrial titans
-wealth creation
-increase in living standard
-manipulation/ competition
-exploitation
-Assembly Line
-Refining Production
-productivity gains
-decrease costs
-hard sell
-no customer focus
-consumer power
-growth in consumerism
-product differentiation
-customer focus
-long-term relationships
-satisfied customers
-use of technology Factors of Production (businesses rely on a combination of these factors)
Natural Resources (gas, wood, water…etc.)
Capital (Money, Investments)
Human Resources
Entrepreneurship

Business Environment
Economic Environment
-free enterprise and fair competition flourish in Canada
-government takes an active role to support businesses:
• Economic development is supported by industry Canada
• Provinces promote economic development by providing investment and tax incentives
• Legislation supports enforceable…...

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