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MGM 03 - 16 SEP - Key questions for today Housekeeping...

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Markets & the Economic Environment Tuesday, September 16, 2008 MGM 101 - Introduction to Management Functions Housekeeping: Reminder: Last Thursday’s video (Kingston Technologies) will be re- shown at 8:50am on Thursday Sept. 18 th , here in CC1080 ____________________________________________________ In the study of business, why do we define our terms, and how should we use - and think about - definitions? What are the implications of “profits?” How are businesses affected by economic conditions? What makes economies grow & succeed? Key questions for today: “Definitions”… Why is it important to be careful in defining seemingly ‘obvious’ things? We are engaged in an academic process (the study of “management”), it’s vital to have a shared understanding of what we are studying… Today we start thinking about “what is a business ?” “what is profit ?” and so on you should apply the same techniques yourselves as you are exposed to new & different concepts going forward in the course… You will learn many dozens of definitions during this course Defining “Business” – raises important questions There’s an “Easy” definition of BUSINESS on page 4 of the text: “Any activity that seeks to provide goods and services to others while operating at a profit IN WHAT WAY CAN AN ORGANIZATION BE CONSIDERED TO “ACT”? WHAT ARE PROFITS ? HOW ARE THEY MEASURED ? WHAT LEVEL OF PROFITABILITY IS SUFFICIENT ? Let’s break this problem into smaller pieces… Definitions: In what ways do businesses “do things”? At its most basic, a business is a group of people working together to combine resources in order to produce things (like airplanes), or services (such as accounting audits), that the market desires and is willing to pay for… We use two main analytical perspectives
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