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Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing and eBusiness, Seneca College and the Dept. of Management, University of Toronto (UTSC)

Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

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Page 1: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Chapter 1Managing Within the Dynamic Business Environment

© 2010 McGraw-Hill Ryerson Limited

Slides by Professor Tim Richardsonof the School of Marketing and eBusiness, Seneca College

and the Dept. of Management, University of Toronto (UTSC)

Page 2: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Learning Objectives

1. Business’s profit/risk assumption2. Stakeholder roles3. Role of entrepreneurship in wealth

creation4. Elements of business environment 5. Rise of the service sector

Page 3: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Research In Motion

A Canadian success story

When the most powerful person on the planet uses your product…

Page 4: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Objectives of Business

GrowthGrowth

ProfitProfit

A business is anyactivity that seeks to provide goods and services to others while operating at a profit.

Profit is the amount of money a business earns above and beyond what it spends for salaries andother expenses. Since not all businesses make a profit, starting a business can be risky.

Page 5: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Objectives of Business

SurvivalSurvival

GrowthGrowthSocial Social ResponsibilityResponsibility

ProfitProfit

Page 6: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Earning a Buck:Risk Reward Trade-Offs

• Starting a business involves risk. • Risk is the chance an entrepreneur takes of

losing time and money on a business that may not prove profitable.

• Different people have different tolerances for risk.

• To decide which is the best choice for you, you have to calculate the risks and the potential rewards of each decision.

Page 7: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Stakeholders: Those Who Stand to Lose or Gain

Page 8: Chapter 1 Managing Within the Dynamic Business Environment © 2010 McGraw-Hill Ryerson Limited Slides by Professor Tim Richardson of the School of Marketing

Stakeholders: Those Who Stand to Lose or Gain• Customers want value• Employees want security • Stockholders want returns• Suppliers want to be paid• Dealers want support• Bankers want returns• Community groups want “equity”• Governments want compliance


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