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Lecture

Comm103 Notes.docx

75 Pages
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Department
Commerce
Course Code
COMM 103
Professor
Gregory Libitz

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Description
Douglas He Comm 103 Sept 10 2012 Business ManagementCommunications Chapter 1What is Business 3 Fundamental Characteristics of a BusinessBusiness Foundation Commercial Endeavours market business serves goodsservices it offers and needs business meets Employee Interaction skills of staff Organizational EfficiencyStructure culture of business and its command infrastructure Business firm that identifies needs of a particular market delivering goodsservices to consumers for quantitativequalitative profitAssets resources rawbuildings of an organizationLabour human resources of a firmCapital money needed to support ventures innovations and operations of a firmManagerial Acumen ingenuity and intelligence of top level managersBusiness Model operational structure on which business uses to generate revenueBusiness Planning Cycle 1 Strategy objectives of firm and 3C Assessment capability competency capacity2 Development3 Execution4 Performance and Profitability5 Growth and ReinventionCompetitive Advantage firm offers service that is more valuable than similar ones offered by rivalsDouglas He Comm 103 Sept 10 2012 businesses grow by executing new planning cycles to reposition firm as dynamic marketplace changes in order to link mission and vision of organization in line with profitability and successSuch objectives should beSpecific Measurable Actionable Controllablefailure to meet objectives of planning cycle can be a result of poor execution or poor positioning Fundamental Objectives of Business1 ShortTerm Profit2 Long Term Growth and Profitability3 Social and Environmental Responsibilitystakeholders those who have directindirect stake in firms successpoliciesstockholders those who have at least a share of stock in a companyprofit Total RevenueTotal ExpensesProfitprofitability efficiency of assets used over a period of time benchmarked against competitorsvalue proposition statement stating who the serviceproduct is for and the benefits of such how the product is different from rival products Service BenefitsProduct BenefitsBrand BenefitsCost BenefitsEmotional Benefitshigher quality of the product better pricing it will displayquality also depends on brand recognition loyalty and emotional value to consumers market segment unique niche in which a business can target customers assetbased costs costs incurred from startup or expansion operating costs costs from daytoday operationsstrategy longterm decisions and plans of a firm tactics immediate actions which a firm executes to meet concurrent objectivesDouglas He Comm 103 Sept 10 2012 Business DecisionMaking Model 1 visualize business opportunity2 check market size and profitability potential3 determine position in market approach and sustainability4 assess firms resources and capability5 execute strategy and tacticsbusiness is not about producing and distributing goods but about meeting desiresneeds of consumers Case For Discussion 1 Manufacturers have been marketing to consumers largely on the basis of pricing differences from competitors What businesses in this particular market have failed to do is differentiate their particular product or model in a fashion that would take consumer focus away from pricing In essence no firm or business in this market has ensured profitability and will have to incessantly lower prices to remain competitive2 Sylvie must be able to present Cruiser Laptops Inc with a value proposition that has a unique selling point or competitive advantage over all the other firms in the marketplace There must be a distinctive form of differentiation her firms laptops hold over rivals This change does not have to be cost benefits as everyone has been focussing on Rather this distinction can be based on service benefits and improved software that no one else has If this initial proposition is taken with success other benefits such as emotional attachments and brand recognition will continue to give Cruiser an edge in the market3 cut costs by using cheaper suppliers and then reducing prices to remain competitive engage in a highly focussed marketing campaign that will increase consumers perceived benefits of Cruiser brandemploy CSR and communicate such to consumers proceeds of profits will go towards charityChapter 4 The Environment and Sustainable Business Practicesenvironmental stewardship integration environmental practices into business operations degradation continued deterioration of environment through depletion of resources and destruction of ecosystems the goal is to design businesses in a way that incorporates sustainability of this earth into practices that will mean profitability and a competitive advantage
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