STEN 1000 Lecture Notes - Lecture 1: Value Proposition, Competitive Advantage, Bet Her
24 Oct 2017
School
Department
Course
Professor
Document Summary
Business an organization/economic system where goods & services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis to make a profit. Business models-can be best visualized as the underlying operational platform which a business uses to position its approach to a given market & generate its revenue & derive its profit. Activities: key processes an organization undertakes to deliver products & services to the marketplace. Resources: refers to 4 core areas assets, labour, capital & managerial acumen. Assets: the infrastructure & resource base of organization. Labour: the human resource requirements of the business. Capital: money needed by an organization to support asset-based expenditures. Managerial acumen: the foresight, drive, knowledge, ability, decision making (cid:272)o(cid:373)pete(cid:374)(cid:272)y & i(cid:374)ge(cid:374)uity of the o(cid:396)ga(cid:374)izatio(cid:374)"s key i(cid:374)di(cid:448)iduals.
