COMM 103 Chapter Notes - Chapter 1: Capital Asset, Transact, Decision-Making
19 Nov 2012
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Document Summary
Business - a system of integrated actions that develops and grows a market for its goods and/ or services in order to create wealth for its shareholders. Also defined as mission-focused activities aimed at identifying the needs of a particular market and the development of a solution to said needs through the offering of goods/services for a profit. Integrated actions include: tech application, product engineering and design, manufacturing and operations, marketing and sales, distribution, service. Commercial endeavours - the market the org serves, the products/services offered, the needs met in the marketplace. Employee interaction - value that the employees bring to the market. Organizational efficiency & structure - the infrastructure and related culture within an organization. In addition, it is how they transact with the market. Land, buiildings, infrastructure, equipment, tech framework, raw mats, brand power. Capital - money needed to pay for expenditures, meet operating expenses and invest in r&d.
