COMM 103 Final: 103 Final Notes

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3 fundamental characteristics of a business -> business foundation. Commercial endeavours: market business serves, goods/services it offers, and needs business meets. Organizational efficiency & structure: culture of business and its command infrastructure. Business: firm that identifies needs of a particular market, delivering goods/services to consumers for quantitative/qualitative profit. Capital: money needed to support ventures, innovations and operations of a firm. Managerial acumen: ingenuity and intelligence of top level managers. Business model: operational structure on which business uses to generate revenue. Business planning cycle: strategy (objectives of firm) and 3c assessment (capability, competency, capacity) -, development -> 3) execution -> 4) performance and profitability -> 5) growth and reinvention. Competitive advantage: firm offers service that is more valuable than similar ones offered by rivals. 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 success.

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