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Comm 103 MIDTERM

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Queen's University
COMM 103
Gregory Libitz

Business ManagementComm 103Chapter 1 Business BasicsA business organization that provides goodsservices to those who want or need themMany different sectors of businessBusiness foundation is comprised ofsee page 3 figure 111Commercial endeavors 2 Organizational EfficiencyStructure 3 Employee interaction Human ResourcesBusiness a missionfocused activity aimed at identifying the needs of a particular market or markets and the development of a solution to such needs through the acquisition andor transformation of goods and services that can be delivered to the marketplace for a profit Assets infrastructure and resource baseLabor Human resource Capital Money needed by organization to support activityManagerial Acumen Foresight drive knowledgeAssetsLaborCapitalManagerial AcumenBusiness Model Visionary leadership ability for managers to establish a direction for the organization based on its needs and mission The role of a business owner andor management team is to anticipate recognize and sense and opportunity to create a product andor deliver a service which is felt to be unique and or value to a targeted customerAlso must understand the 3Cs compatibilities competencies capacity Best Allocations of resources within constraints of economyBusiness Planning Cycle see page 6 figure 13 Companies must set objectives in order to attain growthsee page 7 figure 14 SMAC Specific measurable actionable and controllable Also should be achievable within a given time frame Planning Cycle Staging Page 8 Figure 15 The failure to meet the objectives of a planning cycle can be the result of poor positioning poor operational execution or bothAlso see figure 16 Page 9 for redirecting planningDirectionPositioningImplementationAssessmentWhat are we doing HowGoals met WhyWhat needs to be changed What needs to be changed Can weAllocation of resourcesFine tuningFurther capacity adjustmentsNotforprofit organizations those that are not in business to make a profit but seek to deliver services to the people groups and communities which they serve Nevertheless nonprofits still need to have business plans operating models and business systems that will enable them to cover their operating costs and to employ strategies to fund ongoing delivery or meaningful services The Fundamental Objectives of Business Businesses utilize resources with the idea of transforming these into products and ultimately achieving profit See Fig 17 The three fundamental objectives are 1 ShortTerm Profit important to pay bills and reinvest in the future 2 LongTerm GrowthProfitability businesses recognize that the demand for products and services which they currently offer will diminish over time and must constantly search for new markets and opportunities to grow their operations in the future3 SocialEnvironmental Responsibility Green initiatives truth in advertising and environmentally sustainable resource practices allow a company to position themselves as a good corporate citizen in order to acquire and retain customers Too much emphasis on shortterm profitability may result in decisions which are detrimental to longterm market opportunities and fall short of social responsibility expectationsThe Business Model and ProfitabilitySimilar companies are competing for the same broad set of customers Refer to RIM and its competitors Nokia Emerson Motorola They will look to differentiate themselves from competitors and target customers whom will be most receptive to their productsserviceProfits bottom line results which an organization has realized for a given period of timeTotal RevenueTotal ExpensesProfit Profitability See Table A pg 15Table B pg 16 the efficiency and effectiveness of an organization to use its assets and its capital to generate profits over a period of time Note figure 18 Factors return on investments return on equity financial leverage pretax income etcCompanies are always being challenged to develop new products alter existing ones meet evolving needs and streamline operations in order to improve immediate and long term profitability Value Proposition Companies develop value propositions for the purpose of communicating to customers how their productsservices are different and the important benefits they offer ie what makes us better than the other guy Value PropositionService BenefitsProduct BenefitsCost BenefitsEmotional Benefits see fig 19 See figure 110 for Sample Positioning Template
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