COMM 200 Midterm: Midterm Review COMM 200.docx

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Darren Mc Caugherty

Document Summary

Business: most easily defined as the mission focused activities aimed at identifying the eeds of a particular market, or markets, and the development of a solution to such needs through the acquisition or transformation of goods and services that can be delivered to the marketplace at a profit, business resources. Impact of price: more unique, important, and value driven your product is, the greater the opportunity to communicate to the potential purchaser a value proposition which has a positive price/quality relationship, and which can be considered to be superior to those of your competitors, price/quality relationship: relationship between what people are paying for the benefits they receive. Strategy: development of plans that will guide the direction of the firm and determine its long term performance, focuses on the vision of the firm and opportunity it believes exists in the marketplace, assesses whether or not firm has the competencies and resources to compete in this targeted market.