COMM 103 Chapter Notes -Critical Path Method, Fixed Cost, Retained Earnings
29 Nov 2012
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Key to have visionary leadership: establish direction of the company to meet needs of marketplace and company mission. Profitability: efficiency and effectiveness to use assets to generate profit over time: creating a value proposition, service benefits, emotional benefits, cost benefits, product benefits, brand benefits, business decision-making landscape. Strategy: plans that will guide firm in future. Tactics: intermediate actions to meet short term objectives: management reflection - focus on business. Natural resources, skilled labor force, and high-tech have allowed for prosperity: keys to success a)productivity gains, strong business investment, technology innovation, moderate wage increases, favorable currency exchange rate. Ability of a market to determine a product"s price. Demand can be elastic(when price does seriously effect demand) ex: tv , or inelastic(when price doesn"t contribute to serious change in demand) ex:gas. Supply is how much producers are willing to sell at a given price point.
