COMM 103 Chapter Notes - Chapter 1: Competitive Advantage
17 Oct 2016
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Document Summary
A business is a system of integrated actions designed to: ensure that an organization develops and grows a market for its good and/or services and in doing so, create organization value (wealth) on behalf of its stakeholders. How a business operates can initially be assess against three fundamental characteristics: The commercial endeavours it undertakes: refers to the markets the organization serves, the products and. Its employee interaction model services it offers, and the needs it professes to meet in the marketplace: refers to the value-creating skills that an organization"s employees bring to the market place. Its organizational efficiency and structure: is a reflection of the complexities of the business activities that circulate within an organization. Business models can be best visualized as te underlying operational platform or structure which a business uses to position its approach to a given market and thereby generate its revenue, and most importantly, derive its profit.
