COMM 103 Chapter Notes - Chapter 1: Business Plan
4 Feb 2017
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Document Summary
Business entities made up of 3 components: commercial endeavours understanding the market, employee interaction skills of labour force, organisational efficiency and structure operating framework of company. Stages of a business planning cycle: set objectives, assess business model, business plan development, business plan execution, company performance and profitability, company growth. Visionary leadership: inspiring labour force to work for common goal: create shared understanding of vision, build mass support for vision, respond to opposition, identify and communicate strategic objectives, free up resources, make tough decisions. Decision-making landscape: vision of the opportunity, confirm market size and profitability, determine position + competitive edge, assess resources + capabilities, develop tactics, execute, adjust, or reinvent business model.
