COMM 103 Chapter 1: COMM 103 Chapter 1 - What is Business

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An efficient and effective operating platform can be assessed against three fundamental characteristics. The success of many businesses lies with the specialized skills that exist within the labour force: organizational efficiency and structure: is a reflection of the complexities of the business activities that circulate within an organization. It is reflective of the complexities of the business activities that circulate within the organization. The business system is comprised of: assets: the infrastructure and resources of the organization. Business model or system: the operational platform or structure that a business uses to generate revenue and profit. Competitive advantage: an advantage a business has over its competitors that enables it to generate more sales, achieve greater margins,, achieve a lower cost base, and attract more customers. Businesses need to set objectives and detail an implementation strategy. For-profit companies: organizations whose sole purpose is profitability and wealth creation on behalf of their shareholders and stakeholders.

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