COMM 103 Chapter Notes - Chapter 1: Business Cycle, Competitive Advantage, Business Plan
Document Summary
The success of many businesses lie with the specialized skills that exist within its labor force: organizational efficiency and structure this is a reflection of the complexities of the business activities that circulate within an organization. Business models can be best visualized as the underlying operational platform or structure a business uses to position its approach to a given market and to generate revenue. Business models have two primary parts: company-centric (business system) reflects the underlying mechanics as to how our business is structured. This is the cost structure: portfolio of products and services refers to the different items, products, and/or, services a company offers for sale, market-centric side how we connect our business to the marketplace. The market-centric side of (cid:271)usi(cid:374)ess (cid:373)odel de(cid:448)elop(cid:373)e(cid:374)t fo(cid:272)uses the (cid:271)usi(cid:374)ess(cid:859)s efforts on external factors. This side looks to draw conclusions after properly assessing potential market opportunities in order to determine where and how to compete.
