COMM 103 Chapter Notes - Chapter 1-3: Outsourcing, Bargaining Power, Takeover

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Business refers to identifying the needs of a market and developing solutions which can be delivered to the market for a profit. Assets + labour + capital (money) + managerial acumen = business model composition. Assets refers to the infrastructure and resource base of the organization. Labour refers to the human resource requirements of the business. Capital refers to the money needed by an organization to support asset-based expenditures, meet operating cash requirements, and invest in the development of new products. Business model (system) is the operational platform that a business uses to generate revenue and profit. A competitive advantage is an advantage an organization has over its competitors that enables it to attract more customers/ generate more sales. Business grow over planning cycles, which direct the positioning of the company and create a plan that will achieve objectives formulated for the period. Strategy and 3c assessment -> business plan development -> business plan execution ->

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