COMM 103 Chapter Notes - Chapter 1: Market Segmentation, Value Proposition, Competitive Advantage

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gary Bisonnette

Document Summary

Business: chapter one notes creation of organizational value (wealth) identify solutions for marketplace desires establish an ef cient and effective operating platform. Business is a system of integrated actions designed to ensure that an organization develops and grows a market for its good/services. Commercial endeavours: the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Employee interactions: value-creating skills that an organizations employees bring to the marketplace. Business: mission focused actives aimed at identifying and targeting a particular market/ markets through the acquisition or transformation of goods/services to make a pro t; accomplished through the most ef cient and effective approach. Capital: money requirements to support asset-based expenditures, meet operating cash requirements, and invest in the development of products/services. Managerial acumen: foresight, drive, knowledge, ability, decision making competency, & ingenuity of owners and top level managers. Business model/system: company cost base & operating platform.