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Chapter 1


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Queen's University
COMM 103
Gary Bissonnette

Chapter 1: What is business? Business - A system of integrated actions that develops and grows a market for its goods and/ or services in order to create wealth for its shareholders. Also defined as mission-focused activities aimed at identifying the needs of a particular market and the development of a solution to said needs through the offering of goods/services for a profit. Integrated actions include: Tech application, product engineering and design, manufacturing and operations, marketing and sales, distribution, service Business foundation is composed of: Commercial Endeavours - The market the org serves, the products/services offered, the needs met in the marketplace Employee Interaction - Value that the employees bring to the market Organizational Efficiency & Structure - The infrastructure and related culture within an organization. In addition, it is how they transact with the market. Business model composition: Assets - infrastructure and resource base Includes: Land, buiildings, infrastructure, equipment, tech framework, raw mats, brand power Labour - Human resource requirement Capital - Money needed to pay for expenditures, meet operating expenses and invest in R&D Managerial Acumen - Skills of the owners or top-level managers. Key is visionary leadership Visionary leadership - Ability to establish a direction based on the needs of the marketplace and the organization's mission Strategy and 3C assessment - Capabilities, competencies, capacity Means analyzing the org's resources and it's boundaries The Business Planning Cycle Outlines the business's focus and methodology for resource use to output products/services Planning cycle: Strategy & 3C assessment -> Business Plan Dev -> Plan Execution - > Company performance & profitability -> Company growth and reinvention Series of planning cycles are executed over time Each cycle : directs the position of the company, orchestrate a business plan which will achieve outlined objectives, ensure the organization stays true to it's vision and mission, develop required tactics to ensure the plan is executed properly. Objectives should be SMAC: Specific, measurable, actionable and controllable Not for profits also need a business plan, operating mode
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