COMM 103 Chapter Notes - Chapter 1: Value Proposition

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

In the big picture, a business is a system of integrated actions to create organizational value (wealth) for stakeholders. To be successful, it must identify the needs of the market, and find a way to deliver a solution to the right customer at the right place/time/price. These actions can be split into different sectors such as technology application, marketing, distribution, product engineering/design, etc. Managers want to use the most efficient & effective approach, so they control the activities using a business model (system) which is the operational platform/structure that a business uses to general profit. The business management team in a company develops a business planning cycle which outlines the method to create valuable products/services to create a unique position in the marketplace. It has 5 stages: strategy and 3c assessment (strategy is the objectives it wants to achieve during the planning cycle, and the 3c assessment means analyzing the resources available to the organization.