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Chapter 1

Chapter One COMM 103.docx

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COMM 103
Gregory Libitz

Chapter One Notes: What is Business? The Big Picture  View business as a system of intergrated actions  Different areas: technology application, product engineering and design, manufacturing and operations, marketing and sales, distribution, and service.  Commerical Endeavours: markets which the organization serves, the products and services which it offers, and the needs which it professes to meet in the marketplace  Reflects the results of understanding the demand/supply relationships which exist in the marketplace and the capacity and capabilities of each of the competitors within such a market to deliver products/services to its buyers.  Employee Interaction: value-creating skills which an organization’s employees bring to the marketplace  With the employees, products are made and sold=profit=company succees  Organizational Efficiency & Structure: reflection of the complexities of the business activities which circulate within an organization.  Reflective of the development of the infrasture and its related culture=organization creates  Also shows the transaction processes which it develops in order to service the marketplace it targets.  These three characteristics, when assessed jointly, result in the understanding of a business system whose end result is the design, production, distribution and communication of goods and services, which are sought after by the marketplace and valued by the customers being targeted. What is Business?  Mission-focused activities aimed at identifying the needs of a particular market or markets, and the development of a solution to such needs through the acquisition and/or transformation of goods and services that can be delivered to the marketplace at a profit.  A business model is built around four core fundamental resource areas  Assets o Infrastructure and resource base of the organization.  Labour o Human resource requirements of the business  Cap
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