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Comm 103 unit 1 notes.docx

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Queen's University
COMM 103
Gary J Bissonette

Comm 103. Business Management Chapter 1. The big picture - Efficient and effective operating platform will also possess three fundamental characteristics against which it can be asses. 1. Commercial endeavour : to the market which the organization serves the product and service which it offers and the needs which It professes to meet in the marketplace. If reflects the results of understanding the demand/supply relationship which exists in the marketplace and the capacity and capabilities of each of the competitors within such a market to deliver products/ services to its buyers. 2. Employee interaction : refers to the value-creating skills which an organizations employees bring to the marketplace. The success of many business lies with the specialized skills which exist within its labour force. 3. Organization efficiency and structure: a reflection of the complexities of the business activities which circulate within an organization. It is reflective of the development of the infrastructure and its related culture, which an organization creates and the transaction processes which it develops in order to service the marketplace it targets. Four core fundamental resources areas for building its business model or system 1. Assets: represents the infrastructure and resources base of the organization. 2. Labour: refers to the human resource requirements of the business 3. Capital: refers to the money needed by an organization to support numerous activities 4. Managerial acumen: refers to the foresight, drive, knowledge, ability, decisions making competency and ingenuity of the organizations key individuals. Key component is the visionary leadership. 5 key outcomes to the strategy - create, revise or confirm the vision - validate that the market size and direction remains sufficient enough for you to sustain your operation - recognize that success of the current planning cycle which has just ended - identify your opportunities and threats - identify your 3C strengths and weakness in support of the vision. 1 3C assessment ( capabilities, competencies, capacity) - 3C analyzes the resources available to the organization and the capabilities and competencies which it possesses. - Capacity of what the organization can and cannot do, which then enables the management team to define how and to what extent it can capitalize on its identified strategic opportunities in a manner superior to the competitor Business planning cycle - Outlines its focus and methodology for using its resources to create valuable products and services which will create a unique position in the marketplace - Competitive advantage when it can offer a customer a product/service that has more value to them than similar products - Each planning cycle is designed to direct the positioning of the company within the marketplace, orchestrate the creation of a business plan which will achieve the objectives formulated for the planning period, develop the required operation tactics which will ensure that the plan is executed in a fashion which leads to growth and ensure profitability Business Planning Cycle comapny company performance growh and and reinvention profitability Explain the overarching start: business plan challenge here execution strategy and 3C asesment business plan development (strategy) 2 Planning Cycle Staging Direction/ position Implantation Assessment - What do we want to do? - How will we do it? - Did we meet our goal? - Why do we want to do it? - What needs to be changed in - What needs to be changed or - Can we do it? order for us to succeed? improved - Where will resources be - What system requires fine allocated? tuning? - What further capacity adjustments are required. Fundamental Objectives of Business Overarching Responsibility long term growth and profitability social and short term environmental profit responsibility fundamental objectives of business managers Difference Between profit and Profitability - Profits: are strictly the bottom line results o Total revenue total expenses = profits - Profitability: corresponds to theefficiency and effectiveness of an organization to use its assets and capital togenerate profits for the organization over a period of time. Equations Return on sales(ros) Return on assets(Roa) Return on equity (roe) = Profit / sales = profit / assets = profit / equity 3 Value Proposition composition - Value proposition: is a statement which summarized whom a product or service is geared towards and the benefits which the purchaser of the product or service will realize as a result of using the product. Communicates how it is different from competing products or services. - Strength of the value proposition is the perceived sum of your companys ability to deliver in each of the areas noted within the value proposition equation, versus the strength of your competitors value proposition measured across these same benefit areas. - Value proposition = service benefits + product benefits + brand benefits + cost benefits + emotional benefits benefits emotional product benefits benefits value position cost brand benefits benfits road to positioning willingness to ROS strategies type of strategies pay (margin are required here can we do both net income PIMS strategies type of strategies scale and volume (Market Share) are required here can we do both? 4
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