COMM 200 Chapter Notes - Chapter 1: Business Plan, Andor Technology, Value Proposition

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Gary J Bissonette

Document Summary

Creating mechanism for delivering solutions to right customer, place, time for: three fundamental characteristics to assess whether efficient/effective operating. ^ relationships + understanding price/cost requirements needed to produce goods and services enables creation of a business system which delivers a profitable outcome to the organization. Employee interaction: value-creating skills an organization"s employees bring: leveraging of these skills in the production/delivery of goods/services enables a business to create value and enables transactions to occur which allow the firm to make a profit. Assets: infrastructure and resource base of the organization e. g. land, buildings, process & infrastructure base, equipment and/or technology framework, raw materials, brand power. Labour: human resource requirements of the business. Capital: money needed to support asset-based expenditures, meet operating cash requirements, and invest in the development of new products and/or services the organization desires to introduce. Strategy: specific objectives an organization hopes to achieve during the planning cycle.