MCS 1000 Chapter Notes - Chapter 2: Strategic Business Unit, Customer Experience, Non-Governmental Organization

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Arsenio( Archie) Bonifacio

Document Summary

Organization: is a legal entity of people who share a common mission. Business firm: is a privately-owned organization that serves its customers in order to earn a profit. Profit: is the money left after a business firm"s total expenses are subtracted from its total revenue and is the reward for the risk it undertakes in marketing its offerings. Non-profit organization: is a non-governmental organization that serves its customers but does not have profit as an organizational goal. Strategy: is an organization"s long-term course of action designed to deliver a unique customer experience while achieving its goals. Three organizational levels: corporate level: is where the top management directs overall strategy for the entire organization. Core values: an organization"s core values are the fundamental, passionate, and enduring principles that guide its conduct over time. Mission: a statement of the organization"s function in society, often identifying its customers, markets, products, and technologies.