STEN 1000 Chapter 1: Chapter 1 Important Terms.docx

• School: University of Windsor
• Department: Business
• Course: STEN 1000
• Professor: Rieger

Document Summary

Commercial endeavours refers to the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Employee interaction refers to (1) the level and style of interaction that occurs among employees and between work units and their management teams; (2) the value-creating skills an organization"s employees bring to the marketplace. The success of many businesses lies with the specialized skills that exist within its labour force. Efficiency and structure is a reflection of the complexities of the business activities that circulate within an organization. Business model (system) is the operational platform or structure that a business uses to generate revenue and profit. Competitive advantage is an advantage an organization has over its competitors that enables it to generate more sales, achieve greater margins, achieve a lower cost base, or attract and retain more customers.