COMM 103 Study Guide - Midterm Guide: Agricultural Subsidy, Fixed Cost, Government Spending
23 Oct 2017
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Document Summary
Components of a business entity: commercial endeavors: markets & product portfolio, employee interaction: the value creating skills an organizations employees bring to the marketplace, organizational efficiency and structure. Business model: activities, resources, partners, cost structure, portfolio of products and. The development of plans and decisions that will guide the direction of the firm and determine its long-term performance. The immediate term actions that a firm executes in order to meet the short-term objectives set forth in the current planning cycle. The ability of managers to establish a direction for the organization based on the needs identified in the marketplace and the mission (reason for being) of the organization. Areas to consider when developing a business strategy: purpose, markets, products and services, resources, business system configuration, responsibility and accountability. A strategy that reflects a reduced commitment to a particular market given its perceived weak future growth or profitability potential. What a company wants to become and where it is going.
