COMM 200 Study Guide - Midterm Guide: Corporate Social Responsibility, Warren Buffett, Triple Bottom Line
11 Dec 2013
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Session 1 what is business? (chapter 1) Identify a need develop a solution to satisfy the need deliver the solution earn a profit. Growth typically follows an industry growth curve, which is composed of 4 segments: While these 4 phases can typically be found in all businesses, the duration of each is variable. Companies must come out with new products in order to prevent their company from a decline phase. All business operations have a social impact on people, profit and planet. Typical organization structure: shareholders appoint a board of directors, who choose a president/ceo; below the president/ceo are the vice-presidents and then the managers. The business model is based off of 4 fundamental resource areas: capital, assets, labour, managerial acumen. The role of management is to create a vision for the organization, provide leadership and to develop short and long term strategies, which deal with the profitability, sustainable growth, resource allocation and social responsibility and sustainability of the organization.
