COMM 103 Chapter Notes - Chapter 1: European Cooperation In Science And Technology

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

Commercial endeavours: markets organization serves, products/services offered, needs it claims to meet in marketplace. Reflects results of understanding of existing supply/demand relationships in marketplace + capacity/capability of competitors to deliver to buyers key to profitable outcome. Employee interction: value-creating skills employees bring to marketplace as success lies with in their specialized skills. Leveraging these skills enables a business to create value/transactions, thus profit: organizational efficiency/structure: reflection of complexities of business activities that circulate the organization. Reflective of development of infrastructure, created by organization & transaction process developed to service target market. Definition: mission focused activities aimed at identifying needs of particular market(s) & development of solutions to such needs through acquisition/transformation of resources into goods/services delivered to market for profit. Managers control/initiate activities in through development of business model/system most effective for marketplace. Business model built around four core fundamental resource areas: assets: infrastructure/resource base of organization.