COMM 200 Chapter Notes -Initial Public Offering, Limited Liability Partnership, Corporate Social Responsibility
Document Summary
Business is a system of integrated actions designed to ensure that an organization develops and grows a market for its goods and/or services in a manner that creates organizational value (wealth) on behalf of its stakeholders. Three fundamental characteristics: commercial endeavours= markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace, understanding supply and demand. System that creates profitable outcomes to the organization: employee interaction= the value-creating skills an organization"s employees bring to the marketplace. The success of many businesses lies with the specialized skills of its workforce. ** an effective business system with possess all three fundamental characteristics. ** together they make up a businesses operating platform or business model (system) For-profit companies= organizations whose overarching objective is profitability and wealth creation on behalf of their shareholders and stakeholders.
