MGM101H5 Chapter Notes - Chapter 3: Competitive Advantage, Resource Consumption, Value Proposition

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

An eicient and efecive operaing plaform can be assessed against 3 fundamental characterisics: commercial endeavours: refers to the markets the organizaion serves, the products and services it ofers, and the needs it professes to meet in the marketplace. Relecive of the development of the infrastructure and its related culture, which an organizaion creates, and the transacion processes that it develops to service the marketplace it targets. Results in the business planning cycle outlines its focus and methodology for using its resources to create valuable products and services that will create a unique posiion in the marketplace. Compeiive advantage: when a company can ofer customers a product or service that has more value to them than similar products ofered by other companies. Planning cycle designed to: direct posiioning of company within market-place, ensure linkage with vision and mission of organizaion etc. Businesses need to set objecives that are (smac) speciic, measurable,