MCS 1000 Lecture Notes - Lecture 2: Chief Executive Officer, Strategic Business Unit, Privately Held Company

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Archie Bonifacio

Document Summary

Organization: legal entity of people who share a common mission. Business firms: privately owned organization that serves its customers in order to earn a profit. Non-profit organizations: non-governmental organization that serves its customers but does not have profit as an organizational goal. However it must also receive funds to continue operations. Industry: organizations that develop similar offerings when grouped together e. g. computer industry, automobile industry. Strategy: a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s lo(cid:374)g-term course of action designed to deliver a unique customer experience while achieving its goals. Because an organization has limited human, financial and other resources it must have a strategy to allocate these scarce resources. Where top management directs overall strategy for the entire organization board of directors corpporate business functional level strategy level strategy level strategy. The chief executive officer (ceo) is the highest ranking officer in the organization and is usually a member of its board of directors. This person has leade(cid:396)ship skills a(cid:374)d o(cid:448)e(cid:396)sees the o(cid:396)ga(cid:374)izatio(cid:374)"s dail(cid:455) ope(cid:396)atio(cid:374)s.