STEN 1000 Chapter Notes - Chapter 1: Business Plan, Chief Operating Officer, Organizational Culture

• School: University of Windsor
• Department: Business
• Course: STEN 1000
• Professor: Ali

Document Summary

Best way to think about business is to view it as a system of integrated actions designed. Ensure that an organization develops and grows a market for its goods and/or services and in, doing so, Create organizational value (wealth) on behalf of its stakeholders. Refers to the markets the organization serves, the products and services it offers, and the needs it professes to meet in the marketplace. Reflects the result of understanding the demand/supply relationships that exist in the marketplace. Refers to the value-creating skills an organization"s employees bring to the marketplace. The success of many businesses lies with the specialized skills that exist within its labour force. A successful business strategy result from 5% planning and 95% execution and; Successful execution of a company"s strategy is the result of 5% technical competencies and 95% people capabilities. Reflection of the framework of the business activities and decision-making ecosystem that exists within an organization.