Chapter 1 Flashcards
(22 cards)
commercial endeavours
the markets the organization serves, products/services it offers
employee interaction
the skills employees bring to the marketplace
organizational behaviour
reflection of the complexities of the business activities within an organization
business
mission based - turn resources into good/services
assets
infrastructure and resource base
labour
work done by people
capital
money needed to run a company
managerial acumen
the good qualities of a top level manager
business model/system
operational platform
business model composition?
assets + labour + managerial acumen
competitive advantage
when a company can offer a good/service that has more VALUE then other companies
SMC
specific measurable controllable
fundamental objectives of a business
1 short term profit
2 long term growth/profitability
3 social/environmental responsibilities
profit
revenue - expenses
profitability
future growth
stockholders
owns shares
value proposition
statement saying who the good/serviced is aimed at and what benefits they’ll get - everyone in the company should know this
market segment
portion of the market your good/service is a part of
asset-based expenditures
things collected when starting a business ie. building
operating expenditures
expenses
strategy
plans for the long term that will give direction
tactics
short term/immediate actions in planning cycle
