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sten 1000
intro to business midterm
| Question | Answer |
|---|---|
| Business the big picture | Business entity: 1. commercial endeavours 2. employee interaction 3.orginizational culture and formalized decision making structure |
| Business | -Mission based actions -creating value for stakeholders strives for growth and development |
| 3 fundamental characteristics | -the commercial endeavours it takes - the employee interaction model organizational culture and decision making structure |
| business models | - operational platform or structure |
| company centric | the "business system" which reflects the underlying mechanics as to how the business is structured |
| market centric side | how the business is connected to marketplace |
| the role of the business owner | 1. well directed and positioned strategy 2. efficient and effective business model execution = business growth and profitability |
| 3 c's | capability, competency, capacity |
| business planning cycle | 1. set strategic objectives and assess business model fit 2. business plan development(what to do, where, and how) 3. business plan execution 4. company performance and profitability 5. company growth |
| planning cycle staging | 1. direction/positioning 2. implementation 3.assessment |
| for-profit companies | operates with the goal of profit |
| not for profit | enterprise that doesn't earn profit for their owners |
| short term profit | necessary to pay bills and re-invest in the future |
| long term growth and profitability | new products and services need to be developed to ensure the organization remains healthy and continues to grow |
| social and environmental responsibility | customers want businesses to operate and act in a socially responsible manner |
| stakeholders | direct or in-direct relationship with an organization |
| managers | are expected to place society, the organization, and it stakeholders ahead of personal gain when making decisions and interacting with the marketplace |
| overemphasis on short term profit | may result in decisions that are detrimental to long term market opportunities and fall short of social responsibility expectations |
| what is required to develop and manage a business? | - create a vision - confirm the market size of customers - confirm that market position is feasible - confirm that the market position will stay stable -confirm the availability of resources -execute the strategy |
| business decision making model step 1 | assess the business opportunities |
| business decision making model step 2 | confirm market size and profitability potential |
| business decision making model step 3 | determine market position, approach, and continuity |
| business decision making model step 4 | assess company resources capabilities |
| business decision making model step 5 | determine the tactics required to achieve objectives |
| business decision making model step 6 | adjust build out, or reinvent the business model |
| strategy | the developments of plans and decisions that will guide the direction of the firm and determine its long-term performance |
| tactics | the immediate term actions that a firm executes to meet it's short term objectives as set forth in the current planning cycle. |
| timing | the right product must reach the right customer, at the right time, and at the right place for the right time |
Created by:
MarkusFong
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