Taking Commerce 101:Busines Fundamentals has been an immensely rewarding experience that has allowed me to develop fundamental understanding of different disciplines of business and management decision-making. From business finance to organizational culture, this course was enabled me to gain through insight in how businesses operate. Moreover, I realized that the business concepts that we learned were linked together, not separated. COMM 101 has enabled me to gain understanding on different sections of business that are necessary to become successful not only in school, but in the business world as well. Consequently, I have generated a list of the top ten key business concepts and their connections:
Although maximizing profit is the main…show more content… If a firm works within its strengths and interests, it will benefit itself as well as providing the best services and goods for customers. Thus, it is essential for businesses to maximize profit while not breaking the law or engage in fraud or deception.
As demonstrated in COMM 101, strategy plays a critical role for businesses to achieve success in the market. It is crucial for businesses to analyze its business plan through the use of the SWOT Analysis,
Business Model Canvas, and the Fishbone Diagram and other business plan evaluations. Similarly, through successful industry analysis given by the Porter’s Five Forces and the PEST Analysis, businesses are more likely to maximize its utility. For example, in the first individual assignment, we had to analyze
Tesla Motors and provide recommendations based on the SWOT Analysis. By recognizing its internal strengths and weaknesses, Tesla can become more successful. Strategy is closely connected with marketing and accounting as business strategies incorporate marketing tactics to maximize profits.
Moreover, accounting is the basis for new business strategies. Accounting profits motivate businesses to expand and improve their current strategies while accounting losses lead to new strategies.
Finance is the practice of saving and investing money and studying the relationships between the two parties: one that invests and one that saves. I enjoyed learning about how important this