In what different ways a business can be defined.discuss the thee dimensions for defining business means?
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Hey guys here is your answer
When we look at businesses holistically, there are four distinct dimensions that account for every decision and action.
The four dimensions are:
Strategy
Operations
Marketing
Finances
Though they’re distinct dimensions, they’re heavily interrelated. Your financial picture will often guide your operational decisions, and your operational decisions will often have to be checked against your financial picture. Your strategic initiatives will influence your marketing decisions, and your marketing activities will often reveal new strategic opportunities that you wouldn’t have otherwise seen. More examples would be easy to come by, but we don’t need to list every interdependency to get a feel for how it works.
Viewing business this way isn’t anything new. We already have well-established positions that track these dimensions. Chief Executive Officers (CEOs) handle strategy and development, Chief Operations Officers (COOs) handle operations, Chief Marketing Officers (CMOs) cover marketing, and Chief Financial Officers (CFOs) take care of the finances. What’s important to consider is that all of these positions are either senior executive level or high middle management in traditional businesses – the reason they’re so high up is that their functions and perspectives are so critical.
What many people fail to consider is that the four positions listed above are necessary for any business, even if one person is wearing all of the hats. Not only are they necessary, but they can’t not be done: they’re either done well or done poorly.
Throughout this piece, I’ll use CEO, COO, CMO, and CFO to illustrate which hat or domain is at play. Bigger businesses may have people dedicated to these positions, but if you’re in a microbusiness, you should read this as you with a different hat on.
hope it help u
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