Business Models and Systems

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Week 1 Assignment 1 Business Models and Systems Consider a local business whose services you frequently use. What are the main components of this company's business model? Write a 200- to 300-word response describing the three components of the business system that comprise the local business you selected. Use Figure 1.2 on p. 11 of Introduction to Business as a reference. Click the Assignment Files tab to submit your assignment. The business I have chosen the local McDonalds restaurant location. This business entity has created a repeatable business model that has proven successful in many areas on a global scale. According to (Jones, 2007) “A company’s plan of action to use resources to create a product that will give it a competitive advantage” is the definition of a business system. When considering the relation to McDonald’s this company has created a business plan that is successful and repeatable. This company has also developed a product that is tradable for the many currencies around the world. Unfortunately the products that McDonald’s produces require technologies and specialized individuals and groups to maintain and improve the production systems of their products. There is also the amount of teamwork that needs to be pooled of various resources of several individuals and groups to make their commodities more valuable to consumers. When regarding the volume of production in relation to the transaction and production costs it is important to know the profitability that can be made. There is also the knowledge creating a product that is wanted by consumers that can be quality and satisfactory to customers to ensure repeatable business to create more profit for the

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