BIOC 3560 Lecture Notes - Lecture 1: Competitive Advantage, Customer Experience

• School: University of Guelph
• Department: Biochemistry
• Course: BIOC 3560
• Professor: Dawson S Graether

Document Summary

Goals or objectives: statements of an accomplishment of a task to be achieved, often by a specific time. Specific: be a precise description of what is to be achieved. Measurable: be a quantitative value to show attainment. Relevant: be pertinent to the organization"s mission. Business firms can pursue several different types of goals: Profit: most firms seek to maximize long-run profit. Sales: if profits are acceptable, a firm may elect to maintain or increase its sales level. Market share: a firm may choose to maintain or increase its market share. Market share is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. Quality: a firm may target the highest quality products or services in its industry. Customer satisfaction: customers are the reason the organization exists, so their satisfaction is of vital importance.