COMM101 Lecture 2: Lecture 2 Notes.docx
7 Oct 2014
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Profitability plus profit growth: meeting customer needs, customers satisfied with products/services. Vision: anticipate customer needs, building quality products and services, product worth the price, quality is consistent, encouraging innovation and creativity, keep up/outpace competition. Increase product quality: gaining employee commitment, win hearts/minds of employees, employees more productive, leave less often, creating a distinctive competitive advantage. Find some way to beat competition: differentiate self from competition. Talks about how you will achieve vision present to future: guides strategy by listing broad goals and acceptable approaches. Samsung - why to inspire the world with how innovative technologies, products and designs that benefit enrich who people"s lives and benefit contribute to society. Identifies key variables to be considered in strategic analysis. Management preferences: vision, mission, what leadership wants. Strategy: what to do, how to do it. Environment: competition five forces, pest political, economic, social, technology. Strategy and its importance: strategy: the plan the business uses to pursue opportunities & achieve csf.
