COMM101 Lecture Notes - Lecture 1: Stakeholder Management, Canadian Business, Firstline
14 Feb 2016
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Critical success factors: why important, how to approach, how they connect to each other. (1) achieving financial performance: How: generating income/revenue, focus on financial growth of the company, so care about profit & cash flow is very important. Why: required for business to be sustainable, if business can"t make money, the company can"t survive. Sometimes, when the company is gaining the profit, they may not have enough money to pay back the debt in the short period of time. How shareholders feel, in term of stock price. Why: customers provide revenue and sales, meeting customer needs and they will tell other people, then the company achieves the financial goals. Ex: rim doesn"t meet customer needs, but apple does, so they steal the customers from rim (3) building quality products and services: How: quality assurance, quality is based on customer"s needs.
