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BU111 notes 1.rtf

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Wilfrid Laurier University
Leanne Hagarty

Sept. 12/12 Supplemental instruction starts monday night 7-9pm in 2C16. 1. design strategy to fit external and internal 2. Critical success factors : -six factors that will help a company become successful over time -not a singular goal, success= a result of linking all other factors -need a strong cash flow--> having profit and cash coming in (helps sustain life & growth of business) -Meeting consumer needs: meet & anticipate & understand & deliver customer’s needs and demands to ensure consumer loyalty=profit (& trust) and also gets customers to refer to others -Building quality prod. and services: understanding the customers needs and wants to deliver a prod. they want in terms of quality. want consistency and quality for the price. -Innovation and creativity: definition of quality is always changing. companies adjust to customers needs of quality-> invest in getting employees to meet demands--> ex. behind the scenes- change supplies , shorten delivery times, etc. Sept. 17/12 CSFs- ● Achieving financial performance ● Meeting customer needs ● Building quality products and services ● Encouraging innovation and creativity ● Gaining employee commitment ● Creating a distinctive competitive advantage Employee- satisfied/motivated, committed employees who love their jobs and achieves their personal goals & the company's goals. Employees=foundation of a company (helps lead company to success through completing critical success factors) Competitive advantage= create something unique & valuable (that customers value) to draw customers from other companies that should gain healthy profits.| All CSFs are linked
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