BU111 Lecture Notes - Swot Analysis, Bargaining Power, Switching Barriers
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BU111 Full Course Notes
Verified Note
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Document Summary
Understand the relationship between the firm and its external environment course model. Understand the benefits and challenges of doing an external analysis. External market and internal market need to be understood and corroborated in order to achieve success with regards to strategy, vision, etc. External factors are economic, political, technological and social factors. Internal factors are marketing, operations, finance, and human resources. Achieving financial performance (not a singular goal) More of a result and interdependent of the other factors. Measured through profits, healthy equity, strong cash flow, determines life of the business. If not profitable, can end the life of the business. Increasing satisfaction levels, meeting their demands, need to know what they want. Research needed to anticipate what customers need, need to understand their needs, and need to deliver on their needs. Ensure consumer loyalty, trust, reputation, positive relationship, small ticket items keep buying, big ticket item spread the word and gain new customers through referral, creates recurring revenue.
