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Lecture 1

BU111 Lecture 1: Chapter 1 - Critical Success Factors & Diamond E
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Department
Business
Course
BU111
Professor
Branton
Semester
Spring

Description
Chapter 1: Critical Success Factors & Diamond-E Critical Success Factors • vital to the success of a company 1. Achieving financial performance • to make a goal and achieving it • survival + growth  money necessary 2. Meeting customer needs • to satisfy what the market wants/needs • People do not always know what they need. You discover what your market wants and you give it to them, or you create their wants/needs by creating something 3. Building quality products and services • consistently giving a customer good value • It does not have to be the best; it just has to be worth the money it costs. • Everyone needs a certain amount & quality of that product, and the company only needs to give that much (not surpass the expectations) • Make them come back for more 4. Encouraging innovation and creativity • putting something new out there to capture the customers’ attention • anticipating trends • not just about what you give the customers but about how you create the product • Apple doesn’t just throw everything out at once. They do it step by step every time they produce something, people will talk about it, and hence by constantly producing new things, people are always talking about Apple 5. Gaining employee commitment • Employees should be proud of their business, know that it’s “cool” • Keep employees so they do not switch to competitors • Enthusiasm = better business • Happy employee will do more than what they are paid for 6. Creating a distinctive competitive advantage • Businesses want monopoly • By providing something that other companies don’t provide, consumers are willing to pay more for that specific product  you can set your own prices (not easy with competition) Diamond-E Framework • Identifies key variables to be considered in strategic analysis • Double headed arrows mean that everything influences each other Strategy-Environment linkage • Strategy: what opportunities the business is pursuing - determines the resources, organizational capabilities, and the management preferences • The critical linking variable in the model  Any variable can either drive or const
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