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Lecture 2

BU111 Lecture 2 on Critical Success Factors, Diamond-E and PEST

3 Pages
335 Views

Department
Business
Course Code
BU111
Professor
Sofy Carayannopoulos

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BU111-UNDERSTANDINGTHEBUSINESSENVIRONMENT Sofy Caryannopoulos Office - P3026 Ext - 2730 [email protected] Twitter - @BU111_WLU Office Hours - Tuesday 10-11:30 or by appointment -------------------------------------------------------------------------------------------------------------------- - DAY 2 - WEDNESDAY SEPT 11 - Understand the 6 critical success factors and their interrelationships - Understand the relationship between the firm and its external environment (Diamond-E model) - Describe what an external analysis is and explain how to do it (PEST Factors, Porter’s 5 forces model, Data Sources) - Understand the benefits and challenges of doing an external analysis *How can something be an opportunity or a threat? SWOT - Strengths, Weaknesses, Opportunities, Threats Critical Success Factors: - Achieving financial performance - pay employees, use money to reinvest in the company, focus on investors (you need to make profit AND you must be at or ahead of the competition) - Meeting Customer Needs - giving the customer what they want, what they ask for, sometimes anticipating the needs of customers before they know they need them, if we don’t meet customer needs then we won’t have customers - Building quality products and services - must be reliable, not necessarily the BEST quality but the customer must feel they are getting the quality they have paid for, meet the target market expectations - Encourage innovation and creativity - ahead of the competition, attracts more customers - connects with customer needs - part of being innovative is finding new ways to meet customer needs - Gaining employee commitment - increases motivation to be innovated, enjoyment, personal pride in products - Creating a distinctive competitive advantage - something that sets you apart from the competition, protecting your territory in a market, patents, control a key supply so that competitors pay, create something that a competition can’t meet (better employees, better quality, better customer service, more creativity, etc.) Diamond-E Framework: Management Preferences - management preferences control company direction, ex. risks? reliability? internal leadership styles: open? controlling? M-O = Organizational culture influences who is hired into management, and management influences the culture and leadership styles Organization - Capabilities(skills- what can be accomplished), culture(influences how things are done), leadership of the business(style) Resources - Financial(ex.more money=more assets, more marketing, cost advantages), human, physical M-R = managem
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