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Critical Success Factors_ Notes Ch1.docx

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Wilfrid Laurier University
Sofy Carayannopoulos

CH- 1: Critical Success Factors 10/17/2013 9:43:00 AM Critical Success Factors: - meeting customer needs - achieving financial factors -ensuring innovation and creativity - ensuring employee commitment - maintaining the competitive edge - producing quality goods and services External Analysis: The process of scanning and evaluating the external environment of the business. This includes analyzing trends, changes in market forces, economic conditions etc. There are three ways of performing this external analysis: 1) By using the PEST model 2) By using the Porters Five Forces 3) Look for data, research, get trends, forecasts, statistics and expert analysis. Two types of environments: General: all firms face this: PEST model Specific: industry related: Porters Five Forces PEST MODEL: - Political and Legal Environment: government support/ opposition trade agreements trade barriers barriers to entry political system laws political stability government influence - Economic Environment: economic condition: GDP, per capita, total aggregate demand, standard of living total market capitalization etc balance of trade National Debt imports and exports international trade linked to globalization and global dominance interest rates time value of money inflation business cycle - Social Environment: Consumer attitudes and beliefs Traditions, values and customs Population trend of thinking and modernization Influences consumer attitude Influences workers attitude and productivity Social corporate responsibility Stake holder relations Relations with Board Of Directors - Technological Environment: affects buying and selling internet affects ecommerce technology is required in production technology keeps on changing constantly technology is required in design and creations of new products and modification of existing products Three most important issues facing the Canadian Business Environment Are: - The
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