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Lecture

BUSINESS LECTURE 2
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Department
Business
Course
BU111
Professor
Sofy Carayannopoulos
Semester
Fall

Description
BU111Environmental Analysis Models September 10 2014September 15 2014Lecture 2Road Map ARROWEvery organization has a target using the critical success factor To hit a target you need 1 Strategyguidance 2 Missionmore information about the process of how one would do something what are we chasing after3 Vision narrows down possibilities Internal Organization they are the ones that implement the strategy Every business needs to consider the environment presents obstacles threats and opportunities If you dont consider the environment you will not hit the target PEST political economic interest rate social social welfare and technological automobilesFive forces they vary depending on the different industry you are in Critical Success FactorsAchieving financial performancescreating a profit sustaining the profit for the future competition not just making money but comparing it to other organizationsMeeting customer needssatisfying them in order for them to continue coming back meeting customer needs they keep coming back and they tell other people to come as well cycle They become loyal to you so when the competition comes around it makes it harder for them to take those loyal customers away Building quality products and servicesno one will buy the products you are not meeting customer needs and theyll tell other people that your products are bad which will hurt your financial performance You can get sued for your poor products and that automatically hurts your financial performance VALUE FOR THE DOLLAR high quality for the amount the customer is paying so they know theyre paying their moneys worth Encouraging Innovation and Creativity making sure the product is evolving and changing finding new and different ways of doing things and adapting to new technologies Gaining Employee Commitment creating a positive work environment
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