BU111 Lecture Notes - Lecture 1: Voice Of The Customer
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BU111 Full Course Notes
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Document Summary
Understand 6 critical success factors and their relationships. Understand the importance of an external analysis. Firms must have a roadmap to be successful. Critical success factors are to be achieved through an strategy guided by the mission and vision of the firm. The strategy is executed by the internal organization. The strategy must adapt to an environment of constant change. Achieving financial performance: long term, sustainable profit. Meeting customer needs: if it is useful people will buy it. Building quality products: there are different degrees of quality according to needs. Encouraging innovation & creativity: innovative products sell and create advantage. Gaining employee commitment: personal pride drives innovation, creativity and productivity. A firm needs to increase it"s retainment rate (how much employees last in each company) Creating a distinctive competitive advantage: if something special is being developed people will want to work for you and your product will be chosen by customers.
