BU385 Lecture Notes - Lecture 2: Strategic Planning, Customer Service
Document Summary
Competitiveness: a measure of our ability to produce goods and/or services with respect to those offered by other companies in the same marketplace. Strategy: our long-term plans as to the direction we want to take to enhance or maintain our corporate level of competitiveness. Strategic planning: the managerial process that determines the strategy for an organization. Productivity: measurement of how well we utilize resources to maintain a certain level of output. Factors that affect competitiveness: common goals, working together, expertise, ability to learn. How are we measured compared to the competition (consumer expectations: price, quality, variety, timeliness, convenience, customer service. Cost: how can we do what we do at a lower cost without compromising quality of the goods and the accompanying level of customer service. Approach can be dependent upon the size of the firm: larger firms often take a more formal approach, assess current performance levels, commission a market survey, compose a strategy development team.
