BU111 Lecture Notes - Bachelor Of Business Administration

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fuchsiatermite276

16 Oct 2011

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What is a model: a model is a representation of reality. Achieving financial performance (need to make profit: shareholders: firm making for every dollar invested. Meeting customer needs: beat competitors by understand needs and address with product offerings, monitor customers and desires and needs. Providing quality products and services: world-class level of service and quality. Encouraging innovation and creativity: people-driven type of activity. Gaining employee commitment (most important: people: good manager: lead people, direct people, get people motivated to achieve the goals the organization set out for itself, your people are the ones really leading you to success. It is the job of every manager to help his respective organization achieve these five critical success factors. Business stakeholders: individuals or groups who depend on a company for the realization of their personal goals and upon whom the company is dependent for the realization of its goals.

Related Questions

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders

whiterhinoceros784

A value chain model can be used as a systematic means of examining all the organisation's functional activities and their effectiveness in creating customer value. In light of this discuss the activities of Michael E. Porter’s generic value chain model