BU111 Study Guide - Midterm Guide: Roaring Twenties, Market Impact, Market Structure
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BU111 Full Course Notes
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Document Summary
The relationship between the firm and its external environment. Course model and critical success factors: what they are, why they are important, how they connect to each other. Course model :without one of these factors success may not happen. Achieving financial performance (net income, growth, making money ) Meeting customer needs (give customers what they want, good service and good products ) Building quality products and services (build what customers expect (relative to price), and build it consistently ) Encouraging innovation and creativity (needs change products must follow, pay attention to consumers, create) Gaining employee commitment (people will work harder to create quality if treated properly by business, pride) Creating a distinctive competitive advantage (unique in away customer"s value, customer friendly products ) Diamond-e model: key variables, impact of internal variables on strategy, principal logic and examples. What it is, how to conduct one, general vs. specific environments, benefits and challenges of. Process of scanning and evaluating the external environment.
