BU111 Lecture Notes - Ikea, Critical Success Factor, Making Money
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BU111 Full Course Notes
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Document Summary
Every organization has a target: using the critical success factor. To hit a target you need: strategy guidance, mission more information about the process of how one would do something (what are we chasing after?, 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 don"t consider the environment, you will not hit the target. Pest: political, economic (interest rate), social (social welfare), and technological (automobiles) Five forces: they vary depending on the different industry you are in. Achieving financial performances creating a profit, sustaining the profit for the future, competition (not just making money, but comparing it to other organizations) Meeting customer needs satisfying 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)
