BU111 Study Guide - Midterm Guide: Small Business, Triple Bottom Line, Stakeholder Management

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plumbeaver231

17 Oct 2012

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BU111 Full Course Notes

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Every organization must follow all these factors in order to be successful. Strategy is about meeting your critical success factors. Need to be as profitable as competition or you will fall behind and lose investors. Know what the customer needs and provide it. If you lose one customer, you will lose many and therefore lose profit. Customers need to find what they are looking for or they will not come back. Need a good quality of product not necessarily the best. Keep changing what you"re making or you"ll become obsolete. Blackberry and how they have the final prototype but they just keep adding a new feature onto each new model until they get to the final one. By being innovative and creative you create customer needs apple didn"t think we needed an ipod. Give employees incentive and they will work longer and harder and put in their 150%

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