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COMM101 Study Guide - Final Guide: 18 Months, World Trade Organization, Complete Control

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Sofy Carayannopoulos
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Bu111 FinalExamnotes (RED=
Needed Content from Midterm
Critical Success Factors:
All 6 critical success factors are linked to one another to come full circle.
1. Achieving financial performance
Being profitable, having stronger performance than competitors
Achieving financial performance allows you to build quality products/services,
encourage innovation and allows you to gain employee commitment
2. Meeting customer needs
Make sure the customers get what they want, they want what you have, anticipate the
needs of customers or create a need
Helps achieve financial performance
3. Building quality products and services
Build quality products with what the customer wants
By building quality products and services, you meet the customer needs
4. Encouraging innovation and creativity
Allows you to stand out from competition and keep moving forward
Creates a distinct competitive advantage
5. Gaining employee commitment
Allows you to attract and keep the best employees in the field, that way you,
Reduce costs, and increase employee productivity as they value the company
Which in turn helps achieve financial performance, encourages innovation, and builds
quality products and services
Created by John Wu
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find more resources at

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6. Creating a distinctive competitive advantage
Be different in a way that customers value that is not easily imitable
Helps achieve financial performance
Diamond-e Framework:
Identifies key variables to be considered in a strategic analysis for the internal environment. Every
factor affects every other factor.
1. Management Preferences
The biases of the managers people make decisions, not corporations. Affects the
2. Organization
The culture, capabilities, and leadership of the company.
The capabilities of the organization affect the managerial preferences
Culture affects new management and their preferences
3. Resources
The financial, human, and physical resources of the company
4. Strategy
What opportunities the business is pursuing
If the strategy is aggressive, the management will be like that
If the company is not aggressive, the strategy will reflect that
Will pursue strategy that the organization is capable of or can be developed
Created by John Wu
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find more resources at

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If the organization does not have the capabilities, the strategy will be changed
Will pursue strategies with resources the firm has or can get
Will not pursue strategies with resources the firm cannot get or does not have
Any variable can drive or constrain the strategy
Strategy is the variable that links the organization to the environment
The first task is to assess the environmental forces at work and their implications
Assess opportunities and threats
Diamond-E Model Principal Logic
The variables should be consistent or aligned
Consistency leads to better performance
Alignment with the external environment ensures the strategy is right for the environment
Environment is always changing
Strategy needs to align with the environment and be consistent internal variables
Capability Risk: Can’t do what the strategy wants
Environment Risk: Executing strategy that does not fit well in the environment
Social Factors
Customs, values, attitudes, and demographic characteristics
Influences customer preferences
Influences worker attitudes and behaviours
Influences standards of business conduct
oEthics, CSR, and stakeholder management
Affects how we live, work, consume, and produce
Created by John Wu
find more resources at
find more resources at
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