[BU111] - Midterm Exam Guide - Everything you need to know! (18 pages long)

• School: WLU
• Department: Business
• Course: BU111
• Professor: Sofy Carayannopoulos

Document Summary

Need: a plan (vision, mission, strategy from broad to narrow) We have little to no control over the environment we are surrounded by/in. Adjust strategy based on environment, adapt, take things as a given. Strengths and weaknesses come from the internal organization. Achieving financial performance: profit, revenue > expenses, efficiency, minimizing costs, bigger roi (return on investment), increasing profitability, stability is okay but growth is the goal. Profitability, roi varies from industry to industry, so it should be noted in context, relative to your competitors. Meeting customer needs: understanding them and giving them what they want. Can"t only think about present, think about the future: want to anticipate customer needs, sometimes customers don"t know what they want until it"s been produced. Large and growing customer base that stays with you, customers will refer to their friends which is free marketing for you, increases revenue.