BU111 Study Guide - Final Guide: Switching Barriers, Customer Switching, Price Ceiling

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

Document Summary

Critical success factors (a man bun everyday gets chicks) The achievement of positive cash flow and profitability (varies from industry to industry) Important because the organization needs financial resources to pay for its day to day operations and current project, and expand on its operations in order to grow. Customer purchases are the main source of revenue for most organizations. Understanding what customers want, predicting what they will want and showing them what they want (creating wants/creating and meeting needs) (cid:862)(cid:455)ou get (cid:449)hat (cid:455)ou pa(cid:455) fo(cid:396)(cid:863)- customers get fair value for their money. Builds loyalty, goodwill and a reputation that retains existing customers and attracts new ones. Innovative in how you market your product. The a(cid:271)ilit(cid:455) to ide(cid:374)tif(cid:455) a(cid:374)d i(cid:373)ple(cid:373)e(cid:374)t (cid:374)e(cid:449) a(cid:374)d i(cid:373)p(cid:396)o(cid:448)ed (cid:449)a(cid:455)s to e(cid:454)e(cid:272)ute a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)(cid:859)s activities. Without well-trained, knowledgeable employees any organization will have difficulty surviving in the long run. Fostered through the creation of a positive working environment with respect and value.