BU111 Study Guide - Midterm Guide: Customer Switching, Switching Barriers
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BU111 Full Course Notes
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Why critical success factors: they guide our strategic and daily details, ensure holistic thinking (interconnected, ensure success over time (takes a well-run company to ensure success) Csf: achieving financial performance is the center of the csf, generating profits, growth, return on investments, meeting customers" needs, understanding, anticipating, fulfilling, gain employee commitment, passionate, loyal employees, productive. Encouraging innovation and creativity: keep moving forward, product becomes obsolete, innovation in products, training, and hiring. Building quality products and services: quality represents reputation of the company, value, consistency and reliability. Building distinctive competitive advantage: stand out of the competition, make more money. Alignment externally ensures strategy right for the given environment. Environment always changing: deal with strategy-environment linkage, assess forces at work and their implications, adjust internal or adjust strategy. Porter"s five forces (ibis: industry competitors, potential entrants. Power and influence of each force will vary by industry. Most powerful force: effects: price competition, lower volume, increased costs.
