BU111 Study Guide - Midterm Guide: Business Process Management, Switching Barriers, Business Plan
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BU111 Full Course Notes
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Approx: 20 multiple choice questions = 20 marks. Approx: 21 short answer questions, 2 to 5 marks each = 60 marks. The relationship between the firm and its external environment: Critical success factors are the factors that need to be fulfilled in order to be successful. Achieving financial performance: need capital to survive. Meeting customer needs: needs to satisfy customer, repeat sales, can t achieve financial performance without it. Building quality products and services: match quality to needs of customer met and relative to price, customer not satisfied, switches to substitute products. Encourage creativity and innovation: everyone wants the next big thing, technology is constantly advancing, need to be progressive, can t lack behind competition. Gain employee commitment: employees think beyond self interest, loyal employees lead to low recruitment and training cost, if employees are happier they are more productive and come across more success.
