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Final

BU111Final EXAM STUDY NOTES.docx

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Department
Business
Course
BU111
Professor
David Scallen
Semester
Fall

Description
BU111 EXAM STUDY NOTES Critical Success Factors 1 Achieving Financial Performance making profit maximize profit to outperform your competitors2 Meeting Customer Needs identifying hidden needs creating potential needs 3 Building Quality Products and Services building a quality of product that your customer will expect for the money they are spending ex BMW vs Ford doesnt mean building the highest quality4 Encouraging Innovation and Creativity always staying ahead of your competitionkeeping your competition trying to catch you ex Apple 5 Gaining Employee Commitmentcommitted employees will go above and beyond to make the company better they will work harder longer and devote 100 if they are happy working for the company6 Creating a Distinctive Competitive Advantage also known as establishing a minimonopolyex Apples products being userfriendly and easy to operateALL FACTORS ARE CONNECTED DiamondE ModelIdentifies key variables to be considered in strategic analysis ALL ASPECTS NEED TO BE IN SYNC Management Preferences biases attitudes and predispositions of your management teamOrganization culture leadership structure capabilities that are influenced by human and financial resources Resources financial capital and human resources Q Do you have the resources to execute strategyA YesNo consider money assets people resourcesStrategy Most focal pointAffects everythingOpportunities the business is pursuingDetermines needed resources organizational capabilities and managerial preferencesAny variable can drive or constrain strategyManagement PreferencesRelates to the managements biases how they make decisions if theyre risky or notAffects types of resources needed for the organizationShapes your organization mainly in the sense of the culture your organization will haveOrganizationIf your managerial staff makes unethical decisions then it will affect the organization If you bring in new management the culture in the organization is already established and they may not be able to do what they wanted toResourcesIf you want to do something and you do not have the resources you simply cannot do it Resources companies have affect the opportunities they pursueStrategyEnvironmental Linkage THE CRITICAL LINKAGE IN THE MODEL The bridge between the inside and outside environment First Task deal with strategyenvironment linkage assess forces at worktheir implications PRINCIPLE LOGIC Consistency or alignment within the modelWHEN DETERMINIG STRATEGY does it match our management preferences EntrepreneurshipEntrepreneurship identifying an opportunity and accessing resources to capitalize on itThree steps in the entrepreneurial process 1 Entrepreneurmust match in knowledge experience and interest willing to put capital on the line 2 Opportunitygood idea 3 ResourcesSuccessful only when entrepreneur diamond E opportunity environment is supportive and resources match These three pieces must be in harmony for a new business to be successful Begins with entrepreneur identifying an opportunity then accessing resources Small Businessownermanaged not dominant in market 100 employees 978 of all businesses in Canada are smallContribute less than 26 annually to GDP Provide more jobs than large businesses
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