BU111 Final: BU111Final EXAM STUDY NOTES.docx
19
BU111 Full Course Notes
Verified Note
19 documents
Document Summary
Maximize profit to outperform your competitors: meeting customer needs. Creating potential needs: 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) Doesn"t mean building the highest quality: encouraging innovation and creativity. Keeping your competition trying to catch you (ex. Committed 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 company: creating a distinctive competitive advantage. Ex apple"s products being user-friendly and easy to operate. Identifies key variables to be considered in strategic analysis. Management preferences- biases, attitudes, and predispositions of your management team. Organization- culture, leadership, structure, capabilities that are influenced by human and financial resources. Determines needed resources, organizational capabilities, and managerial preferences. Any variable can drive or constrain strategy. Relates to the management"s biases, how they make decisions, if they"re risky or not.
