BU111 Study Guide - Midterm Guide: Sports Equipment, Market Failure, Hd Dvd
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BU111 Full Course Notes
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All the critical success factors are essential for a business and they all require the help of the other to be successful. To create profit a business needs to have a product or a service that allows them to be uniqe from their competitors, so that customers will purchase their products. This is done through producing quality products and always innovating so that you are always one step ahead of the competitors. Employee commitment is essential for quality products because these are the employees that care. Internal consistency leads to performance: external consistency ensures strategy is right for the given environment, challenge- environment is always changing. Benefits of external analysis: makes manager proactive, provides info used in planning, helps organization get needed resources, helps organization cope with uncertainty. Challenges of external analysis: forecasts and trend analyses imperfect, rapidly changing environment hard to keep up with, time consuming. Growth rate of an industry (industry slow or declining)
