33:620:301 Study Guide - Midterm Guide: Mary Parker Follett, Elton Mayo, Henri Fayol
28 Dec 2019
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Businesses exist to: serve the needs of society for goods and services, to use resources productively in creating value for customers, employees, and shareholders, to create jobs and to be good citizens in the communities they serve. Importance of innovation: 2000 - foster, christensen, amabile, impact of disruptive technologies, innovation key to growth/survival, employee engagement. Without a viable (successful) business model, the firm may fail to: attract customers, withstand or beat competition, survive due to lack of profitability. Companies strategy = its action plan for outperforming its competitors and achieving superior profitability: firms use this to , improve financial performance, strengthen competitive position, gain a sustainable competitive advantage. What does a creative, distinctive strategy do: can yield above-average profits, make competition difficult for rivals. 4 steps in implementing a company"s strategy: develop a strategic vision, set objectives, craft a strategy, execute the strategy.
