BU111 Chapter Notes - Chapter 1: Digital Photography, Cash Flow, Main Source
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BU111 Full Course Notes
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Document Summary
To be successful an organization must know itself (strengths, weaknesses, capabilities, and preferences) and its enemy (the external environment: challenges and threats it poses, opportunities it offers. Firms cannot influence the environment so they must understand, accept, and formulate strategies to deal with it. Mission: how you will achieve the vision. Strategy: plan firm uses to pursue critical success factors. Critical success factors how: innovative technology who: peoples lives benefit: contribute to a socially responsible sustainable future. Ex: apple"s distinctive advantage is its innovation and creativity. Walmart"s distinctive advantage comes from its ability to meet customer needs by providing a wide range of goods in one location, for a good price. Organization successful it must consistent with the characteristics. In order for a firm to be develop strategies that are needs of the external environment and internal. Useful tool for strategic analysis and determining the appropriateness of a firms proposed strategy.
