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Chapter 1

Chapter 1 - Critical Success Factors & Diamond E.docx

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Sofy Carayannopoulos

Natasha Park, BUS111 Chapter 1: Critical Success Factors & Diamond-E Critical Success Factors  vital to the success of a company 1. Achieving financial performance  to make a goal and achieving it  survival + growth  money necessary 2. Meeting customer needs  to satisfy what the market wants/needs  People do not always know what they need. You discover what your market wants and you give it to them, or you create their wants/needs by creating something 3. Building quality products and services  consistently giving a customer good value  It does not have to be the best; it just has to be worth the money it costs.  Everyone needs a certain amount & quality of that product, and the company only needs to give that much (not surpass the expectations)  Make them come back for more 4. Encouraging innovation and creativity  putting something new out there to capture the customers’ attention  anticipating trends  not just about what you give the customers but about how you create the product  Apple doesn’t just throw everything out at once. They do it step by step every time they produce something, people will talk about it, and hence by constantly producing new things, people are always talking about Apple 5. Gaining employee commitment  Employees should be proud of their business, know that it’s “cool”  Keep employees so they do not switch to competitors  Enthusiasm = better business  Happy employee will do more than what they are paid for 6. Creating a distinctive competitive advantage  Businesses want monopoly  By providing something that other companies don’t provide, consumers are willing to pay more for that specific product  you can set your own prices (not easy with competition) Natasha Park, BUS111 Diamond-E Framework  Identifies key variables to be considered in strategic analysis  Double headed arrows mean that everything influences each other Strategy-Environment linkage  Strategy: what opportunities the business is pursuing - determines the resources, organizational capabilities, and the management preferences  The critical linking variable in the model  Any var
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