BU111 Midterm Exam Review Questions and Answers 2024/2025 with complete solution; Wilfrid Laurier University
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Course
BU111
Institution
BU111
BU111 Midterm Exam Review Questions and Answers 2024/2025 with complete solution; Wilfrid Laurier University
BU111 Midterm Exam Review Questions and Answers 2024/2025 with complete solution; Wilfrid Laurier University
BU111 Midterm Exam Review Questions and Answers 2024/2025 with complete solut...
BU111 Midterm Exam Review Questions and Answers
2024/2025 with complete solution; Wilfrid Laurier
University
Roadmap - There are 6 Critical Success Factors
Organizations/companies should base their strategies around achieving all 6
Factors
Companies choose a strategy by figuring out what they want to accomplish
(international, environmentally friendly, etc.)
Internal features of the organization allow you to execute your plan/strategy
Need to adjust your strategy for the business environment
There is a general environment for a whole country
Each industry's environment will differ
Why Critical Success Factors? - Guide Strategic and Daily Details:
Helps us pay attention to ALL factors when coming up with solutions/strategies
Ensures Holistic Thinking
Holistic thinking involves understanding a system by sensing its large-scale
patterns and reacting to them
Ensures success over time
Success will only be temporary and not as good if you don't consider all 6
,What are the 6 Critical Success Factors? - - Achieve financial performance
- Meet customer needs
- Gain employee commitment
- Encourage innovation and creativity
- Build quality products and services
- Build a distinct competitive advantage
Build distinct competitive advantage - - Something that sets you apart in a
meaningful and valuable way
- Attracts customers, employees, investors
- Ex. Apple's competitive advantage is being innovative, which is largely
responsible for their immense success
Build Quality Products and Services - - Consumers expect value for our money
- Ex. Expect a higher quality toy from Toys R Us vs from the Dollar Store
- Personal ROI
- Consumers expect consistency and reliability
- By building these quality products and services,
your company earns a good reputation
- Connection: If you fail to, your customers lose satisfaction, reducing revenue
AND employees will enjoy working there less and may potentially leave, raising
training costs
Encourage Innovation and Creativity - - Helps companies get ahead of
constantly-
, changing environment
- ex. Uber's innovation reinventing the car rental industry
- Allows you to improve, get ahead of competition,
remain current
- Innovation can be in regards to products, hiring,
training, manufacturing, etc.
- Helps create/ build a company's competitive
advantage
- Gains employee loyalty (they will stay if they
know they have the opportunity, and are
encouraged, to share their own ideas)
Gain Employee Commitment - - Happy employees work harder and better
- Reduce costs, employees won't leave (no hiring/training costs)
- If companies care about their customers/company:
- It makes customers happy and gains their loyalty, therefore improving
financial performance
- It makes employees more productive/efficient and therefore gives you a higher
return on investment from your staff (produce more/hour)
Meet Customer Needs - - Companies need to understand current needs,
anticipate future needs (ex snap
filters) and be able to fulfill them
- If companies fail to meet customer needs, they will lose revenue, therefore
worsening financial performance
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