Bu111 MIDTERM LATEST UPDATE

Bu111 MIDTERM
The internal features of an organization __________
are what allow you to execute your strategy.
-strategy is the plan for your business
_What are the 6 Critical Success Factors?_
1. Creating a Distinct Competitive Advantage
2. Building Quality Products and Services
3. Achieving Financial Performance
4. Gaining Employee Commitment
5.Encouraging Innovation and Creativity
6. Meeting Customer Needs
//Achieving Financial Performance//
-Maximizing profit, reaching financial goals, maximizing efficiency
(ROI, PROFITS, GROWTH OVER TIME)
-Expansion of growth= continued profit
//Meeting Customer Needs//
Understanding customer needs, fulfilling those needs, and anticipating those needs
-If you don't meet customer needs your competitor will be more successful
//Gain Employee Commitment//
Having passionate, loyal employees is important because those employees will do
better work for you
-Customers will be treated well by the employees which will allow for more customer
loyalty
//Encouraging Innovation and Creativity//
Being innovative and creative can give you an advantage and help you stand apart from
your competition
-allows you to remain current and get ahead of competing organizations
//Building Quality Products and Services//
Customers expect value for their money, regardless of what the customer is paying
they expect performance on an ongoing basis. Thus, they expect reliability.
-
//Creating a distinct competitive advantage//
Something that sets your business apart that makes you unique in comparison to your
competitors. This creates value
- possibly allows you to charge higher prices
Joes Java Critical Success Factors
-Achieving Financial Performance
-Meeting Customer Needs
High Tech Bar Top Critical Success Factors
-Innovation & Creativity
-Creating a distinct Competitive advantage
_Why is each critical success factor Important?