BU111 Lecture Notes - Lecture 1: Niche Market, Dollarama, Main Source
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BU111 Full Course Notes
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Internal organization: the assets, how to execute the strategy (the company itself, the external environment, changes, trends (opportunities and threats) (pest, porters five forces) Achieving financial performance: maximize revenue, minimize costs, cash flow/profitable. In order to survive as a business, one must be able to be cash positive and make profit. Meeting customer needs: understanding customer needs and anticipating customer needs, customer service, customer satisfaction, customer loyalty, solving their problems. Important because the customer is the main source of income no customer revenue if you are not attracting the customer. If the customer is not satisfied, word of mouth spreads of their satisfaction and brings a bad appeal to your company (negative multiplier affect) through social media and other outlets. Building quality products and services: justifying the value of a product, how it"s made/delivered, materials, maximizing the efficiency but meeting quality standards. The level of quality is defined by the customer.
