BU111 Lecture Notes - Lecture 10: Critical Success Factor, Corporate Social Responsibility, Business Process Management
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The relationship b/w the firm and its external environment. How do they apply to different businesses: different and valuable, delivery of product is different, brand recognition, advantage could be any one of the above factors to success. Application: you have been producing poor quality products for a long time. Implication: explain in detail what might happen to your employee commitment if you are not meeting customer needs. Principal logic: consistency of alignment; consistency internally leads to performance; alignment externally ensures strategy right for the given environment; environment always changing. Strategy: the plan the business uses to pursue opportunities and achieve csf; critical linking variable. Provide an example of what you will need in each element of the diamond-e to be successful at pursuing international trade opportunities. Vision: communicate purpose/values; memorable, engaging and aligned w/ values and culture. Mission: how you will achieve vision; guides strategy by listing broad goals & approaches.
