BU111 Lecture 1: BU 111 Lecture 1: Sept 15 - first lecture:notes
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BU111 Full Course Notes
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Document Summary
6 critical success factors: achieving financial performance, meeting customer needs, building quality products & services, encouraging innovation & creativity, gaining employee commitment, creating a distinctive competitive advantage. Used to: assess current strategy, generate new strategic proposals, evaluate strategic proposals. Strategy and it"s importance: businesses use to pursue opportunities and achieve cfs, determines and is determined by internal qualities, any variable can either drive or constrain the strategy, critical linking variable. Process of scanning and evaluating the external environment. How managers determine opportunities (positive external trends or changes) and threats (negative) Firms face multiple environments: general environment: affects all businesses, specific environment: affects industry participants. How to do external analysis: look for data, stats, trends, forecasts, expert opinions, etc, pest model to identity general trends and changes general. Environment: porter"s 5 forces to predict profitability and analyze competitive pressure specific environment. Elements: laws, regulations, taxes, trade agreements, political system/stability. Protection of consumers, support for and protection of domestic businesses,
