BU111 Study Guide - Midterm Guide: Cash Flow, Competitive Advantage

• School: WLU
• Department: Business
• Course: BU111
• Professor: Sofy Carayannopoulos

Document Summary

The relationship between the firm and its external environment. Critical success factors: what they are, why they are important, how they connect to each other, how they apply to different types of businesses: achieving financial performance, meeting customer needs. Achievement of positive cash flow, important because company. If organizations don"t satisfy needs of customers, they will move to competitors, revenue will decrease and difficulty attracting new customers. If organizations don"t satisfy customer needs, financial performance will be weakened in short and long term. And competition will be benefited: building quality products and services expenses. Customers should be getting value for their money. Connected to financial performance, because it affects revenue and. Producing quality products affects revenue by the effects on. Quality products reduce expenses, by reducing number of defective customer needs products and by efficiency of production: encouraging innovation and creativity. Ability to identify and implement new and improved ways to execute organizations activity.