BU111 Study Guide - Midterm Guide: Competitive Advantage, Mozy, Price Ceiling

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

Document Summary

6 critical success: achieving financial performance, meeting customer needs, building quality product, innovation and creativity, gaining employee commitment, competitive advantage. To meet customer needs you must be always looking for ways to satisfy your consumers thus using innovation to create new products that your customers will want to buy. Also, when a company is very creative and innovative they can create needs that the customers didn"t even know they had, thus creating demand for their new product resulting in more sales and more profits. Critical success factors are important because they are the basis for a successful business therefore to be successful in the market you must meet all these goals. Managerial preferences; what the heads of the company prefer based on their own opinions/experiences. These shape the way the company will go/guide the strategy. Resources; dictated what the company can accomplish/what is feasible: human resources, financial, capital, management.