BU111 Chapter Notes - Chapter 1: Main Source, Walmart, Cash Flow

• School: WLU
• Department: Business
• Course: BU111
• Professor: Laura Allan

Document Summary

Critical success (achieved through a vision, then mission and finally strategy) is influenced by: a) External envir: diamond-e model, pest (broad) + 5 forces (general) May also attract new customers as well. Encouraging innovation and creativity: leads to improvements, staying ahead of both the customers and competition be exciting and original. Bus. envir. and competition is always changing: increases chance of identifying/creating opportunities, link to other factors? (e. g. producing quality g/s) Find new ways to boost efficiency and effectiveness of production process. Gaining employee commitment: employees = crucial part of a business" success - one person cannot do everything. Make them motivated and engaged in their jobs: committed employees. Seeks and share innovative and creative ideas that may benefit organization. Are more likely to work longer and harder more effort. Creating a distinct competitive advantage: doing something bigger and better than the competition be unique (e. g. )