BUS 111 September 11, 13 Critical Success Factors: Achieving financial performance Making sure that the company

y is profitable Meeting customer needs Attract customers to pay for the product Building quality products and services Acquiring reputations and customer loyalty. This is done by knowing what customers need and satisfying what they need Encouraging innovation and creativity Stand apart with other competitions. Customers need change over time and customer themselves change as well so the products need to be updated in order to attract more customers. The newest product has the ability to cost more money which can increase the profit Gaining employee commitment Attracting and keeping best employees to work for the company since they are passionate about their work. Do not need to pay money for re-training and re-hiring employees. Company needs employees to run. Employees create relationships with other organizations, which will benefit the company. The employee commitment will increase the customer service. Creating a distinctive competitive advantage Do something that apart from your competition and something that cannot be easily imitated by competition. Attracting the best mind in the industry and people are willing to work for the desirable workplace. Keep the company ahead of the competition. The company can have the customers pay more to get the product. Diamond-E Framework See ppt Strategy: what opportunities the business is pursuing - Determines needed resources, organizational capabilities, and management preferences - Any variable can either drive or constrain strategy The critical linking variable in the model FIRST TASK- deal with strategyenvironment linkage - Assess forces at work and their implications PRINCIPLE LOGIC- consistency or alignment Consistency internally leads to performance Each variable impacts and is impacted by the rest Alignment externally ensures strategy right for the given environment Warning: environment always changing

is strategy in alignment with environment? Is strategy consistent with internal variables? Process of scanning and evaluating the external environment How managers determine opportunities (positive external trends or changes) and threats (negative external trends or changes) Firms face multiple environments: general environment; affects all businesses Specific environment; affects industry participants

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