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BU111 MIDTERM EXAM 2024 QUESTIONS AND ANSWERS 100% CORRECT;Wilfrid Laurier University
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BU111 MIDTERM EXAM 2024 QUESTIONS AND ANSWERS 100% CORRECT;Wilfrid Laurier University
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BU111 MIDTERM EXAM 2024QUESTIONS AND ANSWERS 100%
CORRECT;Wilfrid Laurier University
Key Success Factors (KSFs) - ANSWER-- Employees
- Uniqueness
- Innovation
- Products and services
- Customers
- Financial resources
- All these factors contribute to financial resources
Purpose of KSFs - ANSWER-- Guide strategic and daily actions
- Ensures success over a long time
- Ensures holistic thinking (connecting everything)
- Internal
,Importance of KSFs for employees - ANSWER-Enables
operation
Importance of KSFs for uniqueness - ANSWER-Provides
market advantage
Importance of KSFs for Innovation - ANSWER-Alignment and
improvement with environment
Importance of KSFs for products and services - ANSWER-
Revenue means
Importance of KSFs for customers - ANSWER-Provide revenue
Importance of KSFs for financial resources - ANSWER-Enable
growth
Key Success Drivers - employees - ANSWER-Driver: Employee
commitment
- Loyal and productive
,How to achieve Key Success Drivers - employees - ANSWER--
HIRE: hire people who have the right skills, share company
values, and enjoys the company culture
- TRAIN: train to fill knowledge gaps
- MOTIVATE: motivate with incentives and benefits
Key Success Drivers - uniqueness - ANSWER-Driver:
Distinctive competitive advantage
- Valuable and sustainable differentiation from competitors
How to achieve Key Success Drivers - uniqueness - ANSWER--
Obtain market and competitor insight (what makes us different,
and what makes them different?)
- Use unique resources or capabilities to make us unique
Key Success Drivers - innovation - ANSWER-Driver:
Innovation and creativity
- Valuable change
How to achieve Key Success Drivers - innovation - ANSWER--
CULTURE: create a culture that allows for innovation and
change
- STRUCTURE: create a company structure that allows for
innovation and change
, - REWARDS: recognition and praise (leads to employee
commitment)
Key Success Drivers - products and services - ANSWER-Driver:
Quality products and services
- Consistency and reliability
How to achieve Key Success Drivers - products and services -
ANSWER-- DEFINE: define features that meet customers'
expectations and needs
- INPUTS: quality of inputs affect reliability and functionality of
products
- PROCESSES: products are consistent and reliable when they
are made with the same process each time
Key Success Drivers - customers - ANSWER-Driver: Customer
satisfaction
- Many loyal advocates
How to achieve Key Success Drivers - customers - ANSWER--
TARGET: focus on a demographic where their needs can be
satisfied
- UNDERSTAND: know the customers' needs and wants
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