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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 2024 QUESTIONS ANDANSWERS 100% CORRECT;Wilfrid Laurier
University
List all 6 key success factors - ANSWER-Financial
performance, Employees, Customers, Products and
Services, Innovation, Uniqueness
What is the importance of Employees as a KSF -
ANSWER-without skilled employees, any organization
will have issues operating and navigating the
environment. If the company has loyal employees that are
committed and productive, they will ultimately be better
off, as they view the company's success as their own and
thus go above and beyond.
What is an indicator of employee turnover? - ANSWER-
Employee's attendance is a good way to tell if they're
unsatisfied with their work or organization - Turnover
,How does employees (KSF) connect to other KSFs -
ANSWER-Customers- good employees provide better
products and services
Products & Services- good employees can contribute to
high sales #
Uniqueness- good employees understand the industry and
can bring more unique ideas
Innovation-supported employees will feel more
comfortable bringing new ideas up
Financial Resources- all these factors contribute to higher
revenue, therefore in the absence of good employees
revenue decreases
What is the importance of customers as a KSF -
ANSWER-customers generate and validate a companies
value, providing revenue
What are important actions for employees as KSF (5
actions) - ANSWER-Identify a specific target market and
stick to pursuing that audience, anticipate what the
customer wants, meet needs so you don't lose customers
to competitors, ask for feedback, gain local advocates
through T.U.A.S (think, understand, anticipate, satisfy)
,How does customers (KSF) connect to other KSFs -
ANSWER-Employees- unhappy customers affect
employee pride and commitment
Innovation- customers' needs can lead to the creation of
innovative ideas
Uniqueness- a business audience and needs can make it
stand out
What is the importance of products and services as a KSF
- ANSWER-it's a mechanism by which you satisfy your
customers with, it's also the reason customers do business
with
What are important actions for products and services as
KSF (3 actions) - ANSWER-Define the value of a product
or service (convenience, price, form etc.), achieve value
and reliability by using high-quality inputs, control
processes to achieve consistency
How does products and services (KSF) connect to other
KSFs - ANSWER-Financial performance - the quality of
, products impacts the revenue of the company (input
expenses and how much you can charge for the product)
Uniqueness- Products and services are tools to set us apart
from other businesses
Innovation- finds itself in the creation of unique products
and services
What is the importance of Innovation as a KSF -
ANSWER-Innovation reflects a company's attitude to
adapt to an ever-changing environment; innovation is
essential for survival and success in the market.
What are important actions for innovation as KSF (4
actions) - ANSWER-Encourage the creation of new ideas
(promote risk and change the status quo), and have a
structure to voice ideas throughout the organization. Org
should be open to adopting and evaluating new ideas,
reward innovation
How does products and services (KSF) connect to other
KSFs - ANSWER-Uniqueness- an innovative business
depends on unique ideas
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