BUS 111W copy 2.docx - BUS 111W Instructor Sofy Carayannopoulos Office Hours Friday 9:30 – 10:30 AM Room LH4046 Email [email protected] Link

BUS 111W copy 2.docx - BUS 111W Instructor Sofy...

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BUS 111W Instructor: Sofy Carayannopoulos Office Hours: Friday, 9:30 – 10:30 AM, Room LH4046 Email: [email protected] Link: laurierbiz.com Textbook: Business 111 Lab Manual, Thirty-third Edition: Captus Press, 2018, Introduction to Understanding and Assessing the Business Environment. 3rd Custom Edition for Wilfrid Laurier University Important Info: Calendar on , Don’t email her during weekends Required Labs: 10% Assignments: Avoiding Plagiarism 2%, Case 22%, New Venture 22% Midterm: 20% Final: 24% Bonus Marks: - S.I. Sessions – 0.25 bonus for each one to max of 1.5 marks - Extra Pearson Quizzes – Up to 1 Mark% - Attendance at LAZICC Education Day* - 0.50% - Library research seminar* - 0.50% Table of Contents LECTURE 2: CRITICAL SUCCESS FACTORS & ENVIRONMENTAL ANALYSIS MODELS Critical Success Factors Diamond-E Model External Analysis P.E.S.T Factors Porter’s five forces (PBSSI) LECTURE 3: UNDERSTANDING ENTREPRENEURSHIP Entrepreneurship LECTURE 4: UNDERSTANDING ENTREPRENEURSHIP CONTINUED What is Scarcity? LECTURE 5: TECHNOLOGY FACTORS What is Scarcity?
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Lecture 1: Environmental Analysis and Critical Success Factors Critical Success Factors There are many factors that impact the performance of an organization. However in order to achieve long-term success an organization must meet 6 critical success factors in order to succeed. Think of Critical Success Factors as a list of criteria that a business must meet in order to be successful. These include ( Remember FCQIED) : Achieving financial performance: What is it?: A business has to be able to make money . For social ventures, its usually just enough to keep surviving to provide that social value. Why is it important?: - It is important for survival and growth - Profitability and having a CASH FLOW are needed to cover expenses - Can ensure a Return on Investment (ROI) which is the percentage return and depends on how well the business is doing. How is it important?: Without achieving financial success, you can’t achieve the other factors as a company can’t stay in business. Example: Tesla had initial funding; however majority of their expansion was due to positive cash flow from immediate positive reaction to their first few models Meeting customer needs: What is it?: A business needs to provide some sort of value or solve a problem . Why is it important? - Gain loyalty: If it is important, customers will remain loyal to you - Reduces marketing costs: No more need for marking with loyal customers However, a business can’t just meet a need that exists. The solution has to provide value to the customer. - Understand: A business should have a fair understanding of what the customer wants in their goods or services - Anticipate: Businesses need to implement ideas that consumers would never know about in order to fill market space that may be empty - Fulfill: A business should produce a good or service to a level of satisfaction
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Example: Microsoft recognized that many students still handwrite their notes, but in a time of digitizing almost all documents, they knew it would be beneficial to create a tablet (ex. Surface
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  • Fall '18
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