What is employee commitment?
- Attracting
- Keeping
- Motivating high quality/loyal/productive employees.
Why is employee commitment important?
Employees enable the business to run. If they leave, competition grows stronger and you grow weaker.
What actions can be taken to achieve employee commitment?
- Hire employees
- Pay well
- Train
- Motivate them.
What is customer satisfaction?
Meeting their preferences and needs for the present and the future.
Why is customer satisfaction important?
Customers provide revenue, if you do not satisfy their needs, they will take their money someplace else and your revenue will decrease.
What actions can be taken to achieve customer satisfaction?
- Target
- Understand
- Anticipate
- Satisfy their needs or demands.
What is distinct competitive advantage?
- Putting yourself ahead of competition,
- Differentiating yourself by providing
a clear benefit that is difficult to imitate.
Why is distinct competitive advantage important?
In perfect competition, the only thing that distinguishes competitors from each other are prices. Gaining a competitive advantage will give a reason for customers to choose your product over others.
What actions can be taken to achieve distinct competitive advantage?
- Innovate
- Develop unique resources or
capabilities - Build a strong brand, etc…
What is Innovation and creativity?
Innovating and adapting to changing market conditions, tech, and customer
needs.
Why is innovation and creativity important?
- In a rapidly changing environment, innovation helps a business stay above competition and match shifting customer needs or wants.
- Innovation also helps to improve efficiency and reduce costs
What actions can be taken to achieve innovation and creativity?
- Foster a culture of innovation
- Reward creativity
- Invest in research
- Collaborate with external partners,
What are quality products and services?
Products are your means of generating revenue
Why are quality products and services important?
- Quality products provide customers more value for their money.
- Quality products meet or exceed customer expectations, satisfying them.
- Quality products are also consistent, which is a trait customers prefer, building loyalty and trust.
What actions can be taken to achieve quality products and services?
- Focus on improvement
- Ensure quality inputs and processes
- Incorporate customer feedback.
What is Achieving Financial Performance?
- Being profitable and sustainable.
- Do comparatively better than other
companies in the same industry.
Why is financial performance important?
Enables the growth and expansion of the company, making more
profits.
What actions can be taken to achieve financial performance?
- Follow sound strategic decisions
- Efficiently
and effectively execute strategies. - Reduce costs.
How does financial performance connect to Quality products & services?
Higher quality = less return/refunds, more people willing to buy = more profit.
How does financial performance connect to innovation & creativity connect?
Producing the same goods with a reduced cost (efficiency) = more profit.
How does financial performance connect to distinct competitive advantage?
Unique product or clear benefit = more people willing to buy = more profit.
How does financial performance connect to customer satisfaction ?
Satisfied customers consistently buy = stable revenue stream.
How does financial performance connect to employee commitment?
Motivated/committed employees work harder to ensure a company’s financial
success.
How does Quality Products
and Services connect to financial performance?
More money to spend = opportunity
to invest into the quality of products.
