What is KSF? What are the 6 components? Why is it important?
KSF are important elements required for companies to compete in their target markets and have successful relationships with customers
E.C.P.I.U.F (employees, customers, product/service, innovation, unique, and center is financial resources
1) Guides strategic/daily actions
2) Ensures success overtime
3) Ensure holistic thinking (looking at it a big picture or broad)
What is does each KSF component mean??
HINT ECPIUF
Employees: loyal, productive customers
Customer satisfaction: many loyal advocates
Product/service: value, consistency, reliability
Innovation: valuable change
Uniqueness: valuable sustainable help differentiation with competitors
FINANCIAL PERFORMANCE: good and improving profit and return on investment
What is KPI? How does it relate back to KSF?
KPI is a measurable value that helps track KSF
Employees -> turnover, applications, productivity
Customers-> Market share, churn, net promoter score
Product/service -> returns, defects, warranty, claims, and waste
Innovation-> new products, new approaches, idea generation
Uniqueness-> reputation, comparative, performance
FINANCIAL PERFROMANCE-> revenue, profit, ROI, growth
Employee Commitment ⇌ innovation/Creativity
- employees who are committed wat to help organization to achieve goals
- they will come up with new goals
- employees like the work they are doing due to innovation
innovation ⇌ Quality of product/service
- Generating new products and ideas within company
Quality Products and Services ⇌ Competitive Advantage
- Quality products and services leads to a distinct competitive advantage
- High quality creates differentiation
Distinct competitive advantage ⇌ Customer Satisfaction
- Customers like the advantage you have more likely to stay loyal
- Lower churn
Customer satisfaction ⇌ Financial Performance
- Satisfied customers will be willing to pay more
- More satisfaction will lead to more loyalty
- More revenue for your company
What is are the DIAMOND E components?
MANGRIAL PREFERENCE ORGANIZATION RESOURCES STRATEGY ENVIRONMENT ( XTERNAL)
what is Principle LOGIC?
2parts
internal consistency = allows good strategic execution
external alignment = right strategy for environment
Explain the 5 components of DIAMOND E YA FUCK?
management = vision, mission, and preferences Organization = culture, capabilities, and structure resources = employees, capital, financial strategy = links external and internal generating strategies off principle logic Environment = the threats and opportunities / cannot be controlled / find strats to fit environment
NAME THE PROS AND CONS OR EXTERNAL ANALYSIS?
PROS
- makes mangers proactive
- provides information
- helps organization with needed resources
- helps with uncertainty
- improves consistency
CONS
- forecast are imperfect
- rapid change
- time consuming
Porters generic strategies what is it??
internal and external considerations that distinguish 4 strategies
how a firm chooses between them based on its strength or size
4 are cost leadership cost focus differentiation differentiation focus
What are the 2 steps of external anlysis
if looking a general Pest identifies trends and changes
if looking more specific porters 5 forces analyzes completive pressure
PEST??
are elements that will have an impact on your business causing you to change or consider the 4 factors POLITICAL ECONOMIC SOCIAL TECHNOLOGY
PORTER’S 5 FORCES
vertical analysis is competition
horizontal is supply chain
5 forces are Rivalry if existing firms Potential entrants Substiutes Suppliers Buyers
