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What are the Key Factors for Success (KFS) that companies in the industry must satisfy in order to ensure survival and seek competitive advantages - Essay Example

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For example, convenience is one of the significant factors that determine the ability of a business to survive. It is important for investors to…
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What are the Key Factors for Success (KFS) that companies in the industry must satisfy in order to ensure survival and seek competitive advantages
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Topic: Key Factors for Success (KFS) Lecturer: Presentation: The key factors that are significant for a business to accomplish its objectives are mainly focused on improving its competitiveness. For example, convenience is one of the significant factors that determine the ability of a business to survive. It is important for investors to conduct a feasibility study to ensure that a business is viable before any capital outlay (Cole, 2003 p 57). The availability of market for the products guarantees competitiveness of an industry. Without a ready market for commodities produced, the business can not make profits, and therefore can not survive. More over, it has to be accessible to the consumers. Consumers like purchasing their products from easily accessible industries where they can return them in case of malfunction. This generates confidence in the organization’s products. On the other hand, consumers have to be accessible to increase sales. Without proper access to the market, an industry may be unable to sell the anticipated amount, or may incur higher costs of distribution.
The choice of the business type is of utmost importance. Investors need to identify a business and analyze the pay back period to ensure that they settle on the most applicable investment decision. It requires an analysis of the kind of consumers in the market to ascertain that the products offered by the industry match the needs of the consumers. This is significant in developing positioning strategies for the products. It is also important to ensure that products are durable, especially for a newly established business. Once investors bring their capital in to the market, they are usually faced with problems, which are common for beginners. They are initially not competitive and therefore might take long to attract customers, hence the quantity of produce needs to be controlled until the business establishes in the market. For durable products, more products may be produced to be sold in the long-run.
The products should be satisfactory to the health standards. The most risky occurrence in an organization may be the revocation of an operating license. This is because it might happen when the industry is already in operation, having produced a substantial amount of commodities. This may lead to a heavy loss, hence the need to satisfy the health and safety requirements in the workplace, as well as the recommended standards in regard to quality (Hannagan, 2007 p 67). Consumers are usually sensitive to quality, especially for emerging products. The investor needs to satisfy consumer demands at the conception stage, which is significant for the performance of an industry. Research and development are also key factors to success.
In regard to distribution, an organization needs to ensure that the consumers enjoy place utility. The products need to be delivered wherever they need them. This is a major success factor since consumers get the desired products from the industry when they wish. In other words, the distributors have to be reliable people. They also need to be trusted, in the sense that the consumers can even pay in advance and be confident that they will get the products as they ordered. The manner in which the industry personnel relate with the consumers is also important. They need to be able to establish strong relations with consumers to be in a capacity to convince them regarding the need to purchase the organization’s products (Cole, 2003 p 61).
Social responsibility is important in creating a strong bond between the organization and consumers of its products. It involves participating in activities that do not directly benefit the industry, such as playing part in community development. The industry may participate in environmental conservation or other issues affecting the public, which makes it possible for it to reach more people and generate confidence as well as interact with consumers. It should also be able to avoid environmental pollution, which may lead to penalties or other undesirable reactions from the government. More over, the industry needs to be flexible and adaptable to emerging technologies. Rigid organizations may be unable to accomplish much since technological advancements lead to constant changes.
References
1. Cole, G. A. (2003). Management Theory and Practice, Thomson Learning.
2. Hannagan, T. (2007). Management: Concepts and Practices, Financial Times/ Prentice Hall. Read More
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