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

Download file to see previous pages 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 ...Download file to see next pagesRead More
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