Free «Management Project» Essay Sample
The key success factors in the industry include the capacity of businesses to differentiate business models and strategies from its competition and look for opportunities in untapped markets. The corporate landscape is a competitive one and with the rapid developments of external elements, especially technology, businesses should be able to adapt to those changes if it expects to succeed and beat its competitors. Businesses that implement traditional strategies focus on financial gain and on what its competitors are doing. Moreover, traditional businesses aim to compete by attempting to do what their competitors are doing. However, traditional practices do not work today. Key success factors include the factors or strategies that do not merely increase financial gain but those that create value for the organization. Creating value for the organization is synonymous to creating unique products that are not easy to replace or substitute, thus, compelling consumers to purchase those products. If a company offers something that other companies cannot, then they would be able to gain a large market share. Overall, a company would succeed in the cutthroat industry if it is able to stand alone and gain profit without competition, and organizations could eliminate competition by doing something that other companies would not be able to do.
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Another key success factor is the act of finding strategic opportunities by looking for and targeting untapped markets. If a company targets the same market segments that other companies target, then it would not be able to gain a large market share. The company could succeed in gaining a percentage of the market but it would not be enough to gain competitive advantage. As a means to compete, a company should find new and emerging market segments and align the market’s preferences and interests to its product and service offerings. In this case, the organization’s success lies on its ability to lure a unique market segment only the company can provide for their needs and demands.
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