Understanding critical success factors is the first step towards developing an effective marketing plan, and investing in these processes is the key to any company that wants to succeed.
But what exactly are the critical success factors?
Critical success factors: A brief conceptualization
Critical success factors are key points that, when well executed, define and ensure the development and growth of a company and its business, as well as achieving its goals. In contrast, when these same factors are overlooked or ignored, they can contribute to the failure of an organization.
Critical success factors should and need to be found through a thorough study of the company’s goals, deriving them from its mission, vision, and values, making them mandatory and essential references for the company to survive, to be competitive and succeed whatever the industry.
Moreover, critical success factors also help managers define the main guidelines for the implementation of process control and IT governance in daily life and in the business management model.
Examples of generic critical success factors
- Financial strength reputation.
- Management qualifications.
- Knowledge of the market.
- Image with stakeholders.
- Available equipment.
- Relationship with suppliers.
- Expertise in controlling costs.
- Location.
- Lines of products and services.
- Expertise in distribution and logistics channels.
- Expertise in promotional campaigns.
Specific examples of critical success factors
- The automotive industry: Vehicle style, fuel economy, compliance with environmental legislation, efficient distribution network, control over production costs.
- The computer industry: innovation, quality in sales and user literature, ease of use of the products.
- The food industry: effectiveness in advertising, efficiency in product distribution, product innovation capacity.
- Training companies: Recognized instructor competencies, quality, and size of customer base and prospects, identifying current and relevant topics, image recognized in the market.
- High-tech companies: managerial training in working in competitive environments, innovation, technology marketing, integration with the scientific and technological community.
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