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Critical success factors are those which contribute to organization’s success in a competitive environment and therefore the organization needs to improve on them . Organizations depend on the environment they operate in and their own internal conditions can identify relevant critical success factors . However , literature on strategy suggests few general sources of critical success factors that have been identified based on empirical research . They are as follows:
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Industry Characteristics: Industry specific critical success factors are factors critical for the performance of an industry. For example in hospitality industry excellent and customized service, wide presence and an excellent booking and reservation system is critical. Similarly for an
airline industry fuel efficiency, load factors and an excellent reservation system are critical.
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Competitive Position: Critical success factors for a firm may also be determined by its relative position with respect to its competitors. In some instances, industry is dominated by few large players and their actions lead to determining the critical success factors for the industry which smaller players have to ensure for their success. For example, for the pathological laboratory centers earlier the CSF was authentic, hygienic and scientific testing facilities until few big players added service features like door to door sample collection or home delivery of reports. Very soon approachability and ease became the additional CSFs for the players.
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General environment viewed from any of the dimensions may determine the CSFs . Most simply put in years of drought , availability of water is at premium and having access to assured source of water can become the critical success factor for many industries like tanneries etc . For the same industry considering environmental norms, adhering to anti pollution standards becomes critical success factor .
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Organizational Developments - On many occasions developments within the organizations, force internal considerations to become temporary critical success factors.
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