What do you mean by Key Success Factors (KSF)? Structure the questions, answer to which can help identify KSFs of a company. Also state, as to how…

Answer (a) Key Success Factors (KSFs) are those factors that most significantly impact an industry member's ability to succeed in the marketplace. These include strategic elements, product attributes, resources, competencies, capabilities and outcomes that determine whether a firm achieves profitability and competitive success. In other words, KSFs are the prerequisites for success in an industry. Questions to Identify KSFs: To identify the KSFs of a company, managers should seek answers to the following structured questions: On what basis do customers choose between the competing brands of sellers?What resources and competitive capabilities are necessary to be successful?What does it take to achieve a sustainable competitive advantage? A company that accurately understands the industry's KSFs can tailor its strategy to focus on excelling in these critical areas. By being distinctively better than competitors on one or more key success factors, the company can gain a sustainable competitive advantage. Misjudging the importance of KSFs, on the other hand, can lead to a misdirected strategy and competitive failure. Thus, aligning the company's efforts with the industry's KSFs increases the likelihood of long-term success and stronger market position.