Critical Success Factors Of The Company

1115 Words Jul 4th, 2016 5 Pages
3.0 Situational Analysis
3.1 External Analysis
3.1.1 Critical Success Factors
Cost Leadership Strategy: The adoption of cost leadership has been a significant success determinant for the company. Therefore, Nucor has assured that it becomes a cost leader through the use of advanced technologies in steel manufacturing. As well as Nucor invested actively in research and development and applied a lean management structure that improves efficiency for production.
Technology and Innovation: Nucor took into account that technology and innovation must in priority of its business. Therefore, it must be innovative. Accordingly, the firm has cultivated an innovative culture and consistently adopts new technologies to minimise cost and improve efficiency in steel manufacturing as well as customer service.
Leadership: Leadership paid an important role for the firm, Nucor’s success is linked to effective leadership that organised by Iverson. According to the case, Iverson was a visionary leader who had a concern about Nucor’s success. Besides that, Iverson introduced operation and structural changes to Nucor such as, new steel plant and seeking joint ventures with foreign firms such as Mitsubishi Corporation, Rio Tinto Group, and Shougang Corporation.
Apply a lean management model: Nucor has created a lean management structure whereby decentralising the level of its operation in order to guarantee that the work process must get done in the fastest time possible. Furthermore, it had…

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