Identification And Discussion Of Critical Success Factors

(P1.1) In formulating a business strategy, it is a crucial factor to determine what the organization’s mission, vision, objectives and core competencies are because it sets an idea on what the organization should do and what purpose do they have in the industry to contribute to their customers. It also helps what markets should they target and what action should they plan to have a competitive advantage.

Because no organization is immune to the constant forces of change, uncertainty and complexity, those forces should be channeled to drive and fuel the competitive landscape. The core values serve as its foundational strategy. “A strategy, at its essence, attempts to capture what the company wants to be and how it plans to get there” (Morris, 2011, p. 206). In order for an organization to cohesively work toward a common objective, a strategic plan must be put into place. The strategy should reflect core values and identify

The main purpose of this academic report is to discuss on how the Critical Success Factors (CSFs) and Critical Success Processes (CSP) could be applied to a project on delivering a new commercial aircraft Boeing 777 airplane to Emirates Airline in Dubai. Besides, this report will discuss and identify the relationship between these two concepts towards this project. This report will allow organizations to explore multiple potential futures and generate robust strategies in the early stages of the project.

Thompson & Strickland (2013) believes that a successful organization’s strategy depends on people, capabilities, structure, and execution. Important as well are growth and innovation (P.. 286), which allows an organization to remain competitive.

Strategy is not only a tool for outfoxes the competition but also an incredible means for creating and shaping a company

Key when it is of fundamental importance in gaining competitive advantage and is a make or break component in the success or failure of the plan.

Having and following successful principles will catapult anyone to the next level of prosperity to get all that they want. Some of the principles outlined in this book are from the past and discussed extensively by professionals in the money-making fields, but others are new and improved, never discussed anywhere else. The main goal of this book is for you to learn how to live like a king and understand how to splurge the right way like true royalty would. Kings and queens would not go out and buy insignificant items, for the most part, unless those things contribute positively to their well-being or keeping wealth circulating in their family. Sometimes kings might splurge a bit just for pleasure, but they will always keep

Through an internal environment analysis, companies can identify and understand their own unique resources, capabilities, and competencies that are required for their sustainable competitive advantage. Resources, capabilities, and core competencies are the foundation of competitive advantage. There is no competitive advantages are permanently sustainable in any companies, so they have to consist on their current advantages and develop new advantages by internally understanding and analyzing their resources and capabilities. Competitors have their own unique resources, capabilities, and core competencies to create values for their customers. Both tangible and intangible resources, which include individual, social and organizational phenomena, are combined to generate capabilities. In turn, company’s capabilities are used to build core competencies. Also, core competencies are as a source of competitive advantage for a company to win in the competitive market.

OE is not sufficient to explain and define strategy. Company and managers confuse OE for competition and run into trouble by only trying to focus and maximize OE. Firm’s loose their competitive advantage by focusing on growth and forget to focus on core competencies that gave them their competitive advantage in the first place. Companies should focus on strategy and the important contents of strategy. This starts at core

These strategies are of significant value to how the organization looks at the long term operation of the company. These strategies are: 1. Where to put your financial and people resources, 2. Structure and processes that can deliver the strategies; 3. Metric and rewards to support strategy, structure, and process; 4. Values and behaviors required to achieve goals; ( www.managementparadise.com/forums/foundation-human)

To understand any strategy for any company, it is important to know what the key strengths, weaknesses, opportunities and threats are for the company.

Porter (1980) created a model which considers five important forces (Porters five forces) which aims to establish a profitable and sustainable position against the forces that determine industry competition, therefore position themselves within it and differentiating themselves where necessary in order to strategically gain a competitive advantage - this model gives vision of: Threat of new entrants, Threat of substitute products or services, Bargaining power of customers , Bargaining power of suppliers and Intensity of competitive rivalry (Porter 1980). Using models and academic theory like this allows strategy to be formed through a rational and an analytical process. Chandlers (1962) cited in (Lomash 2003) suggests the analytical process is about the determination of long-term clear goals, adopting actions to achieve these goals and then building the resources within the organization around this strategy in order to ensure it succeeds. Johnson (2005), likewise, simply suggested a three step approach to strategy - analysis, choice and implementation which goes hand-in-hand with intended strategy.

Make the business more sustainable in the long-term: according to the Harvard Business review:” strategy is about choosing a unique position –doing things differently from competitors- these principles apply to a company’s relationship to society as readily as to its relationship to its customers and

Strategy can be defined as being different from one’s competitors, finding the race to operate and accomplished it. According to Michael Porter (1996), while becoming better at what you do is desirable, it will not benefit you in the long run because it is something other competitors can also do. Strategies for organizations are originally developed by Michael E. Porter in 1979 by introducing the five forces model. A company can identify the industry profitability and attractiveness by analyzing the five forces of Porter (Johnson et al., 2008). And then a reasonable strategy can be set up in line with the strengths and the weakness of an organization is able to create a plan for a stronger position for the organization within its

Competitive advantage is explained by Mahoney and Pandian (1992) as the function of industry analysis, organizational governance and the firm’s effects in the form of resource advantages and strategies. In order for a firm to be competitive it must adapt to the volatile business environment and through strategic management decisions establish a competitive advantage that will ultimately produce superior performance relative to its competitors (Akimova 2000).