Success Factor Analysis Business & Marketing Essay (Essay Sample)

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Key Success Factors in an Organization
Key success factors are psychological mechanisms that the decision makers of an organization employ as their best practices to rank in the highest rank within the industry. The key success factors are used by the management of the company to create a company culture besides equipping the management with skills they need in the company (McLaughlin & David 2010). These key success factors have a direct and instant effect in the manner at which a company performs in the industry. The key success factors are either driven by strategy, environment or the industry itself.
The success factors are either compensatory or conjunctive. Conjunctive factors are pre requisites for the organization’s success, the organization cannot do without them. Compensatory success factors are strategies that the organization employs to build on the conjunctive factors (Lindgreen 2010). For example, being technologically perceptive in the information technology industry is a conjunctive factor while employing an information technology guru is a compensatory factor. In this paper, focus is on physical size and price as the key success factors.
The physical size of a product is the summation of all its physical characteristics. Physical size as a key success factor gets its definition from the consumer preferences of the product intended for them (Schneider & Karen 2014). The organization, therefore, has to conduct a thorough market analysis to stay above board as far as physical size is concerned. In the telecommunication industry, for example, the physical characteristics of a phone determines its sell ability. The size of the screen, sleekness, color and position of features such as the phone camera can either attract many customers or make them shy away.