The key success factors in an industry
A) are those competitive aspects that most affect industry members' abilities to prosper in the marketplace-specific strategy elements, product attributes, competencies, competitive capabilities, and market achievements that spell the difference between being a strong competitor and a weak competitor.
B) are determined by the industry's driving forces.
C) hinge on how many different strategic groups the industry has.
D) depend on how many rivals are trying to move from one strategic group to another.
E) are a function of such considerations as how many firms are in the industry, how many have market shares above 5%, and whether the business models being used are similar or diverse.

Question

Quizplus · Accepted Answer

Key success factors are specific to each industry and refer to the competitive aspects that have the greatest impact on industry members' ability to prosper in the marketplace. These factors can include strategy elements, product attributes, competencies, competitive capabilities, and market achievements, among others. They are what separate strong competitors from weak competitors, and are therefore crucial to understanding and competing in the industry. Choices B, C, D, and E are not accurate descriptions of key success factors.

The Key Success Factors in an Industry