Key Success Factors
Key success factors are crucial compositions of companies’ competency on which companies’ strategies and daily activities should be based. Each industry has its own set of KSFs selected according to main characteristics of the industry’s products and the requirements customers have. Therefore, for different industries key success factors could vary greatly from one to another. For instance, innovation is sure a key success factor for PC manufacturing industry while it is certainly not necessary for retail industry. Additionally, even if two companies are in the same industry, they are likely to have different preference when choose which KSFs they will focus more on in order to become more competitive due to their individual differences. In today’s business world, having the ability to find the most suitable KSFs for the industry a company is in is becoming more and more imperative for business to win in the competition.
In order to find out our industry’s KSFs, we discussed in details about in which way children’s garments companies could create value to the customers and what the most powerful weapons are which lead companies to the world of success. For our industry, children’s clothes manufacturing and retailing, we consider these four things to be our KSFs--quality, price, style and service.
First of all, the most fundamental concern of customers when they consume children’s clothes is quality. Children are more vulnerable than adults. Therefore, customers are stricter to the standard of quality of children’s clothes than to that of adults. Although one recent research in Shanghai shows that 90% of parents who are born in the 1980s concern most about whether the design of children’s clothes is fashion or not, as a ethical company, we should always put customers’ benefit in the first place (“Quality,” 2011).
On the other hand, the price of a product is a major concern of manufacturers. In 2010, Guangwei, Maozhu, and Wangui...