• Some managers use the phrase "key success factors" to refer to those competitive factors that are most important to the industry in question.
• Some managers prefer to get at the same issues by asking: What makes the difference between success and failure in this business? Unfortunately, this type of assessment often becomes a simple exercise in developing lists.
• Key success factors are those few critical or strategic factors that mean the difference between success and failure. Insightful conclusions are preferred over long lists.
• Key success factors will vary from industry to industry, but within an industry each factor becomes a challenge to all firms competing for the same market.

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