Key success factors vary from industry to industry, and even from time to time
within the same industry, as change drivers and competitive conditions change. But
regardless of the circumstances, an industry’s key success factors can always be
deduced by asking the same three questions:
1. On what basis do buyers of the industry’s product choose between the competing brands
of sellers? That is, what product attributes and service characteristics are crucial?
2. Given the nature of competitive rivalry prevailing in the marketplace, what resources
and competitive capabilities must a company have to be competitively successful?
3. What shortcomings are almost certain to put a company at a significant competitive disadvantage?