Question

When evaluating the overall attractiveness of a sector or industry, how many critical success factors (drivers) determine the outlook? Question 14 options: 3-Jan 6-Apr 7 or more Cannot say as every sector and industry is so different.

Answer 1

The key succes factors you choose to track for your business help you determine the outlook

and bulit your startegies accordingly.

1. Obtain and use the templates provided by resources, such as the SCORE website.

2.Access information provided by the Census.gov website, such as economic indicators, to examine the reports for your industry and identify the characteristics of successful companies.

3. Use resources available from market research firms such as Gale Research, Gartner Research and Forrester Research to get further insight into your industry. Trade association publications for your industry can also provide critical data for your industry analysis.

4. Distinguish how companies whose profits reflect growth in your industry are able to structure their business to cope with changes in customer needs. Choose a business model, such as “subscription” or “direct sales” based on how your company can best function with the resources available to you.

5. Assess your strategic objectives and your business activities to ensure that they align with achievement of your key factors. Identify your competitors to assess their strengths and weaknesses. Based on your research, plan how to structure your company.