Critical success factors

Critical success factors are strategic factors.They are crucial for the success of an organization.They must be carefully identified for objectives setting and strategy strategy formulation.Strategic decision making is guide by them.Strategic management should consciously look for critical success factors.Management must understand them in order to be successful.They are essential for gaining competitive advantage.
Critical success factors are sources of strength for an organization.They are organization specific.They can be :

• Unique physical resources :Ownership of natural resources,hi-tech planets and equipment.
• Important expertise :Technological know-how,e-commerce capability.It generally varies from industry to industry.
• Valuable human resources :Competent,experienced,motivated,goodwill customer loyalty.
  
• Unique intellectual resources:Valuable brand,patent,trademark,goodwill,customers loyalty.
• Strategic alliances :Global network for sharing resources,capabilities and core competencies to pursue mutual interests.Important franchising contracts.
• Competitive capability :Market leadership,product innovation,high quality promotional talents,distribution networks,information communication systems,effective customers service,strong financial position,cost advantage.