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London School of Marketing presents a universal method for implementing Key Success Factors
To create an effective strategic plan an organisation needs to first understand the factors which control their fate. London School of Marketing's latest whitepaper informs the reader that these are called Key Success Factors (KSFs) and Critical Success Factors (CSFs). They have been in a state of organic development since the early 1960's, with leading academics, business thinkers and management consultants expanding upon the work that has been produced before them. The whitepaper starts by conducting an in-depth review of this literature.
"After a thorough examination of the relevant literature, ample evidence was found to suggest that this particular theory is weak and misguided and has remained elusive over the years, despite its importance in the process of decision making and in the development of organisational capabilities and competitive strategies," Dr. Panagiotou found. "However, as York (1988) noted, from the early days of the theory, despite the importance of the KSFs and CSFs in the area of strategy most managers are vague about what exactly they are, how they work, and the problems inherent in using them."
The terms KSFs and CSFs are familiar throughout the world of management, with the theories also taught in business schools and professional courses. But the conceptual nature of the theory has never been developed into a universally accepted practical application for the ideas. London School of Marketing's whitepaper proposes a method for how to actively use the theories to reveal the fundamental factors that hold the power balance between success and failure by continuing the theories' development.
"[We should] split the combined terms of KSFs and CSFs into two distinct terms and refocus them onto the two main organisational environments in a way that KSFs will be concerned with the external environment and CSFs with the internal environment of the organisation," explains Dr. Panagiotou. "Hence in an effort to achieve and maintain superior performance, the KSFs are viewed as value drivers in the external environment whereas the CSFs are viewed as value creators in the internal environment."
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