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Business Success - Assignment Example
Success is a journey and not a destination. Therefore, be it a company or an individual, one has to be meticulous in planning and execution of the plan. However, apart from planning some internal as well as external factors also affect a particular firm's success…
In order to satisfy customers, products should be competitively priced and should have the desired quality. This is the only was a firm can build up long term relationships with the customers.
The goal of conducting the internal analysis is to find the answer to the question that why the economic performance of some companies are better than the others in the competition. Internal analysis of a particular firm analyzes and lists out the relative weaknesses and strengths of a company as compared to its competitors. By conducting Internal Analysis, the strengths as well as the weaknesses of the firm can be analysed. This helps to compare the strengths and weaknesses with that of other firms, too. Internal analysis also helps determine the resources along with the capabilities required that may help sustain the company in the competitive market. According to Porter's Internal Value Chain, the primary activities required for the internal analysis are production, inbound logistics, sales and marketing, warehousing and distribution along with the dealer support and customer service. The support activities required are infrastructure, procurement, human resource management and research and development technology. (Barney and Hesterly, n.d., A)
Human resource is one of the key factors that influence a firm's success in the competitive market. ...