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Business 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. ...
If a particular firm has rare and valuable resources that are difficult to be replicated by competitors, then the firm is at an inherent advantageous position. However, the firm should strategies in place to leverage these strengths to generate competitive advantages. A business organization also needs to pay due attention to the intangible assets along with the tangible ones like brand equity, Intellectual Property and the knowledgebase residing within the employees of the company. This is highly beneficial while implementing and conceiving the strategies. If a company's co-operative relationships are better, then quite naturally that firm is at an advantageous position. (Barney and Hesterly, n.d., A)

However to maintain a smooth and uninterrupted supply of human resource, companies need to make sure that the employees in general are happy and the labourers in particular. It is seen from the past records that industries were there is a high tendency of labourers forming unions; the net profitability is comparatively much less, as in steel, airlines and automobiles. Companies irrespective of their size and domain of operation should strive to keep the tendency of forming labour unions at the lowest best to yield maximum profit. Fig. 1 shows how the percentage of profitability decreases with an increase in the percentage of employees unionized.


Fig. 1: The Impact of Unionisation on Profitability
(Source: Robert M. Grant, 1998)

Another important factor responsible for a company's success is the marketing skill. It might happen that the products offered by a firm are of superior quality and is also offered at competitive prices, but the customers might be unaware of the particular product. So, it is very much necessary to know the art of ...Show more

Summary

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…
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