Success factors are those elements that determine whether a company succeeds or fails in a given industry. That varies greatly by industry. Some examples of possible success factors include quick response to market changes, a complete product line, fair prices, excellent product quality or performance, knowledgeable sales support, a good record for deliveries, solid financial standing, or a strong management team. The reason for identifying success factors is that it will help lead the organization to areas where it can establish competitive advantages. The first step is to determine whether or not the company possesses each success factor identified. The relentless pursuit for excellence, the tinge to never stand still, to never slow down and to never stop thinking; Philips believes in constant innovation and progress. On the back of a strong product line-up, they accelerated growth and increased profitability. Philips which is a more focused group, able to deliver consistent performance while continuing its transformation into a market-driven lifestyle and technology company their innovative products enhance people's lives, giving them easy access to quality of life benefits. Doing this in a simple and straightforward way illustrates what their slogan mean by "sense and simplicity". In the growth initiatives of Philips, emerging markets and sustainability will be key focus elements because it both makes great business sense and because it perfectly fits with their mission "to improve the quality of people's lives". The company itself knows that it must create conditions where entrepreneurship, measured risk-taking and creativity all come together in a climate where everyone gives of their best. So for the company had been have been refining their approach to sustainable business and building new markets. This is in keeping with their commitment to improving the quality of people's lives with sustainability as a cornerstoneof company's...
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