Key success factors vary from industry to industry, and even from time to time

within the same industry, as change drivers and competitive conditions change. But

regardless of the circumstances, an industry’s key success factors can always be

deduced by asking the same three questions:

1. On what basis do buyers of the industry’s product choose between the competing brands

of sellers? That is, what product attributes and service characteristics are crucial?

2. Given the nature of competitive rivalry prevailing in the marketplace, what resources

and competitive capabilities must a company have to be competitively successful?

3. What shortcomings are almost certain to put a company at a significant competitive disadvantage?