Report on

Analyzing the Crucial Role of Key Factors for Success in Achieving

Sustainable Competitive Advantage

Fall 2021
Course Title: Strategic Management (MGT 4356)
Section: A

Submitted To:
Prof. Abu Saleh Md. Sohel-Uz-Zaman
PhD (WHUT, PR China), MBA (MDX, UK)
Lecturer (SOBE)
United International University

Submitted By:
ID NAME
111 181 006 Mahabub Alom Polok
111 181 148 Abhishek Rudra
111 181 054 Zinnat Ara Lubna
111 182 123 Upama Shajeney

Submitted on 31st December, 2021.

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Table of Contents
Introduction .................................................................................................................... 1
Research Objective ........................................................................................................ 1
Research Methodology .................................................................................................. 2
Literature Review........................................................................................................... 3
Findings & Analysis ...................................................................................................... 4
Conclusion ..................................................................................................................... 5
Appendices ..................................................................................................................... 5
References ...................................................................................................................... 6

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Introduction

In the corporate world, competition is inescapable. As a result, every effort must be

made to stay informed about what is occurring in the market, what customers want, and
how the business climate is changing in order to compete with others. As a result, an
attempt must constantly be made to grasp what and how to manage a range of resources
possessed in order to win the competition and get a competitive edge. In such a
competitive environment, organizations all over the world are strategically interested
in achieving diverse tiers of quality, cost, time, and operational flexibility at the same
time.
This research demonstrates how a corporation may get a competitive edge in an industry
by concentrating on a few critical variables. The primary criteria discussed here are
based on findings from "Bizzcom Platform Limited," an intermediary. In Bangladesh,
BizzCom is a prominent provider of integrated marketing solutions. Their goal is to
provide you with cutting-edge marketing services that are both high-quality and
distinctive.

Research Objective

Key factors can help an organization gain vital competencies, but their execution is
frequently fraught with challenges and concerns. What causes some businesses to fail
while others succeed? The theoretical challenge and goal of this research is to identify
and arrange the characteristics that are present in successful industry within a
framework of important components.

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Research Methodology

The key areas of an industry or business where an organization can get the maximum
advantage by focusing assets are known as Key Success Factors (KSF). They are the
fundamental areas for "challenging where" and "countering how." to investigate the
connection between market driving and a sustainable competitive advantage. to
accumulate more money for oneself, one's own business or one's employer than
competitors can accumulate, and to get exposure to competitors' customers. One way
to do this is to create a better product or service than competitors or to produce a better
product or service for less. Every industry has its own set of crucial elements for
success. They're also common for determining where a company is in the business
production network. The KSF distinguishes successful companies from ineffective
ones. The good position that an organization seeks to be more productive than its
competitors is known as the competitive advantage. To gain and maintain a competitive
advantage, a company should be able to demonstrate a higher relative or differential
value than its competitors and transmit that information to its ideal target market.
Primary Data method and Secondary Data method is used for the report. The data is
collected by using the primary i.e. Questionnaire. Each item of the instrument has been
designed to obtain information from the professionals on how they feel about their
sustainable competitive advantage. The instrument for this study is composed into two
sections: competitive advantage and the participant’s demographic information
Secondary source is taken from different articles, journals published related to topic
and research. The most important thing to keep in mind for achieving a sustainable
competitive advantage in an organizational environment is to focus more on the work
that needs to be done so that more sales can be made, better profit can be earned, and
hired customers and staff retention can be gained in the organization than competitors.
Every company wants to make money, and in order to make money, they need to know
what should be done in the company and what should not be done. The things that
should be done should be widely accepted so that white production can be done in the
company with no waste of raw materials or time, and more time can be spent on product
development and less time wasted on administrative tasks. There are many competitors
in a market, and in order to profit, we must compete with them with full successive
advantage. To do this, we must focus on the critical point that is going into the market,
for example, the festive situation in the market should be taken as an opportunity by the
organization to create a better profit earning situation in the organization, and we must
keep in mind that raw materials must be ordered on time so that no additional costs are
incurred. A good organization is one that is always future-ready with raw materials and
finished goods so that there is no wastage of materials and finished goods in the
organization, resulting in lower production costs and higher profit margins, resulting in
a good working environment in the organization. This helps the organization to compete
for a longer time in the business environment, and none of its competitors can gain an
advantage. The main goal of any business should be to make money, and in order to
make more money, we should focus on providing high-quality products and services to
customers, so that they are satisfied to a greater extent, and the business makes more
money in the long run, and their products and services are consistent, and they can stay
in business for a longer period of time.

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Literature Review

Key factors are aspects of vital performance that are required for a company's success
in a certain sector. Without an awareness of the industry's major success criteria, a
company cannot expect to be competitive. Customer requirements and competition
pressures are both variables that influence key factors for success in an industry.
Understanding the requirements and values of a business's target demography is critical
to developing a coherent strategy as an organization that caters to its customers.
Identifying and comprehending the essential variables for business success is the most
effective technique to build a foundation of knowledge about a firm and its consumers.
The key factors are help in staying focused on the overall corporate goal and ensuring
that each project contributes to that goal. Making ensuring that the target chosen is built
on the customer's goals and needs is an important aspect of the key factors.
According to Kenichi Ohmae, these three aspects must be balanced in the shape of a
strategic triangle. Customer, Competitors and Corporation. This Strategic Triangle's
equilibrium can help in gain a competitive edge that lasts.
Customers have wants and desires, and the corporation is aware of their needs and
desires. Rather than the firm's shareholders, the corporation should be able to
comprehend, satisfy, and respond to the wants and desires of its consumers.
The company must do a detailed competitive study of the market to determine who its
direct competitors are and who its indirect competitors are. It's critical to figure out their
key strengths, company strategies, values, objectives, sales tactics, marketing
strategies, and other critical aspects before devising a strategy to overcome the
competition and obtain the upper hand.
The corporation should actually care for its consumers since doing so will take care of
the shareholders, profitability, sales, and other important business objectives. Every
facet of a business should always put the consumer first.

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Findings & Analysis

Our selected organization is a marketing agency known as “BizzCom Platform

Limited”. Since the work of an agency doesn’t involve itself directly with the common
public nor does it produce any goods or products, it can be considered a market
intermediary. According to the employees of this organization the key factors for
success are as follows:
1. Creativity: As their work primarily consists of attracting customers making their
work creative is a necessity.
2. Inspiration: To keep their ideas fresh and update date, a lot of research is
required to generate newer ideas.
3. Clients: High value long term clients are needed to keep a constant stream of
income.
4. Service: the client is always right. Client satisfaction should always be ensured.
5. Unique offering: Extra or special services that their competitors cannot provide.
6. Low-cost advantage: Through various connections cost minimization is
possible.
7. Adaptability: Can change according to the situation and customer demands.
8. Brand power: Although a relatively new organization, has the ability to attract
new customers & clients through existing sources.
All these factors seem to be consistent with factors that are considered important by the
industry.
By using porters five forces model we can evaluate the role of these factors.
1. Competition in the industry: There is definitely a large number of competitors
in the industry. But “BizzCom Platform Limited” has enough connections,
clients and resources to at least stay afloat in the market and potential for more
growth.
2. Threat of new entrants: As the barrier to entry in quite low in this industry, the
threat of new entrants is extremely difficult to mitigate. But through the use of
brand power, some security is assured.
3. Power of suppliers: As agencies are more of a market intermediary, the concept
of suppliers does not really apply to them. Except in a few cases where BTL
work is involved.
4. Power of Customers: Customers are given much power over the process and
feedback loop. The customer or client is treated as king and their needs must be
taken care of to the best of the organization’s ability. But this all comes at a
premium cost.
5. Threat of substitutes: Substitute services are always a threat. Even now some
companies provide automated marketing solutions for a subscription. But the
Human element of creativity and inspiration cannot be beaten with such means.

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Conclusion

The factors for success in any industry play a very crucial role. These factors need to
be maintained under all circumstances for any organizations to have any form of
advantage over their customers.
“BizzCom Platform Limited” has been able to keeps themselves aligned with these
factors until now and growing at a steady pace. They are able to hold their own in a
saturated market.
The only shortcoming may be in a lack of scale. As the company grows, more
manpower is needed. This of course is a issue that they are already working towards
solving.

Appendices

Work for the report was done in a step-by-step process. An initial discussion was held
to clearly understand the topic given. Afterwards, work was divided evenly among the
members. First data was collected for the findings and analysis portion of the report.
Everything else was setup according to the data and findings.

Responsibilities:
1. Mahabub Alom Polok: Findings and analysis, conclusion, appendices, data
collection, formatting.
2. Abhishek Rudra: Introduction, Research objectives, Literature review,
formatting, References.
3. Zinnat Ara Lubna: Introduction, Research objectives.
4. Upama Shajeney: Research methodology.

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References

Weedmark, D. (2019, August 8). Types of Key Success Factors. Bizfluent.

https://bizfluent.com/list-6363791-types-key-success-factors.html
Free Management eBooks. (2017, February 9). Ohmae†™s 3C Model.
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Gonzalez Aleu, F., & van Aken, E. M. (2016). Systematic literature review of critical
success factors for continuous improvement projects. International Journal of
Lean Six Sigma, 7(3), 214–232. https://doi.org/10.1108/ijlss-06-2015-0025
Hundley, S. P. (2020). Key Success Factors in Strengthening and Supporting
Institutionwide Goals for Learning: Key Success Factor #1, Communication.
Assessment Update, 32(2), 3–13. https://doi.org/10.1002/au.30205
Key Success Factors Examples in Various Industries. (n.d.). Indeed Career Guide.
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examples
Bhuyan, J. (2014, November 25). Key Success Factors of Achieving Sustainable
Competitive Advantage: An Empirical Study. SSRN.
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Achieving sustainable competitive advantage through product innovation and market
driving. (2018, September 1). ScienceDirect.
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How to gain a sustainable competitive advantage for business //. (2021, October 19).
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