What does success look like in your industry how do you get top

Success is one of the most controversial issues today
Also , the concept of industry has become more complex than ever before.
Some companies still find it difficult to identify which industry they are in
No matter if you are in one or several industries, you will enjoy this topic.

In the very beginning you need to make industry analysis. The
more you know about your industry environment, your business will get a
better chance to grow faster and smarter

Michael porter suggested that every industry’s structure embodies
five forces

This force represents all existing competitors—those directly
compete with you. It deals with concentration, diversity of
competitors, and product differentiation

This force concern about the bargaining power of suppliers. factors
determining the power of suppliers are competition between buyers, buyer
information, and the cost of products relative to total cost

This force concerns the bargaining power of buyers. The size and
concentration of buyers relative to producers, product differentiation, and
price sensitivity are main factors here.

Firms will enter your industry as longs as they acquire the capital
requirements, overcome government and legal barriers, and are attracted
by economic scale.

The threat of substitution is a concern if a new product, service, or company
could substitute for yours. Buyers will tend to substitute with products with a
relative price and performance.

Successful firms continuously and smartly did industry’s environment
analysis to understand what is going on , and adjust themselves.

In any industry, success has been required to profoundly understand the
competitive environment. Most successful companies like Amazon or
individuals such as Jeff Bezos their strategies
around a deep and insightful
appreciation of the arena in which
they were competing.

Industry’s structure does not have a permeant shape. Because, the five
forces impact is not being same as always. sometimes it could influence as
swiftly as the wind in one or two forces, perhaps
it could solidify in the rest of forces. When some
companies implement strategic innovation,
it could create a drastic change like the Big Bang
in all five forces, then the shape of industry’s
structure could change significantly.

Consider your industry’s life cycle first. Then deal with it accordingly.
If sales are small and the rate of market penetration is low because the
industry’s products are little known and
customers are few,
your are in the
introduction stage industry .

If your industry characterized by accelerating market penetration, as
technical improvements and increased efficiency, open up the mass
market, you are in at growth stage industry.

If it is increasing market saturation, sales rate become slower than
growth stage, you are in the mature stage industry .

Finally, as the industry becomes challenged by new industries that
produce technologically superior substitute products, your industry
enters the decline stage.

How tall is you Industry, industry looks like a pyramid. This three-
angled shape’s length, width and depth depend on the total numbers of
firms and each firm’s size. It has three standard layers. At the lower level
is a group of firms that qualify as the minimum performance required—
this is the bottom line where firms struggle to survive.

At the middle level, firms accumulate better performance, the
competition focuses on efficiency, there are technological
improvements in market share, and they have a great desire to get to the
top.

The third level is the upper level of the industry. A group of few
successful companies found here, and all of them qualify as the
maximum performance in the industry. These firms possess resources
in the best way and maintain excellent organizational capabilities over
time.

So far we analyzed external factors, let us see now internal factors those
highly determine your success.

Surprisingly, success has some commonalities between all levels of
industries life cycles, also within different levels of companies. I hope
your industry will recognize the following five features as successful
firms’ components .

Perhaps you prefer to stick to your business vision instead of short term returns. Yes!
Amazon had negligible profits for 9-10 years; but Jeff Bezos had unusual profound
understanding of the competitive environment. If you choose this strategy, you have to
make sure your business model able to change the rules of the game in your entire industry.
Those five competitive forces must be highly affected by your strategic innovation. Other
ways you should be concern about your income and expense statements. Follow financial
reports carefully. Many financial instruments such as a breakeven analysis will help you to
adjust your steps and control your financial health. Don’t forget that every business’s
ultimate goal is to achieve financial success

Without customers satisfaction, there are no financial or spiritual
achievements. Successful companies perform wonderfully on
customer satisfaction surveys. If you can develop an accurate
customer satisfaction system, the company’s competitiveness
will increase. The system may need to address product quality
as well as consistency, the speed of delivery, service
responsiveness to inquiries, the reputation
of the company, and market price. Additionally, customers
express their satisfaction in many ways. When they are
satisfied, they mostly say nothing but return,
again and again, to buy or use more.

Employees are your internal customers; they deserve fair treatment such as
motivation, fewer power relations, good communication, freedom, a comfortable
workplace, and incentives. Of course, employee satisfaction is difficult to measure,
which is why successful companies maintain permanent system performance of
employee satisfaction. This system helps to improve Employees productiveness. Keep
in mind the simple fact that unsatisfied employees can not satisfy your customers, but
they will unconsciously offer much satisfaction to your competitors, invite new entrants
to the industry, and give more power to your suppliers.

In modern society, everyone is responsible for tragedy of the common such
as climate change, moral declines, and ethical abasement. Today companies
needed think beyond simple profit-seeking. Concern for social issues helps
to attract and retain the best talent and to sustain the company over time.
Greed as a core value will ultimately lead the company to devour itself.

After all, your personal satisfaction comes as the final
measurement of success in your industry. Are you satisfied with what you
have done in your career? Did your past experiences give you some positive
energy to move forward? What about your relationship with stakeholders?
Have you noted some gradual improvement in your skills such as leadership
and entrepreneurial?

Perhaps your business flourish those five awesome organizational
aspects, possibly you are in grow or mature industry there is less worry
about revenue, But extra challenge will you confront to dominate the
industry.
The more your business grow,
the more it exposed to Risk.
Take Caution for the next
actual Danger

There is a Danger in others being able to destroy your great
efforts and swallow an entire firm’s existence.
This danger always works against to you. In favor of competitors, suppliers,
and customers. Called COMPETITION
In many ways, competition is similar to war. Reduce it, also be ready to fight
to win.

According to your analysis where are low powers in each five forces?
? ?
??

Create some mobility barriers.
develop a strategic plan—that is, a road map to lead your business to the
top of the Industry.

Strategy is not a matter of being better, it is a matter of being different .
Where do you want to reach exactly ? How do you reach there more
efficiently ?
Should answer this vital questions throughout your strategy, clear
objectives and goals are milestones for your effectiveness.

As Robert M. Grant suggestion , first , identify your industry's key
success factors. Start by asking this two vital questions
1.What does your customer want?
2.What does the firm need to do to
survive the competition?

To answer these two questions, we need to analyze the demand
and the competition and then determine key success factors.
For example, if our demand analysis shows consumers choose
supermarkets on the basis of price, convenient location, a wide
range of products, and adaptation to local
preferences, these needs are the primary
basis for a competitive advantage.

The second question requires that we examine the nature of the
competition in the industry.
Our competition analysis could tell us that the intensity of the price
competition depends on the number and proximity of competitors.
Bargaining power is a critical determinant of the cost of goods.

According to this example ,here are key success
factors of supermarket
• Low operational efficiency cost
• Large-scale, efficient store
• Aggregate purchases
• Low wage costs

Hold on this key success factors while,
and focus in your firm resource and
capabilities. All Companies have 3 types
of resources Tangible such as stock,
Money, Machinery Intangible, like
Methodology ,brand Human resource,
Knowledge, skill competency. They do
not make a difference in the competition,
so you have to accumulate unique
resources that competitors do not have.

The secret of moving to the top
depends on the ability to use the
unique resources efficiently and
effectively to meet strategic
goals.
If you convert resources into
specific capabilities, your firm will
operate differently.
This non-transferable asset will
give you much strength in your
position.

Whatever your product or service is, stop competing traditionally.
Sit-down and improve your value curve. It will make a miracle in your
success journey. This tool works with four evaluative dimensions:

Which industry factors can be forgotten? Some products’ or services’ features
are market trends, but buyers are not interested in paying for these
features. Examine outdated
features and eliminate them from
your product or service.

Which factors were once in demand but are currently found below the
minimum standard of the industry? Don’t carry them anymore.

Which factors meet the industry standard? If buyer willingness to pay has
been good, allocate your competitive resources and capability here to raise a
product’s or service’s performance. Based on your value analysis, add new
valuable features onto your existing product or service.

Utilize your unique competitive advantage
and create a new product or service that
never existed before in the industry.
This value innovation pushes companies
ahead dramatically.

Choose your generic strategy according to your strategic objective and
goals . Which one is convenient for your long-term benefit?
That could be a source of competitive advantage for your business.

This strategy asks businesses to create low operating costs within
their niche. The use of this strategy is primarily to gain an
advantage over competitors by reducing
operating costs below that of others in
the same industry.

This strategy is the result of efforts to make a product or brand stand out as
a provider of unique value to its customers in comparison to its
competitors.

This marketing strategy asks a company to concentrate its
resources on entering or expanding in a narrow market or industry segment.
A focus strategy is usually employed when the company knows its segment
and has products to satisfy its needs competitively.

According to Harvard Business School Professor Michael porter
“ Unfortunately many businesses fall into the trap of being “stuck in the
middle” of the generic strategies of differentiation and cost leadership.
They don’t offer the high value for
money and distinctive product or
service that you get from
a differentiated business.
And they don’t can offer the
low prices that come from
buying from the cost leader”

Now you are in a more critical
situation than strategy formulation.
-Make grant implementation plan.
-Set year objectives for each year.
-formulated policies for executing
strategies.
-allocated resources, perform tasks
and activities.
-lead and control the performance
of activities at the various levels of
the organization.
•

Average performance of implementation
dose not bring you great result, without
excellent implementation strategy can’t
do noting . Pay serious attention to boost
your firm’s implementation capability .
Here are five key success factors to
improve your organization overall
performance .

Do they have the skill, knowledge, and competence required for the tasks?
If the current employees lack the required skills and competencies, they
should undergo the necessary training, seminars, and workshops so that they
will be better equipped. They have to be fully involved and committed to the
achievement of the firm. Additionally, do you have enough
people? The number of people in
your workforce can make it
relatively easier to adjust
because you can hire or fire.
Be sure you have the proper
number.

Resource allocation is a fundamental activity in strategy. It refers to
financial and non-financial resources, costs, and expenses that must be
incurred in the execution of the strategy. Time is one of the most valuable
and sensitive resources.

The organizational structure must be clear cut with the line of authority
and responsibility defined. Each member of the organization must know
who he is accountable to and what he is responsible for. An open and
clear communication system that is accessible to all employees is
essential.

Identify your company’s specific functions. Establish what system and tool
capabilities efficiently and effectively facilitate the implementation of this
strategy.

This is about the organizational culture, refer values and behaviors that
contribute to the unique social and psychological environment of an
organization.
In fact you could maintain it in long process , it takes time and various effort to
conclude this topic late me bring you only little highlight, Make your company
mission statement simple and clear , install core value of the firm to all
employee , promote creativity and strong team work.

There is no a reason you are not able to moving ahead
radically as long as applied all of previous tips .
Looking forward to see you on the top of your industry.

Quick recap
-Start from industry analysis with porter five forces.
-Poisoned your firm at a weak part of industry.
-Develop strategy, with clear objective and goals.
-Measure your company success.
-Reduce competition , be ready to fight .
-Bullied strong position as a safeguard .
-Identify key success factors
-Convert your resource into specific capabilities.
-Improve your value curve
-Choice generic strategy
-Make grant implementations plan
-Boost firms implementation capability .

What does success look like in your industry how do you get top

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