Assignment-4

                              Strategic Plan Assignment

4. Key Success Factors: What is required of your firm to execute this strategy
successfully? (Examples: product development, outspending competition, first
in the market, etc.)  

Since StratSim is a comprehensive simulation, it requires some key success factors

like focusing strategically on the market, people and their needs, the marketing
operations -these factors will help us to determine the market strategy.

But some critical success factors should also be there that company requires to
reach its goal. Factors like product development, outspending competition, and
being the first in the market also help us reach a goal and establish a cohesive unit
that will be intact for the long term.

First, we should ensure that our product should meet the customer's demand and
needs because we must supply what the consumer need and this could be done
through research, surveys, experiment, testing etc. Second, affordability by the
customer is how much they can pay and would that payment would provide us
with economic profitability. Because if we will overprice the product then we
won’t be able to lead in the competitive market. Third, we need to be a leader
competitively in the family class. Along with this, our firm should be
competitively advantageous which will help to convince people that they will go
with your product and service rather than other companies.

We must regularly update our supply and distribution modes and the deliveries of
products should be qualitatively good. If we want to enter into the B2B
competition then initiatively we must establish the structure and product of our
company and then follow by the expansion of it whether at the domestic or an
MNC level. We must also co-relate the percentage of the cost of units produced
and sold for better profitability analysis.

So with thorough and planned preparation, we must execute all the operations of
our company. Every operation should be performed at the beginning that is before
we launch the product because once we go live we should analyze all those
performance indicators whether they are executing efficiently or not.