The essence of key success factors as a competitive advantage of the enterprise

Abstract

The relevance of the researched topic lies in the growth of competition between business entities in both domestic and foreign markets. The processes of globalization and integration predetermine the constant search by enterprises for ways to gain competitive advantages in order to increase the loyalty of existing customers and obtain new ones, to seek access to new markets, and ultimately, increase profits. In such circumstances, the study of key success factors becomes an extremely important task for both business representatives and scientists. The purpose of the article is to review existing views on the process of defining and forming key success factors, as well as the issue of separating the essence of the concepts of “key success factors” and “key performance indicators”. To write the article, Ukrainian and foreign scientific publications in the field of marketing, management, international business and entrepreneurship have been analyzed. The article is devoted to the problem of increasing the competitiveness of Ukrainian enterprises through the development of key success factors. The article groups the main approaches to defining the concept of “key success factors”. The author’s interpretation of the concept of “key success factors” has been provided. Characteristics, that competitive advantages have to meet in order to be considered strategic success factors, have been identified. The main areas of key success factors have been formed and considered. It has been concluded that the competitive advantage of any product or service is constantly changing and unique, and therefore requires constant analysis of the market and economic situation, taking into account many factors that affect them. Recommendations have been provided on the effective use of key success factors by management of Ukrainian enterprises in order to increase the enterprise’s financial performance, improve its image, stabilize its economic condition, etc. The article presents scientific and practical significance for business representatives who seek to identify, investigate and improve the key success factors of their own enterprises and gain additional competitive advantages.