Long-Term Success

Six key developmental tasks (Flamholtz & Randle 2012: 11-18)

Identify a market and create a niche

Regardless of whether the market niche is small or large, it is essential for an emergent organization to define the needs of the customer base to distinguish the new product from its competitors. Getting to know the target customer (and the target customer's price point) is an essential component of this stage.

Develop products and services

Defining market needs is only the first step: an appropriate product or service that the likely consumer will desire and can actually use must also be created.

Engage in resource management

As well as producing suitable products and services, the firm must be able to engage in cost-effective production techniques and deploy the resources used in production to their maximum capabilities. This also includes effective use and management of human as well as material resources.

Develop...
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