The business world has never encountered change so rapidly as today. Taking an retrospective look at the businesses globally in the most recent hundred years, well-known multinationals failed, or even disappeared, however there are some still performing brilliantly. The question for consideration: what determined the success and failure of these companies ? How to distinguish whether a company is growing or shrinking? What measurements should be employed? According to Thompson L. John (2001, P. 135), "an organization is successful if it is meeting the needs and expectations of its stakeholders, such that their support and commitment are maintained." However to measure performance of a business, merely focusing on the stakeholders is insufficient. A more comprehensive set of measures which cover stakeholders is provided by Thompson (2001, P.158) - A holistic framework of measures shown in Figure 1.1. Basing on this framework, I use existing/existed companies as examples to illustrate key factors that determine a company's success/failure; the key strategy they believed in; the steps taken to implement it; and the method of measurement for success/failure.
2.0 Why do some companies succeed?
Today, surviving and thriving in an economy surrounded by intense competition, exponential growth in information, and rapid technological advances, the company "has to possess superior technology and/or knowledge that sets it apart from its competitors, be able to formulate and implement strategies that will enable it to excel over time, and at the same time be responsive to the needs and demands of its various stakeholders." (Tung, 2001, P. 1) By examining a number of successful world class companies, one can observe that strategies they applied vary from company to company. There is no one unique way to attain the "victory": companies may focus on production cost effectiveness, or product differentiation; companies may also strive for total...