Last Updated 20 Apr 2022

The Key Success Factors In An Industry

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Develop new products while maintaining the high quality of existing products The top auto rental companies were successful in expanding their business globally. In 2005, the total global market of the industry is approximately $30 billion. The United States had 50. 20%, Europe 31. 30% and Asia-Pacific 8. 30% of the total global market. Sell each unit at a profit and continue to reduce overhead costs. These key success factors were truly observed by the industry. In 1970, during the fuel crisis, the trend of the auto rental companies is to change their car mix to more fuel efficient vehicles.

The demand for more fuel efficient cars and the decrease on the fleet discounts offered by car manufacturers with the rising auto prices have pushed them to change their business models and selling their used cars directly to the public. In 2007, total revenue of auto rental industry has a significant source from sales of used vehicles. Selling directly to the public their used cars have been considered as the most profitable way of managing fleet sizes and flexibility. Enterprise Rent-a-Car Enterprise Rent-a-Car was established by Jack Taylor in 1957 as the Executive Leasing Company in St. Louis.

He founded the company based on a very simple concept: “Take care of your customers and employees first, and growth and profits will follow. ” “Treat customers the way you would want to be treated as a customer. ” “Repeat customers are the quickest way to build a solid base of business. ” Never promise what you can’t deliver; deliver more than you promise. ” After dealing with us, we want customers to say, “This is the best place I’ve ever done business. ” Enterprise had remained true to these basic principles. These principles were reflected in its mission statement and in a tool titled the Enterprise Cultural Compass.

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The Enterprise Cultural Compass was used to guide its service-oriented employees in conducting business and in interactions with each customer, each other, and their local communities. The compass was planned to assist employees in focusing on key areas throughout the organization. The Enterprise also developed an award named the Jack Taylor Founding Values Award to help promote the values described in the compass. The award provided winners with a grant from the Enterprise Rent-a-Car Foundation that would be used for qualified nonprofit causes in the winners’ local communities.

Employees were expected to adhere to these principles in all of their business dealings. Failure to do so could result in disciplinary actions or dismissal. These are the strengths of the Enterprise: its goal to fully satisfy its customers and employees, and proper guidance to employees with appropriate rewards and disciplinary actions. These strengths have brought the Enterprise to its unexpected great success. Other strengths of the Enterprise are its method of hiring and store operations with sufficient and appropriate trainings provided, compensations and incentives, and information technology.

Its advance technology provided ample support to its vast operations. Enterprise had successfully converted its possible weakness to be its strength. Its limited capacity to manage and control big number of employees with several locations and large inventory of cars and fleet was totally addressed by Enterprise. It was successful in giving maximum autonomy to its managers turning its employees to be entrepreneur-oriented and making every branch its profit center. Thus their costs on management and control were greatly minimized, with every employee conscious of its productivity and the branch profitability.

Enterprise has identified their opportunities in the business through their customers. Their customers have expressly informed them of their additional needed services. To which Enterprise readily responded to give their customers full satisfaction and ensure their loyalty to the company. The threats to the company were the merging of some its competitors and lessened customers satisfaction brought about by its large and wide growth. Enterprise has proactively done some measures to scientifically measure customers’ satisfaction by conducting a series of survey.

The Key Success Factors In An Industry essay

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What are the 5 key success factors?

As a reminder, the 5 Key Success Factors are: 1 Strategic Focus (Leadership, Management, Planning) 2 People (Personnel, Staff, Learning, Development) 3 Operations (Processes, Work) 4 Marketing (Customer Relations, Sales, Responsiveness) 5 Finances (Assets, Facilities, Equipment)

What do the world's best companies do for success factor 3?

Here’s what the world’s best companies do for Success Factor No. 3. Operations Are aligned and fine-tuned to deliver superior customer value. Are documented, measured and controlled with full worker input. …Are explained so that people understand responsibilities for creating value.

What is Your Number One rule for success?

Ask any successful person what their number one rule for succeeding is. They all have this in common: They believe in themselves and what they’re doing, and they are not afraid to say it. If you don’t believe in yourself, why would anyone else?

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