Measuring success

Question 1

What are the measures of success?

Answer 1

Revenue
Market share
Customer, owner/shareholder, employee satisfaction
Profit
Growth

Question 2

What must be taken into account when using revenue as a measurement of success

Answer 2

Rivals revenue, trading conditions, business objectives

Question 3

Benefits of having larger market share

Answer 3

Winning sales from rivals, can dominate the market (higher profile and can charge higher prices)

Question 4

What needs to be taken into account when using market share as a measurement of growth

Answer 4

Market conditions such as information about the size of the total market and the revenue of the main suppliers in the market