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Once you have the key success factors, you list your competition and your venture in the matrix and then evaluate how each company fares in dealing with the key success factors.

Finding information about your competition can be easy if a company is public, harder if it is private, and very difficult if it is operating in “stealth” mode (it hasn't yet announced itself to the world) .

Why CPM important for organization:

One thing we know about profitable growth is that companies that design and deliver more distinctive products can command a higher margin and are therefore more profitable. If your company is competing today only on cost then your future is at risk, this should be a Red Flag. Your products can easily be outsourced to lower cost producers either in the US or off-shore.

But by continually seeking out ways to make your products and services more unique and distinctive, as well as delivering measurable benefits to your customers, your company will on the road to developing a profitable growth plan now and in the future. The key is to take the first step on the road to profitable growth; the Competitive Profile Matrix is an excellent place to begin the journey.

Strategic Management in Organization:

It can be defined as art and science of formulating, implementing and evaluating cross functional decision that enable an organization to achieve its objectives. As this definition implies strategic management focus on integrating management, Marketing finance/ accounting, production/operation, research and development and computer information systems to achieve organizational success. The term strategic management in this text used by synonymously with the term strategic planning.

The term strategic planning originated in 1950's and was very popular between mid -1960's, and mid- 1970's. During these years strategic planning was widely believed to be the answer for all problems. At that time much of corporate America was “obsessed” with strategic planning, following that “boom” however, strategic planning was cast aside during 1980s as various planning models did not yield higher returns. The 1990s, however, brought the revival of strategic planning, and the process is widely practised today in the business world.

A strategic plan is, in essence, a company's game plan. Just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to be able to compete successfully. Profit margins among firms in most industries have been so reduced that there is littlie room for error in the overall strategic plan. A strategic plan results from tough managerial choices among numerous good alternatives, and signals commitment to specific markets, policies, procedures, and operations in lieu of other, “less desirable” courses of action.

Formulating CPM:

‘The CPM identifies a firm's major competitors and their particular strengths and weaknesses in relation to a sample firm's strategic position'.

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