What is a key success factor?

Werner Ketelhöhn argues that the concept of `key success factors' (KSFs) is a key strategic one, and should not be confused with the many fashionable buzzwords in management that come and go. Understanding and developing KSFs enables a company to enter an industry successfully, differentiate between themselves with generic strategies and operate optimally between higher perceived value and lower delivered costs. Ways of identifying operation SKFs are suggested.