Key success factors of engineering company (Case of Czech engineering industry)

Abstract

The definition of a successful company is not uniform in the scientific literature, and the determinants of a company’s success can vary from one business sector to another. Based on a study of 16 Czech engineering companies, this paper defines the success of an engineering company as a state when the company achieves the satisfaction and stability of external and internal interest groups (especially employees), contributing to its healthy development, technological expansion and long-term sustainability through marketable products or services and sufficient resources to finance that state. This definition is consistent with the results of studies such as Fortune and White (2006), Zarina et al. (2014), Arcić (2018), Mahanti (2018) or Amuda-Yusuf (2018). In the Czech engineering environment, marketing can generally be considered a key factor, and within the marketing mix, pricing policy and especially product. The breadth and depth of the products provided and their high quality also play a significant role. Furthermore, human resources are a key factor in the success of the Czech engineering company, where the emphasis is placed on the stability and loyalty of employees and their positive attitude to work, and research, development and innovation are mentioned as another key success factor. Surprisingly, financial factors were not listed as the main determinants of success.