Critical Success Factors for Firms in the Genetically Modified Foods Industry: A Managerial Perspective

The lack of consensus that has emerged among various stakeholders as to whether or not the production and commercialisation of genetically modified foods (GMFs) should be encouraged is quite apparent and well documented in the literature. Research also suggests that where firms have opted to produce and commercialise these foods, often very disparate factors have accounted for their success. An important lacuna in the literature therefore is an understanding of the extent to which firms involved in the production of GMFs acquiesce in regard to the most critical success factors necessary for the survival and growth of this industry. This article presents findings from an empirical study aimed at determining the most important success factors for firms competing in this somewhat uncertain industry. Utilising multivariate analysis, the study generates empirical evidence to cautiously posit the view that from a managerial perspective, strict adherence to factors such as (1) emphasising consumer value (2) minimising risk factors (3) compliance with stipulated government regulation (4) safety measures and (5) taking into account views by stakeholders (other than customers) present themost essential ingredients for the growth and future success of the GMFs industry. Despite the fact that the findings with respect to customer value was not totally in keeping with expected outcomes, the study does make a significant contribution towards the current debate surrounding GMFs and offers further useful insights that could be used in assisting firms to develop more viable long range plans.