Hi,
The main point in CSF is that it is identified by the company from the customer point of view. Company has to look upon what is critical for customer........for e.g low cost material, excellent services and good quality is something which everybody wants hence this can be construed as CSF.
To identify the CSF, one has to do extensive market research, understanding of competitive environment and continuous improvement/innovation.
It can be understood with an example of LG. We all know that LG has captured the good amount of market share in air conditioners business - How it is done? - By understanding CSF for a particular product
1. Low cost AC
2. Customer value after sale services
3. Customer understand the life of AC is 2-3 years
For further clarity do mention your comapny name, product or service manufacture/rendered so that some relevant suggestion can be given.