Final answer:
All options listed can be key success factors for a company; however, 'price reduction' might not directly align with improved performance to the customer as it does not inherently raise the performance quality like time, innovation, and quality typically do.
Step-by-step explanation:
The question "Which of the following is not a key success factor in a company's effort to deliver increased levels of performance to the customer?" asks us to identify which element out of time, innovation, quality, and price reduction might not be crucial for a company's performance improvement. However, it is important to note that all these factors could be essential, depending on the specific business strategy and market context.
Still, if we must choose one that is typically not considered as directly aligned with performance to the customer, price reduction might sometimes be seen as not a key success factor. This is because while lowering prices can be a tactic to attract customers, doing so does not inherently raise the performance quality offered to the customer. By contrast, focusing on time management like speed of service, emphasizing innovation in products and services, and ensuring high quality are all typically viewed as pivotal for enhancing customer satisfaction and business performance.