Keys to success for companies

INTRODUCTION The concepts of company success I. Build an effective business strategy 1. The importance of business strategy 2. Some successful business stategies of companies II. Human resource management 1. The concept of human resource management 2. The role of human resource management 3. Keys to success for human resource management for companies III. Product quality a. Quality is Critical to Satisfied Customers b. Establish Your Reputation c. Manage Costs Effectively IV. Applying science and technology V. Loyal customers CONCLUSION I. Build an effective business strategy 1. The importance of business strategy You can have the most skilled managers in your firm, but it will be difficult for you to achieve success without a wellstrategized business plan. a. What is business strategy? A business strategy is a long – term business plan, aimed at achieving the business goals set by the business. A good business strategy will make the company grow and quickly gain an advantage in the market. b. The role of business strategy for companies Create long – term direction and operating base for the business. The business strategy helps businesses have a clear direction for the coming business plan. Having a business strategy that includes detailed information about business growth, expenses, and revenue is very crucial. Not having a business strategy could lead to chaos in business. It can be disastrous if companies are unable to achieve the milestones have set for their business. And this can result in companies losing clients or not being able to attract investors at all. Create a basic for businesses to actively develop. Another important thing about formulating a good strategy is that it forces you to think. These strategy will show companies where their strengths and weaknesses lie; help businesses grasp opportunities as well as risks in the market and in the company’s business, thereby proposing proactive methods to seize opportunities or confront challenges. If you lack in an area, you need to find someone who can fill the gap or hire another person, for that matter. The business strategy also defines how to achieve business success, how a business will function, and with what strategies. This strategy maps out the target market in view. The business strategy also defines financial and staffing projections and the goodsservices rendered. Create an operting trajectory for the business. The strategy helps to link individuals with other interests towards a common goal, jointly developing the business. It creates a strong bond between employees and between managers and employees. Thereby enhancing and further enhancing the internal strength of the enterprise.

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BÀI THẢO LUẬN TIẾNG ANH CHUYÊN NGÀNH 1

Đề tài

“Keys to success for companies”

Giảng viên hướng dẫn: Nguyễn Thị Xuân Phương

Năm 2021

MỤC LỤC

INTRODUCTION 3

The concepts of company success 4

I Build an effective business strategy 4

1 The importance of business strategy 4

2 Some successful business stategies of companies 5

II Human resources management 5

1 The concept of human resource management 5

2 The role of human resource management 5

3 Keys to success for human resource management for companies 6

III Product quality 7

a Quality is Critical to Satisfied Customers 7

b Establish Your Reputation 8

c Manage Costs Effectively 8

IV Applying science and technology 8

V Loyal customers 9

CONCLUSION 12

INTRODUCTION

Succeeding as a business in today's business world is not an easy thing because entrepreneurs, managers need to overcome many challenges right from the start of the business such as creating a viable business model, building a strong and reliable workforce, making their products stand out from their competitors, and generating enough sales income

to survive and develop,…

Have you ever wondered why so many companies get what they want while yours don't? And those questions kept repeating as more and more companies opened up and flourished Instead of sitting there and thinking, it's time to find the answers to your questions While there's no one-size-fits-all formula for success, there are always elements that your company needs and needs to work on in order to succeed Here are 5 keys that contribute to the success of your company that we want to share

The concepts of company success

In a narrow view, the company's success is the successful implementation of strategies and business plans to achieve sales goals, increase sales, and earn the greatest possible profit

In a broad view, the company's success is having a business strategy in line with the new trends and development trends of the market; can organize business based on the application of advanced and modern technology and management methods to create branded products with high gray matter content, differentiated, responsive and market-oriented; earn high profits and continue to invest in expanding production and business

I Build an effective business strategy

1 The importance of business strategy

You can have the most skilled managers in your firm, but it will be difficult for you to achieve success without a well-strategized business plan

a What is business strategy?

A business strategy is a long – term business plan, aimed at achieving the business goals set by the business A good business strategy will make the company grow and quickly gain

an advantage in the market

b The role of business strategy for companies

Create long – term derection and operating base for the business The business strategy helps businesses have a clear direction for the coming business plan Having a business strategy that includes detailed information about business growth, expenses, and revenue is very crucial Not having a business strategy could lead to chaos in business It can be disastrous if companies are unable to achieve the milestones have set for their business And this can result in companies losing clients or not being able to attract investors at all Create a basic for businesses to actively develop Another important thing about formulating a good strategy is that it forces you to think These strategy will show companies where their strengths and weaknesses lie; help businesses grasp opportunities as well as risks in the market and in the company’s business, thereby proposing proactive methods to seize opportunities or confront challenges If you lack in an area, you need to find someone who can fill the gap or hire another person, for that matter The business strategy also defines how to achieve business success, how a business will function, and with what strategies This strategy maps out the target market in view The business strategy also defines financial and staffing projections and the goods/services rendered

Create an operting trajectory for the business The strategy helps to link individuals with other interests towards a common goal, jointly developing the business It creates a strong bond between employees and between managers and employees Thereby enhancing and further enhancing the internal strength of the enterprise

2 Some successful business stategies of companies

In Vietnam today, businesses are doing a very good job of coming up with specific and appropriate business strategies to be able to develop A right direction will make the business become a leader in the business market

a Vinamilk’s business strategy

Vinamilk's business strategy is to invest in products and expand production scale During the initial period of operation, the company focused on building as well as distributing products Expanding product lines as well as increasing production scale The expansion of production scale helps to reduce production costs, so that Vinamilk can compete on price

in the market Vinamilk also built the leading dairy brand in Vietnam with quality and prestige At the same time, they also do very good marketing communication when launching many campaigns to hit the right customer psychology, at the right time

b Viettel’s business strategy

With a low pricing strategy, flexibility in product promotion, and a friendly and reputable customer care policy, Viettel has made great success as it is today Viettel

is oriented to be a cheap mobile subscriber with wide coverage throughout Vietnam With a clear and correct business strategy as well as well – adapted to market fluctuations Currently, Viettel has become the largest telecommunications and technology corporation in Vietnam

II Human resources management

1 The concept of human resource management

Human resource management is understood as a combination of management activities related to human resource planning, human resource organization, and management, motivating employees, and controlling human resource management activities in the company in order to implementation of defined goals and strategies

2 The role of human resource management

• Human resource management makes the most of human potential

• Human resource management improves competitiveness

• Human resource management plays an important part in the implementation and executes business strategy

• Human resource management creatures a culture, a healthy working atmosphere

3 Keys to success for human resource management for companies

• Recruiting employees talent

The right talent matched with the same vision will greatly improve the chances of success All companies' success stories have something in common: they know that the people they hire become keys to their companies success Employees talent who have skills that are necessary and valuable in companies only are these employees better at what they

do, but they also can find ways to make things faster, easier, and better talented employees may not need as much training time, allowing you to save on training costs in that way also The talented employees who are already talented and skilled will be ones that can and will contribute new ideas to the company They might be able to offer an idea or a process that companies had not considered, allowing companies to benefit from their brilliance In a word, Talented employees add value to companies

• Employing a great management team

Successful companies, big and small, need good management, from the top-level down

to people like foremen and shift supervisors Quality leaders offer employees communication, a natural company culture, and clear goals and objectives Criticism is constructive, and employees feel valued yet know where they need to work harder A good leader lives the company culture, complies with standards and rules, and is an example for the employees Ultimately, good leaders make employees feel valued

Being a bad leader isn’t just about making poor decisions for the company A bad leader can make good financial or marketing decisions, yet lead a team of miserable employees From failing to empathize with employees' struggles to communicate in an unclear or frustrating manner, bad leaders inspire employees to quit or switch departments left and right

• Build a company culture

Company culture can have a profound effect on a company’s level of success or failure Culture is often closely associated with employee satisfaction A positive staff culture will improve staff retention while increasing productivity and creativity, and this will have

a positive influence on the profitability of the company

Company culture can also manifest itself in the way that a company communicates with its employees By a culture of open communication, a company will be better able to

identify and capitalize on new, innovative ideas from its workforce Similarly, management

is more likely to find out about problems and failures quickly, and take action where necessary Google, for example, has established an open, informal product development culture where all employees are encouraged to come up with ideas, and everyone has access

to the chief executive and founders Apple also has a strong culture of innovation, but it’s reported to have achieved this through a strong culture of working hard and striving for perfection

III Product quality

Quality products are those products that are offered by the sellers, which have features and characteristics that are absolutely good

❖ Why is quality important for a Business?

Regardless of what industry you’re involved in, your customers aren’t going to choose

you solely based on price, but often on quality “Quality is remembered long after the price

is forgotten” Gucci family slogan

Quality is critical to satisfying your customers and retaining their loyalty so they continue to buy from you in the future

If you sell high-quality products that meet your customer’s expectations, they will have

no reason to go elsewhere If somebody is unlucky enough to buy a damaged item, they will most likely ask for a refund and return the item It is also very unlikely that they will return

to your business in the future, and will mention this to some of their friends too

In fact, studies have shown that customers will pay more for a product or service that they think is made well When you gain the confidence and loyalty of consumers, you have more freedom to make decisions such as raising prices If a consumer is loyal to your brand, they may be willing to pay more for a product they are familiar with and love They will also likely give you genuine feedback to improve your product or service and recommend

you to their friends and family

Quality is a key differentiator in a crowded market It’s the reason that Apple can price its iPhone higher than any other mobile phone in the industry – because the company has

established a long history of delivering superior products

b Establish Your Reputation

A company's reputation relies heavily on the quality of its products or services Having

a good reputation is crucial for your business, and you can ensure this by maintaining product quality

A good-quality product helps to build a strong brand image, which can allow a business

to grow its market share

In today’s highly connected world, customers often go online to show off new buys and share their experiences Studies show that 45% of buyers will share positive experiences online If they buy a damaged item, they’ll take to the internet and leave a bad review about your company, warning other people not to shop with you

In the same way, the majority of customers conduct an online search before making a purchase decision If they find that your brand has positive reviews, they are more likely to buy from you, thus boosting your sales

Nike is a great example of a company that links its brand reputation with the quality of their products They’ve built their company on great marketing and products that stand the test of time People know they can trust Nike and are willing to pay more because their products provide the quality they’ve come to expect

c Manage Costs Effectively

Poor quality increases costs If you do not have an effective quality-control system in place, you may incur the cost of analyzing nonconforming goods or services to determine the root causes and retesting products after reworking them

In some cases, you may have to scrap defective products and pay additional production costs to replace them If defective products reach customers, you will have to pay for returns and replacements and, in serious cases, you could incur legal costs for failure to comply with customer or industry standards

IV Applying science and technology

Science encompasses the systematic study of the structure and behavior of the physical and natural world through observation and experiment, and technology is the application

of scientific knowledge for practical purposes Applying science and technology is extremely key for the success of the business because of the following reasons:

Firstly, applying science and technology helps businesses increase the competitiveness

of enterprises in many aspects Modern science and technology in the manufacturing company help to produce products in larger quantities in less time This helps businesses,

both to improve their ability to supply to the market and to save production costs Businesses apply modern science and technology with a high level of specialization, so that they can further research each business-related field to improve product quality, adapt to the environment, grasp consumer trends, Thereby expanding the market, promoting rapid growth, and improving the business efficiency of enterprises

Secondly, applying science and technology helps businesses accelerate the process of formation and restructuring of enterprises Science and technology force businesses to change their structure When a business adopts new technology or improves technology, some new divisions may be formed or old divisions may be cut down to match current technology The factory's application of modern machinery to the production line caused the production department to cut a large number of employees, mainly only having highly qualified employees to manage the new system Thanks to science and technology, business enterprises are less dependent on people Businesses will also save a part of labor costs and the work becomes easier to control

Finally and most importantly, the company can build a safety system based on science and technology The security of most businesses in modern society is often threatened and sabotaged The technology may be used to protect financial data, confident business decisions, and proprietary information leading to a competitive advantage Simply put, technology helps businesses avoid losing ideas to their competitors By having computers with passwords, businesses can be confident that no competitor can copy their next projects

In general, applying science and technology is a particularly important key to a company's success Companies need to invest and develop their technology immediately to survive and compete in the rapidly evolving area of science and technology

V Loyal customers

Loyal customers are customers who support, trust, regularly use and willing to pay a higher cost to use your company’s products and services

Why loyal customers are the key to success for the company? Because it is clear that without satisfied customers who continue to use your company's products, your company will certainly not survive And it is undeniable that loyal customers bring the company a lot of advantages in the company process:

• First, loyal customers make it easier for the company to increase sales and cross-sell, increasing profits for the company

For new customers, they have many doubts about your company They need time to verify what you promote, and "time" in the company cannot be delayed Therefore, instead

of offering to new customers, companies can completely sell to existing and old customers because they are the ones who trust you And of course, telling existing customers about a company's product will make them feel excited and understand that the company is very well meeting their needs, wants to bring economic profit and success in their career In particular, existing customers will always be open, listening to you share about products that improve or expand the utility of their existing products

• Second, loyal customers will become ambassadors for your company's brand

Rumors and advertising in today's society all have a certain influence on our life Among people who have the same opinion when talking about your company, there will certainly

be many people who believe and have the desire to participate Besides, today, in addition

to word- of- mouth advertising, social channels such as Facebook, Zalo, Google, are also the places to achieve the highest results for marketing purposes Loyal customers will be the face of your company because they have the most objective assessment of the products and services that the company provides Through these channels, they will share their positive experiences and recommend your brand with their relatives, friends and everyone around Once they've gained trust, they talk about your brand, and naturally, we're all influenced by the people around us

• Third, loyal customers help companies reduce costs because it costs much less to take care of an old customer than a new customer

For new customers, you need to organize customer attraction events such as meetings in crowded places, central places to find new customers Not to mention, the people you meet, get information, but it is not certain that they will contact you and become your customers

In addition, you need to mobilize a large team of employees for each customer acquisition session, shopping for small gift packages for customers, Overall, this is quite an expensive process for a company before the customer This new product can generate revenue for your company

On the contrary, for existing customers, you just need to strengthen their loyalty with the latest, most valuable and quality information about the product they are using so that they have more trust and love your brand

• Finally, loyal customers will provide honest and quality feedback about your company's products