Keys to success for companies

TRƯỜNG ĐẠI HỌC THƯƠNG MẠI
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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

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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

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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.

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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 marketoriented; 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.
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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.
1.

Human resources management
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
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Human resource management makes the most of human potential.

•

Human resource management improves competitiveness.
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•

Human resource management plays an important part in the implementation and

executes business strategy.

•
3.

Human resource management creatures a culture, a healthy working atmosphere.
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
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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?

a. Quality is Critical to Satisfied Customers
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.
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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,
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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.

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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.
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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
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Indeed, loyal customers are the ones who have the most honest and quality feedback on
a company's products and services. They can use a variety of means to provide feedback,
both positive and negative.
Thanks to this information, the company has made timely improvements to the existing
limitations, promoted and enhanced the advantages that the company has achieved to meet
the requirements of customers in the most perfect way. Thereby, there are more ways to
retain loyal customers to develop products in the company.
In conclusion, we can see that loyal customer bring a lot of benefits to the company,
which is the key to the company's success. Therefore, administrators should always
prioritize and invest in researching customer loyalty strategies to achieve the desired results.

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CONCLUSION
Success is a wonderful and exciting thing to achieve, but it isn’t for who are not ready to
learn how to achieve business success the best way. A company’s critical success factors

vary widely depending on industry circumstances, competitors, and what their goals are.
The road towards finding the keys to business success can be long and complicated and
requires careful planning and hard work to conquer. It’s no secret that there are many
successful companies globally, but this doesn’t mean that it’s easy to achieve greatness.
Just remember that success can’t be achieved overnight, nor should it be. Instead, it is a
journey, one that must take place day in and day out. Make the right sacrifices, focus on
what you need to do, learn from your mistakes/failures, stay consistent in your endeavors,
etc., all along the way so you may succeed! Also, don’t be shy or afraid to share your
successes and failures, and challenges you face, as it creates more opportunities for learning
and growth.

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