Group+Four+-+Final+Draft+of+Essay

**Vital factors to achieve business success**
In order to make the most of the resources within a business and allow the organisation to reach its full potential, all businesses should spend time or money on their marketing strategy. Firstly, the business has to perceive what their customers need and want. To get more of an idea where their businesses are going wrong and how they can fix it right, the businesses can give customers the chance to provide feedback. So the organisation can go one step forward to get benefited in reviewing their business strategies.As a result customers' requiremnets become clarify and updated. Also firms can provide advertising to encourage customers to buy the products and services by communicating ideas about their products and services to their consumers in the hopes of convincing them to buy those products and services. Secondly, promotion which is regarded as commuicating with the public in an attempt to influence them toward buying the firm's products and services, would be a good example of marketing strategy. The business can provide a sale promotion such as "buy one get one free" known as BOGOF. Originally, "buy one get one free" was a sudden end-of-season or stock clearance method used by shops who were left with a large quantity of stock that they were looking to sell quickly. However, Alex Tabarrok who is a economist states that "it is a popular sales technique because it can be used legally at any time, wunlike many other offers. For example a shop cannot claim an item is "on sale" or is discounted unless it has been available for sale at the previous, higher price for a certain period of time". To sum up, all those marketing strategies encurage the firms to compete other business mot effectively and get more chace to obtain customers. Therefore, it is important for firms to always consider for customers and keep tring to do best for customers to get the bussiness succeed.

Secondly, people management is crucial for successful business and can be divided into two segments: internal management and external management. Firstly, the main role of the internal management is enhancing the organisation by controlling factors that might cause problems inside the firm. These factors usually involve staffs or employees, and problems from these factors possibly affect the company negatively. For example, one of the most common problems is the lack of employees' motivation, and this may cause laziness and distraction which eventually result in inefficiency of the work. Secondly, the external management controls factors that might cause problems outside the firm. These factors are usually related to the customers or clients of the company, and problems from these might bring a negative impact to the organisation. For example, if the firm has failed to provide satisfactory results for their customers and clients, then these people will leave the firm with dissatisfaction and may not come back forever. It means the firm loses their customer base and possibly loses their reputation as well in the market because the social network has been developed rapidly such as twitter and facebook, and news or rumor spread exponentially to people across the world (Mayo-Smith, 2010). To sum up, two cases explain that both segments of the people management are considerably important to run the business successfully. Therefore, the firm needs to monitor and maintain the relationships between employees and customers efficiently and effectively.

Thirdly, systems management involves using computer technology with the expertise of IT professionals to centralise company's processes. This usually involves with tasks that require monitoring and management skills. As electronic technology increases in popularity in usage, businesses take this opportunity to improve their operations by collaborating with computer technology in order to enhance their efficiency. Ememdo, New Zealand Christchurch technology company helped hospitals to manage the number of patients by creating a system that estimates the number of patients going in and out in a set period of time. Nick Burns, co-founder of Ememdo, explains that this software helps hospitals to manage bed availability and reduces urgent department issues which usually are due to overloading patients (Twose, 2009). In a complex environment such as a hospital, efficient management is required to avoid problems such as lack of bed space which can cause serious issues for the patient in terms of possibility in delaying their medical treatment, which computer systems can effectively ease the situation. Computer systems are becoming very popular for businesses, switching from traditional management using manpower to automated monitoring systems using computer programs, because it benefits them in terms of productivity and efficiency and sometimes can avoid problems from happening which if not taken care of properly it will negative affect the operations of the business.

Lastly, financial problems often lead firms to overdraft and cause debt which can become a huge damage to the business. It is extremely important to have financial accountant or manager in a company to build a successful business. Bhattacharyya (2010) states that “Finance for a business can't be undervalued and can be said that it's the lifeline of a business and is required for its well being. It can be said to be a lubricant which keeps the business running.”, this quote explains that financial sector is core part of business. First of all, there is no doubt about most firms greatest goal is to make profit which requires organised plans and distinctive ideas for the firm. In economic based study, people justify profit as total revenue minus total cost which revenue is the entire money that firm earns from sales, while cost is the money consumed to for raw materials. Also, to achieve largest profit for the firm, it requires the highest price of selling and reducing the price of raw materials. But once the quality of the firm’s product is recognised as relatively poor compared to the competitors, then it might cause loss of potential customers due to damaging brand image, so it cannot always minimise the cost for successful business. To analyse sufficient price for material, more financial managers should have been hired to satisfy the managing business.

**__Reference list__**
Bhattacharyya, M. (2010). //Importance of Finance.// Retrieved May 17, 2011. From: []

Mayo-Smith, D. (2010, May 24). Debbie Mayo-Smith: Caution: Bad feedback may spark explosion. //New Zealand// //Herald Online//. Retrieved May 13, 2011, from: []

Tabarrok, A. (2011). Buy one, get one free. //Wikipedia.// From []

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Twose,H. (2009, November 23). Software can predict patient numbers. //New Zealand Herald Online//. Retrieved May 12, 2011, from: __[]__======