How to win the competition

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z VIETNAM UNIVERSITY OF COMMERCE FACULTY OF ENGLISH GROUP DISCUSSION ENGLISH Teacher : Nguyen Thi Xuan Phuong Group Class : 01 :1790ENTI2411 Ha Noi – 1/11/2017 VIETNAM UNIVERSITY OF COMMERCE FACULTY OF ENGLISH GROUP DISCUSSION ENGLSH Topic : How to win the competition Group : 01 Class : 1790ENTI2411 Teacher : Nguyen Thi Xuan Phuong Thứ tự thuyết trình : Trần Thị Minh Anh Đặng Thị Phương Anh 3.Nguyễn Thị Anh 4.Trần Thị Nguyệt Anh 5.Đinh Thị Bích 6.Nguyễn Thị Ngọc Bích 7.Phạm Bá Chính I.OPEN You have a business or you own a company Of course, if you want to succeed you must have the right and effective strategy Whether you like or not, competition is always there, there will be plenty of business just like yours, pitching for the same work and fighting to survive With so much fierce competition, how you beat them ? How you get noticed above everyone else and ensure you’re winning the clients Want to beat the competition and have more customers choose you business Here are some tips we offer that you can to make your business stand out from your competitors II.MAIN CONTENT A Preparing Prepare about finance & human resources a Prepare about finance When you business, perhaps the biggest problem is the financial Whether the current capital can meet the business ? You must have a clear plan for the revenues and expense and seek the investment from your shareholders Estimate your start-up costs if you are starting a new business If you are investing in equipment to run the business, the current market value will become a part of your assets If you are starting a new business, project your cash flow per month, forward one year If you own an existing business, gather up your cash flow statements for the last three years b Prepare about human resources A ship wants to operate well, of course need skilled sailors You are the captain so you need to pick the best sailors and the most important thing is their loyalty They are reviewed on the elements : Practical contribution, conceptual contribution,ethics-respect for others, for deadlines,for punctuality and cooperation – actively participating, communicating with the group, assisting teammates and volunteering for tasks Define the strategy Business strategy is a long term plan of action designed to achieve a particular goal or set of goals or objectives Without a strategy management has no road map to guide them Defining your business strategy is a core management function It must be said that having a good strategy and executing the strategy well does not guarantee success, organisations can face unforeseen circumstances and adverse conditions through no fault of their own Strategies succeed when they lead to business growth, a strong competitive position, and strong financial performance When the high level strategy fails, however, the firm must either change strategy or prepare to go out of business Define your brand The brand is considered the core value of the enterprise, with a brand value of 70% of the total value of enterprise assets Unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors At first glance, defining your brand may seem easy, but it takes some soul searching, decision making and data gathering - First, the most appropriate market segments must be identified - Second: analyze the finance of the business to create the strongest brand - Third: analyze the needs of customers to create the most brand with customers - Fourth: provide the most accurate competitive standards - Thursday: calculate the brand value adjusted for the highest value Find a niche One common path to success for many small businesses is to find a niche market and establish themselves as a dominant player in that niche You should select a niche for your small business because there’s a ton of competition out there and it can be a challenge to stand out with limited resources Targeting a niche gets your site in front of online searchers who are almost ready to buy instead of casually browsing Businessman need to find a niche by identifying their existing resources to select the market If your business resources are limited, you should choose a niche in a small market, and vice versa if the resources of the business are large, then choose a relative position in the market B.Training Make sure that the skill of employees meets the requirement To compete with other competitors, the company needs to have the qualified employees In other words, make sure the employee's skills meet the work requirements The bigger the competition, the higher the pressure The first step in building your dream is to find the right person and the next step is to train them Training and development of human resources is critical to winning the race with the competition A cost-effective way of meeting your skill needs is building on the talents you already have,review your existing staff skill sets and have developed them as much as possible Don't be afraid to experiment If you not try new things that you will never know and you always play safe and easy on everything, how will you find new ways to attract working customers Many businesses don't grow unless they innovate and innovation comes from developing and implementing new ideas This is why it's so useful to run business experiments By testing ideas, you can understand how they might perform on a larger scale You can also learn from your failures and mistakes, and refine your ideas to make them better so you need more new products to be able to attract customers, build reputation and don't be afraid to experiment new product, new idea Get people excited Prepare mentally - you don’t want to neglect this important part of training In some ways, it’s the most important part because if you’re not mentally sound, you won’t have the presence of mind to focus on the competition Among the biggest things you can is choose to have a positive attitude and remain motivated Everyone is a factor in creating a comfortable working environment Trust the company and dedicate to the job when the company will pay you well worth it Avoid naysayers and any other discouraging influences.Visualization helps you practice seeing the success you’re trying to achieve by envisioning specifics Effective visualization also improves your focus and concentration overall Don't necglect your marketing Do not neglect your digital website, your agency needs a website that attracts your target audience while representing your expertise, culture and company Marketing is the process of interesting potential customers and clients in your products and services The key word in this marketing definition is "process", marketing involves researching, promoting, selling, and distributing your products or services As business owners, you have to consider all marketing strategies that can create new business Far too often, business owners will stick to old methods that may be dying, or throw money at new channels that they don’t fully understand Product advertising is an important factor Check out the best ideas of all the employees in the company that apply A good marketing strategy will take the company forward C Acting the competition Get your prices right Which feature of your product does every buyer ask about? Which sales tool is your best closing device? Which feature immediately differentiates you from your competitors? You guessed it ? It’s your price Prices right is the price at which the buyer accepts the purchase of the seller Price is one of the four main elements in the marketing mix (Product, price, place and promotion) This elements influence each other If they are handled in the right way, they can provide exceptional success for your company There are a variety of different types of pricing strategies in business and there's no one surefire that suits all types of products, businesses, or markets Pricing product involves considering certain key factors, including pinpointing your target customer, tracking how much competitors and understanding the relationship between quality and price Provide excellent customer service Customer Service is the life line of any business and it is not just a department Any business would want deliver excellent service to its customers However, the biggest challenge most of the companies face is in motivating the employees to imbibe the service attitude It depends on the skill of each employee To deliver excellent customer service need: - Treat your team members the way you want them to treat your customers - Greet the customers with smile & energy - Always listen to the customers very carefully and understand their requirement - Respect the customers - Empathize with the Customers - Focus on counselling rather than hard selling - Look for opportunity to build rapport with the customers Listen to customer feedback Customer feedback is information provided by clients about whether they are satisfied or dissatisfied with a product or service Their opinion is a resource for improving customer experience and adjusting your actions to their needs This information can be collected with different kinds of surveys ,you can also find opinions and reviews your clients post online and collect them using Internet monitoring tools Top performing companies understand an important role that customer feedback plays in business They consistently listen to the voice of their clients If you want to stay ahead of competition you should never stop listening to customer feedback whether it is positive or negative, prompted or unprompted Make friends with the enemy Remember that saying : "keep your friends close, but your enemies closer" Make friends with all of your competitors because it's better to have allies than anything else Taking away an enemy will increase your chance of winning and becoming an ally they will help you more because you never know your competition might help you out or throw work your way Have a customer database It is incredibly difficult and expensive to attract new customers and convince them to hire you Sometimes a business loses touch with the customer needs, a strong database can help you make sure that you are doing everything in your power to please the customer By knowing all there is to know about your customers, your whole team can provide better service and better customer service leads to happier customers! This means that you should keep a customer database ,this will hopefully build relationships and encourage people to hire you again, it takes your whole business to please a customer By keeping those customer details in one place you can hand off customers between sales and service easily You can also handle the lifetime of the customers, even as employees come and go Never stop learning Feel weak in a certain area and want to boost your business? Get learning! You should never rest on your laurels, you should always seek to improve your skills It will set you apart from the rest One of the best things about life is that we never have to stop learning There are always new skills to learn and techniques for us to adopt Even in our own companies, we should invest heavily into their own employees Realizing the power of teaching, they promote from within and support their staff to learn to skills to bring back to the company If you aren't actively looking to learn new things, here are three reasons why you might want to rethink your strategy Self-growth is key for us to live fulfilling lives and to have a successful career III.CONCLUSION With some tips we mentioned above, we hope that it really useful to you In the competition the strong is the winner and there no place for the weak If you smart and know how to catch the opportunity, we believe you will be winner MEETING MINUTES – GROUP : 01 Time : from …… to……… Place: ………………………………………………………………………………… Members : Trần Thị Minh Anh Đặng Thị Phương Anh 3.Nguyễn Thị Anh 4.Trần Thị Nguyệt Anh 5.Đinh Thị Bích 6.Nguyễn Thị Ngọc Bích 7.Phạm Bá Chính Contens for discussing: ……………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… …………………… Conclusion: …………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… …………………………………………………………………… …………………………………… Duties for members : ………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… …………………… Head of the team Secretary MEETING MINUTES – GROUP :01 Time : from …… to……… Place: ………………………………………………………………………………… Members : Trần Thị Minh Anh Đặng Thị Phương Anh 3.Nguyễn Thị Anh 4.Trần Thị Nguyệt Anh 5.Đinh Thị Bích 6.Nguyễn Thị Ngọc Bích 7.Phạm Bá Chính Contens for discussing: ……………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… …………………… Conclusion: …………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… …………………………………………………………………… …………………………………… Duties for members : ………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… ……………………………………………………………………………………… …………………… Head of the team Secretary BẢNG ĐÁNH GIÁ THẢO LUẬN Họ tên Nhóm đánh giá Giáo viên đánh giá 1.Đặng Thị Phương Anh Điểm Ghi Thành viên 10 2.Nguyễn Thị Anh Thư kí 3.Trần Thị Minh Anh Nhóm trưởng 4.Trần Thị Nguyệt Anh Thành viên 5.Đinh Thị Bích Thành viên 6.Nguyễn Thị Ngọc Bích Thành viên 7.Phạm Bá Chính Thành viên 11 ... sure the employee's skills meet the work requirements The bigger the competition, the higher the pressure The first step in building your dream is to find the right person and the next step is to. .. it really useful to you In the competition the strong is the winner and there no place for the weak If you smart and know how to catch the opportunity, we believe you will be winner MEETING MINUTES... your customers - Greet the customers with smile & energy - Always listen to the customers very carefully and understand their requirement - Respect the customers - Empathize with the Customers