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1. Human resources. People are the most important element of a successful business. Even if the company has the best and most expensive technology but it lacks skillful and knowledgeable manpower to run it, it would still fail.
It is vital to choose the right people for the job. Hiring incompetent people with defective personalities will only lead to the company’s demise. The right person for the job can drive huge profits for the firm.
2. Product. An excellent product can boost sales.Take for instance, the giant firm Coca Cola. The reason why this company is at the forefront of the beverage industry is their great tasting products. Mediocre products may attract buyers but their popularity will not last. Customers know that great quality products provide more satisfaction. The product also lasts longer. This will help them save money since they do away with the need to buy more.
3. Price. Price is another important factor to business success. A product that is reasonably priced will get more repeat customers and attract new ones. An inflated product price may discourage customers since this makes it hard for them to afford the product.
4. Promotions. Marketing efforts of the company also matters in making the business successful. Information dissemination, creating product awareness, more customer visibility and enhancing brand recall are some of the most important functions of promotions. When a customer is aware of the product, it will be easier for him to recall it once he needs to buy one.