`What explains why some firms are more successful that others?` from three perspectives: marketing, finance, and operations & project management.

Running Head : Why some Firms are More Successful than Others

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Some businesses grow faster and are more successful than others . This is because of the kind of management and knowledge possessed by entrepreneurs in the management of their businesses . Some do not have the managerial and entrepreneurial skills required to pursue the opportunities and achieve the goals of the business

Firms measure success through the profits gained over a certain period of time and the rate of growth of business . Some of the

factors that make a business more successful are formulating proper plans , having different methods of marketing , running a more efficient operation breaking down barriers to effective communication and improving how to mange your finances effectively

This will discuss how some firms are more successful than others form three perspective : marketing , finance , operations and project management

Many challenges are faced out by marketing managers while figuring out what is necessary to maintain a competitive advantage . First they need to understand who their customers are and examine their role in the marketing process . A firm should always evaluate their customers and know what they want . This will make it easier for the form to establish methods designed for easier management of their customers . The firm should be responsible for satisfying their customers and all workers should appreciate the role of the customer in the organizations to meet its goals

Marketing planning and strategy is important and it includes shifting marketing conditions i .e . revising how a product will be marketed to promote competition in the market , setting up the price of the product and price adjustment . Market research is done to determine the right selling price of product

For a firm to be successful there should be qualified , creative innovative and industrious managers . Financial managers have the duty of managing financial resources , budgeting , and colleting accounting receivables , risk management and insurance for a business . When a financial management system is implemented it becomes easy for a business to manage its financial records . The accountants or financial managers in a firm are required to understand the cash flow in a business , and how the business manages its working capital mainly focusing on how to manage debtors . They should also know and familiarize themselves with the banking systems and financial markets as whole , and should know how a firm should acquire more finances when necessary Understanding what the capital expenditure budgeting is and deciding whether or not to spend money on a project is also important issue while managing business finances . Capital investment is important to the success of a business as well as in the overall context of managing finances . It is therefore essential for business to look for ambitious financial managers who will manage finances of the business , execute financial decision making and optimize financial strategies that will maximize the firms profits and value

A firm can be successful through the management of its operations and projects . When managers or other employees are...