I really hope that someone can correct my essay so that I can improve my english. Thanks a lot.

Luck has nothing to do with success.


Success is built up by hardworking bit by bit, little by little. Many successful people work very hard day by day. Thay have to give a lot of time and energy before being successful. No one can be succsesful with sheer luck. However, if we look at the history, we can see a lot of great inventories and discoveries were partly due to luck.

For example, penicillium was discovered by luck. The scientist discovered that a sample he was studying was contaiminated by bacteria. In usual practice, scientists would throw the contaiminated sample away and start the experiment all over again. However, the scientist did not throw that away, instead he studied the sample. He wonder why there were some areas in the sample did not grow mold and some areas did. Finally, he knew that the bacteria in the sample created an antibiotic (he named it penicillium) which could prohibit the growth of mold. He extracted the antibiotic and made it a drug which could cure human diseases. Nowaday, antibiotics are very important drugs. Doctors can use antibiotics to cure many untreatable or deadly diseases.

Newton is a great sicentist. He discovered gravity which has changed and reshaped the science of physics. However, his great discovery was due to a very trivial and ordinary event. One day, he was sitting under a tree and suddenly an apple dropped to him. Many people didn't think about the reason why the apple dropped. They thought that it was a common sense that everything would drop to the ground when you throw it up. However, Newton didn't jump to the conclusion without thinking. He wondered and studies the reason of it. He did a lot of experiments and calculations and eventually he concluded that it was due to gravity.

Without luck, penicillium may not have been discovered and Newton may not have discovered gravity and the world would be so different without their discoveries. However, we can not conclude that their discoveries were all due to luck. They did not succeed right after the incidents. If they had not spent time and energy to study the reason and if they had not read books and done a lot of researches before. They would not have the knowledge to unveil the secret. We appreciate the above scientists not because of their great discoveries. It is because of their spirit and attitude in working. They work very hard and they would not give up. They would try and try until they solve the problems. So luck only triggered their success and it didn't create their success.
just use a Microsoft Word and correct some spelling error..

like contaminated, They,

Coke-Cola invented by accident.. so if you want to write more about you can add a new paragraph about coke-cola.
Hi,

I have thought about this essay a lot before replying to your request for corrections. Here are my thoughts:

- The suggestion to use a spell checker is valid; just be sure why the word is incorrectly spelled before changing. This is the only way to learn.

- I would do a little more research to find out the name of the guy who discovered penicillium. This was an important discovery, and as you have named Newton, your other example should be named for completeness.
- I would also use the word 'Chance' rather than 'Luck'. Luck is sort of what you have when you win a raffle or go to Vegas. IMHO it detracts from the great work of these scientists.
- Newton WAS a great scientist, as he has passed away, he no longer 'is'.

I hope you don’t mind that I make a small comment on the content of your essay.

You mention that the world would be so different without the discovery of gravity by Newton. This is not quite correct. The world would have continued on the same if he had not discovered it. What has changed is our understanding of our world and how it functions.

I hope this helps.
Students: We have free audio pronunciation exercises.
Thank you for all of your comments. Honestly, that's an exam's title, so I can't change the word "luck" in my essay. I understand your last point about Newton's gravity. Of course, the world would still go on without his discovery, but what I meant is the progress of science would be slower without his discovery. Just imagine, if no one had invented the internet, someone will still invent it one day. However, that may be a long time later. Plus, we can't have a communication now, don't you think so.
INTRODUCTION

This report is to analyse and contrast MFI's increase in its substantial growth during a period of economical instability. In business, there are sometimes uncertainties in the market which may have a multiply effect on the whole economy. When business is molest by this sort of situation, there may be a fundamental decision and changes which they might have to deal with, before it begins to take its consequences. Along the line, if a business put a blind eye and doesn't properly consolidate its weaknesses, it could turn out to achieve a lower profit. Secondly. During this sort of period in the market, weaker businesses might suffer by being driven out because of competition and copping of such situation involves money and at the end, only the strongholds are left standing.

If this becomes the issue, then the few firms or businesses that are left in the market gain dominance that may lead to monopoly onto oligopoly. They might charge higher prices because there is no competition in the market and consumers may have any choice but to purchase, while on the other hand, consumers are more protected by competition because they actually have options within the market. At the same time, becoming oligopoly may result in controlling prices or output but not both and could have secret deals in search of gaining more dominance.

MFI is one of the leading furniture retail in the UK are being struggling in their market although they are still achieving growth, and according to case study, MFI needs to adapt increase innovation and decide on a vital key concepts that might have a fundamental impact on the business, i.e. the management of finance, market research and resources. Firstly, to able to evaluate MFI's problem into more depth and be to analyse their performance, there are certain markets that might have had an impact, such as housing and what might have been happening to the sizes of households.

Secondly, to discuss the main competitors of MFI in the same market segmentation and how this might have impacted or influence the organisation. To investigate how the media such as the Telegraph and the Guardian may present the future of the organisation. Further more, to come MFI's profit and loss accounts to their previous years or to a similar organisation.

RESEARCH AND INVESTIGATION

In order for a business to gain competitive advantage and compete well in the market, the organisation might be able to identify its core competence: The core competence of an organisation is when company produce more of what they are good at to sell. In this case, this idea worked very well for the retail shop MFI in 1999, and they became profitable and the leading furniture organisation in the UK. Never the less, that was then, now it seems that a new strategy needs to be adapted some make fundamental changes in order to develop a successful competitive strategy. Firms or organisations might become competitive again in today’s world if they are able to cut cost, maintain a high productivity, and innovate in new technologies and machines to develop stability in production in order to become effective. MFI's approach was to analyse them SWOT Analysis (strength, weakness, opportunity and threats). In this case, MFI analyse this by moving on from being a company that sells furniture to a company that delights customers. In the past as the evidence mentions, MFIs success was based around high quality products at affordable prices, with a reasonable level of service. However, in today’s market the core competence is not enough and vital any more: it does not differentiate MFI sufficiently from its competitor, and can’t really achieve dominate it the market.

According to MFIs approach, they first analyse a strategy within the establishment of the firm’s financial foundation on which they might be able to cut cost and to target the cause of the falling of sales before they can adapt a strategy and theories in order to help MFI get back on track.

As a first step to approach or tackle the problem, MFI decides to shift from the idea of just selling furniture to specialise in fitting, kitchen, bedrooms etc in which might help add value. Added value is the difference between the price that is changed and the total cost of the material inputs for the product. It applies equally to services as well as to good and it also reflects the input of labour and capital in the final product .Any organisation that does not add value encounter losses and soon may be forced out of business. For instance, according to the “Nuffield Economic Business” textbook, supermarkets add value in a wide variety of ways.

Transport
Branding and and distribution Merchandising
Selecting and packaging the to and customer
Buying goods Goods. superstores service.

Value is added by the factors of production, which include labour, capital, land and enterprise. Labour or resources provide a prime source of added value. The amount of labour and the quality of that labour (measured by time) are critical to adding value in many products, especially services. MFI has realised that they need to add value to their previous market with only producing what customers wanted. In today’s, because the same tactic and new technologies and new inventions keep being innovated, the have realised that they cannot stand still and something needs to be changed in order to add value. Although MFI is quite different from the one in the supermarket but the same sort of approach can be followed with some factors being analysed to fit into the business objectives.

Firstly, on the way of becoming effective in the market in 1911, MFI then approach the idea of refurbishing most of its stores into the homework format, and it purpose for this investment was to generate high levels of sales growth according to the case study. Sometimes organisations try to innovate an idea and if it not successful, there is a loss that may be encountered and in this case, the refurbished stores did not deliver the increase of sales growth that MFI expected.

Secondly with high expectation to achieve sales growth and it didn’t quiet work, MFI had to encounter their financial struggle by borrowing, this process made MFI become highly geared because they had to raise from borrowing from external sources and in return thy had to pay large sums to its enders in the form of interest and also this may have an impact on the growth as profits may be reduced. In reality, this may cause a high risk of running such a business because it runs a risk of going out of business. As desperate measures, call desperate resolutions MFI then decides to secure their financial growth by appointing a mew management team in order to bring new inventions and innovate new ideas. Under the new management, cash was the to be funded or generated by selling and leasing back of the property that MFI owned outright. According to MFI the sale and leaseback was an important potential source of finance from land, building and other valuable assets that the company owns, and this was to back the business taking out the lease no longer ties up its money capital in fixed assets and to ensure the funds that are released work more productively in generating ongoing wealth. At the time in the market, MFI was the sale and leaseback the suitable source of funds because any further bank loans or other interest bearing loans would have cause aggravation.

According to the case study, successful companies seek to grow the business for shareholders, as well as to delight customers. The study into scientific management by Fredrick Taylor believed that in order for a management to become efficient and successful, the idea of maximum prosperity could be used to gain competitive advantage. In a broader sense, instead of giving large dividends to the shareholders and to the company, the profit can be split and certain percentages can be given to different branches, workers and shareholders so that the business can reach its highest state of excellence and in this case the prosperity may be permanent. By this means, multiplier effect can take it course to achieve a sustainable growth throughout the world.

In recent time, MFI have being able to become truly international through piloting, testing and investing overseas as well as forming partnership the leading overseas companies to sell their products. In August and October 2001, MFI created a joint venture to open several stores in Taiwan with a local company. In the 2001 according to the case study, profit margin began to grow which was reached from their valued assets. In this case, MFI was using their resources both financially and non-financially very efficiently, which might have helped them to cut cost and they also benefited from receiving higher net profit because of low interest rate payment.

According to the case study, the up and downs of MFI's sales might have being caused by other element or composition in the market, i.e. the housing market. The housing segmentation might have had a severe impact on businesses such as MFI that deals with homes in particular. It is obvious that such chaos can occur and uncertainties during economical struggle. The motive of MFI struggle could have been a period within the business cycle. It may have been a period of recession, where by the government intervene in the economy, by letting the bank on England raise interest rate, so that people can borrow less in order to reduce inflation. Also the government intervene by cutting government's was spending for economic stability. During this period of time, because there are so many demands chasing few supplies, then there is so much money to be paid at a short period of time. This is very dangerous risk and can cause inflation, which might have a major effect in terms of trade. Housing prices might have risen radically because demand at that time might have been too high, and because there might have been inflation, only few people could afford houses. As may be the number of houses decreases, few sofas of furniture's might have been bought from MFI and if it was proving to be expensive, people may tend to turn to alternatives.

Over the past years, family and housing sizes has gradually increase and still continuing to increase due to economical stability, and the gap between the working and the upper class families are being adjusted, and there is now more support to have children. The population size is also an advantage for MFI, because the more people are born, and the more their services become useful. Although the number of households has gradually risen but statistics shows that the size of the average house today is up to 50% smaller than it was 90 years ago. Because of this, modular furniture is needed to manage the space, or else we wouldn't able to live the lives that we do today.

There are now a lot of retail shops that has come to existence over the past years and also competing well in the market. Some of MFI's main competitors over the years has are DFS, Homebase, Ikea, B&Q, Habitat, Argos and Furniture 123. Some of these retailers such as DFS, Homebase are very strong competitors indeed and they are also known as being Britain's leading upholstery specialist, sell stylish sofas at low prices. Also Furniture 123 is known as the UK's leading online furniture store. They offer a great selection of stylish living room, bedroom, dining room, office, garden and children's furniture. Prices are up to 30% lower than in the high street furniture stores, according to their site. Most of these retail furniture stores in the market might have affected MFI in their own way.

The media engage in recreation in business and organisation. They also have such an enormous influence on both the people and the organisation. They are also able lobby the government to take action and fines against the companies that may cause harm to the externalities. A pressure group also sometimes tends to focus more on these sorts of aspects and influence the public to bring these companies to justice. The Guardian and the Telegraph has influence on the public on proclaiming what MFI is achieving, and how they are helping the people in various ways by organising programs.

TURNING POINT FOR MFI AND FINANCIAL ANALYSIS

According to the case study, UK consumers are increasingly well off and with a growing interest in enhancing their lifestyles, they're seeking better quality affordable prices. Because of this, MFI has strengthened its existing product line through innovation development.

MFI is the UK’s largest retailer of kitchens, bedrooms and associated appliances. MFI is the market leader in this sector. Business research has shown that it is important for market leaders to maintain that position. MFI stays ahead by looking to grow whenever possible. MFI classify growth as being either internal or external and it has pursued both strategies. Internal growth means expanding or improving the company’s existing assets, making it useful by using maintained profits or new shares for finance. Internally:
· MFI tries to make sure that at least 20-25% of its products each year are new ranges. The company invests in product design and introduction to achieve this.
· MFI has developed a bathroom range. Two years ago, MFI did not sell bathrooms (even though 60% of customers thought it did). MFI therefore decided to enter this market and provide full solutions from design and delivery to finance.
· MFI has invested heavily in refitting its stores. The new look is designed to be more attractive, but also to increase the amount of sales per square foot of space.

External growth tends to be faster and means acquiring other businesses. MFI has identified other businesses that match its own goals:
· Up to two years ago, MFI did not sell sofas even though, again, 60% of customers thought it did. To test this market, MFI started selling sofas on a concession basis with The Sofa Workshop Company in 2001. The pilot proved successful and MFI acquired The Sofa Workshop Company both its stores and its brand in 2002.

SWOT

The decision to acquire The Sofa Workshop Company was taken after a careful SWOT analysis. This is an analysis of the internal Strengths and Weaknesses of a proposal, and the external Opportunities and Threats.
· Strengths included the strong brand, a good management team and staff and existing distribution channels.
· Weaknesses included Sofa Workshops limited capacity and the volatility of this market.
· Opportunities included the growth in this market sector for home fashion.
· Threats were identified as rival stores and the chance that new competitors might enter the market.

EVALUATING FINANCE

According to MFI, expansion needs to be financed. In the past MFI had borrowed from external sources but this was expensive. It now uses its own profits and income from the sale and leaseback of property. The effect of expansion has been to increase profitability and the return on capital employed (ROCE). The impact of the new store layout and acquisition of The Sofa Workshop is strengthening both the profit and loss account and the balance sheet.

FINANCIAL ANALYSIS

According to MFI's financial report, sales has gone up from 15.1% to £1,481.5million, with increase in pre-tax before exceptional items up from 28.6% to £103.8 million and also pre-exceptional earnings per share up 26.5% to 12.9p, and finally dividend per share is also up 22.6% to 3.8p. MFI's success of the furniture market is reflected on their financial results. Although despite tightening in consumer spending, the figures shows that, sales has still being growing by 15.1% up to 2002 and profit before tax and exceptional property profits by 28.6% to £103.8 million. Sales have been grown from annual compound rate of 18% and profits before tax and exceptional items increase by 43% since 1999. Confidences is being grown about the future success of the business and are proposing a raised final dividend of 2.0 pence per share (2002-1.6 pence), making a total full-year dividend of 3.4 pence per share (2002-3.1 pence), an increase of 22.6%.

Profit before tax and
exceptional items
Sales

£1,481.5m
£1,287.4m
£103.8
£1,078.0m £80.7m
£900.6m £64.2m
£44.9m

2000 2001 2002 2003 2000 2001 2002 2003

These graphs illustrate the gradual performance trend of MFI over the few years. By analysing the graph, it shows that there is being an increase in sales and its being sustained over the past years. One of the factors to MFI's success might be the strategy of adapting financial safety so that interest on loan can be kept low. They have also managed to reduce cost by delivering quick services to save space and at the same time cut cost.

CONCLUSION

Firstly,