Business connection The Key in perfect competition Managing costs Research
Business connection The Key in perfect competition Managing costs Research
Canada boasts of being among the world’s richest nations and of the western countries that have ultimate leverage over the economy, it is ranked in 10th place. It has an array of different industries characterized by a buzzing and quite rapid growth and development and production in the industries is entirely mechanized. Due to its trades it also happens to be a member of the G8 as well as Organization for Economic Cooperation and Development. Industries in Canada are high-tech and uphold state of the art technology and mechanization.
Canada’s microeconomic issues
Challenges however do come its way both internally and externally a good example being the world economic crisis of 2009 which saw to its financial stability regression and many employees losing their jobs since a majority of the industries could not sustain themselves let alone their large numbers of labor force. Previously the global economic downturn that had hit the US had led to a colossal fluctuation of market prices resulting in a massive decline of Canada’s profits.
Despite the aforementioned global challenges, Canada like any other business has had its equal fair share of challenges. Sailing amongst the richest nations of the world, Canada has constantly overstretched its spending means leaving it with a huge burden of debts. According to the (Globe and Mail), it stands at a deficit of 3.3% of its GDP. Its lack of an economic slack makes it stand on the edge of a high inflation rate despite it being among the world’s countries with the least unemployed people. Canada has for a long time failed to embrace the art of international competition.
Business connection: the key in perfection competition- managing costs
Due to the trend in which the world has turned into a digital one with top notch technological systems being installed, and almost all operations going digital, leading to company’s marketing their merchandise on the internet. E-marketing is the most productive tool for any business that wants to thrive and stand way above its competitors and colossally out ways traditional methods of marketing. The largest proportion of the world’s population is now connected to the internet and in a bid to connect to large masses round the globe, e-marketing comes in handy as a business is able to have a wide presence ensuring it lures a wide variety of customers internationally which in the long run culminates into the company effectively managing its costs. Modern communication methods have been changing with time and it is therefore essential for the company to be up to speed with the changing technological advancements. According to (quirk biz), when correctly implemented, return on investment from e-marketing exceedingly outdo traditional methods of marketing not to mention it is at the forefront of redefinition for businesses to effectively interact with their customers. By adopting unique and state of the art e-marketing strategies, the company is able to effectively outshine its competitors.
A company can also maximize on its desired profits by correctively identifying its target market and capitalizing on meeting and satisfying their needs so as to build on customer loyalty which reflects into high profit returns. This can be effectively done by emphasizing on the research of original research. That which lured customers to the company’s services and products should be used as a strength hence improved on in a bid to bait a large clientele of the company’s target market. (Lead forensics) advice on the need to carry out intelligence beforehand so as to clearly identify the needs of the purposed target audience thus the need to use current pop culture. In the spirit of beating competition and managing costs effectively, the company ought to rise a notch higher than its competitors by taking up unique strategies that outdo its competitors. Such as getting into video savvy. This is a plus to any business as it offers the company the platform to show case their unique attributes. Through this the company can also invest in animations for putting up their advertisements and is suitable for advertisements on both products and services and it would be guaranteed of effectively beating its competitors as its target clientele will always identify to the video ad.
The demographic and lifestyle segmentation of target consumers helps the company in getting a clear picture of their clientele’s needs in terms of age, marital status, religious beliefs among others hence getting a clear mode of communication to them with an inclusive need of their lifestyles as well as cultures. By so doing, the company is able to enjoy a massive return on investments having cut on a lot of miscellaneous costs and expenses. It is also essential to bear in mind the customers purchasing attitudes and behavior thus capitalizing on the pros. investing on research on consumer behavior is quite instrumental as the company is able to get the niche in the industry and easily manipulate and take leverage over the market share. This can be efficiently and effectively done through a proper survey of the market and observing the target customer’s needs and preferences.
The company can also invest in qualitative studies so as to get up to date with the industry and a clear understanding of the overview market share. A clear outline of a research plan should also be in calculated in the company’s research process. This is to make sure that the company is up to date with all possible avenues for doing business. All this withstanding, it is essential for the company to bear in mind the psychographics of its customers through a comprehensive research process so as to determine consumer behavior by looking into the attitudes of potential and kinetic clientele as well as pinpoint its customer’s purchasing behavior. It is possible for a company to build on customer loyalty hence customer retention and this can effectively be managed by capitalizing on the purchasing behavior of the customers hence improving on them or emphasizing on them so as to retain the customers and lure more aboard. A company can effectively manage its costs by researching on the other places their customers or other customers shop for products and services same as its. This would give it insight on how operations are carried out in the other companies and serve as an eye opener on what woos the customers to them and in turn work on their strategies to lure back the customers, all this with an aim of being on top of their customers. The customer can also lure its customers by rewarding them for shopping at their outlets hence ensuring they come back another time. Quite a number of customers are sensitive on prices hence it is important for a company to work on its prices so as to enhance on customer retention. This can be done using the varieties of pricing techniques. Promotions are a plus in any given industry thus it is advisable that the company does promotions for its products from time to time and rewarding its loyal customers. This would out rightly beat its competitions as customers will constantly be reminded of the company’s merchandise. Effective public relations should not be overlooked as they also are a place in any business. Government’s intervention on trade regulations helps in creating a perfect atmosphere for doing trade among various businesses offering the same merchandise since competition is regulated and malicious strategies aimed at seeing to the downfall of a specific company cannot be initiated.
Connection debate summary
In summary, the debate connection is aimed at providing companies with the knowhow on market penetration as well as standing out from the rest with an intent of taking leverage over the market share hence beating competition from its rival companies. This in the long run aids the company in managing its costs through profits maximization.
The connections debate’s pros
The debate is aimed at aiding companies in taking a leverage over others in the same industries as theirs which is good in creating friendly competition.
By adopting strategies mentioned in the debate, a company is assured of increasing on their return on investments as well as standing out from the rest.
The connection debate’s cons
Not all businesses uphold friendly business competition strategies as some can have the malicious intent of tarnishing a different company’s names so as to take entire leverage over the industry.
Basing an argument from Canada’s economic state, the country has failed to efficiently diversify its target international trade partners and concentrated on only one trade partner the US which is a risky trend as its stability entirely relies on the US’ economy. In an event of the downfall of the US’ economy, then Canada’s economy is bound to fail.
Britany Lee fries. November, 2009. Environment: the type of economy and level of industrialization in Canada. Retrieved from http://www.canada-britanyleefries.blogspot.comIndex Mundi. August, 2014. Canada economy profile 2014. Retrieved from http://www.indexmundi.com
The heritage foundation & wall street journal. Canada: 2014 index economic freedom. Retrieved from http://www.herutage.org
The Globe and Mail, 2013. Canada’s 7 deadly economic problems. Retrieved from http://www.theglobeandmail.com
Fred lazar, 1981. The new protectionism: non-tariff barriers and their effects on Canada. James Lorimar & amp; company.
Elijah M. James, 2008. Chapter 11. Microeconomics. Published by Pearson education Canada
Lead Forensics, June 2014. 3 winning ideas to beat your competitors at content. Retrieved from http://www.leadforensics.com
Subject: Business & Economy,
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 1 September 2015
We will write a custom essay sample on Business connection The Key in perfect competition Managing costs Research
for only $16.38 $12.9/page