Posts Tagged ‘customer retention’
Business and Economic Systems
By economic system is meant the different forms of economic organizations that arise in the community from the organization or mode of product. It is a set up which comprises various institutions and bodies, with the ultimate purpose of satisfying the wants of the people having within a particular territory and in the way in which those people want. The basic features of economic system are that they are not static; they are relative to the needs of the people and hence are of a changing nature. They have fundamental uniformity of problems within a mechanism of great diversity. They are all evolving patterns of human relations.
With the help of institutions, property, money system, labor organization, government agencies, production unit, etc, they try to secure maximum production from scarce human and natural resources. Their goal is to satisfy individuals and public by production of goods and services required by them. economic system arise and are modified, from time to time, by various factors such as the laws of the land, the decisions of the judicial agencies, the contractual arrangements people set up among themselves in order to carry on exchange, the customs, habits, set of beliefs that people develop within the social and political set up of the country, and the public opinion about the wages and means through which people wish to satisfy their wants.
Public Visibility and Social Values
Public visibility: This refers to the extent that an organization’s activities are known to persons/public outside the organization. The activities of the organization may be directly observed, such as polluted atmosphere when smoke is seen coming out of a mill-chimney or a smokestack or purchase of a product which is adulterated or of short weight or measure. Incidentally, these activities may be communicated by news media, neighbors and other sources. The idea of public visibility is that it makes business activities subject to public examination, discussion, and judgment for unless the activities are known they cannot be judged.
Social Values: Business normally operates in an environment of social values both and society and those of the business itself. For business, such values are derived from various sources such as the mission of the business as a social institution, the country in which the business is located, the type of industry in which it is active, the nature of its employees, the management philosophy, the customs and its traditions of society and normal practices of other business. In course of time, these values become institutionalized, i.e., they are accepted by a large number of people in the organization and also the society and consequently they take the shape of an official policy of the business.
Nature and nurture and attitudes to risk
Many behavioral attributes seem to be shaped by genes, then moulded by personal experience during people’s formative years and fine-tuned by the course of their business careers. People’s outlook also changes during the different stages of life, and according to the size of their safety net in terms of their private financial position and to the extent of their responsibilities for others’ well-being. In other words, personal attributes do not exist in a vacuum, but are instead affected all the time by the circumstances of people’s lives. Individuals in secure, well-paid jobs who have large mortgages and young children will probably have a lower risk-taking profile than those with fewer responsibilities and less to lose. In fact, nothing much to lose is a pretty strong starting position from which to take some very big risks. That may be part of the reason why so many successful entrepreneurs have business failures behind them. They will certainly have learned useful lessons from their mistakes, but quite frankly more than a few may not have had much left lose.
SEO Experts London
Dear readers! In these days internet usage has become very popular. Many people around the world have started using search engines in order to get to know about the top suppliers of their favorite products and also service providers. Most of the business transactions were made only through internet. Yes! Many people are interested to do online business since it helps them to work in a comfortable manner. Establishing the products and services has become important in order reach targeted customers. So the competition in global market is increasing on daily basis.
If you want to make your business or service gets listed on the first pages of the popular search engines, then you should find the best search engine optimization service provider. With the help of search engine optimization services you can easily boost up your sales and also increase your revenues. Simply it will promote your business in a well manner.
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Achieve your Business Goals
Your own role is pivotal to the success of your business, and anyone who is asked to back your business is essentially being asked to back you and any team that surrounds you. Your business plan will, consciously or subconsciously, reveal to readers the aspects of you that will make the business succeed or not. No one is perfect, but consistently successful entrepreneur would be able to tick ‘yes’ to most of the statement below. The important word there is most
. I am determined to make my business succeed
. I control my own destiny
. I am not easily discouraged
. I observe and learn from others
. I always get something out of situations that go wrong.
. I want recognition for my achievements
. I am not motivated by money alone.
. I will sacrifice work-life balance to work long hours when needed
. I am able to take calculated risks.
. I can switch off and refresh my batteries when needed.
. I see the big picture but also focus on fine details
. I am good at ideas but I also finish things once I have started them.
Extent of supplier bargaining power
. Are there many suppliers, or few?
. Do they have many customers, or few?
. Do potentials shortages of inputs exist?
. Are there potential bottlenecks in your business’s chain of supply?
. Do suppliers control input prices?
The above mentioned questions allow you to consider the relative intensity of each force, and gain a clear indication of the likely overall level of available profits. An extreme situation can be used to make the point clearly. Profits will be low in industry situations where:
. The competition is able and aggressive
. Barriers to entry are low and therefore new entrants can readily enter the market to obtain a slice of the action
. A range of close substitute products or services exists control
. Suppliers possess high levels of power and can exert control.
Such an industry would be a fundamentally low profit one. Match car-washing businesses to the above profile and you will see the profit profile. Reverse all of the above factors, however, and a very high profit business becomes visible. An ideal business operates with little competition, high entry barriers around it, few ready substitutes, and many small buyers who need the product or service, and readily available supplies of all necessary inputs.
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Scrutinize Your Business
Threat of new entrants
. Will other entrants to your business’s industry emerge?
. Can your business’s offering be easily replicated?
. What specific entry barriers exist? Factors such as high capital investment needed, technical knowhow, regulatory controls, access to specialized technology
. Are there economies of scale available to existing players that make new entrants cost levels uncompetitive?
Existence of substitutes
. What substitute products or services exist?
. How close are they? What differences do buyers perceive?
. How readily are buyers persuaded to switch to substitutes?
Extent of buyer bargaining power
. How many buyers are there, few or many?
. Is buyer demand growing, level, or in decline?
. Are buyers locked into long term contracts?
. Are buyers influenced by fashions and trends?
. Is demand subject to cyclical variations?
. Are buyers loyal or fickle?
. Is it easy and inexpensive for buyers to change suppliers?
. Are buyers used to switching suppliers?
