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Monitoring The Processes in The Economy
Monitoring The Processes in The Economy
Components identified
Economic
Social
Technology
Market place
Ethical
Environmental
Economic factors affect how you market products, how much money you can spend on business
growth, and the kind of target markets you will pursue. A perfect instance of studying the economy is
taking a look at fortune 500 companies like apple, Microsoft and the likes they stem largely from their
accumulated assets , the leaders gather these assets not by buying them but by making smart
choices about pricing, royalties, product range, and so on.
Technological This process generates virtuous cycles that continuously strengthen the business
model encouraging technological innovation.so therefore monitoring the ever evolving technological
changes is paramount. Organisations need to consider the latest relevant technological
advancements for their business and to stay competitive. Technology helps business to gain
competitive advantage, and is a major driver of globalization. While designing the business strategies
firms must consider if use of technology will allow the firm to manufacture products and services at a
lower cost.
Market place: As the cycles spin, stocks of the company’s key assets (or resources) grow, enhancing
the enterprise’s economic advantage, this creates a more competitive market space .Monitoring the
market place help the organisations better understand the kind of work ethics, social culture and
environment to create for optimum efficiency of the organisation. Just as the great philosophers put it
“you are only as good as the information you get”.
Social: this component provides insight into behaviour, tastes, and lifestyle patterns of the population.
Buying patterns are greatly influenced by the changes in the structure of the population, and in
consumer or clients lifestyles. Understanding of such behaviours is critical for developing strategies
which are in line with the market situations
ethics
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to
be more productive than energy devoted to patching leaks.”- Warren buffet.
One of the key reasons for concurrent research and enlightenment is to address weakness in the
various roles of the global organisation whether any roles are changing in order to implement or
create, roles or sectors to checkmate these changes. Most employees have some weaknesses in
their workplace skills. An enlightenment program allows you to strengthen those skills that each role
needs to improve. A development program brings both employer and employees to a higher level so
they all have similar skills and knowledge. This helps reduce any weak links within the company who
rely heavily on others to complete basic work tasks. Providing the necessary training creates an
overall knowledgeable staff with employees who can take over for one another as needed, work on
teams or work independently without constant help and supervision from others. This improves
performance and creates knowledgeable atmosphere in the ethics, economic, culture social, and even
the technological aspects of the organisation. Lastly institutions must become less rigid and more
flexible in their attempt to meet the varied needs of the emerging era and what easy can you achieve
this if not by mandatory research and frequent or occasional education.