Monitoring The Processes in The Economy

A business model should consist of four elements: a customer value proposition, a profit
formula, key resources, and key processes.
 Components identified
 Economic
 Social
 Technology
 Market place
 Ethical
 Environmental
Monitoring the processes in the economy

The organisation must be efficient at monitoring the economy and learning how to react to it, rather
than trying to manipulate it.
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
Mandatory enlightenment and Identifying what roles involved in

the business process careful to recognize multiple roles;
The identification of the various roles has a vital role in the affairs of the function of an organisation.
Stakeholders may take an active role in setting the strategic direction for the venture. They
sometimes provide guidance or advice to the organisation’s management. In public organisations,
stakeholders can attend an annual meeting and ask questions of the company’s top management,
including the CEO, about the decisions they have made and the direction the company is going. The
role of customers is critical to the company’s survival and success. Through the purchase decisions
they make each day, they select which companies will prosper and which will fail. They also provide
valuable feedback to the company about its products and customer service level. This feedback
enables the company to improve what it offers and to come up with entirely new solutions to customer
needs based on what its customers asked for. For many businesses, customers also play a vital role
in the organisation’s marketing efforts by recommending the company’s products or services to other
potential customers. A company’s ability to fill its customer or clients orders on time and bring the
highest quality goods to the marketplace depends sometimes on the role its vendors or suppliers
play. The organisation relies upon raw materials or components being available when they are
needed and at reasonable prices. If the supply of one key item is interrupted.it can cause a disruption
in the company’s entire manufacturing schedule. Vendors also play a role of introducing new
applications or solutions to the company so it can become more efficient, more productive and lower
its costs and increase its margins and profits. it makes for a cohesive work flow in the organisation
Mandatory Research and occasional education/enlightenment of key roles in the gloabal

organisation
“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.

Monitoring The Processes in The Economy

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A business model should consist of four elements: a customer value proposition, a profit

formula, key resources, and key processes.

Monitoring the processes in the economy

Mandatory enlightenment and Identifying what roles involved in

Mandatory Research and occasional education/enlightenment of key roles in the gloabal

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