Term Paper: Economics, These Include the Assessment

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[. . .] The usage of new technology in providing these services is often deemed as a huge success story for many firms therefore it is also something which the businesses should focus at.

In many cases, technology is used to expand the business' reach such as in the process of e-mail marketing. The customer relation management software is also a very important tool which can add more convenience to the business owners as well as for the consumers. In today's environment it is very important to put a business online and advertise it through the internet. It is often seen that many firms outsource their administrative duties so that they may have a much more diverse workforce which is capable of performing at many different environments.

Technology can also help the clients to perform their transactions regarding the business in an effective and efficient manner, it can allow clients which are located in different city, state or country to remotely have access with their business thereby creating more ease in their tasks. Technology also allows any business owner to contact millions of individuals all across the globe to listen about the firm, many of which have never heard of it before thereby giving them the knowledge which might be very important for some of them.

The third point is regarding intensifying the marketing process. It is often seen that during the periods of economic slowdown the business owners tend to make cuts on advertising and marketing, which is a huge mistake and could be very detrimental to the business itself. In harsh economic times the businesses should focus more on their marketing efforts so that they can be more comprehensive and more aggressive than ever.

This aggressiveness can be achieved by making contacts to the past clients just to show the firm's affection side. There have been many cases in which the old clients look to do business again with the firm. In order to regain the opportunity the firm should provide discounts, freebies or any other extra incentives which are unique and not provided by its competitors.

The firm could also choose to set up a program regarding referral reward for its clients in its marketing efforts. It is very necessary for any firm to continuously re-evaluate its current marketing methodologies and to learn from the ongoing advances in this field. If the firm does not see any increase of sales throughout its efforts to promote its product then it is simply wasting its money in the wrong marketing tactics.

Whether if it chooses to use direct mailings, billboard ads or television advertisement, it must make sure whatever it is investing on is efficient as well as cost effective. Often marketing efforts are targeted towards a specific set of consumers such as adults over twenty one years of age, youngsters below eighteen years, children below thirteen years, elders over sixty five years and so on. For any firm to be successful in its marketing efforts it must choose a powerful reasoning on why the consumers should use its products, here many choose to show its benefits over the rivals in terms of quality and price.

Whatever the reason is the firm must focus on its specific set of consumers according to the current trends which are preferred mostly in that group of consumers. These trends are influenced by the culture, religion and economic aspects of the consumers therefore the firm should study these facts in much detail before investing in its marketing procedure. The fourth point is regarding a firm's ability to stay focused in its objectives since nothing damages the business more than the short sightedness and myopia of the top level management. In order to be successful, the management should always keep its eyes on the short as well as long-term goals.

It should also acknowledge the fact that not everything goes according to its plans and that minor setbacks are a part of the business therefore it is useless to get bogged down into them. If any mishap does happen then it is extremely necessary to learn its causes and effects so that any such event could be avoided in the future or even if it does happen again then it does not cause as much damage as it has on previous occasions. The business owners should always stay focused on their targets and should also realize that every cutback, every decision, every improvement they make must be beneficial not just in the present time but for the near as well as far future. In this term, they should think very carefully before making decisions regarding cut in prices, cut in employment or lowering their standards.

"It is often seen that in order to make gains in the future the firms have to take harsh decisions in the present" (Maki, 2002), in dire economic times when the demand of the products are low then it is unnecessary to think about huge margins of profits rather the firm should focus on its survival tactics and how to defy severe losses. Therefore in order to stay focused, the management should be able to make compromises at every level of the business.

The fifth point is regarding seeking new ways to improve. It is commonly seen that many businesses tend to improve when something disturbing happens related to their financials or any other prominent aspect, therefore in order to stay one step ahead in today's environment the business holders should not wait for any worse case scenario but plan in advance the new methodologies which can help improve their business. This includes everything which even relates to the main business functions such as policies or techniques regarding the assessment of employee performance.

The main purpose here is to be effective and efficient as much as possible so that the company may have an edge over its competitors and also runs smoothly in terrible economic conditions. Here, the firm must look closely at its competitors, take advice from the business leaders that it respects, take note of the recent ups and downs in market trends and so on. Many of these things are very important regarding the survival of any business.

Focusing on Foot Locker, we can assess many different strategies which may help the firm to thrive and achieve its overall goals even at turbulent times. Foot Locker can look upon recent trends in fashion and try to put itself according to it so that the consumer remains more interested in buying its products. It can hire the services of well-known celebrities which can help in the advertising efforts of the firm. It can also introduce a much better system of feedback which allows the customers to report on the things in which the firm can improve itself.

III. Tactics to achieve strategic goals

For a firm to achieve its goals it must follow certain steps which assure that it is going in the right direction towards achieving the final goals, these are as follows. First comes the tactics, these include the tools which any firm may use in achieving its goals. Determining the right tactics is very important as every firm has a limited amount of tools within its grasp and it should utilize them in a much efficient manner so that no wastage of resources is done in the process. Here the firm can opt to invest more in the research and development process so that the users can have a better experience with the product as compared to its rivals.

Second comes the objectives, when the tactical phase is done then our firm would have to asses the ways in which it might conduct its business. A firm has many objectives but most of them are related to its profit making therefore any such steps taken here should be related to its increment in the ability of generating profit. Here, the firm should also define its objectives clearly to the employees so that they all have an idea of what is expected from them.

Defining objectives is very crucial for any firm since they determine how to achieve its strategic objectives. Wrong objectives can lead towards losses, loss in profits or delay in production of any certain element which the firm produces therefore this portion should be decided by taking every stakeholder's consensus as well as opinion in mind. Also, when defining objectives it is very important to take ideas from different stakeholders of the firm which can result in the firm having better ways of knowing and defining its proper objectives.

The third step is to define strategy, this is the process where the business owners would choose which objective to take in order to move towards their original goal. Strategies would also include determining the way through which it will achieve its desired profits, strategies also decide how a… [END OF PREVIEW]

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Economics, These Include the Assessment.  (2012, March 19).  Retrieved June 25, 2019, from https://www.essaytown.com/subjects/paper/economics-include-assessment/6952741

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"Economics, These Include the Assessment."  Essaytown.com.  March 19, 2012.  Accessed June 25, 2019.
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