A business is responsible for identifying these markets through a series of analysis (Clow, & Baack, 2010). Market analysis includes multiple ways to capture data such as surveys to identify specific information concerning market segments (Clow, & Baack, 2010). The research is used when determining consumer behavior relevant for a specific product or service offered by the company. Product design & supply chains are both considered as controllable external variables inspired by market analysis (Clow, & Baack, 2010).
Products and service based business form strategic plans that comprise of predictable outcomes according to internal and external influences. Internally the organization manage its human resources through a practice of hiring, training, reward & punish systems, and firing (Tsukamoto, 2006). In addition to personnel organizations use financial theory of price elasticity to predict market behavior. External influences include political administration, economic, & environmental conditions (Clow, & Baack, 2010). When entering a new market or introducing a new product or services business analyst look at both internal and external influences.
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Reference
Clow, K. E. & Baack, D. (2010). Marketing management: A customer oriented approach. California, CA: Sage Publication Inc.
Tsukamoto, S. (2006). Scientific management revisited: Did Taylorism fail because of too positive image of human behavior? Journal of Management History, 14(4), 348-372. Emerald Insight.
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