Business trends and innovations
In an era of multiple business ideas and marketing strategy, only the strong will survive. This slogan determines the best product in business markets. New entrants in the business must consider the reasons for establishing the venture.
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The company will introduce a viable goal, objectives, mission, vision, marketing strategy, organizational structure, sustainability ratio, and quality service. The manager of the organization will tackle the threats of the business with opportunities. The smooth operation of the organization is influenced by the employees of change.
However, to sustain an organization, the management must seek new ways to amaze and satisfy the customers. Competitive advantage is a product of creativity in the market strategy. The rising trends in business markets and the duplication of a firm’s competitive advantage will influence regular update in marketing strategy.
Technology is a vital component in a firm’s competitive advantage. Technology can be used to tackle the cardinal points of a firm’s competitive advantage. The cardinal points include threats from competitors, new entrants, rivalry of similar goods and services and the rising bargaining power of suppliers and customers.
A business manager must incorporate different competitive strategies to overcome the cardinal threats. The competitive strategies include operational cost, product differentiation, innovation, strategic growth and strategic alliance.
These strategies must align with business technology to provide a platform for success. Technology is a competitive advantage for top business firms. The benefit of technology in an organization includes communication, marketing, customer service, employee’s productivity, information dissemination, and telecommuting.
Thus, integrating technology in a firm’s organizational structure will boost the competitive advantage.
The establishment of women’s clothing firm will require the integration of business trends and innovations. The firm’s product life cycle can be categorized into 5 stages. The firm’s business strategy must align with global business trends.
Some examples of global business trends include changes in labor curve, the disparity between skilled and talented employees, increase in individual talent and the bargaining power of the employees.
Some products sell without advertisements while others rely on market adverts. The disparity in such sale is based on the product life cycle. The stages of a product life cycle include introduction, growth, maturity, and decline.
Women clothing sales will require marketing strategies to survive in the business environment. Market adverts will introduce the firm’s products and the benefits of its services. The firm may reduce media advertisements during the growth and maturity stages of the product.
The decline stage is accompanied with poor sales while life supports are removed from the products. The management will seek new business strategies to boost its comparative advantage.
Incorporating technology in the market mix of a product will sustain the competitive advantage of the organization in the following ways.
- Technology will improve communication gaps and strengthen market information.
- Data transfer will improve the flow of information to assist decision makers.
- The product life cycle will be revived.
- New products will require advance technology.
The values of technology can change the knowledge of the product. Innovation can transform the product life. Trends in the product life cycle will sustain the business.
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Trends such as revitalization and durability will boost the product life cycle. The two components of a product life cycle will help the growth of a business organization.