In addition to, the development of technology was one of the problems of for the workers around the company, which are everything substituted by the machines instead of
Question 2 Advances in technology drive a great amount of the change that occurs in business organizations. The competitive advantage in today 's business environment includes staying on top of technological advancements that impact your industry. Business strategies that include acquiring new technologies should be guided by best practices that consider the impact on the firm, customers, employees, vendors and other stakeholders. Dream Destinations has too many odds against them in such a competitive market and so technological changes must be implemented if they wish to satisfy their shareholders. Dream Destination goals must be revisited.
For example as mentioned in the previous assignment Rose Gold became a popular colour among young people and so Apple decided to add a Rose Gold colour to their iPhone 6 collection. This affects Carphone Warehouse because on the release of the iPhone 6 with their new colour people, especially young people, would want to be the first to have the new trend before it gets sold out. Carphone Warehouse would have an increase in sales on the day of Apple releasing their product which would give them an increase in profit and enables them to buy more stock from their suppliers due to the popular demand of their product. Another thing that affects the business which is to do with the ageing population is older people also having phones however these phones need to be adjusted in order to suit the needs of older users. Carphone Warehouse need to make sure that they stock a range of products which includes phones suitable for older users.
One impact of technological innovations is the transcontinental railroad and the advancement in railroad businesses thanks to Cornelius Vanderbilt. Due to the power of Vanderbilt he nearly transformed transportation as they knew it. Vanderbilt had many railroads going all over the country and so much power over the railroad business. He ran a monopoly on the railroad industry while still having some competition. Vanderbilt had bought out every competitor he had and thought himself unstoppable, till one day some people at the stock market created and created "fake" stocks in a certain rail company.
External Environment The Five Forces of Competitive Analysis The industry market is considering a large pool with significant of competitors competing with each other. The stronger the forces of competition, the harder it becomes for industry members to earn attractive profits. The ideal competitive environment for earning outstanding profits is when both suppliers and customers are in weak bargaining positions. Suppliers Bargaining Power Vera Bradley as a company that provides luggage and accessories industry gets raw material from many suppliers that have differentiated inputs.
Target is impacted by an external environment as much as they are affected by other competitors such as Walmart and Costco. Legal, political, economic, technological and social are the global factors that influence Target. Here are how these factors can impact Target if they expand and operate their business in the United Kingdom. 1. Legal factors may influence the Target's execution in different cases.
Technology Many innovations led to the growing industry
Growing larger, this also helped booming companies and businesses alike, take over the competition in their field. And lastly, the new inventions, technologies and
And of course, knowledge is the most important factor along with technological advancements. In chapter 1, the book also discusses the importance of technology in the business world. In other words technology has paved the way for a more productive and efficient business. With the help of technology we moved
Advances in technology created new opportunities for business and bolstered the
Next, the three crucial economic factors that affect the company include inflation, recession and currency. As Apple products are commonly viewed as luxury products, and with inflation and
Market share is a key measure of success, as it reflects how much of the overall market the firm is able to capture. Financial performance is important in determining how successful the firm is in terms of profitability and capital allocation. Finally, customer satisfaction is a key measure of how well the firm is able to meet the needs of its customers. Decisions related to product development and marketing will have the biggest impact on market share, while decisions related to financing and cost management will have the biggest impact on financial performance, and decisions related to customer service and product quality will have the biggest impact on customer satisfaction.
are all the economic factors. The ability of people or purchasing power of Apple products is targeted from medium to high class. Economic factors effect Apple Company’s business process as Apple is recognized internationally. The products components that the company gets from foreign suppliers play an important role because of the exchange rates and currency differences.
Apple marketers must always be aware of the present and future economic developments. This is to ensure that the marketing plan can be done. Economic environment factors that affect consumer buying and spending and affect the wealth of an area include income distribution inflation, recession and spending patterns. The amount of individual or household income is refers by consumer income.
Q.1: What micro environmental factors have affected Target’s performance over the past few years? Over the past few years, following are the factors that have affected Target’s performance: 1. Competitors: Walmart’s strategy of providing products at a very low price, affected the consumers in the economic crisis of 2008. This led to Target’s decline in market share as Wal-Mart had a huge micro environment affect as a competitor.
