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Unit 3 Current Economic Trends

1344 Words6 Pages

Current economic trends, labor market trends and product and service trends economic trends  Consumer spending can boost economic growth: Improved consumer spending level and saving can create a strong and positive labour market. With low energy bills to pay they can have more capabilities to spend. However the speed of spending power cannot catch up the power from household cash flow. If consumers feel more confident in the future, they would like to spend more which will directly stimulate the economic growth.  International trade will be critical for all the countries growth and economic growth: if the international trade volume has been decreased the production level will be dropped as consumers will fear for the spending and economic …show more content…

To achieve mass customization, the products need to meet the demands from the majority of the customers.  Digitization - Companies will increasingly invest on the digitisation of the production and products. That digital process will cover all the required processes from manufacturing, stocking, warehousing, customer services, delivering and the after sale services.  Regulation – Company needs to be fully aware of the differences of regulations among states and their regular updating of legislations. For example, many laws limit the amounts and sources of certain materials that a product can use. Tracking those materials through the supply chains and then reporting the progress to the government is a complex product management process that demands a sophisticated digital work.  Smart products – nowadays the production process involve more of the software and smart processing. This trend creates the demand for the cross functional team work. We need to ensure all the team members have the required skills and knowledge to improve the smart …show more content…

No stakeholders will be discriminated based on their different views, opinions, values, beliefs, religions, colours, ethical backgrounds, languages spoken, etc.  Regulations: Tanarin’s burger shop will be legally compliant because they are familiar with the government rules and regulation. The business also has its legal consultant to provide the advices on the legal requirement to follow with, such as licence registration and renewing, service contract agreements and leasing.  Security and private issues: Tanarin’s burger shop has designed its security and privacy procedures to ensure all the business information and data are maintained in a safe and sound manner in the workplace.  Social responsibilities: Tanarin’s burger shop has designed the business practices to demonstrate the required initiatives to benefit the local communities such as reducing pollution footprint, donating to the local schools and communities, spending time and resources for the local programs and treating staffs in a fair and ethical way. Impact of new technology on

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