ecutive summary:
Business operate in a fast paced, dynamic environment, and must constantly evolve to keep up with changing demand and changes in the market. This report will address a range of internal and external influences that impact businesses opportunities and success within the Australian Economy, these influences include;
• Competitive situation
• Technology
• Product
This report will thoroughly explain and demonstrate how these factors are impacting on real businesses opportunities within the Australian economy.
Competitive situation:
Competitive situation and competitive advantage are vital to the success of any given business. These are examples of external influences which means that an individual business has little to no control …show more content…
Often larger businesses are tougher to overcome in a competitive market. An example of how competitive situation has adversely affected the opportunities of an Australian business, is shown through the closure of Aussie Farmers Direct. This business operated within the same industry as the large supermarket chains Coles and Woolworths. All three of these businesses we’re providing the same or similar goods to consumers, however due to their smaller size and their wish to fulfil niche markets, Aussie Farmers Direct was unable to compete with the scale and resources that these supermarket chains have. This meant that they had higher prices and hence lost customers, over time their market share decreased so much that they were no longer making a profit and were hence forced to cease …show more content…
Jaguar has recently gone through the process of designing and building its first fully electric car in Australia. They have also backed this launch by placing numerous charging stations across Australian cities. Jaguar have done this for a number of reasons, social change and an increase in concern about environmental sustainability, but predominantly change in technology, which has allowed them to create an electric car that is user friendly and efficient.
Product:
The influence of Product refers to the good a business is producing and the service that it is delivering. This influence will affect a large majority of business due to their universal nature, this will also change the production processes and operations of a business. Managers and businesses must constantly change and adapt their products in order to become more competitive, this can be done in a number of ways including an increase in:
• Quality of a good itself
• Value for money (In the eyes of the consumer)
• Customer service
Business operate in a fast paced, dynamic environment, and must constantly evolve to keep up with changing demand and changes in the market. This report will address a range of internal and external influences that impact businesses opportunities and success within the Australian Economy, these influences include;
• Competitive situation
• Technology
• Product
This report will thoroughly explain and demonstrate how these factors are impacting on real businesses opportunities within the Australian economy.
Competitive situation:
Competitive situation and competitive advantage are vital to the success of any given business. These are examples of external influences which means that an individual business has little to no control …show more content…
Often larger businesses are tougher to overcome in a competitive market. An example of how competitive situation has adversely affected the opportunities of an Australian business, is shown through the closure of Aussie Farmers Direct. This business operated within the same industry as the large supermarket chains Coles and Woolworths. All three of these businesses we’re providing the same or similar goods to consumers, however due to their smaller size and their wish to fulfil niche markets, Aussie Farmers Direct was unable to compete with the scale and resources that these supermarket chains have. This meant that they had higher prices and hence lost customers, over time their market share decreased so much that they were no longer making a profit and were hence forced to cease …show more content…
Jaguar has recently gone through the process of designing and building its first fully electric car in Australia. They have also backed this launch by placing numerous charging stations across Australian cities. Jaguar have done this for a number of reasons, social change and an increase in concern about environmental sustainability, but predominantly change in technology, which has allowed them to create an electric car that is user friendly and efficient.
Product:
The influence of Product refers to the good a business is producing and the service that it is delivering. This influence will affect a large majority of business due to their universal nature, this will also change the production processes and operations of a business. Managers and businesses must constantly change and adapt their products in order to become more competitive, this can be done in a number of ways including an increase in:
• Quality of a good itself
• Value for money (In the eyes of the consumer)
• Customer service