Essay Sample on Business Consultancy

Business consultancy is the act of setting a firm which specializes on giving technical advice to various businesses. The consultants have the ability to predict the future and knowledge to see through the impossibilities which makes people vulnerable. A business consultant firm is expected by law to act with a set standard ethical norms which do not violate the rights of others as well as misguiding their clients. They are thus required to possess numerous qualities.

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The employees of a business consultancy must act with due honesty to avoid misleading and giving false information to their clients who are greatly having hopes on them. A social norm is the informal understanding which governs the manners of members of the society (Fielding 1988). Furthermore, in the social psychology, the model is emphasized that can guide the behavior of a particular environment or situation. In psychological definition social norm exists in two dimensions notably, how much a manner exhibited as well as how high the group approves of that manner. All of these used normative messages alter subsequent behavior and norms together. Consequently, rules can change depending on contingent observation of the act of others.

The choice of a locality of business requires an elaborate market analysis which is aimed at establishing the market factors. The market factors are very important since they help an entrepreneur to come up with market strategies which is meant at maximizing profit. Market analysis is a qualitative and quantitative study of a market which always look into the size of the market structure both in volume and in physical value and including different customer segmentation and purchasing patterns, competition, and economic environment. In terms of barriers to entry and regulation that governs the types of markets (Foley, & Manova 2014).

Secondly, a consultant firm must conduct themselves with much professionalism as a way of building trust in their customers. Iceland is centrally located between green land, forelands and Norway. It is located on the Western Europe which makes it very cold compared to other members of the European Union. As a result of the cold temperatures, the demand for coffee is quite high. It would thus mean that coffee selling will thrive very well without much challenge. The market needs of Iceland can thus easily be met by coffee business. Ideally, a successful business should be a business which meets the market needs which involves the consumers' desires and wants they expect to be satisfied by the product.

Thirdly, even though a country can be very small, it has high population with high purchasing power. The high purchasing power will help to accelerate the rate of stock turn over for Marvin and Smith's coffee shop. The high purchasing power will also ensure that all the products are sold with a reasonable time frame maximization of profits. When considering demography, it is very important to look at the ability of the existing population to purchase and then practice market segmentation where products produced are not only affordable to all but also producing different packages targeting different ages and incomes (Grasmick, Tittle, Bursik & Arneklev 1993).. To achieve this, we make an appropriate advertisement plan using the market communications such as the social flat forms and audio-visual effects such as the TV, the seller should first consider the demographics and segmentation of a market.