Factors That Are to Be Considered by a New Business to Venture Into the Market

Paper Type:  Course work
Pages:  2
Wordcount:  471 Words
Date:  2022-05-17

Introduction

For the various small and new emerging business organizations, consistent progress and entirely meeting the global standards is a significant undertaking that should positively affect the existing various business activities. Therefore, it is squarely upon the chief executive officers and all the leaders of the Amazon to clearly understand if the impact of the business rewards outweighs the existing risks.

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Customer Obsession

True customer obsession entails making the esteemed customers into fans who subscribe to, advocate for and keep coming back to the business firm. It starts by understanding and considering the customer's goals and how the offerings of the business can help, this should be entirely premised on the research phase. The research should bring on board valuable and important insights into the personal and consumer's business-oriented goal. These insights should guide the behavior and communication mechanisms between the business and its customers, the business should be able to discover customers various needs and positively respond to them. All these should be accompanied by the good business leadership which centrally drives the customer obsession.

A Skeptical view of Proxies

In most cases proxy advisory oriented businesses are commonly not regulated by both the government and business policies and regulations. The various boards of most public companies are steadily being assessed strategies which are short-term in nature. Investors and stockholders which entirely relies greatly on proxy advisory business to decide on important voting decisions. Proxy advisory enhances unhealthy influence since it does not subscribe to the well-stipulated ethical concepts, clearly, proxy advisors are not always geared towards the provision of value to the business plan.

Adoption of External trends

External trends or factors may seemingly have less to do with the business firm but can consistently have great influence and effects that forces the business to change its strategies in order to remain effective and competitive. The economy is one of the external trends and when the economic conditions are not bright then the business should adjust its strategies accordingly. Culture is also an external trend which dictates the individual's values and even informs the nature of products they purchase. Technology and the political climate are also key external trends which must be put into consideration.

The high velocity of Decision Making

The high velocity of decision making is paramount to the success of the business firm. Currently, many businesses are switching from developing and sustaining a single benefit over time to a number of short-term benefits that can be concatenated over a short period of time. In order to achieve these short-term benefits, the business leadership should the speed at which key decision is made on the prevailing circumstances. According to the research, faster and more informed decision making is attributed to better performance and is directly connected to the use of real-time information, various alternatives and decision integration.

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Factors That Are to Be Considered by a New Business to Venture Into the Market. (2022, May 17). Retrieved from https://proessays.net/essays/factors-that-are-to-be-considered-by-a-new-business-to-venture-into-the-market

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