Business connection The Key in perfect competition Managing costs Research Essay

Canada boasts of beingness among the humannesss richest nations and of the western countries that arrive at ultimate supplement everywhere the economy, it is ranked in 10th place. It has an array of different industries characterized by a buzzing and quite rapid growth and development and production in the industries is entirely mechanized. Due to its merchandises it as well happens to be a member of the G8 as well as Organization for Economic Cooperation and Development. Industries in Canada are spunky tech and uphold state of the art technology and mechanization.Canadas microeconomic issuesChallenges yet do come its way both internally and externally a good ex adenosine monophosphatele being the world economic crisis of 2009 which saw to its pecuniary stability regression and m whatsoever employees losing their jobs since a majority of the industries could not hold water themselves let alone their large numbers of labor force. Previously the globose economic downturn tha t had hit the US had led to a antiophthalmic factorle fluctuation of grocery store prices resulting in a massive decline of Canadas lettuce.Despite the aforementioned global challenges, Canada like any other assembly line has had its equal fair luck of challenges. Sailing amongst the richest nations of the world, Canada has constantly overstretched its spending heart and soul leaving it with a huge burden of debts. According to the (Globe and Mail), it stands at a deficit of 3.3% of its GDP. Its lack of an economic slack makes it stand on the parade of a high inflation rate despite it being among the worlds countries with the least unemployed people. Canada has for a long date failed to take over the art of international competition.Business connection the key in graven image competition- managing costsDue to the trend in which the world has turned into a digital one with top notch technological systems being installed, and ab turn turn up all operations going digital, leading to phoners trade their merchandise on the mesh. E- securities industrying is the most productive tool for any business that wants to thrive and stand way above its competitors and colossally appear ways traditionalistic methods of marketing. The largest proportion of the worlds bug outulation is now connected to the internet and in a bid to connect to large masses metre the globe, e-marketing comes in handy as a business is able to have a wide presence ensuring it invites a wide variety of customers internationally which in the long put to death culminates into the follow effectively managing its costs. Modern intercourse methods have been changing with time and it is therefore essential for the company to be up to speed with the changing technological advancements. According to (quirk biz), when correctly implemented, lead on investment from e-marketing exceedingly outdo traditional methods of marketing not to mention it is at the forefront of redefinition for businesses to effectively interact with their customers. By adopting alone(p) and state of the art e-marketing strategies, the company is able to effectively outshine its competitors.A company corporation also maximize on its desired profits by correctively identifying its tar get off market and capitalizing on meeting and satisfying their demand so as to build on customer loyalty which reflects into high profit returns. This can be effectively make by accenting on the interrogation of original research. That which lured customers to the companys services and products should be used as a strength consequently improved on in a bid to bait a large business organisation of the companys target market. (Lead forensics) advice on the need to carry out intelligence beforehand so as to clearly identify the unavoidably of the purposed target audience thus the need to use current pop culture. In the spirit of beating competition and managing costs effectively, the company ought to fu ll a notch higher than its competitors by taking up anomalous strategies that outdo its competitors. Such as getting into video savvy. This is a summing up to any business as it offers the company the platform to show reason their unique attributes. Through this the company can also invest in animations for putting up their advertisements and is suitable for advertisements on both products and services and it would be guaranteed of effectively beating its competitors as its target clientele impart invariably identify to the video ad.The demographic and lifestyle segmentation of target consumers helps the company in getting a clear picture of their clienteles needs in terms of age, marital status, religious beliefs among others hence getting a clear mode of communication to them with an inclusive need of their lifestyles as well as cultures. By so doing, the company is able to sleep with a massive return on investments having cut on a lot of miscellaneous costs and expenses. I t is also essential to bear in mind the customers purchasing attitudes and behavior thus capitalizing on the pros. investing on research on consumer behavior is quite instrumental as the company is able to get the niche in the industry and easily set and take leverage over the market share. This can be efficiently and effectively done with a proper survey of the market and observing the target customers needs and preferences.The company can also invest in qualitative studies so as to get up to date with the industry and a clear understanding of the overview market share. A clear outline of a research plan should also be in calculated in the companys research process. This is to make sure that the company is up to date with all contingent avenues for doing business. All this withstanding, it is essential for the company to bear in mind the psychographics of its customers through a comprehensive research process so as to desex consumer behavior by looking into the attitudes of po tential and kinetic clientele as well as pinpoint its customers purchasing behavior. It is thinkable for a company to build on customer loyalty hence customer retention and this can effectively be managed by capitalizing on the purchasing behavior of the customers hence improving on them or evince on them so as to retain the customers and lure more aboard. A company can effectively manage its costs by researching on the other places their customers or other customers shop for products and services same as its. This would give it insight on how operations are carried out in the other companies and serve as an eye opener on what woos the customers to them and in turn work on their strategies to lure tolerate the customers, all this with an excogitation of being on top of their customers. The customer can also lure its customers by rewarding them for shopping at their outlets hence ensuring they come back another time. Quite a number of customers are sensitive on prices hence it is important for a company to work on its prices so as to enhance on customer retention. This can be done using the varieties of pricing techniques. Promotions are a plus in any given industry thus it is advisable that the company does promotions for its products from time to time and rewarding its loyal customers. This would out rightly beat its competitions as customers will constantly be reminded of the companys merchandise. Effective public relations should not be overlooked as they also are a place in any business. Governments intervention on trade regulations helps in creating a perfect atmosphere for doing trade among several(a) businesses offering the same merchandise since competition is regulated and cattish strategies aimed at seeing to the downfall of a specific company cannot be initiated.connection line summaryIn summary, the debate connection is aimed at providing companies with the knowhow on market penetration as well as standing out from the rest with an intent of taking leverage over the market share hence beating competition from its rival companies. This in the long run aids the company in managing its costs through profits maximization.The connections debates prosThe debate is aimed at aiding companies in taking a leverage over others in the same industries as theirs which is good in creating companionate competition.By adopting strategies mentioned in the debate, a company is assured of increasing on their return on investments as well as standing out from the rest.The connection debates consNot all businesses uphold intimate business competition strategies as some can have the malicious intent of tarnishing a different companys names so as to take entire leverage over the industry.Basing an argument from Canadas economic state, the country has failed to efficiently diversify its target international trade partners and concentrated on only one trade partner the US which is a risky trend as its stability entirely relies on the US econo my. In an event of the downfall of the US economy, then Canadas economy is bound to fail.ReferencebusbusBritany Lee fries. November, 2009. Environment the type of economy and direct of industrialization in Canada. Retrieved from http//www.canada-britanyleefries.blogspot.comIndex Mundi. August, 2014. Canada economy profile 2014. Retrieved from http//www.indexmundi.comThe heritage foundation & wall street journal. Canada 2014 index economic freedom. Retrieved from http//www.herutage.orgThe Globe and Mail, 2013. Canadas 7 deadly economic problems. Retrieved from http//www.theglobeandmail.comFred lazar, 1981. The new protectionism non-tariff barriers and their effects on Canada. James Lorimar & amp company.Elijah M. James, 2008. Chapter 11. Microeconomics. Published by Pearson education CanadaLead Forensics, June 2014. 3 taking ideas to beat your competitors at content. Retrieved from http//www.leadforensics.comSource document