The Advantage of Knowing the Business Environment Research Paper

The Advantage of Knowing the Business Environment - Research Paper Example As the discussion highlights  information technology has been the driving force of economic development, while reformist asserts that government contributes to changes in the environment through their monetary and fiscal policy. Government legislates regulation that the companies are mandated to follow such as labor codes, and health and sanitation; hence, the firms’ movement is restricted. Moreover, they are subjected to international and local policies that may alter their business strategies. Although globalization has been associated with the trends in technological innovation, it also signifies the penetration of an international firm to local markets. Business sectors that aim to expand their market size are governed by the political, economic, and social norms.This paper stresses that the view of Keynesian on the role of government is significant in studying the market. Government shapes the operation of a globalized firm. However, with the integration of the internet , global marketers have reached their prospect consumers where no boundaries are set. An example of a global firm is KFC, an American fast-food sector that successfully integrates the Chinese market.  Marketing research is the strategy used by firms to gather relevant information as their basis in devising a marketing plan. The purpose of marketing research is to gain competitive advantage and reduce uncertainty. Competitive Advantage Marketing research aims to study the environment of a particular area. The environment contains factors that can affect the business operation. In studying the local market, STEP analysis is employed. STEP stands for social, technological, economic, and political factors that are relevant in determining the success of a company. Social factors refer to the demographics (e.g. age, gender, and education), class, values, and etc. To effectively capture the target market of KFC, they must research on the lifestyle, values, and other social attributes necessary in formulating a marketing strategy. The target markets of KFC are younger generation, since they are opened for foreign influence compared to older people. Moreover, technology is utilized in selling products and services. For an instance, KFC must determine the number of households with online access and their pattern of using the internet to become their basis of choosing a medium for adverts. On the one hand, the economic and p olitical factors are relevant in shaping the marketing strategy of a firm. They are concerned with the macro and micro economics that may affect the stability of a company. Thus, the information gathered are compiled and studied to construct a comprehensive plan in winning the market. Gould (2008, p.4) suggests another method of ensuring the company’s success is through SWOT analysis. This analysis is centered on the strengths, weaknesses, opportunities and threats in the external and internal environment of firms. The company enables to know their weaknesses and devise a ‘defensive’ strategy to counteract the ‘offensive’ strategy of the competitors. Thus, if the competitors strike, the company

Discussion topic Assignment Example | Topics and Well Written Essays - 250 words

Discussion topic - Assignment Example Then the researcher randomly select study subjects proportionally from these different strata or subgroups. For example, if a researcher wants to know the performance rate between male and female in a nursing class he/she shall divide the population of the class into two genders, which is male and female. Then the researcher shall select proportional number randomly from the two gender groups (strata) and calculate the rate of performance. This method of sampling techniques involves arranging the study subjects in an orderly manner and then selecting from the subjects at a stated regular interval. Even though this technique has got a random start, but it follows a sequence after the start. For example, when a nurse wants to carry out a study in a medical ward he/she can state that she/he will select a patient on every third bed from the previously selected. A heterogeneous population that is having homogeneity between clusters mean is divided into different groups/clusters in this sampling technique. Then a simple random technique is used to select the study subjects from different clusters. For example, when one wants to study knowledge of hand washing among public primary school children. They shall be divided into different proportionate clusters/groups and then simple random sampling employed to choose the required sample size from the clusters. This is a method of sampling whereby the study subjects are selected because they are easily available or volunteer. For example a nurse performing a study in a hospital, that is near his/her residential