Business connection The Key in perfect competition Managing costs Research Essay

Canada boasts of organism among the worlds richest nations and of the western countries that prepare ultimate supplement over the economic system, it is ranked in 10th place. It has an array of different industries characterized by a buzzing and quite rapid growth and development and performance in the industries is solely mechanized. Due to its shifts it too happens to be a section of the G8 as well as Organization for Economic Cooperation and Development. Industries in Canada ar high-tech and aid state of the art technology and mechanization.Canadas microeconomic issuesCh t reveal ensembleenges however do go in its way both intern ally and externally a good ex adeninele being the world economic crisis of 2009 which sawing machine to its financial stability regression and mevery employees losing their jobs since a majority of the industries could non sustain themselves let alone their bombastic numbers of labor force. antecedently the global economic downturn that ha d hit the US had led to a colossal fluctuation of securities industry prices resulting in a massive downslope of Canadas moolah.Despite the aforementioned global challenges, Canada like any another(prenominal) business has had its equal fair sh are of challenges. Sailing amongst the richest nations of the world, Canada has constantly overstretched its consumption means 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 edge of a high inflation rate despite it being among the worlds countries with the least unemployed people. Canada has for a presbyopic era failed to embrace the art of internationalist competition.Business connection the key in perfection competition- managing costsDue to the trend in which the world has rancid into a digital one with top notch technological systems being installed, and almost all operations going digital, leading to high s ocietys merchandising their merchandise on the internet. E-marketing is the most productive tool for any business that wants to thrive and stand way above its competitors and colossally out slipway traditional methods of marketing. The largest proportion of the worlds population is now attached to the internet and in a bid to connect to large flock round the globe, e-marketing comes in handy as a business is fitted to have a wide presence ensuring it lures a wide florilegium of customers internationally which in the long run culminates into the go with effectively managing its costs. groundbreaking communication methods have been changing with cadence and it is therefore essential for the conjunction to be up to speed with the changing technological advancements. According to (quirk biz), when correctly implemented, return on spendment from e-marketing exceedingly outdo traditional methods of marketing not to mention it is at the forefront of redefinition for businesses t o effectively interact with their customers. By adopting unique and state of the art e-marketing strategies, the company is qualified to effectively shine its competitors.A company can also maximize on its coveted profits by correctively locateing its target market and capitalizing on meeting and fulfill their assumes so as to build on customer inscription which reflects into high profit returns. This can be effectively done by emphasizing on the research of original research. That which lured customers to the companys operate and products should be used as a strength thus improve on in a bid to bait a large occupation of the companys target market. (Lead forensics) advice on the need to declare out intelligence beforehand so as to clearly identify the needs of the purposed target audience thus the need to use incumbent pop culture. In the spirit of stuning competition and managing costs effectively, the company ought to rise a notch higher than its competitors by tak ing up unique strategies that outdo its competitors. Such as getting into video savvy. This is a plus to any business as it offers the company the platform to guide case 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 operate and it would be guaranteed of effectively beating its competitors as its target trade give always 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 enjoy a massive return on investments having cut on a lot of miscellaneous costs and expenses. It is also essential to go for in attend the customers buy attitudes and behavior thus capitalizing on the pros. drop on research on consumer behavior is quite instrumental as the company is able to get the niche in the industry and slowly manipulate and take leverage over the market share. This can be efficiently and effectively done through a proper see 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 appreciation of the overview market share. A clear outline of a research think should also be in calculated in the companys research process. This is to make sure that the company is up to date with all possible avenues for doing business. All this with stand up, it is essential for the company to bear in mind the psychographics of its customers through a comprehensive research process so as to determine consumer behavior by looking into the attitudes of potential and kinetic clientele as well as pinpoint its customers purch asing behavior. It is possible 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 emphasizing on them so as to retain the customers and lure more than aboard. A company can effectively manage its costs by researching on the other places their customers or other customers shop for products and services identical 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 back the customers, all this with an aim 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 minute on prices hence it is important for a company to work on its prices so as to enhance on cust omer 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 interjection on trade regulations helps in creating a perfect atmosphere for doing trade among various 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 debate summaryIn summary, the debate connection is aimed at providing companies with the knowhow on market penetration as well as rest out from the rest with an intent of taking leverage over the market share hence beating competition from its r ival 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 friendly competition.By adopting strategies mentioned in the debate, a company is assured of increase on their return on investments as well as standing out from the rest.The connection debates consNot all businesses uphold friendly 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 communication channel from Canadas economic state, the country has failed to efficiently diversify its target international trade first mates and concentrated on only one trade partner the US which is a risky trend as its stability entirely relies on the US economy. In an event of the downfall of the US economy, then(prenomi nal) Canadas economy is bound to fail.ReferencebusbusBritany Lee fries. November, 2009. Environment the type of economy and level 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 launching & 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 winning ideas to beat your competitors at content. Retrieved from http//www.leadforensics.comSource document