Business opportunities
Business opportunities can be vast of selection but require reasonable shaping to survive in the competitive market. Every business has to go through stages such as fluctuations, especially when the performance is on decline or fluctuations. Such stages require changes and adjustments to exempt a business from collapsing. Sometimes, market pricing may differ depending on different business times, causing organizations and businesspersons to have varied approaches towards the price index of goods and services. This essay evaluates various business approaches needed to reshape opportunities in the market share while getting a competitive advantage.
Q.1
Change management is the right movement for any business aspiring to succeed for various reasons, including; reviving from a decline, getting a competitive advantage to enhance workplace cohesiveness, and improve performances. The importance of a business to change comes with massive development in terms of transitions right from management to casual workers. A changed business may undergo innovations and redirections, which exposes it to more potential customers and investors. Another benefit is that a business gains stability in operations such that the management can work on its strengths and weaknesses hence consistently maintain profitability index and achieve set goals.
As much as any change initiated in business is essential, not everybody accepts and embraces change. Most of the time, human dimensions cause resistance by people questioning the motives behind suggested changes. Whenever a change of terms is mentioned at a business unit, concerned members may develop mistrust and link it to the management’s maliciousness. Similarly, unplanned changes cause fear and uncertainty such that some employees may think their work is at risk, and the future of operations becomes sketchy. Other people may resist because they are unwilling to adjust from their usual and accustomed operations, which is sometimes referred to as their comfort zone.
Concerning Covid-19, changes in business were untimely as everyone worried about their health. Workers who had to operate remotely counter challenges away from the office by being goal-oriented. Most organizations leased off their employees to get a balance between expected payout and profit made during the pandemic season. An example is that eateries were among banned places to enable social distancing; therefore, any management laid off 80% of their workers since they depended on customers for salaries and wages.
Q.2
The two approaches in this situation are parallel, considering different business times of their operations. One significant contrast between them is the market value, which can depreciate or increase depending on changes in customers’ tastes and preferences. Similarly, market prices undergo fluctuations over time, making the two approaches have a logic regarding sale prices. Current cost and assets compared to previous times is the basis of having different standoff or secondary purchase prices. Another reason why there is a standoff in price proposals is because of the unpredictable demand of the property on sale and time target by the second buyer before reselling it; it is unclear whether the projection is short –term or long term.
I am not in agreement with the financial manager as he uses fair value accounting, where market value is most considered than the value of the property. True to his argument, accounting information can be traced to ascertain a price that has changed over time but is inconsiderate of audit trail. I do not support his approach because historical cost accounting relates past market times to current ones considering both the appreciation and depreciation values. Original pricing fifty years ago may be relatively lower, but also the monetary value was higher. In the real business, market pricing goes in hand with economic state and is equitable to current market value, basing on critical financial analyses. In agreement with the estate appraiser’s argument, price inflation is possible considering future expectations and projections of a business. There is a chance of higher sales due to demographic changes, which are predicted to favor real estate based on historical data. Additionally, in this case, the financial conditions of business are stable, making it reasonable to bid for higher selling price because of the current cost, which is slightly higher than in the last fifty years.
Q.3
Internal marketing is strategically designing an organization to incorporate uniformity among employees during business transactions, i.e., sale services. A profit-oriented organization will always be keen on customer service, therefore, paying much attention to the employee to customer relations. Internal marketing, therefore, improves the behavioral approach, which gives it a good reputation that enables it to get a competitive advantage. The most crucial part of internal marketing is that organizations can remain controlled, and needed changes are made to keep high performance through customer loyalty regardless of pricing.
Most companies targeting to reach their goals embrace internal marketing, as it gives them an easy market penetration. Employees who develop customer-oriented attitude give customers value for money and enhance satisfaction, which is demonstrated by overwhelming sales over a short period. An employee enhances service provision and has developed a sense of identity affiliated to their work brand. Most workers get motivated to be brand ambassadors based on how well the management has strategized and is implementing internal marketing. A unified focus among employees is considered beneficial because employees appreciate work than only focusing on salaries and profits; they take customer feedback seriously and handle complaints appropriately. While organizations major on internal marketing, they strengthen customer-staff interactions, which is a chance to monitor business progress in the market share. Staff can quickly get relevant information about consumer preferences and wants, state of competitors, and evaluate external environment progressive sales and profits. Most importantly, an organization can get promotion in the market share and decide to hike prices regardless of the market price. At this time, the organization enjoys high sales due to excellent services.
Conclusively, the business operation requires being more customer-oriented- than profit-oriented for better performance in the market. At some point, strategic change is needed to keep a business on the intended purpose by means which will get less resistance. In an adverse situation, involved business parties need to have a common ground regarding sale prices and market value.