Tuesday, February 11, 2020

Management Accounting Report Essay Example | Topics and Well Written Essays - 1500 words

Management Accounting Report - Essay Example Therefore, while running a business, the management has to focus both on overcoming the current economic hurdles as presented by the existing business environment, as well as focusing on how the anticipated future challenges can be overcome. One of the most vital tools for enhancing business survival in a challenging and competitive business environment is enhanced marketing/outreach efforts (Hoque, 2005 p472). This strategy ensures that a business keep reaching new customers and markets, while ensuring that it still keeps the current market base well informed on its product or service range. Promotion and advertising are strategies that helps a business to remain relevant and competitive, considering that the more the number of people who knows about the existence of the business and its products, the higher the chances of such a business getting more customers. Considering that enhanced marketing/outreach efforts covers both the existing and the prospective clients, a business that advertises and promotes its products is better placed to overcome competition, than a business that does not make any efforts to make more people know about its existence and its offerings (Cullen, et al., 2013, p12). Therefore, in order for organizations to increase both customer and organizational value, enhanced marketing/outreach efforts, aimed at both the current customer base and the potential customer zones, in essential. Knowing and focusing on business Niche Competition in the business environment serves to disorient many business organizations, leaving most of them unsettled on the products or services they would actually offer, or the main client base they are targeting to serve. This is because, the business try to evade the competition by shifting to a different market or product/service offering, where they feel that they may not be faced by stiff competition (Matt, Chenhall, & Euske, 2007 p17). However, considering that the business environment is very dynamic; they end up being faced by the same competitive challenges, thus disorienting the business even further. However, when a business focuses on knowing and serving its niche market, it will understand fully the needs of the customers, and thus tailor-make its products or services to match the specific needs of the niche market (Cullen, et al., 2013, p7). This way, the business is able to cultivate customer loyalty and goodwill, which in turn enhances the repeat purchase from the customers, and thus helps the business to overcome the forces of competition that could face the business (Kloot, 1997 p47). Development of supplier/vendor retention and recruitment programs While the customer is the most important focus for any business organization, the suppliers and the vendors play a very pivotal role in enhancing the success of a business (Matt, Chenhall, & Euske, 2007 p21). The competition in the modern world is not only for the markets and customers, it is also about the sources of cheap and efficient raw materials for a business, and also about a smooth channel of distribution, since all these aspects plays a vital role in enhancing the success of a business, while determining how effective such a business is in the market. Therefore, through

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