Today’s business world is characterized by many variables. These variables range from technological innovations such as the smart watch, emerging market trends and competitors to challenges faced by the skilled trades and occupations. The factors have either made business simplified or sophisticated in equal measure.
The product smart watch
This is a technological device which gives business a rather advanced outlook. It has made communication in business effective and efficient. It has the capability to accord various individuals, for instance business persons, the flexibility and portability they crave for in executing their daily business transactions. This is due to its possession of diversified features such as:
1) The ability to store and retrieval large amounts of data
The smart watch is a smaller version of a computer. Therefore, it has the competence to store vital information as well as retrieved it from multiple sources when the need arises.
2) The ability to carry out telephone transactions more conveniently
The smart watch is located on your wrist as opposed to your smart phone which in most cases is always in your pocket. This means that with the smart watch, the likelihood of missing that important or emergent business call is almost nil.
3) Incorporative capacity
The smart watch is able to carry out communication with other technological devices such as the modem. This characteristic makes it possible to engage a wide range of technologies to communicate with various stakeholders or to carry out various business tasks
Dealing with market trends and competitors
Market trends and competitors are two concepts which must exist in any business context. They are avenues through which a business is able to nurture a culture of creativity, innovation and diversity through brainstorming and implementing market tactics and techniques which are unique and are applicable to the prevailing market conditions. The following ways address these issues:
1) Embrace high level market awareness and sustainability
A business deals with understanding the emerging market trends and the various players in the market. This is possible through constant market research and transforming the information derived to advice for the business.
2) Establishing a competitive niche in the market
This is done through benchmarking with other businesses in order to identify the strategies they use and polish on your own strategies. It can also be through having a major resource such as exceptional research skills, state of the art technology or financial power.
3) Product diversification and differentiation
This is a marketing strategy through which the needs, tastes and preferences of customers are achieved. Introducing a variety of brands of the same product is essential since it gives customers the freedom to choose their most preferred brand. Using unique designs, colors and proper packaging and la-belling not only helps to outwit competitors but also improves and maintains the corporate image and reputation of a business.
Issues faced by the skilled trades and occupations
1) Customer satisfaction
Customers are dynamic stakeholders with different needs. They are one of the pillars of any business. It is challenging to offer exceptional and relevant services to each one of them. This necessitates the need to carry out demographic surveys and analysis to find out their needs.
The need for integration in all domains of life by different countries is inevitable in this era. Characterized by technological innovations, globalization has really affected skilled trades and occupations. Professionals have to from time to time advance their technological know-how to keep abreast of new technologies. They have to also advance their professionalism through further studies in order to address the needs of the global market.
3) Gender stereotypes
There are still occupations deemed to be the preserve of the men. For example, occupations such as engineering are consider to be exclusively for men. This bars women who are professionals in this occupations the opportunity to venture into these fields.
The aforementioned variables are just but a few of the issues surrounding the business context and how they impact on it.