ECO600 Economics And Finance For Business

Pretend you are a business consultant conducting a business intelligence report for your client, a business in town. You will advise them about their key rival in this industry. You will develop ideas to make their business more successful.

Questions

(i) analyse of competition in the industry in the area you investigated, including any developments in the competition there (new businesses entering etc.) + select one of those businesses and recommend how you will improve their competitiveness

(ii) analyse how the two businesses have been growing their businesses + recommend how your selected business could grow better and be the larger/more dominant business

(iii) analyse how both businesses set the prices for their products and use non-price strategies to attract customers + recommend your chosen business could modify its prices or introduce its non-price strategies to secure more customers or sale

How to carry out an ‘analysis’?

Analysis is important to get good marks. To do this, don’t just describe what you saw.

What you need to do is demonstrate you have analysed your observations in an intelligent and creative way to find and discuss the patterns in the way the two businesses operate (how are they different or similar in terms of products, prices, they type of customers they target etc.). Provide the reader with interesting insights about the business strategies they use and intelligent business strategies you can proposed based on what you discovered.

Compare. Contrast. Evaluate. Argue. Propose. When possible, support your ideas with secondary data.

So, as ‘analysis’ is more than just describing what you saw. It is not just saying, “I saw this or that” or “the business uses this price… the businesses uses this strategy”.