Got a tricky question? Receive an answer from students like you! Try us!

Economics - Essay Example

Only on StudentShare
College
Author : ldubuque
Essay
Business
Pages 6 (1506 words)

Summary

Economics Name: Institution: Course: Tutor Introduction A business start up begins with the inception of a business idea; the idea is later transformed to a product or service. After the product or service has been identified it is vital to carry out a comprehensive financial and legal planning…

Extract of sample
Economics

The second step entails getting training that may help an entrepreneur to identify the most suitable sources of business financing (U.S.Small Business Administration, 2013). Therefore, Sonny Erriccsson phone was identified as a product of study, whereby, its life cycle and future market scope has been discussed under the following subheadings. a). Specifically identify the product; its life cycle and the initial and future scope of the market intend to serve. The product in this case entails Sonny Erriccsson phone, this product falls under electronic and communication industry. Sonny Erriccsson phone entails five phases of product life cycle development namely; development phase, introduction phase, growth phase, maturity phase and finally, decline phase. The introduction phases focuses at creating awareness to both new and existing customers about the existence of Sonny Erriccsson phones. However, this stage tends to experience numerous challenges such as low sales volumes, low profits, higher marketing and advertising expenses. On the contrary, is the growth phase, this phase involves creation of brand preference and market share. In addition, sales and profits tend to be higher in this phase as compared to the introduction stage (Grieves & Michael, 2006). ...
Download paper

Related Essays

Austrian Economics
The second prime objective of Menger was to prove that this explanation of commodity-price-formation is not only general but also abstract. The purpose of this explanation was also to correct the German Historical School, which suggests that there are no such universal economic laws that are applicable across different cultures, times and nations. They rejected the “Manchester School’s” requisition on global free trade in view of the universal relevance of the comparative edge (Mises, 1969). Menger being a supporter the rich empirical research of the historicists debated that the…
15 pages (3765 words)
Economics
Because of rationality in making economic decisions people often consider the cost and the benefit of their decision. In most cases, people will make an economic decision anticipating a gain (Hirschey, 2009). When purchasing a house I will expect a gain of value, my decision will therefore be based on the difference between the cost incurred to obtain the house and its value. This essay will give a discussion on the economic implication on my decision to purchase a house. Several principals among the ten economics principals will directly influence my decision towards buying the house.…
5 pages (1255 words)
international economics
47). Knowledge is renowned as one of the competent resources for active global business surroundings (Salvatore 2013, p. 48). Technology relocate is not a simple issue it has prospective to sway the political and financial kindred of countries also (Salvatore 2013, p. 48). Multinational companies are having an exceptional opportunity to relocate the new expertise to the developing countries (Salvatore 2013, p. 49). In fresh times the bond between the technologies conveys and foreign unswerving investment through multinational companies became vital plank of the concern in all global economics…
4 pages (1004 words)
Economics
According to this system of pricing, it is not as the view of Smith and Marshall of the mixed bag where different people participate in production to a common pool and keep the products for all but is a situation where individuals have control over resources (Sandri 13). While people were producing and living in communities in the past, in the current day, people adopted the issue of capitalism where they advocate for individualism. This means that they maximize profit on any opportunities they have and they are therefore, profit maximizing rather than building a community minded and working…
5 pages (1255 words)
Economics
In micro-economic theory, the supply and demand model attempts to describe, explain and predict the price and quantity of goods sold in competitive markets. This model assumes that markets are perfectly competitive i.e. there are many buyers or sellers, none of whom have the capacity to influence the price of goods or services on offer. A simple supply and demand model is as shown below. The slope of the demand curve indicates that a greater quantity will be demanded when the price is lower. Similarly, the supply curve shows that as prices rise, firms will produce more goods or offer more or…
4 pages (1004 words)
Positive Economics
Citing John Neville Keynes, Friedman identifies two types of science - positive science and normative science - whose relevance in economic theory depends on its practical application in economic policy (cited in Friedman 1966, p. 3). Whereas normative science deals with what ought to be, normative economics assists policy makers in crafting economic policies that ethically just, depending on the values they hold. In this regard, positive economics, through positive science dealing with "what is", guides policymaker's judgments by providing them with accurate predictive tools to ensure that…
3 pages (753 words)