Write a 7 pages paper on the economics and management of small business. The changes in people’s lifestyle have seen small business either closed down or make more profits. For rigid companies that are not yet ready to adhere to the changes of the people, have been ignored as people try to look for businesses that can provide what they really need currently. This has not only affected the small businesses but also the international companies that are found in developing areas like North America, Western Europe, Japan, and Australia. Such companies produce goods and services targeting people all over the world. Thus they have to know what cultures people hold in different areas so that their products can be marketable. This has led to so many companies conducting research before implementing any project within a country (Starkey, 2001).
Even though culture is becoming global, there are some countries where people have decided to hold their cultures and all business entities have to be put such things into consideration. Countries like Japan hold their cultures strictly thus it is hard for an American company to ignore such issues while it is exporting its products or services to Japan. It has to put the Japanese culture into consideration so that the businesses can sell their products and services successfully. Moreover, the businesses have learned to be a little bit flexible as they export their goods, they also consider that other people with different cultural backgrounds can be found in specific areas. For example, a company built in London will produce goods that will definitely put the Japanese culture into consideration but it will also consider the Europeans who are living in Japan. Thus the country will tend to export more of the Japanese oriented goods and at the same time some for those Europeans. Thus small entities are now growing because they have become very flexible in adapting their production of goods and services to the lifestyle changes of the people. This has also increased the competitiveness of the small businesses making them expand and thus becoming big.
Marketing strategies are now changing and the companies are now implementing new strategies. Due to the changes in people’s lifestyles, companies need to implement new communication strategies to ensure that they reach their customers effectively. People have become very computer oriented thus communication today is mostly through the use of computers and mobile phones that have features of the computer. For this reason, businesses have their own websites that provide information on the services they provide. Some even transact their businesses via the internet. They also allow customers to ask questions on issues that they do not understand. This has seen so many businesses flourish by using current technologies (Starkey, 2001).