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Managerial Economics - Research Paper Example

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Application of Managerial Economics Name University Professor Course Date ABSTRACT The study discusses the decision-making of the management of a design company that plans to create new design packages to offer to its current and prospective clients. The new packages will allow the company to receive higher profit…
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Download file to see previous pages Designers split their focus in making the current designs for their clients while having time to produce designs for the upcoming promotional activities for the new packages. It was found out that the current plan of making new design packages may push the company to many opportunity costs. Alternatives may be needed, such as getting talented workers from developing countries through freelance sites to finish the project while continuing the planned release of new packages. Application of Managerial Economics Executive Summary The company named Graphic Design Works specializes in graphic design as a product for other companies like small businesses and startup companies. The management comes to a point where it needs to decide to add new packages that may increase the profits of the company. In addition, the decision-making body plans to expand the ventures of the company towards software development, networking and business process outsourcing. It means the company may hire new workers when it expands its business operations. For the company to expand, it requires huge amount of capital; the profits from the new packages may help in this if ever the launching and sales will be successful. The expansion may commence once the target profit is hit through the campaigns and promotions to popularize the new design packages for the clients to enjoy. The packages include various custom designs for merchandise, emails, webpage, logo and stationery with corresponding number of designs. Campaigns will be implemented through postings in the official website of Graphic Design Works, massive email advertising, article postings on web magazines, free ad postings, producing television commercials and radio announcements, post mail advertising, visiting corporate offices and phoning the potential customers. The company thinks of continuing the new packages to be offered to their past and present clients and even expand their market via promotions using traditional media with some touch of online advertising. Traditional media like newspapers, radio and television have already solid set of viewers that the company may tap to produce sales for their new packages. On the other hand, the internet allows any business to save while reaching global audience but with less developed tactics and strategies as of the moment. The potential of the internet shows that more people can start their business with low capital and target a wider market. In addition, companies can hire employees from overseas entirely online which saves them from spending too much on manpower. Graphic Design Works looks at the conditions as opportunities since more startup businesses mean more potential clients to convince which may lead to more sales and profit for the company. Other than that, the company also plans to target ordinary people without businesses by offering them design packages for parties or personal messages. Traditional media also become big opportunities for the company as more people are acquainted to view them since they are already part of the culture unlike the internet which still experiences many developments to cope up with the traditional media. When it comes to production decision, Graphic Design Works does not worry about the needed materials and equipment to create the packages. Computers, software and professional graphic designers are the ones needed for the job. Since computers become cheaper ...Download file to see next pagesRead More
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