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Establishing a continuing business model innovation process - Essay Example

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Short term and long term small and big companies strategies must be based on the current economy movements and expected future trends with strategy being easily adoptable to any possible external or internal to economy shocks. As the Federal Reserve chairman stated, the economy in the nearest year will suffer from the largely increased crude oil prices and gas prices, the negative affect of which is aggravated by the hurricanes which made consuming oil from some plants impossible with overall world demand for these energy resources being a way ahead of the supply…
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Establishing a continuing business model innovation process
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Download file to see previous pages Nevertheless, before the hurricanes hit, the trends were rather positive and some economists argue that the economy will smooth into the recovery phase with growth of demand and overall production.
The GDP growth is attributable mainly to the structural productivity growth though the employment rates were revealing job losses over the country. The main target of the national banks in different countries is to precisely monitor the affect of inflationary pressure and low interest rates on the employment and GDP development. Another point of concern in the longer term is the growing rate of federal expenditure on health and retirement programs and in case of larger debt service to GDP the economy will be hit tremendously. To summarize, the outlooks are positive in the short term for production companies not heavily dependant on oil and gas prices, and is more favorable in the long term with certain risks being in place nevertheless. Company managers should strive their best to implement energy saving strategies in order to cut down the value of this cost variable within their overall cost structure and should rush to invest as much as possible into new products which could be delivered to the market very soon.
Alan Greesley decided not to give any precise outlook for the economy development in the long term due to increasing baby boomers retiring factor, huge oil and gas prices and no precise way to estimate the path through mechanism of higher interest rates and inflation. The policy makers should invest as much as possible now to implement technology innovations to provide cost reduction methodologies. Keeping the US quality, this will guarantee it competitive position in the markets. The economy must go through reformation which is happening now.
The gross domestic product growth depends on the demand and the ability of consumers within the economy to realize their demand for specific products. The demand for the product depends on the utility function of this product and how much utility the product can provide to the customer. The utility of the product is the tradeoff of the qualities of the specific product in return of the quality and ability of this good to satisfy specific consumer needs. The demand of the product is the price sensitive and the good is considered normal if the demand for this product rises if the price falls. On the other hand, demand falls with rising price when the utility function is at its' break point and the utility provided to the customer from purchasing this product is less than the price to be paid for it.
Price sensitivity of the product depends on the amount of substitutes available to the customers. In case of few substitutes available and the product being a normal product, the demand will grow with the falling price and visa versa. On the other hand, if the product is normal but there are several substitutes to this product, or the products different in some qualities but providing the same function to the customer, up to certain specific preference point, the customer will be choosing this product and then will switch to another one. For example, with the expectations of growing demand in the short term and falling in the long ...Download file to see next pagesRead More
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