How Companies Can Increase the Market Reward

Subject: Strategic Management
Pages: 3
Words: 792
Reading time:
4 min
Study level: Bachelor

Corporations have distinctive ways of increasing their market rewards to sustain their operations. The construction of good leadership skills in enterprises increases the outcome since the employees exploit their potential in service delivery. In addition, people can express their opinions regarding market performance by accessing their services, which impacts individuals positively. The firms need to increase their market rewards by deploying new business techniques, good communication practices, and contracting technology to accomplish viable activities.

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Companies apply new business strategies such as cost leadership skills and focus on representing the customer’s wants by competing vigorously to produce quality products. The firm must be different from its competitors to have a competitive advantage in society (Rehman & Anwar, 2019). The enterprises should be defensive to their targeted goals to maintain sustainable business environments and improvements, which boost their operations. In addition, corporates should focus on long-term and short-term strategic conveniences to ensure clients purchase the products.

For corporates to maintain a higher zone in manufacturing, they must employ various sustainable practices suitable for institutions. Firms should effectively deploy exercises such as strict working policies, partnerships with employees, and good governance to maintain high market rewards (Klochkov, Gazizulina & Muralidharan, 2019). Many firms use strong working conditions to limit the employees from misconducting during work time by creating tight schedules. Policies implemented by the firm leaders regulate the business tasks to meet the targeted goals effectively. The leadership expressed by the managers should be exemplarily emulated by the workers’ to improve the level of commitment to service delivery.

Communication in a company plays a vital role in generating new ideas in the business context, which improves productivity. Enterprises should develop partnerships and establish efficient communication strategies to improve business operations (Mitu, 2021). Consumers protest to communicate their grievances to the companies regarding the low quality of products manufactured. People’s opinions can minimize market rewards by not purchasing the goods, which affect business progress. Managers need to utilize good communication skills, which enable the employees to initiate production standards.

In addition, business managers should explore new marketing strategies internationally to increase their competitiveness in business and maintain a sustainable business. Company leaders have higher expectations from employees’ communication competence in their respective jobs (Karácsony & Bokor, 2021). Communication through advertisements can attract many clients instantly to enable a firm to increase its market rewards. Advertisement is the best marketing technique in businesses that ensures good interaction between the consumer and the producer exists. It is essential to maintain close relationships to meet the set goals and visions that promote sustainable business conditions.

Further, companies should communicate the shortcomings accruing in the operations to the workers to ensure proper risk guidelines execution. Workers generate helpful ideas to diminish the rising challenges by creating innovative venture methods as the aimed goals. It simply postulates that intelligent employees can increase the profit benefits outlined in the operations. It is crucial to use the appropriate risk management measures to improve the market rewards to enterprises by increasing innovative strategies. For a company to thrive well, it is essential to utilize technology that increases the production level and minimizes time consumption in manufacturing procedures.

Scientific knowledge in production can minimize human labor since technology consumes less time in production. Corporations should adopt new advanced machinery and equipment in their business operations to increase production levels (Clauss, 2017). In addition, Companies should procure the most improvised tools to meet the client’s desires by producing quality goods at lower prices. The application of new technological methods in manufacturing requires a combination of existing resources to increase the output of products. Customer satisfaction relies on the quality of goods delivered by firms, and thus corporates need to produce quality and affordable goods for the consumers.

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Firms should integrate their economic goals effectively by creating data centers that provide easy, stable, secure; provide cost-effective data storage and processing services for businesses. Further, they should establish and maintain small and medium-sized organizations that depend on digital platforms to run their institutions (Bulturbayevich & Jurayevich, 2020). In addition, companies should introduce electronic payments, remote access, and other electronic forms of banking and finance activities to minimize financial theft and insecurity. Transmission of data electronically is essential in institutions, and therefore, firms should employ experienced experts in information and technology perspectives.

Individuals’ attitudes towards business performance influence business functions. The adoption of technology in business is crucial in reducing corruption, which is the cause of the decline of enterprises. Companies should impose strict communication measures on their employees to increase the expectations in service delivery. In addition, the restriction of business strategies in market functions illustrates a secure way of maintaining higher levels of rewards, which are an achievement in business functions when proper guidelines are executed effectively.

References

Bulturbayevich, M. B., & Jurayevich, M. B. (2020). The impact of the digital economy on economic growth. International Journal of Business, Law, and Education, 1(1), 4-7.

Clauss, T. (2017). Measuring business model innovation: conceptualization, scale development, and proof of performance. R& D Management, 47(3), 385-403. Web.

Karácsony, P., & Bokor, T. (2021). Importance of competencies in communication, as perceived by business leaders. Periodica Polytechnica Social and Management Sciences, 29(2), 115-124. Web.

Klochkov, Y., Gazizulina, A., & Muralidharan, K. (2019). Lean six sigma for sustainable business practices: a case study and standardization. International Journal for Quality Research, 13(1), 47–74.

Mitu, N. E. (2021). Importance of Communication in Public Administration. Revista de Stiinte Politice, (69), 134-145.

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Rehman, A. U., & Anwar, M. (2019). Mediating role of enterprise risk management practices between business strategy and SME performance. Small Enterprise Research, 26(2), 207-227. Web.