The Economic Environment Jamaica Commerce Essay

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Jamaica major sectors of the economy were bauxite, aluminium, tourism, manufacturing and agriculture. Bauxite and alumina had set a pace for Jamaica's economic growth through investment and foreign exchange earnings. Bauxite production declined rapidly in Jamaica in the 1980s because of the recession in the world, aluminium industry, global over supply and the departure of multinational producers. Tourism declined in the1970s but recovered between 1980 and 1986, in which this has become the second most important sector of the economy, manufacturing however a successful investment was but had went through structural changes in the 1980s. All focus was on exports and not domestic market, Agriculture which is known to be the heartbeat of Jamaican economy for centuries, had been decreased since World War II.

During the 1950s and 1960s the bauxite industry had been successful due to the increasing growth rates, even though the bauxite industry had gained success; the economic growth had decreased in 1972 to 1986. Between 1973 and 1980 , Jamaica had experience several years of negative growth, there was a economic downfall in the 1970s, when both labour and capital in Jamaica ,where in skilled labour and investment capital had become a set back to the country. The country was unable to retain its high growth rates over a period of time and still remains vulnerable to decreasing prices and the fluctuating nature in its economy. Due to the fluctuation of the economy it gave the country a shocking image, which covers, internal debt, inflation, unemployment and low worker productivity.

In the 1980s government took responsibility for balancing the economy and try to keep the economy on track by promoting the development of export driven production reducing the current account deficit , as well as eliminating poverty and inequality. Even though the crisis is not one hundred per cent solved, the government of Jamaica is still trying to get at a( 100%) , one hundred per cent rate by using the country's number selling resources. Due to the country's debt, it had cause major downturn for those who own private companies, loans have been set back at a minimum pace and great investments had been put in place for education purpose.

JAMAICA'S CURRENT ECONOMY, the country had made a massive turnaround from the debt crisis, the economy recovered by its winning resources which are known to be , bauxite , alumina and tourism , the country still has not fully recovered due to the resent recession and inflation, which had suffocate a lot of businesses , because of its high rates and prices, business where forced to decrease on their prices for their goods , GRACE KENNEDY for example had tried to fit in the crisis debt, by implementing ways on selling their products at an affordable price but still gained success. The company had drop prices, create specials that are affordable such as packaging a two for one special, which allows the company to gain success from that and still remains successful today.

TECHNOLOGY ENVIRONMENT

The impact of technology on a business environment affects business on many levels. Technology has become frequent in our everyday society, it's fast, convenient to everyone and yet reliable, many outstanding businesses that uses technology has become successful through the use of technology, for e.g. Digicel Jamaica's Bigger ,Better network , has gain its success through the use of technology from a marketing point of view, the business however targets the consumers to purchase technological devices , such as , black berries , tablets, internet modems and lap tops, technology has help the business to gain huge success, hence in other businesses they use technology as their key factor on becoming successful and making a profit , such as telemarketing , which means the producers has to call the consumers to make a profit on selling their company and products.

Technology has become a growth process in everyday living, where in, over the years technology has been increased, few years ago, people had to use the library and type writers to get their work done but in the current years, where technology has increased, the internet has a library online, laptops and desk tops are now the replacements of type writers. Technology has become so rampant that consumers look forward for be fascinated by it. Technology is more efficient to business or organisations; this aids employees to work faster and also convenient in their everyday work.

Because technology had become so advanced, in some businesses employees can work from any location, causing the company to save money, meetings can be done through video conferencing, where in it may cause the business less to those who uses conference centres, causing less expense on air fares and hotel reservation.

Even though technology is a good thing it can also have a negative effect on causing businesses or organisations to lose out on customers , because technology has become so advanced in the 21st century , people can now access a wide variety of businesses on line , such as , online pharmacy , online travel agencies , hair products , phone outlets , even shopping centres , right home , due to this , businesses may not be as profitable as it supposed to be.

SOCIAL ENVIRONMENT

The social environments relates to the business environment in a negative way, which, Jamaica as one of the highest crime rates. Due to high rate of violence within the social environment of Jamaica the business environments suffer the consequences, it prevent the occurrence of the investments climate, and also growth, because of its negative impact, the business leads to loses, arises from theft, extortion and fraud, it jeopardise the development of human capital as well as social capital putting a strain on the potential growth within the economy.

The crime in Jamaica also leads to brain drain, causing qualified workers to migrate because of the fear they have regarding to the violence and crime within the country. Which also cause the business environment to 'go slow" because the lack of professionals within a business organisation.

POLITICAL ENVIRONMENT

Jamaica's political background is of a more competitive two party system in the island. The people's national party and the Jamaica labour party are the dominant political forces while on the other, national democratic movement is not a significant contender.

Within the period (1970's to early 1990's) the island Jamaica had experienced the development of political base garrison communities had been involved in violent elections in its history during the 70s and 80s politician bought the loyalty of people with sparse benefits and profits, such as clothes, food, money and guns, were given to the community and community leaders in the exchange of votes, giving them the authority to do whatever they like. However because of the authority they have received over the people , leaders however has the right to extort , business owners , charging them a vast amount of money for the business protection or for the business to be in the area, charges such as ,$ 1 000,000 or $95,000 Jamaican dollar, this as a major impact on the business because this is now a threat to the business environment , what would the business profit after the money is being paid for extortion.

Another challenge is if a business or organisation is known to have only (JLP) Jamaica Labour Party members and the business area is located in a (PNP) Peoples National Party area , this may cause rival between both parties and may cause the business to be either , close down due to the conflicts and not being successful because the ( JLP) members is not ok with their presents in their environment.

Therefore it is stated that the rival between the two parties are created by the politician , making hard for business to be successful within the business environment, the rival between the two national party has break open even bigger and stronger than before , which is causing the down fall of the country's economy to have a down fall .

THE LEGAL ENVIRONMENT

The government plays a vital part in the legal environment of a business, hence there are many ways that the government can control the business activities in both ways such as direct and indirect, however the government as more control in a more direct way. Direct is when government controls what to produce for the society, government may not permit certain items or set restriction of production and certain goods and service, e.g. guns are prohibited and also drugs that may be harmful, it is known to be illegal. This is known to be protecting the people within the country.

Employees protection legislation, the government implements rules and regulations to protect the interest of employees such as laws against discrimination at work and when applying for the job , also legislation for health and safety at work , this was implemented to protect the workers from dangerous machines and equipment , where workers should be in proper safety environments and provide proper and safety equipment's and clothing if necessary , also protecting employees against unfair dismissal , which is firing a person without a reason or for participating in a trade union , on dismissing a person there must be a valid reason , if not it will be treated as unfair dismissal.

However on registering a business, legal action as to be taken place such as registering the business with a company , which is known to be licensing the business to be whether private or public sector organisation , this is however is used to identify a business, giving it , its own identity , hence this id that is used is to register the organisation so that the government will be able to collect tax , however a business cannot refuse to pay tax , this will lead up to legal actions , which may cause the business to close or sell out, if it's a private organisation.

GLITTER LIMITED

WITH EVERY MEDAL

THERE IS A SPARKLE

ABOUT THE COMPNAY

GLITTER LIMITED is a private company that provides the athletes with sports gear such as , swim wear , track and field gear to net ball sportswear , the company ensures that the athletes sports gear fit as comfortable as possible , for the athletes to feel more relax and free , in all r sporting event, hence our motto is , with every medal there is a sparkle , our logo is five stars representing the colours of Jamaica, it's our way of branding our organisation and letting the world know we are responsible for our athletes.

The company however had first launch there sports gear at the Beijing Olympics, where it had received various comments and compliments, however the launching as a success.

MISSION STATEMENT

THE Glitter Limited company intentions are to widen the company's branding , which is to market the product more , introduce more designs to athletes , provide each of our client with incredible services, also the company would like to get the athletes involve with the advertisements of the organisation. The company is also expanding on its locations , some athletes train international , the company however is setting up a base for the glitter limited organisation internationally.

Hard work is going to be at hand, over time will be put in place to finalise the locations before the next Olympics and net ball matches. However, major risk will be taking to accomplish the aims and goals of the company.

THE OBJECTIVES OF THE BUSINESS

To increase the number of athletes available for the sale of our products, by introducing five (5) more designs for athletes who participate in the Olympics. Glitter cooperation's will introduce our product to the athletes by introducing our very own trade show, where athletes may view our sportswear and gravitate to what we have to offer. This will also increase the availability of athletes.

Because sportswear has become more trendy in the sports industry and more in style with athletes, sales as increased, sales of males and females sportswear rose by 5.2 % within 12 months at the ending of September 2012, contrasted within the period , to $4,6 million.

Within the year we were managed have managed to contact our previous clients and while gaining more resources and clients,

The company has to cooperate with the tracking associations to get in contact with other athletes for the launching of the trade show and the launching of our new sportswear

The launching of the trade show and introducing our newly as a deadline, which is known to be before the (IAAF) this is the International Association Federations, which begins on august the 10 , 2013.

STRATEGIES

1 Accelerate product launches

2 Raise additional capital

3 Seek new market segmentation for products

4 Extend the company

5 strengthen web presence and promotion

6 Implement a system to keep with the trend

7 create a good communication for workers to communicate.

8 Tackling competitors with full force

9 A positive environment for the introduction and marketing of the product.

10 Ensuring that the prices can be fluctuated

11 Develop a system where in our customers are satisfied.

TACTICS

1 Product launching- launching the sports wears the company will be using the internet.

2 Raising capital- by offering a new design along with a comfortable feeling, that fits the body perfectly giving it a comfortable feeling , athletes will gravitate to it , where in profits will be gained.

3 Seek different marketing segmentations-Developing different methods to advertise the product, such as the 4 ps.

4 Extend the company- locate the company both internationally and locally.

5 Keep up with the style trends- combine a group of individuals together making them a team, their task will be to keep up to date to the trends of sports wears and make a report on what's hype and what's not.

6 Strengthen the web base and promotion- To strengthen the web base, the technicians and graphical designers, well create a web base that will gravitate the viewer's eyes, by using graphic designs and bright colours.

7 Maintain good communication within the work environment - workers or team members will be given a hand set, which is known as a phone to keep each other posted.

8 Tackling competitors- to keep competitors at a distant, the company has created a product that is unbeatable, knocking down all competition.

9 Creating a positive environment- this will be done by organising the work areas, making it look professional, so that when clients enter the business the impression is known to be professional base.

10 Fluctuate prices- this can be none making the prices be able to change , whether to high or low , which means , a steady pric will not be set on the products.

11 Satisfying customers- this is done by making sure that their needs and wants are controlled, therefore at the end of every transaction a customer would be given an evaluation sheet on the service offered.

MILESTONES

A meeting that entails the next project- 03/08/2009

Presentations of ideas- 24/08/2009

A meeting with the Manager and C.E.O discussing the presentations- 14/09/2009

A meeting with the workers to finalise the idea that was agreed on - 05/09/2009

A discussion on how to start the process-19/09/2009

And interview with the Scotia bank of Jamaica for a loan to start the process- 02/10/2009

A meeting was called to appoint each individual to their duties and responsibilities- 23/10/2009

The first sample of the gear was presented-11/01/2010

DUTIES AND RESPONSIBILITIES

The manager - Ms Sashannie jagho is responsible to organise and construct the team members of the organisation , ensuring that everything is in the correct order as well as giving directions and apointing them to there duties hence the manager is also responsible for motivating workers within the business enviroment, making sure that workers cooperate with each other , also providing feedbacks and removing roadblocks that may interrupt the companies goal or achievement.

Chief Executive officer (C.E.O)-Mr Dwayne brooks is responsible for creating strategies that channel out the business objective and make it easier to be achieved , the chief executive officer had made the decision on the sort of material and colours used , he is responsible for all the cooperate decisions, but has to be confirmed by the manager . Hence his responsibility is to make sure that the company's operations and resources flow smoothly as well as the key point in communication,

Supervisor- Ms Shanice Richards is responsible for the employees functioning within the organisation, the employee's policies and procedure as well as to train employees where it is necessary, the supervisor plays the role of the human resource manager, but as no authority to neither hire nor fire a person.

The Accountant - Mr Damian Cain is responsible for the money that the businesses earns and invest by supervising the input and handling of financial data and reports for the company's financial system. Interacting with internal and external auditors in completing audits, also to prepare and review budget , revenue expense , pay roll entries , invoices and other accounting documents as well as to analyse and review budget and expenditure for local , federal and private funding contract,

Marketing and Sales Manager-Ms Sashannie Jagho responsibility within the marketing and sales department is to analyse, plan and implement marketing and sales activities, also to implement strategies on how to develop annual marketing plan, directing division marketing activities and developing an annual sales and promotion program as well as to market profitability and sales report, purchasing, resale and pricing of the product.

EMPLOYESS DUTIES AND RESPONSIBILITIES

EMPLOYEES DUTIES AND RESPONSIBILITIES

Graphic designers

Creating web pages for the company

designers

Designs the style of every sportswear

Technicians

Fix problems within technical difficulties

secretary

Take minutes of every meeting for future usage, channel calls , organise documents

Team a

A group of individuals that keeps up to date with the trends

Team b

A group of individuals that promote the organisation and its product

MONITORING AND EVALUATION TECHNIQUE

Glitter limited uses questionnaires to evaluate the workers active response, questionnaires are used every once a month to evaluate the workers respond of the business, questionnaires however is the simplest form of evaluation when there is too much at hand for a business meeting .

It expresses the mind of employees towards the business, it creates a way to communicate with the employees, to analyse the methods used within the organisation, if they are effective, however the questionnaires not only evaluate the workers responds but also to organise and discuss the objectives of the business.

QUESTIONNARIE SAMPLE

1 How can the business improve for the future?

2 how would you classify the company's success?

3 Do you think the ambassadors for the company is doing a good job?

4 Which of the following best describes the degree to which employees were in making decisions?

-------no involvement

-------little involvement

------moderate involvement

------Extensive involvement

5 what are some of the challenges face when working in a team?

6 What is the business lacking?

7 How would you classify the manager's attitudes?

Good

Excellent

Poor

Careless

8 What are the basic elements needed in the organisation?

9 Are the policies and procedures adequate for employees?

10 Is the organisation completing its mission?

11 What are the possibilities that the organisation may be one of Jamaica's top sportswear industries?

12 Is the marketing strategies effective?

13 Is the C.E.O doing his job?

14 How is the supervisor's attitude ranked?

Good

Bad

Poor

Careless

15 What is the major priority of this organisation?

MARKETING OBJECTIVES

To understand the latest preferences of clients in the identified segments and the appropriate target.

The current market share is 30% , a well set target of 40% market share , which means that organisation needs an extra 10% , market share amounts can be proven based on how well the overall value of sales is and the proper development and implementation of techniques used.

Choosing a variety of experienced and knowledgeable marketing team that are known to be professionals to efficient sales staff , access to funding will achieve more stock to fulfil high demands. The marketing resources however are in place to control the segmenting and target exercise and. The increase in market share is to achieved within 7 months. Regular check-up will be taken to keep track of the level of success.

MARKETING STRATEGIES

1 Becoming a low cost producer

2 Becoming the class leader in the industry

3 Higher market penetrations

4 Find new markets

5 market stability

6 Cost control

7 Market exit

8 Market growth

COMMUNICATION OBJECTIVES

1 Encourage the current user to use more frequently

2 engaged new user who have never used the brand

3 Define the target audience

4 Increase the percentage of consumers who associate with our brand

5 Effect of advertising on consumers movement from awareness to consumers.

6 Making sure that the advertisement is effective to users

7 Stimulating wants and desires

8 Projecting an image

9 creating awareness

10 Target our best prospects

11 Communicating a new brand positioning

COMMUNICATION STRATEGIES

1 delivers clear and consistent messages to all parts of the organisation.

2 direct a simple and fast minimal interpreter

3 Inspire and energise

4 Use user friendly, which is human and personal

5 Strong communication skills

6 A powerful context and focus

7 Well design improvement plan

8 build social media activities

THE FINANCIAL PLAN

A TWO YEAR INCOME STATEMENT

CONCLUSION

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