Economics for Business and Management Essay Example | Topics and Well Written Essays - 2750 words - 2

Economics for Business and Management - Essay Example Market is a distributed system and can be effectively used in taking decisions. These people think so because they believe that the market based system can really attend to the features of new world system. The following issues are addressed by market system: The market system is responsible for supporting a dense set of social goals. Social goals of people also include taking resource allocation decisions by people. The participants take their investment decisions by quantifying the benefits perceived on each of the investment options. It is the market that provides its participants initiatives to take the decisions wisely. Thus market system is such that it helps the investors maximise the overall value and take efficient investment decision. The prevalence of a currency in the market helps the participants express value for the decision variables. The currency is used as a medium of exchange between the economies of the world. For example if the currency is open, it is generally assumed as a mean to acquire huge amount of goods and services. In such situation, it can be used as an incentive for resource providers to increase their services and vice versa. Thus currency can be used as a medium that allows market to admire those who provide valuable resources to the market. Market system is a platform that provides the investors the set where they can express their desires and holdings. Markets are broadly used to take complex resource allocation decisions. The examples of difficult decision situations can be the wireless spectrum auctions, energy market and airline landing slot exchanges. These are the situations of extreme intricacies where market system has worked effectively in resolving problems. The market system provides scope for those systems that run in parallel and help offer various access to unique resources such as many scientific tools. For example, a situation can be imagined where a physics researcher

Technology Competitive Advantage Essay Example | Topics and Well Written Essays - 500 words

Technology Competitive Advantage - Essay Example One example of disruptive technology is the next revolution in machine-to-machine (M2M) communication. It is essentially a technology that helps to establish communication between different sectors of a business without the involvement of additional personnel. One example of an M2M component can be RFID (radio frequency identification). Today, the use of radio frequency identification (RFID) can bring revolution in the supply chain management. RFID tags are â€Å"small objects that can be attached to or incorporated into an object, and contain silicon chips and antennas that enable them to receive and respond to radio-frequency queries from an RFID reader† (Santosh & Smith, 2008, p.128). In order to execute an overall low-cost leadership strategy, the emphasis should be on finding innovative ways for cost reduction or substitutions in every aspect of supply and distribution chain (Orcullo, 227). The principal focus area of RFID is to provide possibilities to improve the supply chain management, and this can be advantageous for retailers. In combination with mobile computing and online technologies, RFID can help an organization to efficiently manage and upkeep its stocks. This technology can eliminate manual labour for identification of products and their storage, thus labour cost can be reduced to increase the profit margin (Al-Odeh, 343). RFID is an electronic substitute for barcodes and is a vast improvement with superior accuracy, real-time tracking and top-speed read rate. In this ever-changing business world, convenience and time-saving techniques are priorities, and RFID is a key to these elements. RFID is currently being used in manufacturing sector, retail s tores and supply chain industry. RFID technology can be beneficial to the company in relation to inventory management and supply chain management. Although the initial investment can be huge with no real possibility of returns in the short run, it can, however, prove to be profitable in the long run.  Ã‚