econ (additional)

• SWOT Analysis

  • It is an analytical framework that can help a company meet its challenges and identify new markets.
  • useful in scanning the business environment which can help in identifying economic opportunities.
• Porter's Five Forces Of Competitive Position Analysis

  1. Supplier Power
  2. Buyer Power
  3. Competitive Rivalry
  4. Threat of substitution
  5. Threat of new entry
• Supplier power - It is essential to evaluate how much power the supplier is capable to drive up prices.
• Buyer power - An evaluation of how easy it is for buyers to direct prices down.
• Competitive rivalry - Number and capability of competitors in the market will also impact on the attractiveness of the market.
• Threat of substitution - Buyers will switch to alternatives in case of price increases.
• Threat of new entry - Investors join the bandwagon when market is profitable and get a share of the profits.
• Agriculture - has been defined as the science and art of producing livestock and cultivating plants
• Agricultural Business - This business sector involves with farming and farming-related commercial activities like ranching, piggery and poultry.
• Service - is any industry that produces value that is primarily intangible such as advice, consultation, customer service, knowledge, management, data and experiences.
• Manufacturing

  • is the processing of raw materials into finished goods through the use of equipment,tools and processes.
  • refers to any industry that produces products from raw materials by the use of human labor or machinery and that is normally carried out orderly with division of work.
• International trade

  • is the exchange of services and goods from one country to another.
  • This type of trade gives opportunity to a world economy, in which prices, or demand and supply, affect and are affected by global events.
• Import - is a good or service that is brought/received from the other countries.
• Exports

  • are goods and services made in one country and sold to buyers in another.
  • are important to modern economies, because they provide opportunities to people and firms many channels of distribution for their goods.
• Cooperative

  • an entity organized by people with similar interests and needs to provide themselves with services and goods or to jointly use available resources to uplift their financial status.