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Eco. 122 (Online Discussion/Quiz 2-23/01/2022–Trends in shaping a business)

Tony Orji by Tony Orji
January 23, 2022
in Assignment And Quiz
Reading Time: 1 mins read
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Trends in the business and economic environment occur in many areas. As noted earlier, today’s workforce is more diverse than ever, with increasing numbers of minorities and older workers. Competition has intensified. Technology has accelerated the pace of work and the ease with which we communicate. Many are also looking at how companies are meeting the challenges of a changing workforce, the growing demand for energy, and how companies are meeting competitive challenges.

Against this background, clearly list the most prominent trends in shaping a business.

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Comments 156

  1. Avatar Chukwu Gift Onyinyechi says:
    3 years ago

    Chukwu Gift Onyinyechi
    2016/234636
    Economics
    1. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.

    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    2. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.

    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    3. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    4. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  2. Avatar Chukwu Gift Onyinyechi says:
    3 years ago

    1. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.

    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    2. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.

    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    3. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    4. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  3. Avatar Effah Prince Francis says:
    3 years ago

    Let us identify some considerations businesses must have in mind as they move with the cloud, i.e, how the COVID-19 pandemic crises and the world’s recovery are shaping the global economy.

    *The return of confidence unlocks a consumer rebound.
    *Leisure travels bounces back but business travels lags.
    *The crisis sparks a wave of innovation and launches a generation of entrepreneurs.
    *Digitally enabled productivity gains accelerate the Fourth Industrial Revolution.
    *Pandemic-induced change in shopping behaviour forever alter consumer businesses.
    *Supply chains rebalance and shift.
    *Healthcare systems take stock and make changes.
    *The hangovers begin as governments tackle rising debts.
    *Stakeholder capitalism comes of age.

    Trends in Shaping Businesses

    •The aging workforce
    •The rise of the millennial generation
    •A more culturally diverse population
    •The growth of virtual market places
    •The automation of business activities
    •The rise of the data economy

    Reply
  4. Avatar Effah Prince Francis says:
    3 years ago

    Effah Prince Francis
    2015/198504

    Introduction
    Businesses have spent much time in the past months trying to adapt to extraordinary circumstances. While the fight against the COVID-19 pandemic is not yet won, and with its vaccine in view, there seems to be a faint light at the end of the tunnel, along with the hope that another train (the likes of COVID-19 and its variant) isn’t our way. The past year (2021) seems to be a transition year. Barring any unforeseen catastrophes, individuals, businesses and society can start to look forward to sharing their futures rather than just grinding through their present. In this work, we will identify some of the trends that will shape the new normal in the business world.

    Reply
  5. Avatar Ikeh Nnamdi Samuel 2020/246207. Economics/psychology says:
    3 years ago

    Prominent trends in shaping a business are:-

    1. The rise of the millennial generation
    As baby boomers retire, millennials will become predominant in the workplace.

    What your business can do:

    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.
    Invest in training—Training is important for retaining workers and attracting new ones.
    2. The aging workforce
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.

    What your business can do:

    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.
    3. A more culturally diverse population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.

    What your business can do:

    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.
    Adjust your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.
    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.
    4. The growth of virtual marketplaces
    The Internet and mobile devices are completely changing the way consumers shop.

    What your business can do:

    Build your online presence—Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.
    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.
    Work to improve continuously—Take action, measure the results and make changes to improve. Repeat.
    5. The automation of business activities
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robots—tech systems such as ERP and CRM can boost productivity and reduce costs by automating functions.

    What your business can do:

    Map out your business processes—Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.
    Involve your employees—Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using new technology.
    Shop around—Make a careful assessment of what’s available to find the systems best-suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the job at a lower cost and with fewer headaches down the road.
    6. The rise of the data economy
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the Internet and mobile communications.

    What your business can do:

    Know your customers—Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.
    Personalize your offerings—Data collected from your website, CRM system and other sources can help you personalize your products and services according to your customers’ needs and tastes.
    Improve your efficiency with dashboards—By measuring your performance in key areas, you can evaluate how you are doing compared to internal goals or external benchmarks, such as industry averages. Select key performance indicators and use them to create performance dashboards

    Reply
  6. Avatar john okechukwu james says:
    4 years ago

    NAME: JOHN OKECHUKWU JAMES
    COURSE: INTRODUCTION TO BUSINESS MANAGEMENT
    DEPARTMENT: SOCIAL SCIENCE EDUCATION (Economics Education)
    REG NO : 2020/243850
    TOPIC: TRENDS IN SHAPING A BUSINESS
    GMAIL : sponkybrown3@gmail.com
    TRENDS ON SHAPING A BUSINESS
    To ensure a trending business here are some top trends ,tips and and tools you can action right now to keep your business moving and growing into the future.these are some trending to sharp a business
    1) Making the move online
    2) Up Your Social Engagement
    3) Make Sure You’re Optimized for Mobile
    4) Personalize Your Content
    5) Take Your Marketing Vertical
    6) Explore Innovative Technology
    * Making the move online : Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    * Up Your Social Engagement : Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.
    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.
    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.
    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.
    *. Make Sure You’re Optimized for Mobile : More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.
    *Personalize Your Content: The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it .To take yours to the next level (as in six times higher transactional rates), try introducing personalization.Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.Keep in mind, for the most accurate personalization, you’ll need to keep your company’s
    *Take Your Marketing Vertical : It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.
    *Explore Innovative Technology : In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    Reply
  7. Avatar NWOSU ANGEL CHIAMAKA says:
    4 years ago

    NAME : NWOSU ANGEL CHIAMAKA

    DEPARTMENT : ECONOMICS

    LEVEL : 400 LEVEL

    REGISTRATION NUMBER : 2017/249536

    The seven major business trends

    1. Sustainable, resilient operations

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2. The balance between human
    workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3. The shifting talent pool and changing employee experience:

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    4. Flatter, more agile organizations:

    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.

    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure

    5. Purposeful business:

    This trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    6. Co-opetition and integration:

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    7. New forms of funding:

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    Reply
  8. Avatar ONUKARIGBO OGECHUKWU IAN-COLLINS says:
    4 years ago

    ONUKARIGBO OGECHUKWU IAN-COLLINS
    2020/247554
    therealiancollins007@gmail.com

    Top Business Trends

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Global banking structure, sustainable and clean energy, increasing economic power of emerging markets, increasing privatisation, technological revolution, changing demographic features, international Arbitration, competitive advantage and regional and economic blocs are some of the prominent trends in shaping a business.

    Reply
  9. Avatar AMAEFULE RAPHEAL IZUCHUKWU says:
    4 years ago

    NAME: AMAEFULE RAPHEAL IZUCHUKWU
    REG NO:2020/246139
    DEPARTMENT: ECONOMICS
    Prominent trends in shaping a business
    As trends come and go, emerging technologies allow new marketing and business management methods to emerge. People in the world of business do well when they have a good grasp on these new trends and concepts.
    Among the many emerging trends changing the business world today, three stand out as perhaps the most influential: online marketing, data collection and video strategy. Getting a clear understanding of these methods early on is important to later success.
    Here’s what leaders need to know about each of them:

    Online marketing
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.
    That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.
    Between February 2016 and February 2017, digital marketing spend increased 14.6 percent, according to The CMO Survey. In the same time period, traditional advertising spend increased just 0.6 percent, following five years of decline.
    One of the major differences between traditional advertising and digital marketing is how the consumer perceives the message. In an online space, consumers want to be in charge of their experiences. They don’t want to see advertisements, and many people install ad blockers to reduce interference, Forbes contributor AJ Agrawal pointed out.
    This has forced people to rethink what an “advertisement” looks like. Today, an advertisement can be a free e-book, a contest entry, an industry blog or a contributed article.
    A huge benefit of online marketing is its targetability. Platforms like TV spots or billboards reach a wide range of people, some of whom might be interested in a certain product or service. But website data can tell marketers exactly who is looking at what, allowing them to pick and choose where to focus their advertising dollars and what the message should be, Startup Grind pointed out.
    There are countless websites and blogs on the web today. Many have space for advertisements in their margins, news feeds or even directly in their content. It’s important to choose which websites will reach your target audience best, Boostability pointed out. Finding a niche blog that shares a similar audience as yours can help get your message out through new channels.

    Data collection
    Marketing makeovers aren’t the only benefit that businesses have realized through online tools. Businesses today can collect data on nearly anything: Who is visiting their website; how long it takes for their package to be delivered; how consumers use their products, and more, Forbes contributor Bernard Marr explained.
    Every business, no matter how big or small, has access to some form of data that can give it greater insight into its consumer base, its internal company culture or its audience’s opinion of the company.
    One form of data collection every business should already be using is website analytics, Analytics Ninja pointed out. These tools are installed into your website’s HTML and collect information about:
    • How people access your website (such as through a computer or mobile device, as well as how they found your website, like through a Google search or a social media post).
    • Where they live (such as the country, state or city, as well as the language their browsers are set to).
    • What time of day they access your website.
    • How much time they spend on your website, and which page they left from.
    From this information, companies can learn how to improve their websites; if bounce rates are much higher on a certain platform, for example, they might investigate to determine whether a particular form, image or other object doesn’t load correctly on that device or browser. They can identify what time is best to have their live chat software active on their website based on the time of day they have the most web traffic. They might also use that to determine when to send out social media posts or newsletters for best engagement.
    Another method to collect data is through loyalty programs, Entrepreneur pointed out. With the data collected through loyalty programs, businesses can customize the consumer experience. This not only reinforces the bond between company and consumer but also allows the business to learn more about its target audience.

    Video strategy
    Your online marketing campaign might contain a plethora of initiatives, like social media, blog posts and website ad spots. But if it doesn’t include video, you may be missing an important element in your messaging.
    Consumers turn to videos for easily digestible yet highly informative content. They’re more likely to watch a video in its entirety, as opposed to reading a full blog post or article, according to data collected by Hubspot. Nearly half of respondents to Hubspot’s survey stated they spend at least one hour per day watching videos on Facebook or YouTube.
    Business leaders are also using video to learn more about new trends and potential investments. Three-fourths of business executives told Forbes that they watch work-related videos on business websites on a weekly basis. More than half of senior executives said they share work-related videos with colleagues and that their peers share videos with them regularly.
    Additionally, 42 percent of executives said they made a business-related purchase after watching a work-related video online. That number jumps to 51 percent when looking just at younger professionals, indicating that coming generations may value video even more than today’s leaders.
    These three trends are changing the way leaders conduct business today. It’s important to have a solid understanding of these concepts and the many other ways business is evolving. by learning new business trends and staying up to date on the way business is changing, professionals may be more likely to find success in their careers.

    Reply
  10. Avatar OGBODO EUNICE IFEBUCHE... 2020/244990 says:
    4 years ago

    Understanding the changes in the psychology of your customer is key to shaping your business for the future..
    Here are the top nine trends, tips and tools you can action right now to keep your business moving and growing into the future.

    1. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes. Tip: Consider moving all your transactions to cash-free, tap-and-go. Explore new checkout options, including digital wallets, and contact-free ways to service your customer such as home delivery..

    2. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors. Tip: Check in with your team to understand their working preference, and make sure your IT systems and in-home devices used for work purposes are secure from cyber attack.

    3. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen. Tip: Develop and rehearse contingency plans with your team and seek advice from business owners who have been through similar disruptions.

    4. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk Tip: Replicate your in-store experience with high resolution images showcasing multiple angles and detailed descriptions of the product.

    5.Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery. Tip: Keep on top of government regulations to ensure your business is compliant, and ensure this is clearly communicated to staff and customers.Understanding the changes in the psychology of your customer is key to shaping your business for the future..
    Here are the top five trends, tips and tools you can action right now to keep your business moving and growing into the future.

    1. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes. Tip: Consider moving all your transactions to cash-free, tap-and-go. Explore new checkout options, including digital wallets, and contact-free ways to service your customer such as home delivery..

    2. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors. Tip: Check in with your team to understand their working preference, and make sure your IT systems and in-home devices used for work purposes are secure from cyber attack.

    3. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen. Tip: Develop and rehearse contingency plans with your team and seek advice from business owners who have been through similar disruptions.

    4. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk Tip: Replicate your in-store experience with high resolution images showcasing multiple angles and detailed descriptions of the product.

    5.Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery. Tip: Keep on top of government regulations to ensure your business is compliant, and ensure this is clearly communicated to staff and customers.

    Reply
  11. Avatar Okeke+Juliet says:
    4 years ago

    Okeke Juliet Kelechi
    2020/242642
    Economics Dept.

    Some of the most prominent trend in shaping a business are:
    1. Social media engagement: Taking a business to social media opens it up to a whole new customer base, so beyond the business website, business owners must consider social media presence.
    2. Low contact & cashless: Most business now often operates on cashless transactions and may not even come in contact with the customer with the help of social media and other platforms.
    3. Sourcing local materials: Most businesses are now replacing their foreign raw materials with local substitutes in order to protect the company from problems arising from border restrictions.
    4. Online customer service: Businesses are now following the trend of online customer service. A customer can now lay complaint or make enquires online through the business app or website, instead of stressing his/her self to go to the business premises.
    5. Invest in training: Training is important for retaining workers and attracting new ones. Old and new workers should be trained at regular intervals to increase or retain their skills.

    Reply
  12. Avatar Abonyi Ifebuche Faith says:
    4 years ago

    Name : Abonyi Ifebuche Faith
    Reg no : 2020/242675
    E-mail : ifebuchefaith51@gmail.com
    Dept : Education Economics

    The business sector is said to be growing rapidly. The following are current trends that’s business owners are advised to follow :

    TECHNOLOGICAL ADVANCEMENT : Already technology was introduced to help make work easier and faster. The introduction of technical devices into production will definitely help in boosting productivity. Digital technologies can accelerate business growth by allowing business organizations to reach a wider audience of consumers.

    PURPOSEFUL BUSINESS : There’s a trend to have more purpose and meaning in our jobs. Younger generations that are entering the workforce want to connect with a purpose or work for a company that has real meaning. Companies that don’t have a clear or meaningful purpose will struggle to attract talent and customers.

    SOCIAL MEDIA ENGAGEMENT : It’s quite not a surprise that social media apps and sites have been a growing target for digital marketers . Business owners now advertise and market their products online. This platforms makes buying and selling easier, faster and more accessible.

    CONTACTLESS DELIVERY : Now consumers and producers can easily trade without coming in contact. One only needs to order for what he or she want, make the necessary payments and it will be delivered right at their doorstep . Business owner are therefore supposed to be fully equipped and ready to flow with the trends. Examples are UberEats, Deliveroo, and Amazon.

    E-COMMERCE : With the growing trends of civilization in trade, many consumers have started to conduct their practices solely online. Therefore it is only wise for business owners to market and advertise their products and services online. Studies conducted on this regard suggest that a lot of consumers are willing to shop digitally at the comfort of their homes.

    GLOBALIZATION : This refers to pushing your business to the international level.Globalization also increases global competition and allows companies to find ways to minimize production cost of their business products. That is to say their comparative advantage.

    Reply
  13. Avatar UGWUOKE CHIKWADO says:
    4 years ago

    Name: UGWUOKE CHIKWADO
    Reg. Number:2020/242634
    E-mail: ugwuokechikwado599@gmail.com
    The most prominent trends in shaping a business:
    1. The social media space:With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.

    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.
    2. Personalized content: Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.
    3. Innovative technology: In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new customer relationship management (CRM) or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  14. Avatar Ngene Christian .c. says:
    4 years ago

    Trends in shaping a business

    1) Integration

    We live in a time where anything can be achieved through outsourcing. The global business world has not in any way been so integrated. And it’s a great job, because the need to work together to solve key business challenges, not to mention humanity’s biggest challenges, as great. Indeed, in the future, it will become increasingly hard to successful without really close partnerships with other organizations. In practice, this means good supply chain integration, greater data integration and sharing of data between organizations, and even cooperation between competitors.

    2) Bulding an online community

    Creating an online community of like-minded individuals can foster valuable connections around your brand. By sharing quality content about your field of expertise, from webinars to blogs, you’ll be able to establish yourself as an authority in your industry and gain the trust of your audience
    Another great way to support your community and keep it growing is by providing a forum where people can share and exchange ideas around your site. Creating a blog can also help solidify your voice in your field of business and continuously link you to your audience.
    Sometimes your online community needs extra support. Don’t let them get left behind. Allow site visitors to reach you instantaneously by adding a Live Chat app to your site and help guide them through any queries they might have.

    3) Sustainability

    Sustainability has been a concern for some time, but during the pandemic, things shifted in emphasis. As disruptive as the coronavirus was to business, companies are recognizing the environmental crisis could be much more damaging to the world as well as the bottom line than the pandemic. Therefore, every company needs to rethink operations, environmental impact, and their products and how they are being used. This trend of sustainability links closely to the previous trend of a meaningful purpose as companies work to reduce their carbon and water footprint.

    4) Social Engagement

    During the pandemic, brands relied on engaging with their customers and potential customers across social media. In 2021, there will be a big push toward a more authentic presence on social media and one that’s less curated by social media experts, such as real behind-the-scenes looks at a company. Along with this will be engaging influencers and micro-influencers in your industry—those key people who are driving conversations and engage with your customers.

    Reply
  15. Avatar Umeh Success Precious says:
    4 years ago

    Name: Umeh Success Precious
    Regno: 2020/243839
    Course: Education Economics
    Email: successprecious41@gmail.com

    Trends in a business are those things that helps businesses grow financially and otherwise.
    There are many trends but we look into 5
    1. Entrepreneurship Is On The Rise:
    Millions of people were laid-off or let go from their jobs entirely during the pandemic.
    2.E-commerce: they re those businesses done online, and it’s the current trend of the world now.
    3. Companies embrace Digital process: Digital process automation can help companies implement new offerings faster, scale up services efficiently, reduce errors, ensure consistency, help with regulatory compliance, and provide novel solutions to customers.
    4. Revamping human resources: working from the house has become the idea of the time since the pandemic started. Data collected shows that 89% of employees want to be able to work remotely, at least part time.
    5. Ad markets consolidate: Worldwide Google searches for the term influencer marketing have increased 45% in the past 5 years. Companies aren’t just relying on famous names either, they’re also turning to influencers with small but targeted audiences.

    Reply
  16. Avatar Onyelonu Chidire Victory says:
    4 years ago

    Name: Onyelonu Chidire Victory
    Reg no: 2020/246205
    Department:Combined social sciences (Eco/Psy)

    Trends in shaping business
    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk
    2. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.
    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.
    5. Less splurging, more sharing
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.

    Reply
  17. Avatar OSUCHUKWU VIVIAN CHIAMAKA says:
    4 years ago

    NAME: OSUCHUKWU VIVIAN CHIAMAKA
    REG NO: 2020/245659
    DEPT: ECONOMICS MAJOR
    EMAIL: Vivianosuchukwu@gmail.com

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  18. Avatar Anelechukwu precious kelechi says:
    4 years ago

    Name : Anelechukwu precious kelechi
    Reg number: 2020/242577
    Department: Economics

    6 Top Business Trends

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  19. Avatar Onyebueke Peace Oluchi says:
    4 years ago

    Name: Onyebueke Peace Oluchi
    Reg number: 2020/242616
    Email: peace.onyebueke.242616@unn.edu.ng
    1. Research the Competition
    2. Identify New Opportunities
    3. Build an Email List
    4. Consider a Franchise Model
    5. Outsourcing
    6. Globalization

    Reply
  20. Avatar Agbo Gift Obianuju says:
    4 years ago

    Name: Agbo Gift obianuju
    Department: combined social sciences (Economics/philosophy)
    Email: Agbogift2003@gmail.com
    Course: Eco 122

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  21. Avatar MBIBE MARTHA QUEEN says:
    4 years ago

    Name: Mbibe Martha Queen.
    Department: Combined Social Science (Economics and Political Science).
    Reg No: 2020/242938
    Course code: Eco 122( Introduction to Business Management).
    QUESTION
    BbTrends in shaping a business.
    A Business is defined as an organization or enterprising entity engaged in commercial, industrial or professional activities. Business types range from limited liability companies, sole proprietorship, corporation and partnership.
    Business trend is a general change in the way business is developing. It is a shift or change in the fundamental business dynamics within an industry. Business trend the too drive Enterprise wide strategic decisions and are the result off shift’s in attitude, values, technologies and the economic landscape.
    SOME TRENDS SHAPING A BUSINESS include:
    1. Making the move online.
    Having an online presence has gone from a nice-to have to a must-to have . Customers now expect a seamless online process to browse, book and make payments, a you may need to boost your back- to end technology to provide real time Information. The benefits of investing in this technology pay individuals decision n automating annual tasks, giving you more time to take care of your business.
    2. Low contact and cashless.
    The switch to cashless transaction has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk to theft, lower storage, transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3. Distributed Work.
    The businesses that embrace flexibility into the future may find a boost to the morale of their teams, making the all important work life balance easier and sending a clear signal to trust. The benefits of remote teams don’t stop there, the talent pool expands significantly when you’re open to remote hires and contractions.
    4. Less Splurging, more Sharing.
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard_earned money is spent. Even businesses doing well this year are acting cautiously with conservative spending patterns tipped to extend into the future. The high uptake of buy- now pay- later services reflect the customer’s desire to spread their cash flow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.
    5. The Volatile Demand.
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves, stripped bare, and some business shut their doors while others boom. Economic progress is not orderly predictable or linear, with location and population size contributing factors.
    6. Local First
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession.
    7. Well-being
    The shift to a slower, simpler lifestyle has led to an inward focus on well-being. Many customers are now aspiring to be physically fitter, healthier any pay more attention to their mental health.

    Reply
  22. Avatar Igwe Chioma Fortunate says:
    4 years ago

    There are a basic 6 trends of business
    *TOTAL TRANSPARENCY :bring trust but sometimes it also requires openness and clear communication to be earned by the customers
    *SMART TECHNOLOGY :these simple means empowering your customers through seamless and enhanced experience across communication platform to help the customers
    *CLOUD CULTURE AND COLLABORATION :this help in creating a dialogue driven society and business must have to join the observation
    *EQUALITY FOCUS:rhis help in drawing society leadership style and the way we do business customers now except business to be demonstrated in diverse and inclusive
    *CULTURAL CAPITAL:through the harnessing the power and the passions of he local government /communitiesthis is a way to investin ur brand to establish a lasting legacy
    *AUTHENTIC HAPPINESS :this a sound business preposition and facilitating positive and life enhancin product and experience must be the key business drive.
    the are some business trends that will help ur bussiness

    Reply
  23. Avatar Omeje+favour+Chidinma.+Reg+no:+20750230GA says:
    4 years ago

    Definition: A business trend is. [a] shift or change in the fundamental business dynamics within an industry. Business trends tend to drive enterprise-wide strategic decisions and are the result of shifts in attitudes, values, technologies and the economic landscape.

    Here are 7 business plans in shaping a business:

    -Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    – Up Your Social Engagement
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.
    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.

    – Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.
    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.
    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.
    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    – Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    – Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    – Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    – Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.
    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    Reply
  24. Avatar Nwozor Esther oluchi says:
    4 years ago

    Trends in shaping up a business
    1) explore innovative technology
    2) to trend up your business their need to up your social engagement
    3) need to personalise your content
    4) make sure you are optimised for mobile

    Reply
  25. Avatar Ekwe Okwuchukwu Cletus says:
    4 years ago

    Name:Ekwe Okwuchukwu Cletus
    Department: Economics
    Reg. No:2020/242587
    Level:100

    The most prominent trends in shaping a business are:
    1. Cashless society
    2. Loneliness
    3. Climate resilient infrastructure
    4. Battery Revolution

    1. Cashless society
    It’s no secret that digital transactions are taking over in everyday business transactions.But, according to the study,we may become truly cashless economy within the next few years despite resistance from arguing that it enhances social inequality and that it can contribute to vulnerabilities in the digital and financial ecosystems.

    2. loneliness
    Levels of loneliness have doubled since the 1980s.What’s even devastating is that urban cities including New York, Hong Kong are amongst the loneliest.This is not good for health,nor is it good for businesses.The Hearn suggests offering multiple channels to employees so they can speak with each other, along with managers directly.

    3. Climate resilient infrastructure
    Last year was the hottest year on record.In addition, there were severe climate events throughout the World, contributing to $160 billion in changes.Annual loss caused by flooding is expected to reach $52 billion by 2050,up from just $6 billion in 2015.This is a major threat to businesses, which will need to adopt to climate change driven weather events as the number of natural disasters continue to increase.

    4.Battery Revolution
    Good scale batteries are expected to expand thirteen fold over the next 5 years,in the United States, 44 states have proposed or under construction battery storage projects.This is expected to play a major role in decarbonization, although there are many hurdles to overcome.Solar power can only be produced with sun,and wind turbines need wind.Within the battery storage industry,there are supply chain risks for lithium-ion battery input metals.

    Reply
  26. Avatar MBADIHE LUCY CHIDERA says:
    4 years ago

    NAME: MBADIHE LUCY CHIDERA
    REG NO: 2020/242899
    DEPARTMENT: COMBINED SOCIAL SCIENCE [ECONOMICS/PHILOSOPHY]
    FACULTY OF SOCIAL SCIENCE
    COURSE CODE: ECO 122
    EMAIL: luhcey@gmail.com
    TOPIC: TRENDS IN SHAPING A BUSINESS
    What is a trend in business?
    A trend is a general direction into which something is changing or developing.
    In the world of business, a trend is a pattern of gradual change in a process ,output or condition .
    Below are some trend in shaping business
    1.Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.
    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.
    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.
    Making the move online
    Having an online presence has gone from a nice -to have to a must have . Customers now expect a seamless online process to browse, book and make payments so you may need to boost your back end technology to provide real time communication.
    Taking your business online opens a new platform for one to make more profit and also to get more customers.
    Home delivery
    In this case , we are getting to a more advanced economy where we don’t have to use or take cash around instead make use of online payment which is faster and easier.
    Cashless transaction also present the opportunity to gather data about your customer that can be used for marketing purposes .
    Another thing is for us to develop and rehearse contingency plans with your team and seek advice from business owners who have been through similar disruption.
    Cacooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and our working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home as a customers invest in setting their space up for leisure work and exercise.
    In this case, one need to promote existing services that allow your customers to be self sufficient and trial ways if providing your services at home .

    Reply
  27. Avatar NJOKU CHISOM PRECIOUS says:
    4 years ago

    BUSINESS TRENDS
    A business trend is a general change in the way business is developing. Business trends tends to drive enterprise wide strategic decisions and this is as a result of attitudes,values, technologies and the economic landscape.

    THE MOST PROMINENT TRENDS IN SHAPING A BUSINESS

    1. BLOCKCHAIN
    Blockchain is a distributed database that runs on millions and millionsof computers. It uses an art of cryptography to record movement of digital assets along a distributed ledger. Transactions are updated simultaneously and this can only go through when enough parties on the network sign off on them. The future looks better with Blockchain.

    2. EMBRACING MILLENIALS
    The millennials tends to seek creative ways to perform roles better and constantly looking for ways to improve the workplace. This leads to innovation and helps jumpstart change within large organisations.

    3. SOCIAL MEDIA
    Most businesses are now active on the social media and they do connect with existing and potential customers on the media platform. So many companies use the social media as a platform to promote their businesses.

    NJOKU CHISOM PRECIOUS
    Department: ECONOMICS
    Reg no.2020/245277
    Course:ECO122

    Reply
  28. Avatar Ozongwu favour adanna says:
    4 years ago

    PROMINENT TREND IN SHAPING A BUSINESS
    1: TOTAl TRANSPARENT : It bring trust but requires openness and a clear communication of value and ethics and it must be continuously
    earned .
    2 :. SMART TECHNOLOGY ; Means empowering your consumer through seamless and enhanced experience across community cations platform
    3:. CLOUD CULTURE AND COLLABORATION ; Are creating a dialogue – driven society and business must join the conversation .
    4 : EQUALITY FOCUS is redrawing society leadership styles and the way we do business consumers now diverse and inclusive be demonstrably diverse and inclusive .
    5:. CULTURE CAPITAL ; Through harnessing the power and passion of local communities is the way to invest in your brand and establish a lasting legacy .
    6 AUTHENTIC HAPPINESS ; Is a sound business proposition and facilitating positive and life – enhancing products and experience must be a key business driver .

    Reply
  29. Avatar Edozie Adaugo Olivia says:
    4 years ago

    NAME: Edozie Adaugo Olivia
    REG.NUMBER: 2020/248247
    EMAIL: adaugolivia2004@gmail.com

    TRENDS IN SHAPING A BUSINESS
    Some of the trends that can shape a business are:
    1. More paid placement advertising
    paid placement is coming into its own, with immersive, targeted and video – centric content. With this means; you appear in the search results alone with organically – ranked article. This is powerful because customers who are searching for what you sell will see your content.

    2. The automation of business activities
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities which helps boost productivity and reduce cost.

    3. E – commerce
    Internet (social media) has made it easier and faster for businesses to be distributed. With this means customers find it more reliable and efficient to shop online rather than going physical to stores.

    4. A more culturally diverse population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market which will increase growth and speed of the business.

    5. Growing an online community
    Creating an online community of like minded individuals can foster valuable connections around your brand by sharing quality content about your field of expertise, from webinars to blogs; you will be able to establish yourself as an authority in your industry and gain the trust of your audience.

    6. Total data transparency
    This requires openness and clear communications of values and ethics and it must be continuously earned in other to capture the markets love and believe.

    Reply
  30. Avatar Egwuchukwu Maryann Chiamaka 2020/245129 says:
    4 years ago

    Egwuchukwu Maryann Chiamaka
    2020/245129
    Economics Department

    a. Shifting towards e-commerce: In the past years, there’s been a steady shift of brick and mortar stores taking their businesses and services online and launching successful e-commerce websites. Under the current climate, most small businesses are looking to e-commerce to create new opportunities through selling their merchandise online, either as their main source of income or in congruence with additional practices.
    b. Using mobile marketing: Mobile marketing is one of the biggest small business trends to take over the global stage with no indication of slowing down. It means marketing your business to your mobile user audience by reaching them via their smartphones or tablets. After all, as smartphone ownership continues to grow rapidly around the world- with an estimated five billion people carrying mobile devices, the most direct channel to your audience is very likely through their phone.
    c. Rolling out your app: More people are using their mobile devices to conduct daily transactions than ever before, from doing groceries to booking fitness classes. As a result, it might be time to pair your small business website with a mobile app of your very own.
    d. Personalizing customer service: Presently, it’s more important than ever to clearly define your target audience. Through understanding your customer’s behaviour, you’ll be better equipped to market your business or brand directly to them. Personalized customer service is about adapting services to the specific needs and wants of each of your clients. By taking a couple of simple steps, your business can offer personalized service, thus strengthening your customer engagement.
    e. Growing an online community: Creating an online community of like-minded individuals can foster valuable connections around your brand. By sharing quality content about your field of expertise, from webinars to blogs, you’ll be able to establish yourself as an authority in industry and gain the trust of your audience.
    f. Being eco-friendly and socially responsible: Consumers, especially younger ones, are demanding companies step up to the plate and tackle, in some shape or form, social and environmental issues like climate change, pollution etc. Whether you’re starting a business or looking to adapt to the latest trends, you should know that social responsibility is a critical part of business management.

    Reply
  31. Avatar Ogbuagu+daniella+agnes says:
    4 years ago

    Name: Ogbuagu daniella Agnes
    Reg Number: 2020/242618
    Department : Economics
    Trend 1: Sustainable, resilient operation

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    Trend 2: The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    Trend 3: The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    Trend 4:
    Flatter, more agile organizations
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    Trend 5: Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Trend 6: Purposeful business

    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    Trend 7: Co-opetition and integration

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    Trend 8: New forms of funding

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    Reply
  32. Avatar Sunny Precious Ogochukwu says:
    4 years ago

    Name: Sunny Precious Ogochukwu
    Department: Combined social science
    Faculty: Social science
    Level: 100l
    Reg number: 2020/245604
    Course code: Eco 122
    Answer
    1.)Trends in shifting a business
    *Among the many emerging trends changing business world today, three stand out as perhaps the most influential: Online marketing, data collection and video strategy.
    * Big data, the cloud, the internet of things, robots, automation, video, collaboration platform, and other technologies are changing the way we work and live.
    * Improved AI: Artificial intelligence (AI) has grown in importance for companies because it helps them complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce lossrs.
    * Security and access control: As more and more company data is created, it’s become especially critical that security of that “Intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stands to benefit most from a digital transformation but require protections in the process.
    * Connected cloud: Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data greater computing power, and lower costs have all made the move to the cloud more appealing to business.

    Reply
  33. Avatar NNAJI+CHINAZA+EDITH says:
    4 years ago

    NAME:Nnaji Chinaza Edith
    REG NO:2020/245658
    DEPT: Economics
    There five prominent trend shaping a business
    Trend 1:
    sustainable resilience operation: every organisation must seek to eliminate or reduce environmental cost of doing business. Decarbonising the supply chain is a sensible way to start, but forward-thinking businesses are looking beyond the supply chain to improve stability across all business operations. And of course stability is linked to resilience, since resilience means being able to adapt and survive for a long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption .
    Trend 2
    Thee shifting talent pool and changing employee experience: the way we work is evolving with more younger people entering the workforce more gig workers and more remote workers. In the book human cloud Matthew Mottola coatney argued that traditional full-time employment will be a thing of the past as organisations shift from hiring people on contract basis with those contractors working remotely.
    Trend 3
    Flatter,more agile organization: traditionally organisations has been very hierarchical and rigid in their structure. This is changing as leaders recognise the need to flatter, more agile structure that allows businesses to quickly reorganize teams and respond to changes. It is also, in part, a respond to changing nature of work particularly the proliferation of freelance and remote workers.
    Trend 4
    Authenticity: today’s customers are seeking a more meaningful connection with brands. And also this need for connection has given rise to authenticity as the business trend in its own way. Authenticity helps to Foster human connections because as humans we like to see brands display important human qualities like honesty integrity reliability commitment and empathy and maybe even a little bit of vulnerability and fear. We want brands to care about issues and not just a turning profit.
    Trend 5
    Purposeful business: linked to authenticity this trend is all about ensuring that your company serves a meaningful purpose and not just serve up profit to shareholders. Purpose defines why an organisation exist not what the organisation is or what it does or form therefore purpose is different from mission and visions of an organisation. Importantly a strong purpose have the promise of transformation and striving for something better.
    Trend 6
    New form of funding: the ways in which companies can generate finance is also changing, new platforms and mechanism has sprung up to connect investors and donors_think crowdfunding initial coin offering (ICOs) tokenization and special purpose acquisition companies (SPACs) meaning of this new method are driven by decentralization finance movement in which financial services like borrowing and trading takes place in peer-to-peer network via a public decentralized blockchain network

    Reply
  34. Avatar Chinemerem Daniel nmesoma says:
    4 years ago

    Chinemerem Daniel nmesoma
    2020/248460
    Economics department
    chinemeremdaniel10@gmail.com

    Business Trends

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  35. Avatar Chianumba precious chioma says:
    4 years ago

    Name:-Chianumba precious Chioma
    Reg no;-2020/242581
    Email:- chianumbap@gmail.com
    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.

    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk

    Tip: Replicate your in-store experience with high resolution images showcasing multiple angles and detailed descriptions of the product.

    Tools from the Xero app marketplace we love: Shopify, Deputy, Tanda and Stripe.

    2. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.

    Tip: Consider moving all your transactions to cash-free, tap-and-go. Explore new checkout options, including digital wallets, and contact-free ways to service your customer such as home delivery.

    Tools from the Xero app marketplace we love: Kounta, Vend, ServiceM8

    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    Tip: Check in with your team to understand their working preference, and make sure your IT systems and in-home devices used for work purposes are secure from cyber attack.

    Tools from the Xero app marketplace we love: WorkflowMax, Accelo and Roll.

    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.

    Tip: Develop and rehearse contingency plans with your team and seek advice from business owners who have been through similar disruptions.

    5. Less splurging, more sharing
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.

    Tip: Consider offering customers flexible buy-now, pay-later payment options.

    6. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.

    Tip: Develop plans to shorten lead times and scale production up or down as required.

    7. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).

    Tips Review your suppliers with an eye to reducing risk, and highlight local sourcing in your product descriptions to harness the power of storytelling.

    8. Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery.

    Tip: Keep on top of government regulations to ensure your business is compliant, and ensure this is clearly communicated to staff and customers.

    9. Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise.

    Tip: Promote existing services that allow your customers to be self-sufficient and trial ways of providing your services at home.

    10. Wellbeing
    2020 has been labelled by some as the “great pause”. While this year has been incredibly challenging, it has also allowed non-essential workers to spend more time with their families. The shift to a slower, simpler lifestyle has led to an inward focus on wellbeing. Many customers are now aspiring to be physically fitter, healthier, and pay more attention to their mental health

    Tip: Check in with your own team to see how they are coping and share stress-relief strategies to support their mental health.

    As we move through 2020 it’s important for business owners to be kind to themselves. Plateaus and struggles are a reality for everyone right now (especially in light of increased restrictions in Victoria), but the resilience gained through these challenges will put you in good stead to tackle the future. If you’re struggling with which steps to take next, you can find more support and practical insights to help keep your business moving inside Xero’s handbook.

    Business Chicks have partnered with Xero to provide you with a host of informative and inspiring content on everything from tax and cash flow to mental health and wellbeing (and all that lies in between). All so you’ll be prepared to master the ins and outs of small business life – now, and into the future. For more, check out our Small Business Hub.

    Reply
  36. Avatar UBAH VIVIAN CHIOMA says:
    4 years ago

    Name:UBAH VIVIAN CHIOMA
    Dept: EDUCATION ECONOMICS
    Reg. No: 2020/243849

    Business Trends
    a business trend generally is the change in the way business is developing. The following are some top business trends

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    7. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Up Your Social Engagement
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.
    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    8. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.

    9. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.
    Tip: Develop and rehearse contingency plans with your team and seek advice from business owners who have been through similar disruptions.
    10. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.
    Tip: Develop plans to shorten lead times and scale production up or down as required.

    11. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).
    Tips Review your suppliers with an eye to reducing risk, and highlight local sourcing in your product descriptions to harness the power of storytelling.

    12. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.
    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients

    Thanks

    Reply
  37. Avatar ADONU CHISOM PETER*2020/246581*CSS(ECONOMICS/PHILOSOPHY) says:
    4 years ago

    NAME: ADONU CHISOM PETER
    DEPARTMENT: COMBINED SOCIAL SCIENCES (ECONOMICS/PHILOSOPHY)
    REG NO.: 2020/246581
    COURSE: ECO 122

    1. THE RISE OF MILLENNIAL GENERATION:
    As baby boomers retire, millennials will become predominant in the workplace.

    What your business can do:

    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.
    Invest in training—Training is important for retaining workers and attracting new ones.
    2. THE AGING WORKFORCE:
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.

    What your business can do:

    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.
    3. A MORE CULTURALLY DIVERSE POPULATION:
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.

    What your business can do:

    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.
    Adjust your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.
    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.
    4. THE GROWTH OF VIRTUAL MARKETPLACE:
    The Internet and mobile devices are completely changing the way consumers shop.

    What your business can do:

    Build your online presence—Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.
    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.
    Work to improve continuously—Take action, measure the results and make changes to improve.
    5. THE AUTOMATION OF BUSINESS ACTIVITIES:
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robots—tech systems can boost productivity and reduce costs by automating functions.

    What your business can do:

    Map out your business processes—Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.
    Involve your employees—Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using new technology.
    Shop around—Make a careful assessment of what’s available to find the systems best-suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the job at a lower cost and with fewer headaches down the road.
    6. THE RISE OF THE DATA ECONOMY:
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the Internet and mobile communications.

    What your business can do:

    Know your customers—Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.
    Personalize your offerings—Data collected from your website, and other sources can help you personalize your products and services according to your customers’ needs and tastes.
    Improve your efficiency with dashboards—By measuring your performance in key areas, you can evaluate how you are doing compared to internal goals or external benchmarks, such as industry averages.

    Reply
  38. Avatar Mamah Faith Okwukwe says:
    4 years ago

    NAME: MAMAH FAITH OKWUKWE
    REG NO: 2020/245317
    DEPARTMENT: ECONOMICS
    EMAIL ADDRESS: http://www.mamahokwukwe24@gmail.com
    LEVEL: FIRST YEAR
    SUBJECT CODE: ECO 122
    In recent years, trends and jobs have been changing and businesses need to adjust themselves. The most prominent trends in shaping a business are:

    a) TREND IN TECHNOLOGY:
    These businesses adapt to new forms of payment such as bitcoin, paypal, zelle etc. By so doing, the society will change to a cashless one. We may become a truly cashless economy within the next few years despite resistance from those arguing that it enhances social inequality and that it can contribute to vulnerabilities in the digital and financial economic systems.
    The problem associated with this ‘cashless society’ is that of digital privacy and theft, increase in bank fraud and debt. But all this can be curbed when businesses start strengthening their cyber security capabilities so that they can lessen data risk.
    The use of social media like e-mail, creation of business’ own program building an app and engaging in online or digital marketing (e-commerce) would go a long way in ensuring business continuity, improved productivity and launching of new business models to remain competitive especially when they collaborate with specialized teams.

    b) TREND IN WORKFORCE:
    The way we work is evolving even the place of work too. More younger people are entering the work force, more gig workers and more remote workers. Nowadays we even have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks previously done by humans.
    Businesses should find the balance between intelligent machines and human intelligence, the roles to be given over to machines and the roles best suited for humans. Companies should develop programs such as flexible hours and telecommuting to retain older workers and benefit from their practical knowledge and problem solving skills.

    c) TREND OF GROWING DEMAND FOR ENERGY:
    As almost every work and equipment need energy, such as tailors need electric machines, barbers need electric clippers etc, the need to improve on energy source is undeniable. That is why businesses should shift to solar power which is relatively cheaper and easier to attain.
    So much demand on oil is placing pressure on the world’s supplies and affecting prices but if this innovative approach to finding new sources of energy is followed up, it will reduce dependence on oil and create new jobs.

    d) TREND IN COMPETITION:
    Remaining competitive in the global market place through building strong bonds with suppliers and relationship marketing which focuses on customers is a method that needs to be adopted by businesses. Also, the formation of strategic alliances or partnership especially among high-tech firms is the trending means of staying in business and withstanding or overcoming competition.

    Reply
  39. Avatar OKorafor+Chinonyerem+Mgbo says:
    4 years ago

    NAME: OKORAFOR CHINONYEREM MGBO
    MATRIC NUMBER:2020/242636
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 122
    COURSE TITLE: BUSINESS MANAGEMENT

    1: Sustainable, resilient operations.
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2: The balance between human workers and intelligent robots.
    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3: The shifting talent pool and changing employee experience.
    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers.

    4: Flatter, more agile organizations.
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    5: Authenticity.
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    6: Purposeful business.
    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    7: Co-opetition and integration.
    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    8: New forms of funding.
    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors. Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    In addition to these eight trends, there will also be transformative technology trends in 2022 including artificial intelligence and increasing digitization, which every company must be ready for.

    Reply
  40. Avatar Odu Gideon Odu says:
    4 years ago

    Ọdụ Gideon Odu
    Reg no, 2020/242639
    Most prominent trends in shaping a business.
    1. Making the move online
    2. Low contact and cashless
    3. Distributed work
    4. Continuity planning
    5. Less splurging more sharing
    6. Volatile demand
    7. Local first
    8. Health front and centre
    9. Cocooning
    10. Wellbeing

    Reply
  41. Avatar Orji David kenechukwu says:
    4 years ago

    Name : Orji David Kenechukwu
    Reg no : 2020/242635
    Department: Economics
    E-mail : orjid9881@gmail.com
    Level : 100

    (1). Most prominent trends in shaping a business includes

    (A). E-business
    (B). Sales promotion
    (C). Online marketing
    (D). Online ads

    Reply
  42. Avatar Onuta+Precious+Irueru-oghene says:
    4 years ago

    Name: Onuta Precious Irueru-Oghene
    Reg no: 2020/245275
    Email: irueruoghene13@gmail.com

    Most prominent trends in shaping a Business

    We have them listed below as:
    1. Innovation
    2. Mobility
    3. Personalisation
    4. Social media
    5. Expansion of audience

    1. Innovation: This basically means a new idea or a new product. In our present world , we have technology. Now we have gadgets that can do so much for us, even from the comfort of our homes. Some people have issues with personal/ physical communication and may not be able to communicate properly with their clients but with technology, we don’t have to be in person to advertise or sell a product. This is definitely life made easier.

    2. Mobility: In this aspect of shaping business, we talk about being active, being ready to respond at any given time. A lot of customers are pleased when the vendors are mobile. Take for instance, you text a vendor on WhatsApp by 8:48 am and by 2:15 pm you still haven’t received a response, that’s already very discouraging,even if the vendor eventually replies, you would no longer be interested. One that is mobile and active would not experience this act except the customer was net serious about patronage in the first place.
    3. Personalisation: When creating contents for your business, it’s usually advisable to make them yours, in the sense that you enjoy the content you’re creating for your audience, if not how then do you expect the audience to engage . It’s your business, make it yours, enjoy what you do and do not do it because others are doing it or because it has to be done whatever way. Make it yours!
    4. Social media: Social media is everything now, you want to buy shoes you don’t know where to get them, check online. There are Instagram, Facebook, WhatsApp, Twitter, even TikTok for personalisation of contents as mentioned in our previous point. With these apps there is really nothing you cannot do. One just has to be ready to take risks, be determined, be bold and enjoy what you do and also engage in the comment sections, create a catchy caption that engages your audience, you can throw in questions so they respond in comment sections or you do a poll to know what your audience would like more.
    5. Expansion of Audience: This is a very vital one. Once you notice your business is booming and your initial audience are really engaging, you need to plan to expand audience, you can use social media to possibly run a giveaway, knowing that people would engage, I mean who doesn’t like freebies. That should be the next step to take once initial audience are engaging, before you know it your business is the talk of the town and everyone’s go-to store.

    Reply
  43. Avatar REMIGIUS CHIDEBERE RICHARD says:
    4 years ago

    NAME: REMIGIUS CHIDEBERE RICHARD
    REG NO.: 2020/242621
    DEPT.: MAJOR ECONOMICS
    EMAIL: bcrichardremigius@gmail.com

    4 Factors That Shape Market Trends

    Trends are what allow traders and investors to capture profits. Whether on a short- or long-term time frame, in an overall trending market or a range of environment, the flow from one price to another is what creates profits and losses. There are four major factors that cause both long-term trends and short-term fluctuations. These factors are government, international transactions, speculation and expectation and supply and demand.

    Here are the four major factors:

    1. Government:

    Government holds much sway over the free markets. The fiscal and monetary policies that governments and their central banks put in place have a profound effect on the financial marketplace. By increasing and decreasing interest rates, the U.S. Federal Reserve can effectively slow or attempt to speed up growth within the country. This is called monetary policy. If government spending increases or contracts, this is known as fiscal policy and can be used to help ease unemployment and/or stabilize prices. By altering interest rates and the amount of dollars available on the open market, governments can change how much investment flows into and out of the country. (Learn more in our Federal Reserve System tutorial.)

    2. International Transactions:

    The flow of funds between countries effects the strength of a country’s economy and its currency. The more money that is leaving a country, the weaker the country’s economy and currency. Countries that predominantly export, whether physical goods or services, are continually bringing money into their countries. This money can then be reinvested and can stimulate the financial markets within those countries.

    3. Speculation and Expectation:

    Speculation and expectation are integral parts of the financial system. Consumers, investors and politicians all hold different views about where they think the economy will go in the future and that effects how they act today. Expectation of future action is dependent on current acts and shapes both current and future trends. Sentiment indicators are commonly used to gauge how certain groups are feeling about the current economy. Analysis of these indicators as well as other forms of fundamental and technical analysis can create a bias or expectation of future price rates and trend direction.

    4. Supply and Demand:

    Supply and demand for products, services, currencies and other investments creates a push-pull dynamic in prices. Prices and rates change as supply or demand changes. If something is in demand and supply begins to shrink, prices will rise. If supply increases beyond current demand, prices will fall. If supply is relatively stable, prices can fluctuate higher and lower as demand increases or decreases.
    These factors can cause both short- and long-term fluctuations in the market, but it is also important to understand how all these elements come together to create trends. While all of these major factors are categorically different, they are closely linked to one another. Government mandates can effect international transactions, which play a role in speculation and changes in supply and demand can play a role in each of these other factors..

    Reply
  44. Avatar Ogbonna chidiebere Bartholomew says:
    4 years ago

    NAME: Ogbonna chidiebere Bartholomew
    REG NO: 2020/246431
    DEPARTMENT: ECONOMICS

    1). Against this background, clearly list the most prominent trends in shaping a business.
    Answer:
    1).Take Your Marketing Vertical:
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    2) Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    3). : New forms of funding

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.
    4). Change in work habits will lead to urban transformation
    With the changing landscape of business operations, the cost of commercial real estate will fall to coincide with the reduced demand. Once remote work becomes more of the norm, the need for corporate complexes diminishes but will open up new ways of utilisation, whether it is space sharing, event hire or a collaboration venue. Along with many other trends, COVID-19 has accelerated the move for commercial real estate to become more adaptable, allowing industries to be reborn and rethink their place in their evolving surroundings.
    5). New mindsets will drive future success
    With the rapidness of change we are undergoing as a society, if people and companies do not change with our new reality they will be left behind, and it will be a difficult feat to catch up with the number of iterations of change. As technology-enabled transformation is imperative, new mindsets for humans will be the driver to see a successful implementation to propel businesses forward. Cultural change will become one of the most important drivers of success for companies in post COVID-19 era. The ground rules, beliefs, and assumptions that drive culture will require rethinking with a new set of mindsets driving employee and business success.

    No doubt, COVID-19 is challenging the status quo and conventional thinking across all industries but recognising some of the trends mentioned above and taking timely action will help individuals and companies gain an advantage in this world of disruption.

    Reply
  45. Avatar IGBOKWE GLORIA SOMTOOCHUKWU says:
    4 years ago

    Name: igbokwe Gloria somtoochukwu
    Reg number: 2020/245316
    Economics
    Email: igbokwegloria2003@gmail.com

    TRENDS IN SHAPING IN BUSINESS

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  46. Avatar Okondugba-Solomon Emmanuella T says:
    4 years ago

    NAME: OKONDUGBA-SOLOMON EMMANUELLA T
    DEPARTMENT: ECONOMICS
    REG NO: 2018/245786
    EMAIL: ellabeautiful67@gmail.com

    In business concept, there are several trends popularly used in order to succeed in a Business, or in other words, to keep it long lasting and well functioning.
    These major trends include:
    *Total transparency
    *Equality focus
    *Smart technology
    *Cloud culture
    *Authentic happiness
    *Cultural capital

    TOTAL TRANSPARENCY
    This is a type of business trend which requires openness and a clear communication of values and ethics in order to bring trust– and it must be continuously earned.

    EQUALITY FOCUS
    This is a process of redrawing society, leadership styles and the way business is being done. Consumers now expect businesses to be demonstrably diverse and inclusive.

    SMART TECHNOLOGY
    This term simply means empowering one’s consumers through enhanced experiences across communications platforms.

    CLOUD CULTURE
    This means creating a dialogue,driven society and businesses must join the conversation.

    AUTHENTIC HAPPINESS
    This is a type of trend which involves a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    CULTURAL CAPITAL
    through harnessing the power and passions of local communities, is the way to invest in your brand and establish a lasting legacy.

    Reply
  47. Avatar Okaome Esther Chioma says:
    4 years ago

    Name: Okaome Esther Chioma
    Reg no 2017/249554
    Email address: estherokaome@gmail.com
    Dept: Economics Tooic: Trends in shaping a business.

    Business world has always been buffeted by change, but current shifts in everything from communication techniques to consumer expectations appear little short of seismic.

    Look beyond the ‘bottom line’ and competition to nurture valueConverting from a business culture where the bottom line takes priority may sound like a tall order – especially in a tough economic climate – but speaker and author on business model innovation Alex Osterwalder(fans of his latest co-created bestseller Business Model Generation include GE and Sony Ericsson) says all too often the focus is on balance sheets and business rivals at the expense of product. “We focus too much on competition and financial objectives rather than being value and customer centric. Apple is a great example where design thinking comes first, and profit has followed.”Osterwalder adds that experimentation through disruptive business models is crucial to future business innovation, but it should not be at the expense of the current game plan: “Keep focus on the core business while building teams that experiment with business tools for tomorrow. This is a challenge, but major companies must do this to maintain number one market position.”

    The trends in shaping a business:
    Making the move online. Having an online presence has gone from a nice-to-have to a must-have. … 
    Low contact and cashless. … 
    Distributed work. … 
    Continuity planning. … 
    Less splurging, more sharing. … 
    Volatile demand. … 
    Local first. … 
    Health front and centre.
    some other trends are;
    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Big data, the cloud, the internet of things, robots, automation, video, collaboration platforms, and other technologies are changing the way we work and live.

    Reply
  48. Avatar Ezeuduji Bright ifechukwu says:
    4 years ago

    NAME:EZEUDUJI BRIGHT IFECHUKWU
    Reg no: 2020/242590
    Department:Economics
    COURSE:Eco 122
    THERE ARE 5 TRENDS SHAPING THE FUTURE OF BUSINESS DEVELOPMENT
    – Up your social engagement
    – Make sure you are optimized
    – Take your marketing vertical
    – Explore innovate technology
    – UP YOUR SOCIAL ENGAGEMENT
    With social network now common for consumer and business interaction your business cannot afford the fray
    Now is the time to place advertisement,participate in industry discussion and publish content,And you have got to do it regularly If you want to expand your reach and pull in new cilent
    – MAKING SURE YOU ARE OPTIMIZED FOR MOBILE
    More than half of all internets searches and email open take place on mobile devices and that number is only expected to grow .So if your content doesn’t translate well onto a 5 inch screen your risk prospect hitting delete or closing your page without a second thought
    – PERSONALIZE YOUR CONTENT
    To take your next level try introducing personalize relevant personalize content sprinkled throughout the buyer journey keeps your develop relationship with existing cilent, increasing upsell cross sell and even resell opportunity
    Remember to keep your mind for the most accurate personalization
    – TAKE YOUR MARKETING VERTICAL
    It can be tempting to cast a wide net to try to reach anyone and everyone at one . But wide range horizontal marketing is too shallow
    To go after your priority accounting and cilent focus your marketing and development on the executive and decisions make in the vertical that make sense for your unique offerings
    – EXPLORE INNOVATE TECHNOLOGY
    Investing in technology that make your cilent happier is a no Brainerd especially when you consider it six time more expensive to refuse a cilent than to hang onto them in the first place
    But remember,new technology does necessarily have to be customer facing to delight them .A new CRM Or project management platform that make your team more productive an have just as much impact if not more

    Reply
  49. Avatar ONOKA ESTHER CHIKA says:
    4 years ago

    NAME: ONOKA ESTHER CHIKA
    REG NUMBER:2020/242905
    DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS AND PSYCHOLOGY)
    COURSE:ECO 122
    MOST PROMINENT TRENDS IN SHAPING A BUSINESS

    Trend 1: Sustainable, resilient operations

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    Trend 2: The balance between human workers and intelligent robots

    Capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry.
    Trend 3: The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers.

    Reply
  50. Avatar Umezulike Treasure Mmesoma says:
    4 years ago

    NAME: Umezulike Treasure Mmesoma
    REG NO: 2020/242631
    DEPT: Economics
    FACT: Social Science
    EMAIL: umezuliketreasure@gmail.com

    1. Franchising is a form of marketing and distribution in which the owner of a business system (the franchisor) grants to an individual or group of individuals (the franchisee) the right to run a business selling a product or providing a service using the franchisor’s business system.

    Franchisees are also given permission to use the franchisor’s branding, trademarks, and identifying marks under specified guidelines. It is important for anyone deciding to start a business by becoming a franchisee to remember that in franchising the franchisee is bound to a partnership agreement with the franchisor for a defined period of time (some exceptions do exist).

    2. E-commerce (electronic commerce) : is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer or consumer-to-business. The terms e-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used in reference to the transactional processes that make up online retail shopping.

    In the last decade, widespread use of e-commerce platforms such as Amazon and eBay has contributed to substantial growth in online retail. it has relatively become a wide spread popular trend in business

    3. Network marketing: is a business model that depends on person-to-person sales by independent representatives, often working from home. A network marketing business may require you to build a network of business partners or salespeople to assist with lead generation and closing sales.

    There are many reputable network marketing operations, but some have been denounced as pyramid schemes. The latter may focus less on sales to consumers than on recruitment of salespeople who may be required to pay upfront for expensive starter kits.

    4. Transparency in business : Is the basis for trust between a firm and its investors, customers, partners, and employees. Being transparent means being honest and open when communicating with stakeholders about matters related to the business.

    Transparency in business can take many different forms depending on the nature of the communication and which stakeholders are involved, but the core objective is always the same: to establish trust and goodwill by building and preserving the firm’s reputation for openness and honesty in its business dealing
    Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    Reply
  51. Avatar Nsude Onyinyechi Gift says:
    4 years ago

    Name: Nsude Onyinyechi Gift
    Reg No: 2020/245128
    Trends in shaping a business
    1Continuity planning:If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.
    2. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have.  Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk
    3. Customers Reviews: the critics or reviews are crucial to shaping a business. It helps the individual to know where to improve and how to do so
    4.Record keeping: keeping of records is essential to the business. To ascertain the financial position of the business to know if the business is making profit or loss.

    Reply
  52. Avatar Eneh Favour onyinyechi says:
    4 years ago

    Eneh Favour onyinyechi
    2020/245914
    Economics
    Social sciences
    Assignment: List the most prominent trends in shaping a business.

    1. The balance between human workers and intelligent robots.
    2. Sustainable, resilient operations.
    3. The shifting talent pool and changing employee experience.
    4. Flatter, more agile organizations.
    5. Authenticity.
    6. Purposeful business.
    7. Competition and intergration
    8. The push towards reducing emission.
    9. New forms of funding.
    10. Artificial intelligence and increasing digitization

    Reply
  53. Avatar Ezeme Lilian ifeoma says:
    4 years ago

    Name : Ezeme Lilian ifeoma
    Department: Economics
    Reg no: 2020/249501

    1. Improved AI :
    it is being seen as a tool that brings machines a wee bit closer to mimicking human.
    In July, San Francisco-based OpenAI stunned everyone with the capabilities of its AI language model, the GPT-3. The text generator can pen fiction, compose poetry and write business memos — all without any human intervention.

    Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
    PWC discovered that AI will contribute up to $15.7 trillion to the global economy by 2030. In 2021, accelerated investment from businesses in machine learning and finding new ways to leverage technology to improve operations will take place.

    2. New forms of funding:
    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and
    special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    3.cashless society : Digital transaction are taking over the business transactions in most of the world today.
    According to Global findex databased,they presume that the cashless transaction is expected to rise by 21% in the emerging markets and by more than 7% in developed market over two years.
    Sweden is the first nation to go on cashless transaction followed by Rwanda.
    In Nigeria people no longer Carry a lot of money around ,they pay in and cash out through POS which is more faster saving the stress of long queue in the bank and risk of being robbed .

    4. Security & Access Control :
    As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. Not only to limit the risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases .

    5. Connected Cloud :
    Business intelligence is also making its
    move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses.

    With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development methodologies, and DevOps, our team knows what’s needed to enhance the customer experience, optimize business processes and help businesses become more agile.
    Business Intelligence services can assist you in understanding your customers better, and designing and delivering reports to manage your business. In addition, VLink’s information management capabilities can help your organization transform data into actionable insights which then allows you to make critical decisions with confidence.

    Reply
  54. Avatar Eze Faith says:
    4 years ago

    Name: Eze Faith Chioma
    Reg no: 2020/242584
    Department: Economics
    TRENDS IN SHOPING A BUSINESS
    1 Sustainable, resilient operations: Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.
    2.The balance between human workers and intelligent robots: We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.
    3 The shifting talent pool and changing employee experience: The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.
    4 Flatter, more agile organizations: Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
    5 Authenticity: Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Reply
  55. Avatar Ogechukwu+Uzoigwe says:
    4 years ago

    Name: Uzoigwe ogechukwu
    Department: economics
    Reg number: 2020/242627
    Topic: trends in shaping a business.

    As business evolved, different changes were made, which made business as a whole become more flexible and conform to the changing society. The development of technology has in many ways improved the business world at large and many more new discoveries.
    However, I have chosen to highlight 6 major trends which are made room for a better and more convenient business society/ world. Below are the few points;
    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.
    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.
    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  56. Avatar Omeh Gloria Chinenye 2020/248326 says:
    4 years ago

    Methods for Measuring National Income
    The national income of a country can be measured by three alternative methods: (i) Product Method (ii) Income Method, and (iii) Expenditure Method.
    1. Product Method:
    In this method, national income is measured as a flow of goods and services. We calculate money value of all final goods and services produced in an economy during a year. Final goods here refer to those goods which are directly consumed and not used in further production process.Goods which are further used in production process are called intermediate goods. In the value of final goods, value of intermediate goods is already included therefore we do not count value of intermediate goods in national income otherwise there will be double counting of value of goods.
    To avoid the problem of double counting we can use the value-addition method in which not the whole value of a commodity but value-addition (i.e. value of final good value of intermediate good) at each stage of production is calculated and these are summed up to arrive at GDP.
    The money value is calculated at market prices so sum-total is the GDP at market prices. GDP at market price can be converted into by methods discussed earlier.
    2. Income Method:
    Under this method, national income is measured as a flow of factor incomes. There are generally four factors of production labour, capital, land and entrepreneurship. Labour gets wages and salaries, capital gets interest, land gets rent and entrepreneurship gets profit as their remunerationBesides, there are some self-employed persons who employ their own labour and capital such as doctors, advocates, CAs, etc. Their income is called mixed income. The sum-total of all these factor incomes is called NDP at factor costs
    3. Expenditure Method:
    In this method, national income is measured as a flow of expenditure. GDP is sum-total of private consumption expenditure. Government consumption expenditure, gross capital formation (Government and private) and net exports (Export-Import).
    Related Articles

    Reply
  57. Avatar Dickson Edith Ezinne says:
    4 years ago

    Name: Dickson Ezinne Edith
    Reg no: 2020/242619
    Department: Economics

    Prominent Trends in Shaping a Business:
    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  58. Avatar Chukwuma ogochkwu Susan says:
    4 years ago

    Name:Chukwuma Ogochukwu Susan
    Reg number :2020/242910
    Department:Combined social science (economics and political science)
    Assignment on Eco 122
    Topic:Trends on shaping a business

    1.e-Commerce
    While many physical stores have had to close their doors to customers for extended periods, those with a strong internet presence continue to thrive. When customers could not go shopping in person, they did the next best thing and hit the internet. Online sales saw a huge boost and escalated globally to levels never before seen, and it looks like even when Covid-19 is well and truly over, that our reinvigorated love of shopping from home will continue. This means that e-commerce is one of the biggest business trends for 2021, not only for small businesses but also for larger companies, even global corporations.

    Food shopping – many grocery stores have ramped up or started offering online shopping with the options of home delivery or timed store collection.

    Clothing – Online clothes retailers, from top designers to budget clothing suppliers, have all profited from the upsurge in internet sales.

    Leisure – The buildup to the summer and doing sporting activities or taking holidays has already started. The growth in the sale of sports and leisure equipment, from kayaks to caravans, has exploded. The reasoning for this is mostly to do with people looking for ways to have fun in the sun, without needing to be around lots of other people.

    2. Digital Solutions
    Digital solutions have been needed to bridge the gap in many areas. They are a big player in the small business trends for 2021.

    Teleworking changed the face of the typical working day, as workers were asked not to come into the office but to stay and work at home. Infrastructure to help with this became premium and saw a steep rise in videoconferencing, time management applications, and other software to facilitate it. Although the idea of teleworking appeals to many, it had never before been largely taken up by companies. One of the reasons cited for this was the belief that there would be “issues” with employees’ work ethics and productivity. Many have subsequently discovered that this thinking was wrong and isn’t the case. Instead, their staff was often even more productive when working from home than in the office. Having remote employees can save businesses significant amounts of money, and it is likely to be a trend that will now continue.

    Online education was another huge growth area. Not only did school children need to have ways to study, but adults with time on their hands or who’d lost their jobs wanted to retrain, and e-Courses were the best solutions. Parents who were themselves working from home became desperate for ways to educate their kids. This saw new educational platforms springing up to offer help to the overtaxed parents.

    Telemedicine, which was already showing promise for rural and underserved communities, suddenly saw a surge in need, as people were encouraged not to visit their doctor’s surgeries. Instead, the use of information and communication technologies brought healthcare to patients requiring remote eHealth solutions, directly into their homes or wherever they were.

    Social activities also had to be taken online, with many clubs and associations trying to find ways to give their members some form of service despite not meeting in person. Museums and art galleries offered online tours, and even theatre shows were being streamed directly into audiences’ homes.

    Fitness has been another area to flourish online in recent times. With gyms closed and exercise classes canceled, people have discovered new ways to keep fit by looking for solutions online. Yoga, HIIT, Pilates, Zumba, and many more, can all be found.

    3. Social media
    Home confinement in 2020 led a lot of people to turn to social media so they could stay in touch with friends and family. It also offered a good way to find support from groups of like-minded people.

    Social media would continue to be a growth market regardless of the pandemic, although the speed may have been slower.

    Although it’s unlikely you’ll be setting up your own profitable social media platform, you could use ‘Social’ to help grow your business in other ways. It’s a perfect way to tap into great marketing opportunities to target your ideal audience and get you customers.

    4. Personal Protective Equipment (PPE)
    Needless to say, the PPE market has been a major business trend, growing exponentially over the past two years. With the wearing of masks becoming mandatory in many areas, including schools, offices, shops, restaurants, banks, and so on, demand is at an all-time high.
    It’s reasonable to expect this trend to drop off when barrier measures are relaxed over time. But it is predicted that the market will continue to be more buoyant than before the pandemic due to increased awareness of disease transmission and because of learned behavioral habits, and other psychological reasons.

    Many organizations found that the sale of their regular products hit a wall. A notable trend was, rather than simply quitting, they decided to retool and supply the growing demand for PPE and hand sanitizer. Perhaps your company might also be able to do the same.

    5. Delivery Services
    Online purchasing has increased the need for home delivery services. As our desire to maintain the convenience of home shopping outlives Covid-19, it seems fair to assume that delivery service requirements will also stay high.

    It isn’t just the big boys who’ve found profit from increased delivery demand. You may find local retailers want to expand in this area too and would be happier to work with smaller enterprises.

    6. Pets
    Loneliness was one of the key psychosocial areas to affect many people during confinement. This, and increased time at home, has provoked a boom in the pet industry. Suddenly everyone wants a fur baby to love, and prices for pet needs have soared. Along with this, the pet care market, including greater demand for all the equipment, food, and toys that pets need, has also sparked additional sales.

    If going into dog breeding isn’t really your thing, alternatives such as selling raw dog food, pet clothing, toys, and other pet-related items might be. Holistic pet care and pet gadgets are growing markets that could be worth a punt.

    7. Home Improvement
    For those lucky enough not to feel the economic pinch in these challenging times, home improvement has been high on their priority list. New kitchens and bathrooms have been of particular interest. It is reasonable to assume this could be due to an increased desire to keep things clean and sanitary and is closely associated with the pandemic.

    If you’re a builder, plumber, or electrician, odds are you’re faring OK. Items such as taps and toilet flushes that don’t require the user to touch them are increasingly popular, and advertising these could be a way of doing even better.

    8. Outdoor Living Products
    Just as the demand for leisure equipment has been driven up, so too has the need for outdoor products such as garden furniture, sheds, and pools. With more people choosing to stay at home, they want to make the most of their outdoor space, giving them the holiday feeling even though they never actually leave their property. Finding a way into this market may be advantageous right now.

    9. Gaming
    New gaming apps, platforms, events, and gear have all become increasingly popular, as people have tried to find ways to keep themselves entertained while stuck at home. It’s not only the leading players but smaller businesses that have found ways to profit from this industry. Even without Covid-19, gaming is still on a steep upward curve

    Reply
  59. Avatar Odumegwu Happiness Oluchi2020/242942 says:
    4 years ago

    Making the move online. Having an online presence has gone from a nice-to-have to a must-have. …
    Low contact and cashless. …
    Distributed work. …
    Continuity planning. …
    Less splurging, more sharing. …
    Volatile demand. …
    Local first. …
    Health front and centre.

    Reply
  60. Avatar EZE JUDITH CHINONSO REG.NO :2020/242913. says:
    4 years ago

    Question: Against this background, clearly list the most prominent trends in shaping a business.

    The most prominent trends in shaping a business are as follows:
    Up your social engagement,
    Make sure you are optimised for mobile,
    Personalize your content,
    Take your marketing vertical,
    Explore Innovative Technology,
    Radical adjacency

    Reply
  61. Avatar Ogechim Okoye yegra-owo says:
    4 years ago

    Name : okoye Ogechim yegra-owo
    Dept :Combined social science( Eco /pol)
    Reg no:2020/242986

    A trend is a pattern of gradual change in a particular condition.the following are some of the most important and well known business trends.
    1. Sustainable operations.
    2. Authenticity:. A lot of customers seek meaningful connection with products and they want them to care about issues other than profit making
    3. Empathetic and personalized customer service
    4. Using social media as a marketing and advertising platform for your business
    5. Training all employees irrespective of their past experience with the business
    6. E-commerce: the is buying and selling over the internet and it uses social media as a platform.
    7. Producing content in multiple formats for multiple channels.

    Reply
  62. Avatar Ogechim Okoye yegra-owo says:
    4 years ago

    Name okoye ogechim yegra-owo
    Dept combined social science
    Reg no 2020/242986

    A trend is a pattern of gradual change in a particular condition
    1. Sustainable operations.
    2. Authenticity: a lot of consumers seek meaningful connection to with products and services they want them to care about other values and issues more than just making profit.
    3. Putting your business on social media: social media in this age is a ground for advertisement and marketing, and putting your business out there is a huge trend in business now. It draws in a lot of customers and interested people but it depends on the authenticity of the business.
    4.purposeful operations: A business must have a purpose or a meaning as to what they hope to achieve other than money
    5.invest in training your workers irrespective of their past experience.
    6 E-commerce: this is literally the buying and selling over the internet. This is a global brand business trend and often used social media as a platform for trade.
    Empathetic and personalized customer service.

    Reply
  63. Avatar Onah Lotanna says:
    4 years ago

    Name} Onah Lotanna Favour
    Reg No.} 2020/242607
    1} Making the move online

    Having an online presence has gone from a nice-to-have to a must-have.  Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.

    2} Low contact and cashless

    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.

    3} Distributed work

    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    4} Continuity planning

    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.

    5} Less splurging, more sharing

    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.

    6} Volatile demand

    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.

    7}Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).

    Reply
  64. Avatar Okparaaluu Dominion Chukwumaife says:
    4 years ago

    Name: Okparaaluu Dominion Chukwumaife
    Department: Economics
    Matriculation number:2020/245657
    Email: okparadominion@gmail.com.
    Course code : ECO 122.
    Assignment: Clearly list the most prominent trends in shaping a business.
    No business operates in a vacuum. Today’s organizations are continually shaped by the world around them, and the same will be true for the organizations of the future. It makes sense, then, that business leaders must pay attention to emerging trends in politics, economics and society if they want to build a robust, sustainable organization.

    In this article, I explore the five biggest global trends – and how businesses must prepare for them.

    The 5 Biggest Global Trends Every Business Must undergo.
    Trend 1: Our relationship with our planet

    You only need to look at the abnormal weather patterns and natural disasters we’re experiencing to know that our planet is under immense strain. Couple that with a growing world population, and you have a tinder box of uncertainties around crop production, food security, and migration, to name just a few. By the end of this century, as many as 150–200 million people could be forced to migrate from land that will be underwater. And to keep pace with the growing global population, estimates suggest we’ll have to increase food production by between 26 percent and 68 percent by 2050. That’s a big increase for an already struggling planet to accommodate.

    I consider the emerging climate disaster to be the biggest challenge humanity has ever faced. And this concern is widespread; according to Ipsos, globally, 73 percent of people agree we’re on course for a climate disaster.

    So what has this got to do with your business? With a global majority agreeing that the world is facing a huge crisis, we can expect consumers to gravitate towards more sustainable options. And this means your organization must do everything it can to maximize its green credentials.

    Trend 2: Shifts in economic and political power

    Solving the climate crisis requires countries to work together. So the fact that global economic and political power structures are undergoing huge changes makes this job all the more difficult.

    What do I mean by changing power structures? In a nutshell, by 2050, the list of the most economically and politically powerful countries in the world will look very different to today.

    China’s economy, for example, is now predicted to overtake the United States by 2028, five years earlier than previously thought. And the combined economic power of the E7 economies – China, India, Brazil, Mexico, Russia, Indonesia, and Turkey – could be double that of the G7 by 2040.

    The takeaway here? As economic power shifts, it will become more expensive for organizations to outsource services to countries such as India. This is something businesses will have to plan for. On the plus side, these economies could become strong markets for products and services.

    Trend 3: Growing divergence and polarization

    There have been some notable examples of political fragmentation and growing divergence in recent years. Brexit. President Trump withdrawing the US from the Paris Agreement on climate mitigation. Russia announcing it has the ability to completely unplug from the rest of the world’s internet and operate its own independent internet… In short, after decades of countries growing closer together, there are signs that they are beginning to “consciously uncouple.”

    When information and analytics company IHS Markit set out its prediction of how the world would look in 2025, it said the “fragmented world” scenario – in which the US, China, the EU, and other key global players retreat from globalization and turn their gaze inwards – is the most likely. COVID-19 is likely to exacerbate this further as countries are forced to focus on domestic problems.

    This growing divergence may mean companies find themselves locked out of certain markets, which means relying on any one overseas market in our increasingly changing world is a high-risk strategy.

    Trend 4: Shifting demographics

    The global population in 2050, or even 2030, will look very different from how it looks today. That’s because the population is growing (globally, that is – some countries are experiencing population decline). What’s more, populations are getting older, the middle class is growing, and people are increasingly living in urban areas. As an example, the number of megacities (classified by the UN as cities with 10 million or more inhabitants) is also on the rise; by 2030, there will be 43 megacities, up from 33 in 2018.

    Clearly, the business opportunities around the growing urban populations and consuming classes are huge. But participating in these markets successfully will require businesses to adapt to different cultural and political environments.

    Trend 5: Social, cultural and workplace shifts

    The workplace demographic is also shifting significantly. The number of Gen Z-ers and millennials in the workplace is on the rise, and baby boomers are retiring. And with this changing workforce come changing expectations and priorities; as an example, 65 percent of people want to work for an organization “with a powerful social conscience.”

    How we work is changing, too. One in five global employees now work remotely at least some of the time, and the coronavirus pandemic will only accelerate this “work from anywhere” culture. Organizational structures will become more fluid, and more people will expect to “float” between teams, roles, and employers. The days of the “job for life” are well and truly gone, and more people will work in the gig economy, as freelancers, and as free agents.

    All employers must therefore assess their working practices to see whether they are offering this changing workforce the working environment they want (and expect) – one where people have greater flexibility, a better work-life balance, and a meaningful connection with the brands they work for.

    Reply
  65. Avatar Ekwegbara Everestar Chibugo says:
    4 years ago

    Name: Ekwegbara Everestar Chibugo
    Reg no: 2020/243840
    Dept: Education Economics

    THE FOLLOWING ARE THE TRENDS IN SHAPING A BUSINESS;

    1. Improved AI
    Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
    According to a report by PwC, AI will contribute, accelerated investment from businesses in machine learning and finding new ways to leverage technology to improve operations will take place.

    2. SECURITY & ACCESS CONTROL
    As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. One layer of this is data governance. Not only to reduce risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases.

    3. CONNECTED CLOUD
    Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses. we’ll see a merging of multi-cloud, hybrid, and edge solutions to allow companies maximum flexibility and the best results.
    With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development methodologies, and DevOps, our team knows what’s needed to enhance the customer experience, optimize business processes and help businesses become more agile.

    4. TOTAL TRANSPARENCY : brings trust, but requires openness and a clear communication of values and ethics – an

    5. EQUALITY FOCUS : is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    6. CULTURAL CAPITAL – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    Reply
  66. Avatar Dike Promise Akuoma says:
    4 years ago

    NAME: DIKE AKUOMA PROMISE
    REG NO: 2020/242499
    DEPARTMENT:ECONOMICS

    The most prominent trend that help in shaping a business:
    1. E-business(Online sales)
    2. Sales promotion
    3. Take advantage of global market.
    4. Outsourcing
    5. Globalization

    Reply
  67. Avatar ONAH JUDITH UGOCHI says:
    4 years ago

    NAME: ONAH JUDITH UGOCHI
    REG NO: 2020/242646
    DEPT: ECONOMICS
    EMAIL: onahjudith4@gmail.com

    The most prominent trends in shaping a business includes;

    1. INNOVATIVE TECHNOLOGIES:
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.
    Investing in innovative technology that makes your clients happier is a wise and profitable trend to follow in order to shape your business positively. Especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.
    A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.
    The key is to focus on the innovations that add convenience and value to your clients. through seamless and enhanced experiences across communication platforms.

    2) SOCIAL MEDIA ENGAGEMENTS:
    Today, an average person spends an average of 116 minutes and some spend hours on social media every day. That’s nearly a whole month out of the year tweeting and liking.
    And while email is still better at driving traffic to your website, Social media has a higher engagement rate.
    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.
    Through social media you can place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    3) BUILDING ONLINE PRESENCE:
    Create a digital ecosystem for your business. Include a mobile friendly website with e-commerce capability, and social media pages learn how to attract customers online. Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford. This trend can only continue.

    4) MOBILITY:
    Today, as long as you have a mobile phone that can connect to the internet, your location doesn’t matter anymore when it comes to being able to do your job, sell, or advertise your business. That’s the new trend.
    For as long as you can connect to the internet, you can access the same people and information as if you were working in an office building. Through mobile devices, we can get connected anywhere and everywhere we go.
    More than half of all internet searches and email opens, now take place on mobile devices and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, you are at the risk of hitting delete or closing your page without a second thought.
    To prevent such from happening, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance on a phone or tablet.

    5) GLOBALIZATION:
    The world is becoming just like one big city. The language you speak, the currency you transact in, and your physical location are starting to matter less. This is essentially the ability for organizations to work in a world where boundaries do not exist.
    You can work in Nigeria, yet have clients in Ghana, China, or South Africa and same goes for employees. Boundaries to working with anyone, anywhere are disappearing and this trend can only continue.

    6. MILLENNIALS IN THE WORKPLACE:
    The important thing about millennials is not the fact that they might bring new approaches, ideas, values or styles of working, it’s that there are going to be so many of them.
    This is a generation of employees with technological fluency who are willing to live at home longer until they find a company they truly want to work for.
    Therefore, organizations must shift from creating an environment where they assume that people need to work there to one where people want to work there.
    By offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.

    Reply
  68. Avatar Onuoha Chijindu says:
    4 years ago

    Name: Onuoha Chijindu
    Reg No: 2020/249390
    Email: chijindub747@gmail.com

    The most prominent trends in shaping a business are below:

    (1) E commerce: is the online buying and selling of goods and services.

    (2) Authenticity: Today’s consumer’s are seeking a more meaningful connection with brands and this need for connection has given rise to authenticity as a business trend in it’s own right.

    (3) Outsourcing or Co-opetition: we are in a time where pretty much anything can be achieved by outsourcing.

    (4) New forms of funding: New platforms and mechanisms have sprung up to connect business with investors and donors e.g crow funding, initial coin offerings (ICOs) tokenization and special purpose acquisition companies (SPACs)

    (5) The balance between human workers and intelligent robots. We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans.

    Reply
  69. Avatar OKECHI FRANCIS UCHE says:
    4 years ago

    NAME: OKECHI FRANCIS UCHE
    REG NO: 2020/242648
    DEPARTMENT: ECONOMICS
    Trends in shaping a business in the modern century are:

    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk

    2. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.

    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.

    5. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.

    6. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).

    7. Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery.

    8. Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise

    Reply
  70. Avatar OBIAKOR CHIKA VINCENT says:
    4 years ago

    Name: OBIAKOR CHIKA VINVENT.
    Reg No: 2020/246576.
    E mail Address: Chikaibiakor47@gmail.Com

    TRENDS IN SHAPING A BUSINESS.

    Some trends could be followed so as to shape a business.
    Some of which are ;
    1. Continuity plan : If something needs to be taken with high importance In a business ,it would be the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen to enable business continuity .

    2. Protect your cashflow
    At times, running a business can feel like a constant battle and a process of dealing with one financial challenge after another. In these circumstances, it isn’t always easy to know precisely where to place your priorities but, however testing a particular period might be from a financial perspective, protecting cashflow always has to be high on the agenda.
    In shaping a business,the cash flow must be protected to enable a healthy cash balance which would improve the business financial position .

    3.Acquisition of extra Assets: When cash flows are protected then ,financial balance stabilized,then acquiring assets that improve the efficiency with which your company operates can be a major step forward. Over time, any savings that result from owning quality equipment or facilities rather than renting or struggling on without them can be significant.
    4 . PREPARING FOR BEST AND WORSE CASE SCENARIOS .

    Unfortunately, peering into the future to see what the next few months or years has in store is not a position that even the best business bosses are ever going to find themselves in. Preparation, therefore, has to be based around expecting the unexpected and making reasonable assumptions or projections along the way.

    For small and medium-sized businesses looking to become more efficient and more competitive in their particular markets, financial flexibility can be a highly valuable commodity. As indeed can adopting a financial strategy that takes into account best and worst case scenarios.

    Analysing previous performance can offer plenty of insights for any business, both in terms of where mistakes have been made and where positives should be taken. But, as we all know, the future never looks precisely the same as the past, even if you are aiming as a business boss simply to consolidate a financial position or to maintain stability. So creating flexibility and balancing ambitions can be crucial in preparing your company for whatever the future holds.

    l

    Reply
  71. Avatar Oha Ujunwa Emmanuella. 2020/242643 says:
    4 years ago

    NAME: OHA UJUNWA EMMANUELLA
    REGISTRATION NUMBER: 2020/242643
    DEPARTMENT: ECONOMICS

    THE PROMINENT TRENDS IN SHAPING A BUSINESS ARE:

    1). The rise of the millennial generation

    As baby boomers retire, millennials will become predominant in the workplace.
    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.Invest in training—Training is important for retaining workers and attracting new ones.

    2). Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.

    3). A more culturally diverse population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.
    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.
    Adjust your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.
    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.

    4). The growth of virtual marketplaces
    The Internet and mobile devices are completely changing the way consumers shop.
    Build your online presence—Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.
    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.Work to improve continuously.

    5).The rise of the data economy
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the Internet and mobile communication
    Know your customers—Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.

    6). Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    7). Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    8). Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    9). Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    10). Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  72. Avatar Uwaezuoke+favour+Ifunanya says:
    4 years ago

    NAME:Uwaezuoke Favour Ifunanya
    REG NO:2020/242628
    Dept: Economics
    TRENDS IN SHAPING A BUSINESS
    1. The rise of the millennial generation
    As baby boomers retire, millennials will become predominant in the workplace.

    What your business can do:
    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.

    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.

    Invest in training—Training is important for retaining workers and attracting new ones.

    2. The aging workforce
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.

    What your business can do:
    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.

    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.

    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.

    3. A more culturally diverse population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.

    What your business can do:
    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.

    Adjust your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.

    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.

    4. The growth of virtual marketplaces
    The Internet and mobile devices are completely changing the way consumers shop.

    What your business can do:

    Build your online presence—Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.

    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.

    Work to improve continuously—Take action, measure the results and make changes to improve. Repeat.

    5. The automation of business activities
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robots—tech systems such as ERP and CRM can boost productivity and reduce costs by automating functions.

    What your business can do:
    Map out your business processes—Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.

    Involve your employees—Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using new technology.

    Shop around—Make a careful assessment of what’s available to find the systems best-suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the job at a lower cost and with fewer headaches down the road.

    6. The rise of the data economy
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the Internet and mobile communications.

    What your business can do:
    Know your customers—Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.

    Personalize your offerings—Data collected from your website, CRM system and other sources can help you personalize your products and services according to your customers’ needs and tastes.

    Reply
  73. Avatar ORAJIAKU CHIDERA PRINCEWILL says:
    4 years ago

    ORAJIAKU CHIDERA PRINCEWILL
    2020/242647
    ECONOMICS

    The prominent trends in shaping a business include:

    IMPROVED AI:

    Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
    According to a report by PwC, AI will contribute up to $15.7 trillion to the global economy by 2030. In 2021, accelerated investment from businesses in machine learning and finding new ways to leverage technology to improve operations will take place.

    SECURITY AND ACCESS CONTROL:

    As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. One layer of this is data governance, and we’ll see more of it in 2021. Not only to reduce risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases throughout 2021.

    CONNECTED CLOUD

    Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses. In 2021, we’ll see a merging of multi-cloud, hybrid, and edge solutions to allow companies maximum flexibility and the best results.
    With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development methodologies, and DevOps, our team knows what’s needed to enhance the customer experience, optimize business processes and help businesses become more agile.

    Reply
  74. Avatar Okechukwu Mary Chisom says:
    4 years ago

    Name: Okechukwu Mary Chisom
    Reg No:2020/246373
    Email: marychisomokechukwu@gmail.com

    The most prominent trend in shaping a business are:

    1. Up Your Social Engagement
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking. And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate. With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    2. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought. To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it. To take yours to the next level (as in six times higher transactional rates), try introducing personalization.Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Reply
  75. Avatar NWANOSIKE CHINONSO AMOS says:
    4 years ago

    NAME: NWANOSIKE CHINONSO AMOS
    MATRIC NO: 2020/242603
    COURSE CODE: ECO 122
    COURSE TITLE: INTRODUCTION TO BUSINESS MANAGEMENT
    DEPARTMENT: ECONOMICS
    LEVEL:100

    1.MAKING THE MOVE ONLINE
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk.

    2. LOW CONTACT AND CASHLESS
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    Consider moving all your transactions to cash-free, tap-and-go. Explore new checkout options, including digital wallets, and contact-free ways to service your customer such as home delivery.

    3. DISTRIBUTED WORK
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    Check in with your team to understand their working preference, and make sure your IT systems and in-home devices used for work purposes are secure from cyber attack.
    Tools from the Xero app marketplace we love: WorkflowMax, Accelo and Roll.

    4. CONTINUITY PLANNING
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.
    NOTE: Develop and rehearse contingency plans with your team and seek advice from business owners who have been through similar disruptions.

    5. LESS PLURDGING MORE SHARING
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.
    HINT: Consider offering customers flexible buy-now, pay-later payment options.

    6. VOLATILE DEMAND
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.
    Tip: Develop plans to shorten lead times and scale production up or down as required.

    7. LOCAL FIRST
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).
    Tips Review your suppliers with an eye to reducing risk, and highlight local sourcing in your product descriptions to harness the power of storytelling.

    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery.
    Tip: Keep on top of government regulations to ensure your business is compliant, and ensure this is clearly communicated to staff and customers.

    8. WELL-BEING
    Last year has been labelled by some as the “great pause”. While this year has been incredibly challenging, it has also allowed non-essential workers to spend more time with their families. The shift to a slower, simpler lifestyle has led to an inward focus on wellbeing. Many customers are now aspiring to be physically fitter, healthier, and pay more attention to their mental health

    As we move through 2020 it’s important for business owners to be kind to themselves. Plateaus and struggles are a reality for everyone right now (especially in light of increased restrictions in Victoria), but the resilience gained through these challenges will put you in good stead to tackle the future. If you’re struggling with which steps to take next, you can find more support and practical insights to help keep your business moving inside Xero’s handbook.

    Reply
  76. Avatar Ibezim Blessing Chinyere says:
    4 years ago

    Name: Ibezim Blessing Chinyere
    Reg no. : 2020/242630
    Email: ibezimblessing36@gmail.com

    Most prominent trends in shaping a business
    Trend 1: Sustainable, resilient operations: every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.
    Trend 2: The balance between human workers and intelligent robots
    We now have increasingly capable robots and artificial intelligence (AI)systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    Reply
  77. Avatar Ifeakandu Sylvia Ukaamaka says:
    4 years ago

    The business world has always been buffeted by change, but current shifts in everything from communication techniques to consumer expectations appear little short of seismic.
    Top Business Trends
    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  78. Avatar Onuah precious onyinyechukwu says:
    4 years ago

    NAME: ONUAH PRECIOUS ONYINYECHUKWU
    REG NO: 2020/245130
    DEPARTMENT: ECONOMICS
    FACILITY: SOCIAL SCIENCE
    EMAIL: onuahprecious04@gmail.com

    *********
    What are the Prominent Trends in shaping a business???
    The trends are what businesses are currently doing to still be viable and still maintain their share due to increase in competition businesses have been forced to pivot to provide new products and services and find new and inventive ways of reaching their customers. As a result of this it is vital that entrepreneurs study the trends in the business environment in order for their businesses to be at the top the game. Jobs are changing and businesses needs to adjust accordingly to digitalization of the business environment because the competition in the labour market is getting stiffer by the day. Business owners have to adopt strategies to enable them break even and to make normal profit in long run. Some of trends that will shape businesses include; 👇

    1.)The rise of the millennial generation:
    As baby boomers retire, millennials will become predominant in the workplace.

    ✓What your business can do:

    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.
    Invest in training—Training is important for retaining workers and attracting new ones.

    2. )The aging workforce:
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.

    ✓What your business can do:

    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.

    3). A more culturally diverse population:
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.

    ✓What your business can do:

    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.
    Adjust your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.
    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.

    4. )The growth of virtual marketplaces:
    The Internet and mobile devices are completely changing the way consumers shop.

    ✓What your business can do:

    Build your online presence—Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.
    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.
    Work to improve continuously—Take action, measure the results and make changes to improve. Repeat.

    5.)The automation of business activities
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robots—tech systems such as ERP and CRM can boost productivity and reduce costs by automating functions.

    ✓What your business can do:

    Map out your business processes—Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.
    Involve your employees.Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using new technology.
    Shop around—Make a careful assessment of what’s available to find the systems best-suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the job at a lower cost and with fewer headaches down the road.

    6.) The rise of the data economy:
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the Internet and mobile communications.

    ✓What your business can do:

    Know your customers—Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.
    Personalize your offerings—Data collected from your website, CRM system and other sources can help you personalize your products and services according to your customers’ needs and tastes.
    Improve your efficiency with dashboards—By measuring your performance in key areas, you can evaluate how you are doing compared to internal goals or external benchmarks, such as industry averages. Select key performance indicators and use them to create performance dashboards.

    Reply
  79. Avatar Nwankwo Jasper Uchechukwu says:
    4 years ago

    How to measure national income
    National income refers to the Sim of the Calle of all the good and service produced by the residents of a country in a year, within it’s sometime boundaries or outside. Whole national income formula refers to the formula that is used in other to calculate value of total items produced by the country.
    Forms for finding national income: C+G+I+X+F-D
    Where:
    C is the consumption
    G is the government expenses
    I is the investments
    X is hey exports (exports let import)
    F is the national residents foreign production
    D is the non-national residents domestic production.
    Methods of calculating national income
    1) Income method:
    This method we eat bet income payments received bro all the citizens of a country in a particular year.
    2) Product method:
    To calculate the national income with product method, the aggregate value of final goods and services produced in a country during a financial year is computed at market price.
    3) Expenditure method:
    The total Expenditure by the society in a financial year is summed up together and includes personal consumption, expenditure, bet domestic investment government Expenditure on goods d and not foreign investment.
    4) Value Added Method:
    The distinction between the Calle of material output and materials input at every state of production is value added.
    Name: Nwankwo Jasper Uchechukwu
    Department: Combined social sciences (Eco/Pol)
    Reg No: 2020/24282980

    Reply
  80. Avatar Igboanugo jacinta ugochukwu says:
    4 years ago

    Igboanugo jacinta ugochukwu
    2020/243842
    Education and Economic

    TRENDS IN SHAPING A BUSINESS
    COVID-19 has proven to be the biggest economic disruption in a generation. Businesses have been forced to pivot to provide new products and services and find new and inventive ways of reaching their customers. We’ve been so inspired by the resilience and entrepreneurial spirit of business owners within our local community Nations and the world at Large .And while it’s not always a smooth journey , the learnings have been invaluable

    1. MAKING THE MOVE ONLINE
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk
    2. LOW CONTACT AND CASHLESS
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3. DISTRIBUTED WORK
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.
    4. CONTINUITY PLANNINGS
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.

    5. LESS SPLURGING, MORE SHARING
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.

    6. VOLATILE DEMAND
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.

    7.Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise.

    8.Wellbeing
    2020 has been labelled by some as the “great pause”. While this year has been incredibly challenging, it has also allowed non-essential workers to spend more time with their families. The shift to a slower, simpler lifestyle has led to an inward focus on wellbeing. Many customers are now aspiring to be physically fitter, healthier, and pay more attention to their mental health

    Reply
  81. Avatar Enechukwu Ebube felicitas says:
    4 years ago

    Name: Enechukwu Ebube felicitas
    Dept:: Economics
    Reg No:2020/242592
    1.)Micro influencers helps drives sales so it’s needed in shaping a business.
    2.) Increase spend on social media::These days social media helps in shaping a business in the sense that it improves sales.
    3) Business environment helps as a factor in shaping business , environment helps in shaping a business a developed environment improves sales in a business.
    4.)Total Transparency:: A genuine transparent business helps in shaping it .It makes people trust and patronize the business which leads to shaping it.
    5.) Customer service needs to be personalised and empathetic.

    Reply
  82. Avatar Itohowo Emmanson Akai says:
    4 years ago

    Akai, Itohowo Emmanson. Faculty of Education
    Dept. Social science Education (Eco&Edu)
    Reg. No. 2020/247029
    Course title: Eco122
    Assignment. Trends in shaping a Business. First and foremost, what is Business trends? It is an upward movement or change in the fundamental business of dynamics within a business organization. And then what are they trends that bring about development to Business.
    These are:

    1. FAIR PLAY AND TRANSPARENCY: This brings about trust, openness and a vivid communication of value and ethics between entrepreneur and customers, employer and employee in a business.
    2. SCIENCE TECHNOLOGY: This entails informing customers through seamless and enhanced experiences through communication links or platforms. The speed of digital transformation is fairly advanced with many organizations working on transforming businesses. However, technology would be a priority for many businesses to ensure continuity, improve productivity and effective models to remain competitive.

    3. GLOBALIZATION: This is indespensably the capability for every business to work in a world where there’s no limit. The world is becoming a global village. The language people speak, the currencies they transact in, the physical location are starting to matter no more.
    4. PERSONALISE YOUR CONTENTS: Here, the strength of contents marketing like social media or email campaigns to engage new audience and a close sale are well started.
    Relevant personalised content sprinkled throughout the buyer journey keeps business on top others. And it aids an entrepreneur develops a strong relationship with clients, increasing upsell, cross-sell and even resell chances.
    5. SOCIAL ENGAGEMENT: Today’s buyers spend an average hours on social media every day. With social networks now commonplace for consumers and business interaction. For business to have shape, owners cannot afford to avoid the fray.
    6. GOOD HEALTH AND HAPPINESS:
    No business can exist and grow effectively without happiness on the side of the owner, and no product can be patronized without the customers being satisfied.
    Above all, I hope with the aforementioned points, a business can grow to international standard.

    Reply
  83. Avatar Egwim chinonso Theresa says:
    4 years ago

    NAME: EGWIM CHINONSO THERESA
    REG NO:2020/242593
    LEVEL:100
    EMAIL ADDRESS: egwimtheresa2@gmail.com

    Trends in shaping a business.
    (Based on the post pandemic and my point of view)
    Understanding the changes in the psychology of your customer is key to shaping your business for the future, whether you’re currently facing a tightening or easing of restrictions. Here are the top ten trends, tips and tools you can action right now to keep your business moving and growing into the future.
    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk
    .

    2. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.

    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.

    5. Less splurging, more sharing
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.

    6. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.

    7. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).

    .
    8. Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery.

    9. Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise.

    With these trends I feel that our business growth and finances will improve drastically and for the better.

    Reply
  84. Avatar Okafor Chioma Nancy says:
    4 years ago

    OKAFOR CHIOMA NANCY
    REG. NO : 2020/242649
    DEPARTMENT: ECONOMICS
    Email : nancyokafor2000@gmail.com

    PROMINENT TRENDS IN SHAPING A BUSINESS.
    These eight major trends provide a snapshot of how business operations are evolving :
    1: Sustainable, resilient operations
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2: The balance between human workers and intelligent robots
    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions like;
    – Which roles are best suited to humans?
    – What roles should be given over to machines?
    There is no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3: The shifting talent pool and changing employee experience
    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. There has been argument that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    4: Flatter, more agile organizations
    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure. leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change.

    5: Authenticity
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy and so on.We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    6: Purposeful business
    This trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose in this context defines why the organization exists.Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    7: Co-operation and integration
    The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations.

    8: New forms of funding
    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    Reply
  85. Avatar Anyanwu+Chinazaekpere+Mavis says:
    4 years ago

    NAME: ANYANWU CHINAZAEKPERE MAVIS
    REG NO: 2020/243851
    DEPARTMENT: EDUCATION/ECONOMICS

    Trends in shaping a business

    Across all sectors, organizations are grappling with rapid transformation. On top of that, there are enormous global shifts and challenges to contend with, such as climate change, and shifting political and economic power. To put it bluntly, our world is changing fast. And organizations must learn to adapt accordingly. As the Business world is growing, there are trends that helps it grow.
    These eight major trends provide a snapshot of how business operations are evolving to suit our rapidly changing world.

    Trend 1: Sustainable, resilient operations
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    Trend 2: The balance between human workers and intelligent robots
    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    Trend 3: The shifting talent pool and changing employee experience
    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    Trend 4: Flatter, more agile organizations
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    Trend 5: Authenticity
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Trend 6: Purposeful business
    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    Trend 7: Co-opetition and integration
    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    8: New forms of funding
    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.
    In addition to these eight trends, there will also be transformative technology trends in 2022 including artificial intelligence and increasing digitization, which every company must be ready for.

    Reply
  86. Avatar Chigozie chidera Jennifer says:
    4 years ago

    Chigozie Chidera Jennifer
    Economics Department
    2020/242579

    E-marketing
    Taking your business online opens you up to a whole new customer base. online marketing also helps businesses with the ability to run multiple campaigns at once. You can handle a lot of customers at one time when they’re on your website. Your website can take on multiple transactions, which allows you to obtain more conversions for your business. It’s a great opportunity to grow your business.

    Innovation
    Innovation is now more important than ever in today’s world. To stand out in a crowded market, business leaders need to focus on different ways they can keep up with evolving demand. The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve it’s profitability.

    Technology
    Having an efficient business model is achievable with tech innovations. When business processes are streamlined with technology, they are less expensive, save time, and more sustainable. These savings can be reinvested into your company’s growth or passed on to the customer, offering both an affordable and reliable product.

    Reply
  87. Avatar Enyi+Favour+Onyiyechi says:
    4 years ago

    NAME: Enyi Favour Onyiyechi
    REG NO: 2020/242586
    DEPARTMENT: Economics
    EMAIL: favourenyi9@gmail.com

    Understanding the changes in the psychology of your customer is key to shaping your business for the future, whether you’re currently facing a tightening or easing of restrictions. Listed below are some trends in shaping a business:

    1. GLOBALISATION; globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries.

    2. E-COMMERCE;The pandemic completely changed the way people shop. E-commerce was already on the rise before COVID hit. But in March 2020, it took off at an astronomical rate. Shopify reports that e-commerce experienced 10 year’s growth in just three months. Estimates show that $1 million dollars is spent online every minute.

    3. BUSINESSES CONTINUE TO UTILISE SOCIAL MEDIA; The importance of social media in business’ marketing and e-commerce plans will likely continue to increase in the years to come. As of 2019, 73% of marketers said that social media was either “somewhat effective” or “very effective” for their business. An increasing number of businesses are turning to social media influencers to market their products. More than 90% of marketers report using the strategy and it’s working.

    4. SUSTAINABLE RESILIENT OPERATIONS; Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term.

    5. PURPOSEFUL BUSINESS; Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    Reply
  88. Avatar Nnam Charles Chiemerie says:
    4 years ago

    The trends shaping a business are:
    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.

    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk.
    2)Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.

    Tip: Consider moving all your transactions to cash-free, tap-and-go. Explore new checkout options, including digital wallets, and contact-free ways to service your customer such as home delivery.

    Tools from the Xero app marketplace we love: Kounta, Vend, ServiceM8

    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.
    5. Less splurging, more sharing
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.
    6. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.
    7. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers)
    8. Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery
    9. Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise.
    10. Wellbeing
    2020 has been labelled by some as the “great pause”. While this year has been incredibly challenging, it has also allowed non-essential workers to spend more time with their families. The shift to a slower, simpler lifestyle has led to an inward focus on wellbeing. Many customers are now aspiring to be physically fitter, healthier, and pay more attention to their mental health.

    Reply
  89. Avatar Nnam Charles Chiemerie says:
    4 years ago

    1)Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk.
    2)Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3)Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.
    4)Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors should the worst happen.
    5)Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors customers flexible payment option.
    6)Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.
    7)Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers.
    8)Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery.
    9)Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise.

    Reply
  90. Avatar Ani Chisom promise says:
    4 years ago

    Name:Ani chisom Promise
    Ref no:2020/242569
    Email:sommypromise5400@gmail.com
    TRENDS IN SHAPING A BUSINESS
    There are so many trends which one can shape his/her business which includes:
    1.Being online:Because of our society now everything and everybody seems to be online,so there is need in venturing into business that one makes plans on how to get into the system of being online,learning how to attract customers online and doing some advertising on daily basis online like creating an Instagram page,Facebook page etc.
    2.Another trend is the issue of reducing physical contact and cashlessness :This reduces the risk of theft in business and even kidnaping owners of business.The period of pandemic shows the need of reducing collecting of money physically from customers.Making a means of collecting your money when there is a transaction without seeing the person physically is one of trends now in business.
    3.Exploring innovative technology:In today’s ultra-connected world,emerging technologies are popping up in every market,helping businesses in every kind of industry crate better solutions for their clients/customers.Investing in technology that makes clients happier.Technology makes your team/workers in your business to be more productive and crate room for smooth running of business.
    4.Creating a more flexible workplace :This is another trend in shaping a business .Offering flexible hours,part-time jobs and temporary work are ways to keep older workers in board and attract millennials .
    5.Measuring performance:By measuring your performance in key areas,you can evaluate how you are doing compared to internal goals.

    Reply
  91. Avatar Udensi Martha Chioma .......2020/248965 says:
    4 years ago

    Prominent trends in shaping a business are:

    1)Increase your social engagements .
    2) Invest in trainings.
    3) Create a more flexible workforce.
    4) Improve benefits and compensations .
    5) Grow in virtual marketplaces.
    6) Automation of business activities.
    7) Listen to your customers.
    8) Boost your productivity.
    9) Reach out to specific communities.

    Reply
  92. Avatar CHUKWU BRIDGET OLACHINYERE says:
    4 years ago

    NAME: CHUKWU BRIDGET OLACHINYERE
    REG NO: 2020/248249
    COURSE: ECO 122
    DEPARTMENT: ECONOMICS
    1). ONLINE MARKETING: The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.
    That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.
    2). IMPROVED AI: Artificial intelligence(AI) has grown in importance fir companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner.
    3). DATA COLLECTION: Marketing makeovers aren’t the only benefit that businesses have realized through online tools. Businesses today can collect data on nearly anything: who is vising their website; how long it takes for their package to be delivered; how consumers use their products and more, forbes contributor Bernard Marr explained.
    Every business, no matter how big or small, has access to some form of data that can give it greater insight into its consumer base, its internal company culture or its audience’s opinion of the company.
    4). SECURITY AND ACCESS CONTROL: As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in related industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process.
    5). VIDEO STRATEGY: Your online marketing campaign might contain a plethora of initiatives, like social media, blog posts and website ad spots. But if it doesn’t include video, you may be missing an important element in your messaging. Consumers turn to video for easily digestible yet highly informative content. They’re more likely to watch a video in its entirety, as opposed to reading a full blog post or article, according to data collected by hubspot.
    6). CONNECTED CLOUD: Business intelligence is also making its move to the cloud today because if the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower cost have all made the move to the cloud more appealing to businesses.

    Reply
  93. Avatar OKWUDILI ESTHER MMESOMA says:
    4 years ago

    OKWUDILI ESTHER MMESOMA
    2020/242613
    ECONOMICS DEPARTMENT

    MOST PROMINENT TRENDS IN SHAPING A BUSINESS

    1) AUTHENTICITY
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    2) PURPOSEFUL BUSINESS
    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better be it a better world, a better way to do something, or whatever is important to your organization.

    3) CO-OPETITION AND INTEGRATION
    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    4) SUSTAINABLE, RESILIENT OPERATIONS.
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    5) THE BALANCE BETWEEN HUMANS WORKERS AND ARTIFICIAL INTELLIGENT (AI)
    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations and their people for the changing nature of work.

    Reply
  94. Avatar EZE JULIET SOBECHUKWU. DEPARTMENT OF ECONOMIC. REG NO: 2020/245274 says:
    4 years ago

    julietsobe512@gmail.com
    The most prominent trends in shaping businesses.
    1. Exploration of innovative technology: the key is to focus on the innovations that add convenience and value to your clients. Entrepreneurs can create a digital ecosystem for their businesses including a mobile friendly website with e-commerce capability and social media.
    2. Robots and artificial intelligence: this is among the recent business trend. It is used to perform vast range of activities.
    3. The growth of virtual market place: the internal and mobile devices are completely changing the way consumers shop. Businesses should build online presence, learn how to attract customers online and also work to ensure continuity.
    4. Invest in training: it effectively because it helps in making the available workers in a firm more productive and efficient. Training of workers on the use of modern technology and other digital trends will help to boost the business.
    5. Content marketing: the ability of content marketing like social media or email campaigns, to engage new audience and close sales well established.
    Relevant personalized content sprinkled throughout the buyer journey keeps the business brand top of mind and it helps to develop relationship with the existing clients, increasing up sell or resell opportunities.

    Reply
  95. Avatar Okoloaja Vanessa Mmerichukwu says:
    4 years ago

    Okoloaja Vanessa Mmerichukwu
    Economics department
    2020/245131
    mmerichukwunessa77@gmail.com

    Trends means the latest fashion, vogue, style etc that may exist during a particular period in order to make things more sophisticated and easy. Trends in Business are different ways aimed at increasing sales and profit margins. Trends are also used to compete with other businesses. There are some types of trends in Business trends;
    1. Sustainable resilient operations: Businesses should try to reduce environmental cost in order to achieve sustainability
    2. Balancing between humans and Robots: With the aid of AI ( Artificial intelligence) there are systems that carry out tasks, which were previously handled by humans. There’s need for a check… who does it better? Humans or robots and it’s effect on the human society at large.
    3. The shifting talent pool and changing employee experience: This look at the aspect of the type of worker that should be employed, that is. Considering a contract staff or fully employee
    4. Flatter and less rigid hierarchy: Flexibility is a new trend in most businesses today, the structure allows for quick response to work and other decisions in the business which makes things to be more effective and time saving
    5. Cooperation and integration: Business can be promoted through proper outsourcing and business challenges could be eliminated
    6. New forms of funding: Generation of finances by companion and Businesses also changes as
    there are now new platforms and mechanisms where business owners could connect and communicate with donors, which is aimed at promoting the strength of the business.
    Business Trend is not just limited to what I stated above, as Transformative technology, Artificial intelligence and increasing digitalisation are coming up really fast and which could be used to strengthen the root of a business in order to make it more sophisticated and stand out among other businesses.

    Reply
  96. Avatar MUOKEBE CHIAMAKA FAITH says:
    4 years ago

    Name: MUOKEBE CHIAMAKA FAITH
    Reg no: 2020/244660
    Dept: EDUCATION AND ECONOMICS
    E-mail: faithc643@gmail.Com

    One of the greatest challenges for leaders today is keeping up with the constantly changing business landscape.
    In this post, serial entrepreneur Faisal Hoque flags the trends that professionals in every field will have to adjust to, and how to do it.
    Leaders have to think digital, embrace design thinking, and read every day to keep up.
    BY FAISAL HOQUE
    The modern economy — local, domestic, and global — operates in a state of accelerating change, driven by increasing and changing competition.
    This is due in part to easier market entry created by advances in technology and communications infrastructure, restructuring of product sourcing arrangements, the growing availability and changing costs of global labor pools, the continuous restructuring of capital markets, and the emergence of new economic powers.
    One of the greatest challenges that businesses leaders face is the ability to quickly respond to this constantly accelerating change and to act as the catalyst of organizational adaptation.
    Whether you’re in a leadership role, focused on innovation, running your own business, or all of the above.
    Here are seven traits and trends that will impact your work today, shapen businesses and for years to come:

    1. EXPLORE INNOVATIVE TECHNOLOGY
    Digital transformation can be defined as a process whereby an organization shifts their business models, processes, and organizational culture with digital technologies to adapt to changing customer behaviors.
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.
    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.
    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.
    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.
    In the end, the key is to focus on the innovations that add convenience and value to your clients.
    Technological transformations will continue to reshape the way the business world is organized. As information becomes more plentiful and less centralized, more organizations are likely to decentralize, too, in order to respond swiftly to it all.
    Today technologies have wildly different fates:
    Anything that can be digitized will be
    Anything that can go wireless will
    Anything that can get smaller will
    Information will move more freely

    2. APPLY AI AND MACHINE LEARNING
    Nebulous and complicated by nature, AI and the movements it fuels all require a highly specialized skill set. For it to work, people must connect the dots between AI and how it can be effectively applied in the private or public sector.
    That’s not always easy to do — and the very notion of it may be scary to some who think that the day when machines “take over” isn’t that far off — but the positive results are already evident.
    As AI and machine learning continue to evolve and mature, it’s time for every company to start experimenting with the many ways these technologies can help organizations work smarter, better, and faster.

    3. EMBRACE DESIGN THINKING
    Contrary to the popular belief that design thinking is only used for a new product or service, existing business processes greatly benefit from design thinking. They usually need to be reinvented the most.
    Although there are many models and frameworks available for applying design thinking, let’s establish some basic concepts:
    Research — Do extensive cross-industry market research, both qualitative and quantitative, to understand current and changing customer behavior.
    Define — Define the problem that needs solving.
    Ideate — Consider many options from many perspectives, disciplines, and sources. Design thinking requires multiple iterations of idea generation before picking the ultimate winning idea.
    Execute — Develop rapid prototypes to gather feedback from stakeholders. Once the final solution is refined and approved, an execution plan is then produced to move forward.
    Design thinking is not just about creativity, as complex problem solving requires a collaborative approach incorporating all parts of an organization — from internal resources, to partners, and customers

    4. UP YOUR SOCIAL ENGAGEMENT
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.
    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.
    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.
    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    5. REMEMBER, EMPATHY ALWAYS PAYS DIVIDENDS
    For communication to get through on all sides, we have to be clear about what we want from each other. As a leader, I try especially hard to remain approachable and keep an open dialogue flowing. It’s difficult to keep everyone motivated, asking questions, and sharing their concerns when a lot is changing. But getting it right just means doubling down on the type of empathy leaders love to talk about under much steadier conditions.
    This means not just clearly articulating our message but also listening actively—without bias or judgment and with a real willingness to consider different perspectives. It’s about trading messages respectfully and accurately, not just delivering them.
    Leaders may feel their job is to reassure their teams—to talk more than they’re used to. But I’ve found listening to be even more important. When I’m actively listening, I’ll hear genuine concerns and clear a space for talking level-headedly about how to cope with them together.

    6. MAKE SURE ARE OPTIMIZED FOR MOBILE
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.
    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    7. READING A LOT WILL KEEP YOU OPEN TO CHANGE
    Bill Gates, Barack Obama, and Warren Buffett all put ample time on their iPads and/or with physical books and publications, and you should, too.
    Reading can force our minds to attract, retain, and cultivate new knowledge and skills. Success can quickly inflate egos and cause isolation of leadership, but reading can help break down those walls. Leaders who read can get into continuous learning loops that allow them be more empathetic and collaborative, rather than commanding and controlling.

    Reply
  97. Avatar Adaeze Jennifer Onuigbo says:
    4 years ago

    NAME: ONUIGBO ADAEZE JENNIFER
    REG NO: 2020/242608
    EMAIL ADDRESS: ADAEZEONUIGBO15@GMAIL.COM

    LIST OF THE MOST PROMINENT TRENDS IN SHAPING A BUSINESS

    1. Online Marketing
    2. Video Strategy
    3. E-commerce
    4. Social Media Marketing
    5. Virtual and Digital Services.
    6. Entrepreneurship
    7. Ad Markets Consolidate
    8. Affiliate Marketing.

    Reply
  98. Avatar Ichie Joy Chinazaekpere says:
    4 years ago

    NAME: ICHIE JOY CHINAZAEKPERE
    REG NUMBER: 2020/242595
    Email address: joy.ichie.242595@unn.edu.ng

    Prominent trends in shaping a business:
    1) The Rise of the Millennial Generation
    As baby boomers retire, millennials will become predominant in the workplace.
    What the business can do:
    •Position your business on social media– Social media is a must for recruiting younger employees and to position your company as a great place for work.
    •Partner with Schools– Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent
    •Invest in Training– Training is important for retaining workers and attracting new ones.

    2) The Ageing Workforce
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.
    What the business can do:
    •Create a more flexible workplace– Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    •Improve benefits and compensation– Consider offering benefits such as a pension plan, health insurance, and compare what you can pay to the competitors to see if you should increase your compensation.
    •Boost your productivity– To make up for labour shortage, look for ways to become more productive through investments in equipment, technology and operational efficiency.

    3) A more Culturally Diverse Population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.
    What the business can do:
    •Reach out to specific communities– Get started recruiting more immigrants by targeting specific immigrant communities through business association and network.
    •Adjust your training– Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those group needs.
    •Take advantage of the strengths of Immigrants Workers– A diverse workforce can improve your company’s capacity to expand globally.

    4) The growth of Virtual Market Places
    The internet and mobile devices are completely changing the way consumers shop.
    What the business can do:
    •Build their online Presence– Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.
    •Learn how to attract Customers Online– Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.
    •Work to improve continuously– Take action, measure the results and make changes to improve. Repeat.

    5) The automation of business Activities
    Robots and Artificial Intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robot-tech systems such as ERO and CRM can boost productivity and reduce costs by automating functions.
    What the business can do:
    •Map out your business process– Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.
    •Involve your employees– Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using technology.
    •Shop Around– Make a careful assessment of what’s available to find the systems best suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the jobs at lower costs and with fewer headaches down the road.

    6) The rise of the data economy
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the internet and mobile communications
    What the business can do:
    •Know your customers– Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.
    •Personalize your offerings– Data collected from your website, CRM system and other sources can help you personalize your products and services according to your customers needs and tastes.
    •Improve your efficiency with dashboards– By measuring your performance in key areas, you can evaluate how you are doing compared to internal goals or external benchmarks, such as industry averages. Select key performance indicators and use them to create performance dashboards.

    Reply
  99. Avatar Amara marvelous Ezeilo says:
    4 years ago

    NAME :AMARA MARVELOUS EZEILO
    REG NO 2020/245138
    Dept:combined social science (eco/Psy)

    1.Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.
    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.
    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  100. Avatar ABOSI PETER OSITA says:
    4 years ago

    Name: Abosi Peter Osita
    Reg: 2020/248501
    Department: Economics
    Email: abosiosita@gmail.com

    Trends In Shaping a Business
    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.

    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service destiny

    2. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes

    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.

    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen.

    5. Less splurging, more sharing
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options

    6. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.

    7. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).

    8. Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery

    9. Cocooning
    Our homes have provided a sanctuary during the pandemic, and the desire to spend our leisure and working time in our safe space will likely be sticking around. This presents an exciting opportunity for businesses offering products or services for the home, as customers invest in setting their space up for leisure, work and exercise.

    10. Wellbeing
    2020 has been labelled by some as the “great pause”. While this year has been incredibly challenging, it has also allowed non-essential workers to spend more time with their families. The shift to a slower, simpler lifestyle has led to an inward focus on wellbeing. Many customers are now aspiring to be physically fitter, healthier, and pay more attention to their mental health

    Reply
  101. Avatar Ndubueze Chigoziri Franklin says:
    4 years ago

    Name: Ndubueze Chigoziri Franklin
    Department: Economics
    Reg Number: 2020/242606

    Question: List clearly the most prominent trends in shaping a business.

    Answer: The business world has always been buffeted by change, but current shifts in everything from communication techniques to consumer expectations appear little short of seismic.
    The prominent trends in shaping a business are:
    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.

    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.

    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  102. Avatar Okaforodoh Chimdindu Emmanuel says:
    4 years ago

    Okaforodoh Chimdindu Emmanuel
    2016/236966
    NAME: Okaforodoh Chimdindu Emmanuel
    REG NUMBER: 2016/236966
    DEPARTMENT: ECONOMICS
    EMAIL: chimdiemmanuel.on@gmail.com
    ECO 122

    Clearly list the most prominent trends in shaping a business.

    ANSWER;

    1. Up Your Social Engagement

    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.
    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.

    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.

    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.
    2. Make Sure You’re Optimized for Mobile

    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.
    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Personalize Your Content
    4.
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.
    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical

    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.
    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.
    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  103. Avatar Ozioko Nneka Cynthia says:
    4 years ago

    Reg No:2020/242940
    Dept:CSS(Economics/Sociology)

    The use of improved Al is one trend shaping the business world we haveith the use of Artificial intelligence (Al)it has grown importance for companies because it helps them to complete tasks and process information in a faster,more and accurate and affordable manner.consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.

    2)Security & control
    As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. One layer of this is data governance, and we’ll see more of it in 2021. Not only to reduce risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases throughout 2021.

    3. Connected Cloud
    Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses. In 2021, we’ll see a merging of multi-cloud, hybrid, and edge solutions to allow companies maximum flexibility and the best results.
    With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development.
    Our Business Intelligence services can assist you in understanding your customers better, and designing and delivery

    To remain competitive a business must identify and respond to trends in a various sectors of business environment as the population ages,large numbers of baby boomers are approaching retirement age.companies must plan for this exodus of employees and find ways to retain vast amounts of knowledge they represent many older workers are choosing to continue working after traditional retirement age,creating a five generation workforce.worldwide demand for energy especially from China and india,is challenging oil companies to increase supplies or to find alternative technologies to produce more oil,such as tracking U.S vulnerability to disruptions in energy supply became painfully apparent.Companies are using strategic alliances to compete effectively in the global economy.

    Reply
  104. Avatar Obodo Ejike Joel says:
    4 years ago

    NAME: OBODO EJIKE JOEL
    REG NUMBER: 2020/242620
    DEPARTMENT: ECONOMICS
    ECO 122
    EMAIL: obodoejike@gmail.com
    clearly list the most prominent trends in shaping a business.

    ANSWER;

    1: Sustainable, resilient operations

    Self-Driving Car Users Shouldn’t Be Held Responsible For Crashes, U.K. Report Says
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2: The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3: The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    4: Flatter, more agile organizations

    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    5: Authenticity
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Reply
  105. Avatar Ezemma Honest Chinaza says:
    4 years ago

    Name: EZEMMA HONEST CHINAZA
    DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS/ PSYCHOLOGY)
    REG.NO: 2020/243001

    The most important trends in shaping a business includes;

    Trend 1: Our relationship with our planet

    You only need to look at the abnormal weather patterns and natural disasters we’re experiencing to know that our planet is under immense strain. Couple that with a growing world population, and you have a tinder box of uncertainties around crop production, food security, and migration, to name just a few. By the end of this century, as many as 150–200 million people could be forced to migrate from land that will be underwater. And to keep pace with the growing global population, estimates suggest we’ll have to increase food production by between 26 percent and 68 percent by 2050. That’s a big increase for an already struggling planet to accommodate.

    I consider the emerging climate disaster to be the biggest challenge humanity has ever faced.

    So what has this got to do with your business? With a global majority agreeing that the world is facing a huge crisis, we can expect consumers to gravitate towards more sustainable options. And this means your organization must do everything it can to maximize its green credentials.

    Trend 2: Shifts in economic and political power

    Solving the climate crisis requires countries to work together. So the fact that global economic and political power structures are undergoing huge changes makes this job all the more difficult.

    What do I mean by changing power structures? In a nutshell, by 2050, the list of the most economically and politically powerful countries in the world will look very different to today.

    China’s economy, for example, is now predicted to overtake the United States by 2028, five years earlier than previously thought. And the combined economic power of the E7 economies – China, India, Brazil, Mexico, Russia, Indonesia, and Turkey – could be double that of the G7 by 2040.

    The takeaway here? As economic power shifts, it will become more expensive for organizations to outsource services to countries such as India. This is something businesses will have to plan for. On the plus side, these economies could become strong markets for products and services.

    Trend 3: Growing divergence and polarization

    There have been some notable examples of political fragmentation and growing divergence in recent years. Brexit. President Trump withdrawing the US from the Paris Agreement on climate mitigation. Russia announcing it has the ability to completely unplug from the rest of the world’s internet and operate its own independent internet… In short, after decades of countries growing closer together, there are signs that they are beginning to “consciously uncouple.”

    When information and analytics company IHS Market set out its prediction of how the world would look in 2025, it said the “fragmented world” scenario – in which the US, China, the EU, and other key global players retreat from globalization and turn their gaze inwards – is the most likely. COVID-19 is likely to exacerbate this further as countries are forced to focus on domestic problems.

    This growing divergence may mean companies find themselves locked out of certain markets, which means relying on any one overseas market in our increasingly changing world is a high-risk strategy.

    Trend 4: Shifting demographics

    The global population in 2050, or even 2030, will look very different from how it looks today. That’s because the population is growing (globally, that is – some countries are experiencing population decline). What’s more, populations are getting older, the middle class is growing, and people are increasingly living in urban areas. As an example, the number of megacities (classified by the UN as cities with 10 million or more inhabitants) is also on the rise; by 2030, there will be 43 megacities, up from 33 in 2018.

    Clearly, the business opportunities around the growing urban populations and consuming classes are huge. But participating in these markets successfully will require businesses to adapt to different cultural and political environments.

    Trend 5: Social, cultural and workplace shifts

    The workplace demographic is also shifting significantly. The number of Gen Z-ers and millennials in the workplace is on the rise, and baby boomers retiring. And with this changing workforce come changing expectations and priorities; as an example, 65 percent of people want to work for an organization “with a powerful social conscience.”

    How we work is changing, too. One in five global employees now work remotely at least some of the time, and the coronavirus pandemic will only accelerate this “work from anywhere” culture. Organizational structures will become more fluid, and more people will expect to “float” between teams, roles, and employers. The days of the “job for life” are well and truly gone, and more people will work in the gig economy, as freelancers, and as free agents.

    All employers must therefore assess their working practices to see whether they are offering this changing workforce the working environment they want (and expect) – one where people have greater flexibility, a better work-life balance, and a meaningful connection with the brands they work for.

    Reply
  106. Avatar Nome chisom says:
    4 years ago

    Methods of Measuring National Income

    All goods and services produced in the country must be counted and converted against money value during a year. Thus, whatever is produced is either used for consumption or for saving. Thus, national output can be computed at any of three levels, viz., production, income and expenditure. Accordingly, there are three methods that are used to measure national income.

    1. Production or value added method

    2. Income method or factor earning method

    3. Expenditure method

    And if these methods are done correctly, the following equation must hold

    Output = Income = Expenditure

    This is because the three methods are circular in nature. It begins as production, through recruitments of factors of production, generating income and going as incomes to factors of production.

    1. Product Method
    Product method measures the output of the country. It is also called inventory method. Under this method, the gross value of output from different sectors like agriculture, industry, trade and commerce, etc., is obtained for the entire economy during a year. The value obtained is actually the GNP at market prices. Care must be taken to avoid double counting.

    The value of the final product is derived by the summation of all the values added in the productive process. To avoid double counting, either the value of the final output should be taken into the estimate of GNP or the sum of values added should be taken.

    In India, the gross value of the farm output is obtained as follows :

    (i) Total production of 64 agriculture commodities is estimated. The output of each crop is measured by multiplying the area sown by the average yield per hectare.

    (ii) The total output of each commodity is valued at market prices.

    (iii) The aggregate value of total output of these 64 commodities is taken to measure the gross value of agricultural output.

    (iv) The net value of the agricultural output is measured by making deductions for the cost of seed, manures and fertilisers, market charges, repairs and depreciation from the gross value.

    Similarly, the gross values of the output of animal husbandry, forestry, fishery, mining and factory establishments are obtained by multiplying their estimates of total production with market prices. Net value of the output in these sectors is derived by making deductions for cost of materials used in the process of production and depreciation allowances, etc. from gross value of output.

    Net value of each sector measured in this way indicates the net contribution of the sector to the national income.

    Precautions
    The product method is followed in the underdeveloped countries, but it is less reliable because the margin of error in this method is large. In India, this method is applied to agriculture, mining and manufacturing, including handicrafts.

    1. Double counting is to be avoided under value added method. Any commodity which is either raw material or intermediate good for the final production should not be included. For example, value of cotton enters value of yarn as cost, and value of yarn in cloth and that of cloth in garments. At every stage value added only should be calculated.

    2. The value of output used for self consumption should be counted while measuring national income.

    3. In the case of durable goods, sale and purchase of second hand goods (for example pre owned cars) should not be included.

    2. Income Method (Factor Earning Method)
    This method approaches national income from the distribution side. Under this method, national income is calculated by adding up all the incomes generated in the course of producing national product.

    Steps involved
    1. The enterprises are classified into various industrial groups.

    2. Factor incomes are grouped under labour income, capital income and mixed income.

    a. Labour income – Wages and salaries, fringe benefits, employer’s contribution to social security.

    b. Capital income – Profit, interest, dividend and royalty

    c. Mixed income – Farming, sole proprietorship and other professions.

    3. National income is calculated as domestic factor income plus net factor incomes from abroad. In short,

    Y = w + r + i + π + (R-P)

    w = wages, r = rent, i = interest, π = profits,

    R = Exports and P = Imports

    This method is adopted for estimating the contributions of the remaining sectors, viz., small enterprises, banking and insurance, commerce and transport, professions, liberal arts and domestic service, public authorities, house property and foreign sector transaction.

    Data on income from abroad (the rest of the world sector or foreign sector) are obtained from the account of the balance of payments of the country.

    Precautions
    While estimating national income through income method, the following precautions should be taken.

    Items not to be included
    1. Transfer payments are not to be included in estimation of national income as these payments are not received for any services provided in the current year such as pension, social insurance etc.

    2. The receipts from the sale of second hand goods should not be treated as part of national income as they do not create new flow of goods or services in the current year.

    3. Windfall gains such as lotteries are also not to be included as they do not represent receipts from any current productive activity.

    4. Corporate profit tax should not be separately included as it has been already included as a part of company profit.

    Items to be included
    1. Imputed value of rent for self occupied houses or offices is to be included.

    2. Imputed value of services provided by owners of production units (family labour) is to be included.

    3. The Expenditure Method (Outlay method)
    Under this method, the total expenditure incurred by the society in a particular year is added together. To calculate the expenditure of a society, it includes personal consumption expenditure, net domestic investment, government expenditure on consumption as well as capital goods and net exports. Symbolically,

    GNP = C + I + G + (X-M)

    C – Private consumption expenditure

    I – Private Investment Expenditure

    G – Government expenditure

    X-M = Net exports

    Precautions

    1. Second hand goods: The expenditure made on second hand goods should not be included.

    2. Purchase of shares and bonds : Expenditures on purchase of old shares and bonds in the secondary market should not be included.

    3. Transfer payments : Expenditures towards payment incurred by the government like old age pension should not be included.

    4. Expenditure on intermediate goods : Expenditure on seeds and fertilizers by farmers, cotton and yarn by textile industries are not to be included to avoid double counting. That is only expenditure on final products are to be included.

    Reply
  107. Avatar Omeje Deborah Mmesoma says:
    4 years ago

    Omeje Deborah Mmesoma
    2020/242625
    Economics Department
    omejedeborahmmesoma@gmail.com
    The trends are:
    Social engagement: Today’s buyers spend an average of 116 minutes on social media every day, that’s nearly a whole month out of the year tweeting and linking. While email is still better at driving traffic to your website mail munch reports that social media has a higher engagement rate.
    Mobile optimization: More than half of all internet searches and email opens now take place on mobile devices, so we need to build client communications for mobile then optimize our attachments for good performance.
    Content Personalization: Relevant, personalized content sprinkled throughout the buyers journey keeps your brand top of the mind and helps you develop relationships with existing clients, increasing upsell, cross sell or even resell opportunities.
    Exploring technology innovation: In today’s ultra connected world emerging technologies are popping up in every market helping businesses in every kind of Industry create better solution for their clients.

    Reply
  108. Avatar Ezeh Clara Somtochukwu says:
    4 years ago

    Department: Combined Social sciences (Economics /Psychology)
    Reg. No: 2020/246206
    Name: Ezeh Clara Somtochukwu

    The most prominent trends in shaping a business are as follows;
    1) Keeping up with e-commerce technology demands.
    2) Prioritizing employee well-being.
    3) An online shift for employees and customers.
    4) Building customer relations.

    Reply
  109. Avatar Eleazu Kamcy Godwin says:
    4 years ago

    Name:Eleazu Kamcy Godwin
    Email:kamcygodwin@gmail.com
    Reg no:2020/242589
    Department:Economics

    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.
    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.
    4. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    5. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    6. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  110. Avatar Onyemalu Belinda Chinyere says:
    4 years ago

    Name: Onyemalu Belinda Chinyere
    Reg No: 2020/242633
    Department: Economics
    Question: What are the trends of shaping a business.
    Answer:
    1. Making the move online: Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk.
    2. Low contact and cashless:The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3. Total Transparency:It brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    4. Smart Technology: It means empowering your consumers through seamless and enhanced experiences across communications platforms.
    5. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.
    6. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    7. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    8.Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  111. Avatar ONYENEKE AMARACHI PRISCA says:
    4 years ago

    Name:ONYENEKE AMARACHI PRISCA
    Dep: SOCIAL SCIENCE EDUCATION
    Faculty:ECONOMIC EDUCATION
    Reg no: 2020/246746

    What Is Trend In The Business And Economic:
    An economic trend is an indicator that shows how a region or country is doing financially. There are many other economic trends including interest rates and inflation, but the primary take away is that economic trends provide a metric for the region or country and are interrelated.
    What Are The Most Prominent Trends In Shaping A Business:
    (1). TOTAL TRANSPARENCY: it’s brings trust, but requires openness and a clear communication of values and ethics and it must be continuously earned.
    (2). SMART TECHNOLOGY: means empowering your consumers through seamless and enhanced experiences across communications platforms.
    (3). CLOUD CULTURE and COLLABORATION: are creating a dialogue-driven society and businesses must join the conversation.
    (4). EQUALITY FOCUS: is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    (5). CULTURAL CAPITAL: through harnessing the power and passions of local communities is the way to invest in your brand and establish a lasting legacy.
    (6). AUTHENTIC HAPPINESS: is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  112. Avatar Onyemalu Belinda Chinyere says:
    4 years ago

    Name: Onyemalu Belinda Chinyere
    Reg No: 2020/242633
    Department: Economics
    Question: What are the trends of shaping a business.
    Answer:
    1. Making the move online: Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk.
    2. Low contact and cashless: The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3.Total Transparency: It brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.
    4.Smart Technology: It means empowering your consumers through seamless and enhanced experiences across communications platforms.
    5. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.
    6. Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.
    7. Cultural Capital – through harnessing the power and passions of local communities – is the way to invest in your brand and establish a lasting legacy.
    8. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.
    9. Improved Artificial intelligence(AI): Artificial intelligence has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner.

    Reply
  113. Avatar Onuka+chidinma+Lekwa says:
    4 years ago

    1. The rise of the millennial generation
    As baby boomers retire, millennials will become predominant in the workplace.

    What your business can do:

    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.
    Invest in training—Training is important for retaining workers and attracting new ones.
    2. The aging workforce
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.

    What your business can do:

    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.
    3. A more culturally diverse population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.

    What your business can do:

    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.
    Adjust your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.
    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.
    4. The growth of virtual marketplaces
    The Internet and mobile devices are completely changing the way consumers shop.

    What your business can do:

    Build your online presence—Create a digital ecosystem for your business, including a mobile friendly website with e-commerce capability, and social media pages.
    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.
    Work to improve continuously—Take action, measure the results and make changes to improve. Repeat.
    5. The automation of business activities
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robots—tech systems such as ERP and CRM can boost productivity and reduce costs by automating functions.

    What your business can do:

    Map out your business processes—Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.
    Involve your employees—Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using new technology.
    Shop around—Make a careful assessment of what’s available to find the systems best-suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the job at a lower cost and with fewer headaches down the road.
    6. The rise of the data economy
    Businesses now have the ability to collect and crunch huge amounts of data to uncover important business insights, thanks to the Internet and mobile communications.

    What your business can do:

    Know your customers—Small businesses can understand their customers better and capitalize on sales opportunities by using such tools as online surveys, data analytics programs and social media listening software.
    Personalize your offerings—Data collected from your website, CRM system and other sources can help you personalize your products and services according to your customers’ needs and tastes.
    Improve your efficiency with dashboards—By measuring your performance in key areas, you can evaluate how you are doing compared to internal goals or external benchmarks, such as industry averages. Select key performance indicators and use them to create performance dashboards.

    Reply
  114. Avatar Ifeanyichukwu Micheal Muoghalu 2020/249502 says:
    4 years ago

    Nov 1, 2021,
    01:24am EDT
    |
    57,991 views
    The 8 Biggest Business Trends In 2022

    Bernard Marr
    Contributor
    Enterprise Tech
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    Across all sectors, organizations are grappling with rapid transformation. On top of that, there are enormous global shifts and challenges to contend with, such as climate change, and shifting political and economic power. To put it bluntly, our world is changing fast. And organizations must learn to adapt accordingly.

    The 8 Biggest Business Trends In 2022
    The 8 Biggest Business Trends In 2022 ADOBE STOCK

    These eight major trends provide a snapshot of how business operations are evolving to suit our rapidly changing world.

    Trend 1: Sustainable, resilient operations

    IBM Adds LG Electronics To Its Massive 170+ Member IBM Quantum Network
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    Trend 2: The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

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    Trend 3: The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    Trend 4: Flatter, more agile organizations

    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.

    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    Trend 5: Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Trend 6: Purposeful business

    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    Trend 7: Co-opetition and integration

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    Trend 8: New forms of funding

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    In addition to these eight trends, there will also be transformative technology trends in 2022 including artificial intelligence and increasing digitization, which every company must be ready for. Read more about all these and other future trends in my

    Reply
  115. Avatar Eke Joshua Okwuchukwu says:
    4 years ago

    NAME : EKE JOSHUA OKWUCHUKWU

    DEPARTMENT : ECONOMICS

    REGISTRATION NUMBER : 2020/242585

    G-MAIL : ekejoshuaokwuchukwu@gmail.com

    Question:
    Clearly list the most prominent trends in shaping a business.

    These eight major trends provide a snapshot of how business operations are evolving to suit our rapidly changing world.

    Trend 1: Sustainable, resilient operations

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    Trend 2: The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    Trend 3:
    The shifting talent pool and changing employee experience:

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    Trend 4:
    Flatter, more agile organizations:

    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.

    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    Trend 5:
    Authenticity:

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Trend 6:
    Purposeful business:

    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    Trend 7:
    Co-opetition and integration:

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    Trend 8:
    New forms of funding:

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    Reply
  116. Avatar AJAEGBUEZE+BONAVENTURE+CHINEMELUM says:
    4 years ago

    NAME:AJAEGBUEZE BONAVENTURE CHINEMELUM
    DEPARTMENT: ECONOMICS
    REG.NO.:2020/242570
    FACULTY: SOCIAL SCIENCE
    1.The On-Demand Economy Shift
    The on-demand (app) economy continues to intensify as more consumers want products and services delivered immediately. COVID-19’s influence provided a surge in on-demand solutions, with 49% of adult consumers avoiding leaving their homes; 50% of them working from home; and 57% observing social distancing. Apps are providing necessary solutions across a number of fronts, with a 27% increase in sales from non-perishable groceries; 25% for frozen foods, household and cleaning supplies; and a 12% increase in the sale of perishable groceries being registered this year.

    Tied into this are increases in-home deliveries and online purchases with store pick-ups. Frozen food delivery is up 20%, with online spending for pick-ups increasing 7%. Similar trends (17% delivery, 9% for pick-ups) are being seen for perishable grocery delivery.

    Bottom line: American consumer behavior has changed dramatically this year. People are spending much more time playing games, following the news, on social media, shopping online, and on their hobbies. 50% of consumers are trying out new products; 48% are acquiring health and fitness habits, and 28% are picking up new hobbies.

    Expect long-term effects in buying habits from these changes.

    Contactless Payment Options
    The new normal can be expected to include the coronavirus periodically rearing its ugly head…at least until a vaccine capable of long-term immunity has been proven viable.

    This suggests an impact on all aspects of society for a much longer period than was originally projected. Businesses will need to maximize their efforts moving forward to limit in-person contacts to slow down the spread of the disease, preferably with contactless payment options. MasterCard reports such payments are up 40% this year and, to address consumer fears of contamination, should be expected to increase further. Once contactless payment strategies are baked into the system, they’ll be difficult to dislodge.
    Being Local & Green
    The value of food sold via US farm stands, online, farmers’ markets, and community-supported agriculture doubled between 2012-17 to $2.81 billion. With the novel coronavirus, more Americans are turning to local farms for food options.

    In addition, people are increasingly choosing a greener lifestyle. Bicycles are in short supply, vegetarianism is increasing, and companies of all types and sizes are doing more to save energy, lower carbon dioxide, use sustainable materials more often, and streamline packaging. Supporting local shops is increasingly “in”.

    Furthermore, many Americans are spending more time cooking and are eating more frequently. Look for this trend to stick around long-term, with the greatest strength of buying from local food sources coming in Vermont, California, Hawaii, Washington, and Maine.

    E-commerce & Social Commerce
    To nobody’s surprise, COVID-19 has accelerated e-commerce growth, with US retailers experiencing significant year-over-year revenue growth. Certain categories are up considerably, including games and toys; beauty products; and fitness products. Home and family-related items can all be expected to continue to do well.

    Social commerce has also received a pandemic-induced boost. Sites like TikTok, Instagram, Twitter, and Facebook have become increasingly important sources of social marketing, with 87% of e-commerce shoppers getting buying insights from social media connections. Younger consumers are more likely to make buying decisions based on social media input, and will be even more encouraged to do so by companies and brands that tell a story instead of just advertising a message.

    Increased Collaboration with Influencers
    Influencers are normal social media users who create engaging content with ample brand-related usage. They’re more relatable than celebrities and have significant numbers of followers. They’re subtle promoters, making them more likely to reach consumers who otherwise pay to avoid advertising. Furthermore, with little beyond social media to communicate with the world-at-large today, influencers’ power is growing. And when you consider that 84% of Americans are shopping for something at any given moment, those influencers suddenly become VERY important to the message your business is trying to get out.
    Investments in Retail Technology
    With the rise of e-commerce, the very concept of retail has changed. We see predictions that by 2024, physical retail sales will drop from $900 million (2017) to $600 million, even as e-commerce will rise from $100 million (2017) to $600 million.

    The trend points to the necessity of retail businesses balancing their mix of physical and digital operations. Given that 28% of retailers don’t currently plan to invest in real-time automation to optimize their supply chains and 13% aren’t investing in mobile point-of-sale devices to empower their workers, there are potentially a lot of customers up for grabs when these businesses find themselves overwhelmed by events.

    Add to those indications that the average US retail operation has an inventory accuracy of only 63% and that 34% of businesses ship orders late because they sold a product that was out of stock. Suddenly your business could be well-positioned for opportunities sure to come due to COVID-19 and/or other factors.

    Remote Work on the Rise
    Even though certain service jobs will always require an on-site presence, 50% of American employees are now working from home either full- or part-time. It’s hardly a new concept among workers, but suddenly management has come to recognize that they don’t need all work to be done on-site.

    Studies are showing 67% of employees would leave their jobs if work flexibility was reduced or removed. Reports are rising of remote employees relocating to less expensive communities to improve their work/life balance. Simultaneously, their employers are transitioning to smaller quarters with significantly less office furniture, equipment, rent, electricity, depreciation, etc.

    Companies adopting remote work strategies have increased 91% over the past 10 years, and this trend can probably be considered more permanent once the lockdown is behind us. This points to an increased need for management training for day-to-day handling of operations, with greater reliance on online conference calls and planned discussions, but risks losing ideas derived organically from impromptu hallway discussions.

    Reply
  117. Avatar Mpama Onyinyechi adaugo says:
    4 years ago

    Name: Mpama Onyinyechi Adaugo
    Department: Economics
    Reg no:2020/245072
    Answer
    quality, lasting clients that take your business to the next level—takes significant strategizing. And that can be tough in today’s frequently changing business landscape.

    For help energizing your business development strategy, and making sure it’ll stand the test of time, we need these five trends.
    1) Up Your Social Engagement
    2) Make Sure You’re Optimized for Mobile
    3) Personalize Your Content
    4) Take Your Marketing Vertical
    5) Explore Innovative Technology

    1. Up Your Social Engagement:
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.
    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.
    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.
    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    2.New call-to-action:
    Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.
    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.
    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.
    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.
    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.
    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.
    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.
    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.
    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.
    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  118. Avatar Ugwuoke Izuchukwu Franklin, Reg no 2020/242629 says:
    4 years ago

    Trends In Shaping A Business
    Some of the trends shaping a business currently are discused below;
    1. Making The Switch To The Internet
    Having an internet presence has transitioned from a nice-to-have to a requirement. Customers demand a frictionless online experience while browsing, booking, and paying, so you may need to upgrade your back-end technology to give real-time data. Investing in this technology pays off in the form of automated manual duties, providing you more time to focus on your business. Taking your business online opens you up to a whole new customer base, therefore business owners should think about their social media presence in addition to their website. A social media plan will help you target your marketing and function as a digital customer care desk, whether you focus on one platform or use them all.
    2. Less Splurging, More Sharing
    The pandemic’s economic impact and accompanying job losses have sparked a surge of caution about how we spend our hard-earned money. Even businesses that have done well this year are being cautious, with cautious spending patterns expected to continue in the future. Customers’ desire to spread their cashflow to meet their budget is seen in the increased uptake of buy-now, pay-later and pay-as-you-go subscription services. It’s more crucial than ever to consider how you promote your items and services, as well as provide customers with a variety of payment alternatives.
    3. Demand Is Unpredictable.
    The epidemic has had a significant influence on corporate supply and demand. In just a few months, grocery shelves have been stripped bare, and some firms have closed their doors while others have flourished. Economic advancement is not always orderly, predictable, or linear, and factors like as location and population size play a role.
    4.Planning For The Future
    If there’s one thing we’ve learned in 2020, it’s the importance of having a business continuity strategy. No one could have foreseen that we would be hit by bushfires, smoke pollution, violent storms, a global pandemic, and an economic slump in only a few months. While no one can predict the future, businesses can make strategies to prepare for occurrences that may create disruption. Consider natural disasters, cyber-attacks, the current economic downturn, or equipment malfunction. Consider the probable consequences of such disruptions and make a list of steps you could take if the worst happens.
    5. Cashless And Low-contact
    The global epidemic has hastened the transition to cashless transactions, with benefits to businesses including faster reconciliation, reduced theft risk, fewer storage, shipping, and security expenses, and, most importantly, improved hygiene. Cashless transactions also allow you to collect data on your clients that you can utilize for marketing purposes

    Reply
  119. Avatar ONYEJE CHIDUMEBI ONYINYECHI says:
    4 years ago

    NAME : ONYEJE CHIDUMEBI ONYINYECHI
    DEPT : ECONOMICS
    REG NO : 2020/242644
    ASSIGNMENT : TRENDS IN SHAPING A BUSINESS .

    Among the many emerging trends changing the business world today, three stand out as perhaps the most influential: online marketing, data collection and video strategy. Getting a clear understanding of these methods early on is important to later success. And they are ;

    1. ONLINE MARKETING ;
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.

    That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.
    A huge benefit of online marketing is its targetability. Platforms like TV spots or billboards reach a wide range of people, some of whom might be interested in a certain product or service. But website data can tell marketers exactly who is looking at what, allowing them to pick and choose where to focus their advertising dollars and what the message should be, Startup Grind pointed out.

    2. DATA COLLECTIONS;
    Marketing makeovers aren’t the only benefit that businesses have realized through online tools. Businesses today can collect data on nearly anything: Who is visiting their website; how long it takes for their package to be delivered; how consumers use their products, and more, Forbes contributor Bernard Marr explained.

    Every business, no matter how big or small, has access to some form of data that can give it greater insight into its consumer base, its internal company culture or its audience’s opinion of the company.

    One form of data collection every business should already be using is website analytics, Analytics Ninja pointed out. These tools are installed into your website’s HTML and collect information about.

    3. VIDEO STRATEGY ;

    Your online marketing campaign might contain a plethora of initiatives, like social media, blog posts and website ad spots. But if it doesn’t include video, you may be missing an important element in your messaging.

    Consumers turn to videos for easily digestible yet highly informative content. They’re more likely to watch a video in its entirety, as opposed to reading a full blog post or article, according to data collected by Hubspot. Nearly half of respondents to Hubspot’s survey stated they spend at least one hour per day watching videos on Facebook or YouTube.

    Business leaders are also using video to learn more about new trends and potential investments. Three-fourths of business executives told Forbes that they watch work-related videos on business websites on a weekly basis. More than half of senior executives said they share work-related videos with colleagues and that their peers share videos with them regularly.

    Reply
  120. Avatar Kiwamu Favour Chizaram says:
    4 years ago

    Kiwamu favour Chizaram
    2020/242601
    Economics
    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.
    Invest in training—Training is important for retaining workers and attracting new ones
    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.
    Learn how to attract customers online—Once your digital ecosystem is set up, launch a few simple campaigns, using tools such as Facebook ads or Google AdWords to learn how to bring in traffic at a price you can afford.
    Work to improve continuously—Take action, measure the results and make changes to improve. Repeat.

    Reply
  121. Avatar Rachael Iroegbu Nwangaji says:
    4 years ago

    NAME: IROEGBU RACHAEL NWANGAJI
    REG NUMBER: 2020/244930
    DEPARTMENT:ECONOMICS
    EMAIL;iroegburachael@gmail.com

    Buisness trends is relatively a shift or change in the fundamental buisness dynamics within an industry . They are certain developments that improve a buisness.

    Examples of the most prominent buisness trends implemented in the shaping and improvement of a buisness include;

    1. Remote working; Following certain happenings in the world today,it has become inherent that movements are limited, a very good example is the cover 19 pandemic. Because of this pandemic,people’s movements were limited . Majority of people lost their jobs because their job required their presence at work most of the time,also they didn’t put things in place to ensure people could work without necessarily being around at the workplace. With the introduction of technology however,people have been able to work from home and still contribute to their workplaces as necessary.

    2. Social media marketing; There are very few buisness today that do not rely on social media for promotions and marketing in general. And with the improvements in social media and appropriate knowledge on how to use it to widen one’s reach,social media has proved to be a very useful tool for promoting one’s buisness. It’s the most prominent trend as a matter of fact.

    3. New forms of funding ; Following recent developments,businesses have been encouraged to improve because they now have access to funds required to set up. Today,businesses can easily get loans from banks and other financial institutions, after going through proper processes. This is also a very prominent trend.

    4. Improved A.I (Artificial Intelligence ); examples of common A.I are facial detections and E payment. Talk about making work within a buisness more effective and stresd free. With this new development,businesses are able to work more efficiently,carry out daily tasks with ease and produce better results. A.I is oma smart way to improve one’s buisness.

    Reply
  122. Avatar Ogbene Linda Chimuanya says:
    4 years ago

    Name: Ogbene Linda Chimuanya
    Reg No:: 2020/2402
    Email: lindaogbene7@gmail.com

    5 Trends Shaping the Future of Business Development
    1. Up Your Social Engagement
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking. And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate. Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    2. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought. To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it. To take yours to the next level (as in six times higher transactional rates), try introducing personalization. Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities. Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces. To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients. Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place. But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more. Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    Reply
  123. Avatar Magbo Chidimma Joy says:
    4 years ago

    NAME: MAGBO CHIDIMMA JOY
    REG NO: 2020/242674
    DEPARTMENT: EDUCATION ECONOMICS
    COURSE CODE: ECO 122
    EMAIL: joychidimma961@gmail.com

    ASSIGNMENT
    List the most prominent trends in shaping a business

    1. Up Your Social Engagement:
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.

    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.

    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.

    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    2. Make Sure You’re Optimized for Mobile:
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.

    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Personalize Your Content:
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.

    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical:
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    Reply
  124. Avatar Mordi chidera Reginald says:
    4 years ago

    Name:Mordi Chidera Reginald
    Chideramordi43 @gmail.com
    2020/242598
    Economics department (major)
    TRENDS IN SHAPING A BUSINESS
    COVID-19 has proven to be the biggest economic disruption in this generation. Businesses have been forced to pivot to provide new products and services and find new and inventive ways of reaching their customers. As a result of this it is vital that entrepreneurs study the trends in the business environment in order for their businesses to be at the top the game.Some of trends that will shape businesses include;
    1. Making the move online
    Having an online presence has gone from a nice-to-have to a must-have. Customers now expect a seamless online process to browse, book and make payments, so you may need to boost your back-end technology to provide real-time information. The benefits of investing in this technology pay dividends in automating manual tasks, giving you more time to take care of your business.
    Taking your business online opens you up to a whole new customer base, so beyond your website, business owners must consider their social media presence. Whether you focus on one platform or dabble in them all, a social media strategy will help you target your marketing and serve as a digital customer service desk
    2. Low contact and cashless
    The switch to cashless transactions has been accelerated by the global pandemic, with benefits to businesses including quicker reconciliation, reduced risk of theft, lower storage, transportation and security costs, and the all-important reason, hygiene. Cashless transactions also present the opportunity to gather data about your customers that can be used for marketing purposes.
    3. Distributed work
    Lockdown restrictions and public safety concerns have turned dining tables into desks for millions of Australians. Digital technologies, cloud-based file storage and workplace collaboration apps have boomed as businesses have been forced to work remotely. The businesses that embrace this flexibility into the future may find a boost to the morale of their teams, making the all-important work life balance easier and sending a clear signal of trust. The benefits of remote teams don’t stop there; the talent pool expands significantly when you’re open to remote hires and contractors.
    4. Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen..
    5. Less splurging, more sharing
    The hit on business and subsequent job losses of the pandemic has swept in a wave of caution about how our hard-earned money is spent. Even businesses doing well this year are acting cautiously, with conservative spending patterns tipped to extend into the future. The high uptake of buy-now pay-later services and pay-as-you-go subscription services reflect the customer’s desire to spread their cashflow to suit their budget. It’s more important than ever to think about how your products and services are positioned, and offer customers flexible payment options.
    6. Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.
    7. Local first
    Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).
    8. Health front and centre
    Suddenly, health and hygiene are front of mind every time we leave the house. We’ve all learned how to wash our hands properly, we’re sanitising like never before, and we’re no longer ignoring that lingering cough or cold. These habits are here to stay, and your customers are likely to remain vigilant around potential sources of infection as we move into the future. We’re also seeing a growing desire to better understand our own health, so businesses operating in the health and wellbeing sector have the opportunity to adapt to a whole new world of healthcare, including wearable tracking devices, home testing and home-delivery.
    Due to break out of covid19 it has forced enterpreneurs to seek for innovative practices that will spur up their horizon,and these boils down to catching up with modern trends in order to shape their businesses.

    Reply
  125. Avatar Sunday Morewell Chizuru says:
    4 years ago

    Name: Sunday Morewell Chizuru
    Reg no: 2020/242632
    Gmail: ginikachim232@gmail.com

    THE MOST PROMINENT TREND IN SHAPING A BUSINESS
    1. Improved AL
    2. Security and access control
    3. Connected cloud

    1. Improved AL: Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
    2. Security and access control: As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements.
    3. Connected Cloud: Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses.

    Reply
  126. Avatar OGUANYA FAITH CHIDERA says:
    4 years ago

    NAME: OGUANYA CHIDERA FAITH
    REGNO: 2020/242638
    DEPT: ECONOMICS

    Some of the most prominent trends in shaping a business.

    1. Sustainable, resilient operations.
    2. The balance between human, workers and intelligent robots.
    3. The shifting talent pool and changing employee experience.
    4. Flatter, more agile organizations.
    5. Authenticity.
    6. Purposeful business.
    7. Cooperation and integration.
    8. New forms of funding.
    9. Up your social engagement.
    10. Make sure you are optimized for mobile.
    11. Personalize your content.
    12. Take your marketing vertical.
    13. Explore innovative technology.

    Reply
  127. Avatar Uzoetoh Chinaecherem Clara says:
    4 years ago

    Uzoetoh Chinaecherem Clara
    2020/245127
    Economics department
    festusclara2@gmail.com

    The most prominent trends in shaping a business are:
    1) Sustainable and Resilient Operations:
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2) The balance between human workers and intelligent robots:
    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations and their people for the changing nature of work.

    3) The shifting talent pool and changing employee experience:
    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis with those contractors working remotely.

    4) Flatter, more agile organizations:
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers. This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    5) Authenticity:
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    6) Purposeful business:
    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better be it a better world, a better way to do something, or whatever is important to your organization.

    7) Competition and integration:
    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    Reply
  128. Avatar NAME : ORJI UZOAMAKA .J. says:
    4 years ago

    NAME : ORJI UZOAMAKA .J.
    REG. NO. 2020/242612
    DEPARTMENT : ECONOMICS
    EMAIL ADDRESS : orjiuzoamaka2019@gmail.com

    Trends in Shaping a business include:

    1.Sustainable, resilient operations

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2.The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3.Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    4.Purposeful business

    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    5.Co-opetition and integration

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    6.New forms of funding

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    7.Data collection
    Marketing makeovers aren’t the only benefit that businesses have realized through online tools. Businesses today can collect data on nearly anything.Every business, no matter how big or small, has access to some form of data that can give it greater insight into its consumer base, its internal company culture or its audience’s opinion of the company.

    8.Online marketing
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.

    9.Video strategy: online marketing campaign might contain a plethora of initiatives, like social media, blog posts and website ad spots. But if it doesn’t include video, you may be missing an important element in your messaging.

    Consumers turn to videos for easily digestible yet highly informative content. They’re more likely to watch a video in its entirety, as opposed to reading a full blog post .

    10.Empowering the Workforce:Increasing productivity in the digital workplace.

    Reply
  129. Avatar IKPO NGOZIKA GLORIA says:
    4 years ago

    Name: IKPO NGOZIKA GLORIA
    Department: economics
    Registration number:2020/245311

    1) Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. Try introducing personalization.
    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.
    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.
    (2). Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.
    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering.
    (3). Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.
    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.
    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.
    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.
    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  130. Avatar IKPO NGOZIKA GLORIA says:
    4 years ago

    Name: IKPO NGOZIKA GLORIA
    Department: economics
    Registration number: 2020/245311
    Email: ikpogloria40@gmail.com
    Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established.Try introducing personalization,Relevant personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.
    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.
    4. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.
    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering.
    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.
    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.
    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.
    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  131. Avatar IZUKANNE CHIBUZOR ABIGAIL says:
    4 years ago

    NAME: IZUKANNE CHIBUZOR ABIGAIL
    DEPARTMENT: COMBINED SOCIAL SCIENCES (ECONOMICS/PSYCHOLOGY)
    REG NO: 2020/242981
    COURSE CODE: ECO 122 (INTRODUCTION TO BUSINESS MANAGEMENT)
    ASSIGNMENT

    There are three prominent trends that in shaping a business. They are ;

    1) E-business

    2) Outsourcing

    3) Globalization

    1) E-business has increased levels of collaboration, reduced transaction costs and improved responsiveness to change.

    2) Outsourcing to a third-party allow companies to focus on their core area of expertise and improve efficiency. Apart from improving internal processes, outsourcing also allows companies to reduce their running costs or overhead. This is why over half of small businesses outsource some part of their work.

    3) Globalization has enabled firms to specialize – and to increase the intensity of R&D, innovation and capital in their output. Globalization has made it easier for new companies to start competing with old incumbents. The trade sector has increased the number of people that it employs, both through exports and imports.

    Reply
  132. Avatar Emeka Nmesomachi Wisdom says:
    4 years ago

    Name:Emeka Nmesomachi Wisdom
    Reg no:2020/242588
    Email:Wizzyella0@gmail.com
    Dept: Economics

    1.Up Your Social Engagement
    2.Make Sure You’re Optimized for Mobile
    3.Personalize Your Content
    4.Take Your Marketing Vertical
    5.Explore Innovative Technology
    6. Intellectual property
    7.climate change
    8.Energy restacking
    9.infrastructure investment
    10.Demography

    Reply
  133. Avatar AGBO EMMANUEL CHUKWUEMEKA says:
    4 years ago

    Name: AGBO EMMANUEL CHUKWUEMEKA.
    Reg no: 2020/242571.
    Department: Economics department.
    Email address: agboss2d@gmail.com.

    PROMINENT TRENDS IN SHAPING A BUSINESS.

    1) Sustainable, resilient operations

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2) The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3) The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.
    4) Flatter, more agile organizations

    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.

    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    5) Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.
    6) Purposeful business

    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    7) Co-opetition and integration

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    8) New forms of funding

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    Reply
  134. Avatar AGBO EMMANUEL CHUKWUEMEKA says:
    4 years ago

    Name: AGBO EMMANUEL CHUKWUEMEKA.
    Reg no: 2020/242571.
    Department: Economics department.
    Email address: agboss2d@gmail.com.

    PROMINENT TRENDS IN SHAPING A BUSINESS.

    1) Sustainable, resilient operations

    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    2) The balance between human workers and intelligent robots

    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. This leaves employers with some key questions: how do we find the balance between intelligent machines and human intelligence? What roles should be given over to machines? Which roles are best suited to humans? There’s no doubt that automation will affect every industry, so business leaders must prepare their organizations – and their people – for the changing nature of work.

    3) The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    4) Flatter, more agile organizations
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.

    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    5) Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.
    6) Purposeful business

    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization.

    7) Co-opetition and integration

    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.

    8) New forms of funding

    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.

    Reply
  135. Avatar Edeh loveth ifeoma says:
    4 years ago

    NAME: Edeh loveth ifeoma
    MATRIC NO:2020/242988
    DEPARTMENT: combine social science
    (Economic/political science)
    EMAIL: ifeomaloveth33@gmail.com
    TRENDS IN SHAPING A BUSINESS
    Across all sectors, organizations are grappling with rapid transformation. On top of that, there are enormous global shifts and challenges to contend with, such as climate change, and shifting political and economic power. To put it bluntly, our world is changing fast. And organizations must learn to adapt accordingly.
    These seven major trends provide a snapshot of how business operations are evolving to suit our rapidly changing world.
    Trend 1: Sustainable, resilient operation:
    Every organization must seek to eliminate or reduce the environmental costs of doing business. Decarbonizing the supply chain is a sensible place to start, but forward-thinking businesses are looking beyond the supply chain to improve sustainability across all business operations. And of course, sustainability is linked to resilience, since resilience means being able to adapt and survive for the long term. Any business that ignores sustainability is unlikely to do well in this age of conscious consumption.

    Trend 2: The shifting talent pool and changing employee experience:
    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    Trend 3: Purposeful business:
    Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization

    Trend 4: Co-petition and integration:
    We live in a time where pretty much anything can be achieved by outsourcing. The global business world has never been so integrated. And it’s a good job, because the need to work together to solve key business challenges (not to mention humanity’s biggest challenges) is great. Indeed, in the future, it will become increasingly difficult to succeed without really close partnerships with other organizations. In practice, this means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors

    Trend 5: New forms of funding:
    The ways in which companies can generate finance is also changing. New platforms and mechanisms have sprung up to connect businesses with investors and donors – think crowdfunding, initial coin offerings (ICOs), tokenization and special purpose acquisition companies (SPACs). Many of these new methods are driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized blockchain network.
    In addition to these seven trends, there will also be transformative technology trends in 2022 including artificial intelligence and increasing digitization, which every company must be ready for. Read more about all these and other future trends in my new book, Business Trends in Practice: The 25+ Trends That are Redefining Organizations. Packed with real-world examples, it cuts through the hype to present the key trends that will shape the businesses of the future.

    Trend 6: Flatter, more agile organizations
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.
    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    Trend 7: Authenticity
    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Reply
  136. Avatar MADUKO MAUREEN ADAEZE says:
    4 years ago

    NAME: MADUKO MAUREEN ADAEZE
    REG NO : 2017/249049
    DEPT: ECONOMICS

    Understanding the changes in the psychology of your customer is key to shaping your business for the future, whether you’re currently facing a tightening or easing of restrictions. Either way, growing a business, pulling in the quality, lasting clients that take your business to the next level takes significant strategizing. And that can be tough in today’s frequently changing business landscape. For help energizing your business development strategy, and making sure it’ll stand the test of time.
    Times are indeed changing, and businesses must learn to cope with the changes. Businesses first and foremost, though, need to revisit and see which amongst these trends are beneficial for their business, and which ones are not: from there, business owners will be able to come up with the right approach.
    Here’s how businesses can react to each trend.

    Trend 1: Cashless society 
    It’s no secret that digital transactions are taking over in everyday business transactions. But, according to the study, we may become a truly cashless economy within the next few years despite resistance from those arguing that it enhances social inequality and that it can contribute to vulnerabilities in the digital and financial ecosystems. Digital privacy and theft is also another major concern. 
    The biggest issue with a cashless society is the increase in bank fraud and debt, And while businesses shouldn’t be reluctant to turn to technology and digital tools, they need to help consumers and kids create healthy money habits sans cash. To curb these issues, businesses should start strengthening their cybersecurity capabilities so they lessen their data risk.  While they’re doing this, the businesses need to research what type of cashless methods will fit their business models.
    “Adapt to new forms of payment, like Bitcoin, the future libra, Paypal, Zelle, cards, you name it. All of these payment methods are far superior to cash.
    Businesses should also take advantage of the data they will be gaining from the digital payments: how do your customers shop, for example( to customize and personalize products and services. You can start to anticipate each customer’s needs by examining his shopping history).

    Trend 2: Climate-resilient infrastructure
    Individual businesses can anticipate growing environmental regulations that will be enforced more strictly, adding that businesses should get ahead of this by continually monitoring for potential regulatory changes. These may include limits on carbon emissions and regulations to reduce their carbon footprint. 
    Since climate effects are prevalent throughout the world, businesses should prepare themselves by creating contingency plans in response to possible disasters such as flooding, electricity outages and service interruptions.

    Trend 3: Global Reskilling Race 
    Here’s a scary fact: unskilled and skilled workers shortages are becoming more prevalent. This is due to immigration policies and political trends. As a result, artificial intelligence, robotics, virtual reality and other technologies are starting to replace unskilled labor loss. This automation could cause many jobs to disappear over the next 20 years, and businesses need to reskill its workers amid this tech change.
    What businesses could be doing: First, businesses need to determine which of its jobs are evolving. Which job functions can be upskilled? Where should you invest money in reskilling and retraining? Next, they’ll have to hire outside talent to close the skill gaps – especially those with tech knowledge who can work with the future technologies such as AI and blockchain. Many community colleges are offering these trainings either online or through their continuing education departments, and will also provide training onsite at your facility.

    Trend 4: Continuity planning
    If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has an idea, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters, cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions, and note some actions that you could take should the worst happen. Therefore Developing and rehearsing contingency plans with your team and seek advice from business owners who have been through similar disruptions would help shape a business

    Trend 5: Volatile demand
    The pandemic has had a severe impact on supply and demand of businesses. In a few short months we’ve seen supermarket shelves stripped bare, and some businesses shut their doors while others boom. Economic progress is not orderly, predictable or linear, with location and population size contributing factors.
    Furthermore establishing plans to shorten lead times and scale production up or down as required can be a positive trend in shaping a business.

    Reply
  137. Avatar OGBONNA CHINECHEREM RITA says:
    4 years ago

    Name: ogbonna chinecherem Rita
    Reg no: 2020/245073
    Dept: social science education
    Unit: education economics
    Email : ogbonnachinecheremrita@gmail.com

    5 major trends that can shape the business are
    1.Up Your Social Engagement
    2.Make Sure You’re Optimized for Mobile
    3.Personalize Your Content
    4.Take Your Marketing Vertical
    5.Explore Innovative Technology

    1. Up Your Social Engagement
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.

    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.

    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.

    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    New call-to-action
    2. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.

    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.

    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  138. Avatar Ifeakandu Sylvia Ukaamaka says:
    4 years ago

    Businesses with virtual and digital services will continue to be in demand. Remote work will continue.
    Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.

    Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.

    Equality Focus is redrawing society, leadership styles and the way we do business – consumers now expect businesses to be demonstrably diverse and inclusive.

    Reply
  139. Avatar UDEJI+BLESSING+CHINENYENWA says:
    4 years ago

    NAME: UDEJI BLESSING CHINENYENWA
    REG NO: 2020/248616
    EMAIL: udejiblesscee@gmail.com
    DEPARTMENT: SOCIAL SCIENCE EDUCATION
    UNIT: EDUCATION ECONOMICS
    COURSE: ECO 122

    For help energizing your business development strategy, and making sure it’ll stand the test of time,
    This trends will be useful

    1. Up Your Social Engagement
    Today’s buyer spends an average person of 116 minutes on social media every day. That’s nearly a whole month out of the year tweeting and liking.

    And while email is still better at driving traffic to your website, MailMunch reports that social media has a higher engagement rate.

    With social networks now commonplace for consumer and business interactions, your business cannot afford to avoid the fray.

    Now is the time to place advertisements, participate in industry discussions, and publish content. And you’ve got to do it regularly if you want to expand your reach and pull in new clients.

    2. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.

    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    3. Content personalization
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.

    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    4. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    5. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    Reply
  140. Avatar Okeke Onyinyechi Daniella says:
    4 years ago

    Business Trends
    *Sustainable, resilient operations. …
    * The balance between human workers and intelligent robots. …
    * The shifting talent pool and changing employee experience. …
    * Flatter, more agile organizations. …
    *Authenticity. …
    * Purposeful business.

    Reply
  141. Avatar FALETI SEGUN TOBI says:
    4 years ago

    NAME : FALETI SEGUN TOBI
    REG NUMBER: 2020/242563
    DEPARTMENT: ECONOMICS MAJOR

    There are many emerging trends changing and expanding business operation today. I would like to point out three that stand out as perhaps the most influential:

    1. Online marketing
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.
    That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.
    A huge benefit of online marketing is its targetability. Platforms like TV spots or billboards reach a wide range of people, some of whom might be interested in a certain product or service. But website data can tell marketers exactly who is looking at what, allowing them to pick and choose where to focus their advertising dollars and what the message should be, Startup Grind pointed out.

    2. Expand into new territories.
    The idea here is to market and sell your existing products and services to new customers. These new customers can be in different segments or niches or different locations from where you currently operate. Expanding into new territories will create room for employment of labour and as well increase the revenue of the company

    3. Target new customer markets.
    Most businesses target their sales and marketing efforts to specific customer markets based on demographics like age, gender, and location or psychographics like interests, activities, and values.
    “Being able to reach the right target customers through the right mediums, at the right time, is the first step to expanding your business into new customer markets,” says Network Capital’s Nguyen. “When expanding into new target markets, you need to ramp up your advertising to these markets.

    Getting a clear understanding of these methods early on is important to later success.

    Reply
  142. Avatar Amaechi Tochi Constant says:
    4 years ago

    Name: Amaechi Tochi Constant
    Reg no: 2020/247525
    E-mail: Constantamaechi23@gmail.com
    Topic: Trends in shaping a business
    In business there are different trends that are used in shaping or organizing a business.
    Below are the trends used in shaping a business, which are:
    1. Sustainable, resilent operations: This means that for a business to succeed, they must not ignore sustainability, if not they are unlikely to do well in the age of conscious consumption.
    2. The balance between human workers and intelligent robots: The increasingly rate of capable robots and artificial intelligence (AI) system have taken on the tasks that were previously done by humans, thereby making the automation to affects the industry. So business leaders must prepare their organization, their people for the changing nature of the work.
    3. The shifting talent pool and changing employee experience: The way we work is evolving, with much more younger people entering the workforce, more gig workers, and more remote workers amking employment a thing of the past, where by organizations shift to hiring people on a contract basis, with those contractors working remotely.
    4. Flatter, more agile organizations: Traditionally, organizations been hierarchical and rigid in their structure changes, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. And also in part a response to the changing nature of the work, particularly the proliferation of freelance and remote workers.
    This is the age of flatter or organizational structures, which are more like flexible communities rather than a top-down pyramid structure.
    5. Authenticity: This helps to foster human connections- because, as humans, we like to see brands ( and business leaders ) display important human qualities like honesty, reliability, empathy, compassion, humility and maybe even a bit of vulnerability and fear.
    Wanting the brands ( and leaders ) to care about issues and stand for more than just turning a profit.
    6. Purposeful business: This ensures your organization exists to serve a meaning purpose and not just serve up profit to shareholders.
    Purpose defines why the organization exists.
    7. Co-opetition and integration: This means greater supply chain integration, more data integration and sharing of data between organizations, and even cooperation between competitors.
    8. New forms of funding: This include crowd founding, initial coin offering ( ICOs ), tokenization and special purpose acquisition companies ( SPAC ).
    Many of these methods are thereby driven by the decentralized finance movement, in which financial services like borrowing and trading take place in a peer-to-peer network, via a public decentralized block chain network.
    Other trends include artificial intelligence and increasing digitization, which every company must be ready for.

    Reply
  143. Avatar Chidiebere+Favour+Chiwemmeri says:
    4 years ago

    CHIDIEBERE FAVOUR CHIWEMMERI.
    2020/242578.
    DEPARTMENT OF ECONOMICS.
    ONLINE ASSIGNMENT 2 ON ECO122.
    QUESTION: TRENDS IN SHAPING A BUSINESS.
    ANSWER:
    Entrepreneurs will be facing a different business landscape in coming years—one shaped by shifting demographics and an unprecedented adoption of digital technologies. Hence, as trends come and go, emerging technologies allow new marketing and business management methods to emerge. People in the world of business do well when they have a good grasp on these new trends and concepts.
    Among the many emerging trends changing the business world today, these below stand out as perhaps the most influential:
    1. Online marketing,
    2. Data collection,
    3. Video strategy,
    4. The rise of the millennial generation,
    5. A more culturally diverse population,
    6. The automation of business activities,
    7. The aging workforce.
    Getting a clear understanding of these methods earlier on is important to later success.
    Online marketing
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.
    That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.
    Between February 2016 and February 2017, digital marketing spend increased 14.6 percent, according to The CMO Survey. In the same time period, traditional advertising spend increased just 0.6 percent, following five years of decline.
    One of the major differences between traditional advertising and digital marketing is how the consumer perceives the message. In an online space, consumers want to be in charge of their experiences. They don’t want to see advertisements, and many people install ad blockers to reduce interference. This has forced people to rethink what an “advertisement” looks like. Today, an advertisement can be a free e-book, a contest entry, an industry blog or a contributed article.
    A huge benefit of online marketing is its targetability. Platforms like TV spots or billboards reach a wide range of people, some of whom might be interested in a certain product or service. But website data can tell marketers exactly who is looking at what, allowing them to pick and choose where to focus their advertising dollars and what the message should be, Startup Grind pointed out.
    There are countless websites and blogs on the web today. Many have space for advertisements in their margins, news feeds or even directly in their content. It’s important to choose which websites will reach your target audience best, Boostability pointed out. Finding a niche blog that shares a similar audience as yours can help get your message out through new channels.
    Data collection
    Marketing makeovers aren’t the only benefit that businesses have realized through online tools. Businesses today can collect data on nearly anything: Who is visiting their website; how long it takes for their package to be delivered; how consumers use their products, and more, Forbes contributor Bernard Marr explained.
    Every business, no matter how big or small, has access to some form of data that can give it greater insight into its consumer base, its internal company culture or its audience’s opinion of the company.
    One form of data collection every business should already be using is website analytics, Analytics Ninja pointed out. These tools are installed into your website’s HTML and collect information about:
    • How people access your website (such as through a computer or mobile device, as well as how they found your website, like through a Google search or a social media post).
    • Where they live (such as the country, state or city, as well as the language their browsers are set to).
    • What time of day they access your website.
    • How much time they spend on your website, and which page they left from.
    From this information, companies can learn how to improve their websites; if bounce rates are much higher on a certain platform, for example, they might investigate to determine whether a particular form, image or other object doesn’t load correctly on that device or browser. They can identify what time is best to have their live chat software active on their website based on the time of day they have the most web traffic. They might also use that to determine when to send out social media posts or newsletters for best engagement.
    method to collect data is through loyalty programs, Entrepreneur pointed out. With the data collected through loyalty programs, businesses can customize the consumer experience. This not only reinforces the bond between company and consumer but also allows the business to learn more about its target audience.
    Video strategy
    Your online marketing campaign might contain a plethora of initiatives, like social media, blog posts and website ad spots. But if it doesn’t include video, you may be missing an important element in your messaging. Consumers turn to videos for easily digestible yet highly informative content. They’re more likely to watch a video in its entirety, as opposed to reading a full blog post or article, according to data collected by Hubspot. Nearly half of respondents to Hubspot’s survey stated they spend at least one hour per day watching videos on Facebook or YouTube.
    Business leaders are also using video to learn more about new trends and potential investments. Three-fourths of business executives told Forbes that they watch work-related videos on business websites on a weekly basis. More than half of senior executives said they share work-related videos with colleagues and that their peers share videos with them regularly.
    Additionally, 42 percent of executives said they made a business-related purchase after watching a work-related video online. That number jumps to 51 percent when looking just at younger professionals, indicating that coming generations may value video even more than today’s leaders.
    The rise of the millennial generation
    As baby boomers retire, millennials will become predominant in the workplace.
    What your business can do:
    Position your business on social media—Social media is a must for recruiting younger employees and to position your company as a great place to work.
    Partner with schools—Collaborating with universities and colleges through such initiatives as internships is a great way to find top young talent.
    Invest in training—Training is important for retaining workers and attracting new ones.
    A more culturally diverse population
    Immigrants will provide the lion’s share of population growth and will be a key source of workers in a tight labour market.
    What your business can do:
    Reach out to specific communities—Get started recruiting more immigrants by targeting specific immigrant communities through business associations and networks.
    your training—Entrepreneurs who hire from culturally diverse groups need to ensure their training is customized to meet those groups’ needs.
    Take advantage of the strengths of immigrant workers—A diverse workforce can improve your company’s capacity to expand globally.
    The automation of business activities
    Robots and artificial intelligence (AI) are increasingly being used to perform a vast range of activities. But automation is not only about robots—tech systems such as ERP and CRM can boost productivity and reduce costs by automating functions.
    What your business can do:
    Map out your business processes—Process mapping can provide insights into what functions should be automated first. This analysis, in turn, will lead you to the technology solutions that provide the most value for your business.
    Involve your employees—Employees have intimate knowledge of your business processes and are invaluable resources in selecting and implementing systems. If they’re left out, they may resist using new technology.
    Shop around—Make a careful assessment of what’s available to find the systems best-suited to your company. Many entrepreneurs are attracted to customized systems, but off-the-shelf products will often do the job at a lower cost and with fewer headaches down the road.
    The aging workforce
    As the baby-boom generation retires, the labour pool will grow more slowly and even shrink in some regions.
    What your business can do:
    Create a more flexible workplace—Offering flexible hours, part-time jobs and temporary work are ways to keep older workers on board and attract millennials.
    Improve benefits and compensation—Consider offering benefits such as a pension plan, health insurance, and compare what you pay to the competition to see if you should increase your compensation.
    Boost your productivity—To make up for labour shortages, look for ways to become more productive through investments in equipment, technology and operational efficiency.
    By learning about new business trends and staying up to date on the way business is changing, professionals may be more likely to find success in their careers.

    Reply
  144. Avatar Nwachukwu Onyinyechi Maryann. Reg number: 2020/245915 says:
    4 years ago

    The most prominent trends in shaping a business include:

    1. Improve your Social Engagement
    2. Personalise your Content.
    3. Take your Marketing Vertical.
    4. Explore Innovative Technology.

    1. Improve your Social Engagement:
    Social networks is a common place for consumer and business interactions, your business cannot afford to avoid the fray.
    Improve your social engagement by placing advertisement, participate in industry discussions and publish content and you have to do this regularly, if you want to expand your reach and pull in new clients.

    2. Personalize your Content:
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established.
    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. It helps you develop relationships with existing clients, increasing upsell, cross-sell or even resell opportunities.

    3. Take your Marketing Vertical:
    As horizontal marketing is too shallow, to catch more prospects, you have to go deep into the right spaces.
    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that makes sense for your unique offering.

    4. Explore Innovative Technology:
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Reply
  145. Avatar Mbonu Chinazo Kosisochukwu says:
    4 years ago

    Name: Mbonu Chinazo Kosisochukwu
    Department: Economics
    Reg number: 2020/2425297

    Prominent trends in shaping a business include:
    1. Globalization
    This is essentially the ability for organizations to work in a world where boundaries do not exist. The world is becoming just like one big city. The language you speak, the currency you transact in, and your physical location are starting to matter less and less.
    You can work in San Francisco, yet have clients in Nigeria; and the same goes for employees. Boundaries to working with anyone, anywhere are disappearing and this trend can only continue.

    2. Mobility
    Today, where you are located is starting to matter much less when it comes to being able to do your job.
    As long as you can connect to the internet, the chances are that you can access the same people and information as if you were working in an office building.

    3. Technologies
    We now have increasingly capable robots and artificial intelligence (AI) systems that can take on tasks that were previously done by humans. Big data, the cloud, the internet of things, robots, automation, video, collaboration platforms, and other technologies are changing the way we work and live. The cloud puts the power of technology into the hands of employees; robots and software are forcing us to rethink the jobs that humans can and should do; big data gives us insight into how we work and how customers transact with us; and collaboration platforms give us the ability to connect our people and information together anywhere, anytime, and on any device.

    4. Online marketing
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives. That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.Today, an advertisement can be a free e-book, a contest entry, an industry blog or a contributed article.
    A huge benefit of online marketing is its targetability. Platforms like TV spots or billboards reach a wide range of people, some of whom might be interested in a certain product or service. But website data can tell marketers exactly who is looking at what, allowing them to pick and choose where to focus their advertising dollars and what the message should be. There are countless websites and blogs on the web today. Many have space for advertisements in their margins, news feeds or even directly in their content. It’s important to choose which websites will reach your target audience best. Finding a niche blog that shares a similar audience as yours can help get your message out through new channels.

    5. Cashless society
    It’s no secret that digital transactions are taking over in everyday business transactions. But according to study, we may become a truly cashless economy within the next few years despite resistance from those arguing that it enhances social inequality and that it contributes to vulnerability in the digital and financial ecosystems.

    Reply
  146. Avatar Okoro ujunwa Priscilla REG NO;2020/248252 says:
    4 years ago

    As against the background, the prominent trends in shaping a business are;
    1) Online marketing,
    2) Data collection and
    3) Video strategy.

    Reply
  147. Avatar CHUKWU PRECIOUS MUNACHI, Reg no. 2020/242984 says:
    4 years ago

    MOST PROMINENT TRENDS IN SHAPING A BUSINESS
    1:Sustainable, resilient operations
    2: The balance between human workers and intelligent robots
    3: The shifting talent pool and changing employee experience
    4: Flatter, more agile organizations
    5: Authenticity
    6: Purposeful businesses
    7: integration
    8: New forms of funding
    9: Network marketing
    10: Franchising
    11: Business process outsourcing
    12: Aggregator
    13: Knowledge process outsourcing
    14: Digital Economy
    15: E- commerce
    16: M- commerce.

    Reply
  148. Avatar IZUCHUKWU CHIDIMMA MARYJANE says:
    4 years ago

    FACULTY:SOCIAL SCIENCE EDUCATION.
    DEPARTMENT:EDUCATION ECONOMICS.
    COURSE TITLE:INTRODUCTION TO BUSINESS MANAGEMENT.
    TOPIC:TRENDS IN SHAPING A BUSINESS.
    NAME:IZUCHUKWU CHIDIMMA MARYJANE.
    REG NO:2020/242685.
    EMAIL:maryjanechidio@gmail.com
    BUSINESS TRENDS:
    Keeping up-to-date with the latest business trends can help you plan for the future and implement exciting new innovations to increase profitability and customer satisfaction.Whether you’re an entrepreneur, a manager or an employee looking for career development opportunities, knowledge of new business trends can be very valuable.Business is constantly evolving and it’s important to keep your knowledge current. In this article, we discuss what business trends are, how you can stay informed, what types of trends are affecting business, and some specific trends that are likely to be important in the next 10 years.Understanding the changes in the psychology of your customer is key to shaping your business for the future, whether you’re currently facing a tightening or easing of restrictions.
    While no one can predict the future and new trends are emerging all the time, there are some persistent trends that are affecting business and likely to remain significant in the next few years. Staying informed about important technology and considering them when making business decisions, can help you connect with your customers better in the long term.There are several different types of business trends that are important in the current environment, although many trends can be categorized as belonging to more than one type for example, cryptocurrency is both a new technology and financial trend. Some examples of types of trend include:
    * Technological innovation continues to power significant developments, especially in communications and data analysis.Technological progress in this area is very rapid, which allows for near-instantaneous processing of vast amounts of data. This, in turn, is extremely impactful upon all areas of business, from more efficient warehousing and manufacturing practices to offering personalized user experiences to the end customer.Companies that leverage artificial intelligence most effectively, making the best use of the latest developments in areas such as machine learning and deep learning, can make big gains in productivity and ultimately profitability.
    * Financial innovation is also important as businesses continue to find new ways to raise capital, fund expansion and charge customers for their products.There are now many more options on how to finance your business and process payments, especially for small businesses. Blockchain technology and cryptocurrencies are becoming an increasingly important part of the financial landscape, while crowd funding is a significant part of how many small businesses gain financial backing for new products and services.On the consumer side, there are innovative new practices to consider. For example,subscription-based pricing is increasingly popular for all kinds of products, from video streaming to razor blades. Exploring all the different options for business finance and consumer pricing can help your business build profits and grow sustainably.
    * Small business innovation is significant as smaller businesses are often more agile and adaptable than larger businesses.Total Transparency brings trust, but requires openness and a clear communication of values and ethics – and it must be continuously earned.Businesses relying on overseas imports were hit hard as border restrictions came in, and we’re subsequently seeing a trend of businesses reducing their dependency on single suppliers and those based overseas. Not only do local supply chains reduce risk, they help support the local economy, which has never been more important than during a recession (plus, it’s a significant value to many customers).
    * Behavioral trends are emerging as the demographics of the country change and people respond to broader trends in society—this applies to both customers and employees.Smart technology means empowering your consumers through seamless and enhanced experiences across communications platforms.The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio,companies invest in online marketing initiatives.People still use phones and purchase . television advertising. However,executives are increasingly turning their focus to digital strategies.
    * Continuity planning:If we’ve learned one thing in 2020, it’s the value of a business continuity plan. No one could have predicted that in a few short months we’d be hit with bushfires, smoke pollution, wild storms, a global pandemic and economic recession. While no one has a crystal ball, businesses can put plans in place to prepare for events that may cause disruption. Think natural disasters,cyber attacks, recession or equipment failure. Consider the potential impact of such disruptions,and note some actions that you could take should the worst happen.

    Reply
  149. Avatar OZONWOYE ADAEZE MARYANN says:
    4 years ago

    OZONWOYE ADAEZE MARYANN
    ECONOMICS DEPARTMENT
    100level
    2020/242617

    THE MOST PROMINENT TRENDS IN SHAPING A BUSINESS
    These trends are changing the way leaders conduct business today. It’s important to have a solid understanding of these concepts and the many other ways business is evolving.
    By learning about new business trends and staying up to date on the way business is changing, professionals may be more likely to find success in their careers.
    Here are business tends in shaping a business:
    1. Total Transparency brings trust, but requires openness and a clear communication of values and ethics and it must be continuously earned.
    2. Smart Technology means empowering your consumers through seamless and enhanced experiences across communications platforms.Also Artificial intelligence (AI) has grown in for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner.According to a report by PwC, AI will contribute up to $15.7 trillion to the global economy by 2030. In 2021, accelerated investment from businesses in machine learning and finding new ways to leverage technology to improve operations will take place.
    3. Cloud Culture and Collaborations are creating a dialogue-driven society and businesses must join the conversation.Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses.
    4. Equality Focus is redrawing society, leadership styles and the way we do business, consumers now expect businesses to be demonstrably diverse and inclusive.
    5. Cultural Capital through harnessing the power and passions of local communities is the way to invest in your brand and establish a lasting legacy.
    6. Video Strategy: this is also a trend,it is more like advertisement. Most consumers or customers be it individuals, business leaders or government executives make business-related purchase after watching a work related video online.
    7. Authentic Happiness is a sound business proposition and facilitating positive and life-enhancing products and experiences must be a key business driver.

    Reply
  150. Avatar Igwebuike+Kenechi+Kester says:
    4 years ago

    Name: Igwebuike Kenechi Kester
    Reg no: 2020/ 246575
    Email: kesterigwe22@gmail.com

    Some prominent trends include ;

    1. ONLINE SALES :
    in this modern era of business and technology, a lot of companies are opening up online stores These online stores are way more effective than normal walk in stores because with online stores all you need is a device that connects to the internet and internet connection and from there potential customers can easily and safely place their orders. As we know people love things made easy and this allows more and more people who wouldn’t usually have the time to go to a physical store to buy your products because it’s easy to do so

    2. OUTSOURCING
    The use of outside sources to provide services for a company is called outsourcing Companies use third parties to help sell their products as it helps make their individual jobs less and easier for the company to manage. Companies can use third parties for advertisements of their products, for website development, for sale of products etc. It is usually practiced as a cost cutting measure.

    3. MONITORING OF FOREIGN TRENDS:
    Companies are always looking for the best ways to be run and if a look at foreign trends or practices of foreign businesses will help them do that then, the methods of those foreign enterprises are employed.

    Reply
  151. Avatar Nsofor Ekperebuike Leonard says:
    4 years ago

    Name:Nsofor Ekperebuike Leonard
    Department: Economics
    Registration number: 2020/242605
    PROMINENT TRENDS THAT ARE SHAPING BUSINESS TODAY
    1) Social Engagement: Putting your business into the Internet today goes a long way in promoting your business image and reaching to potential customers that normally you would not be able to access. You can make use of website, WhatsApp and Twitter etc.

    2) Explore Innovative Technology: Tinting your product with latest technology can go a long way to attract and sustain your customers, also invest in programs that make your client happy that way you will not loose them.

    3) Authenticity: Consumer and employees are looking for brands that do not care only in making profit but cares about the social events that affect their workers and customers life there for company should invest in alleviating this social problems.

    4) Co-opetition and integration: They are a lot of problems that company’s encounter but because of the nature of the business they can not be able to provide solutions to it that is why companies can partner up with other businesses in other to solve the problem.

    5) New forms of funding: businesses can employ new way of funding themselves by engaging in crowdfunding, peer to peer and tokenization in order to facilitate financial activities with their donors.

    Reply
  152. Avatar Ukeje Nmesoma Claudia. 2020/2424626 says:
    4 years ago

    1. Improved AI
    Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
    2. Security & Access Control
    As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. One layer of this is data governance, and we’ll see more of it in 2021. Not only to reduce risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases throughout 2021.

    3. Connected Cloud
    Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses. In 2021, we’ll see a merging of multi-cloud, hybrid, and edge solutions to allow companies maximum flexibility and the best results.
    With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development methodologies, and DevOps, our team knows what’s needed to enhance the customer experience, optimize business processes and help businesses become more agile.

    4. Online marketing
    The internet has changed the way people do business. Rather than making phone calls and sending faxes, people communicate through email; and instead of taking out ad space in magazines and newspapers, or spots on television and radio, companies invest in online marketing initiatives.
    That’s not to say that traditional methods of doing business aren’t relevant anymore. People still use phones and purchase television advertising. However, executives are increasingly turning their focus to digital strategies.

    5.) Data collection
    Marketing makeovers aren’t the only benefit that businesses have realized through online tools. Businesses today can collect data on nearly anything: Who is visiting their website; how long it takes for their package to be delivered; how consumers use their products, and more, Forbes contributor Bernard Marr explained.

    Every business, no matter how big or small, has access to some form of data that can give it greater insight into its consumer base, its internal company culture or its audience’s opinion of the company.

    One form of data collection every business should already be using is website analytics, Analytics Ninja pointed out. These tools are installed into your website’s HTML and collect information about:

    • How people access your website (such as through a computer or mobile device, as well as how they found your website, like through a Google search or a social media post).
    • Where they live (such as the country, state or city, as well as the language their browsers are set to).
    • What time of day they access your website.
    • How much time they spend on your website, and which page they left from.

    From this information, companies can learn how to improve their websites; if bounce rates are much higher on a certain platform, for example, they might investigate to determine whether a particular form, image or other object doesn’t load correctly on that device or browser. They can identify what time is best to have their live chat software active on their website based on the time of day they have the most web traffic. They might also use that to determine when to send out social media posts or newsletters for best engagement.

    Reply
  153. Avatar orji Chinecherem jacinta says:
    4 years ago

    NAME: ORJI CHINECHEREM JACINTA.
    REG NO:2020/242885
    DEPT : COMBINED SOCIAL SCIENCE

    SOME PROMINENT TREND IN SHAPING A BUSINESS.

    1: Improved AI
    Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
    According to a report by PwC, AI will contribute up to $15.7 trillion to the global economy by 2030. In 2021, accelerated investment from businesses in machine learning and finding new ways to leverage technology to improve operations will take place.

    2.   Security & Access Control

    As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. One layer of this is data governance, and we’ll see more of it in 2021. Not only to reduce risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases throughout 2021.

    3.   Connected Cloud

    Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses. In 2021, we’ll see a merging of multi-cloud, hybrid, and edge solutions to allow companies maximum flexibility and the best results.
    With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development methodologies, and DevOps, our team knows what’s needed to enhance the customer experience, optimize business processes and help businesses become more agile.
    Our Business Intelligence services can assist you in understanding your customers better, and designing and delivering reports to manage your business. In addition, VLink’s information management capabilities can help your organization transform data into actionable insights which then allows you to make critical decisions with confidence. 

    4: The shifting talent pool and changing employee experience

    The way we work is evolving, with more younger people entering the workforce, more gig workers, and more remote workers. In their book The Human Cloud, Matthew Mottola and Matthew Coatney argue that traditional full-time employment will be a thing of the past, as organizations shift to hiring people on a contract basis – with those contractors working remotely.

    5: Flatter, more agile organizations
    Traditionally, organizations have been very hierarchical and rigid in their structures. But that is changing, as leaders recognize the need for flatter, more agile structures that allow the business to quickly reorganize teams and respond to change. It is also, in part, a response to the changing nature of work, particularly the proliferation of freelance and remote workers.

    This is the age of flatter organizational structures, which are more like flexible communities rather than a top-down pyramid structure.

    6: Authenticity

    Today’s consumers are seeking a more meaningful connection with brands. And this need for connection has given rise to authenticity as a business trend in its own right. Authenticity helps to foster human connections – because, as humans, we like to see brands (and business leaders) display important human qualities like honesty, reliability, empathy, compassion, humility, and maybe even a bit of vulnerability and fear. We want brands (and leaders) to care about issues and stand for more than just turning a profit.

    Reply
  154. Avatar Bahiru Esther Ramat 2020/248459 says:
    4 years ago

    Trends for businesss
    1,E-commerce
    2,Cooperative platform between seller and buyer
    3,Authenticity
    4,The balance between human workers and intelligent robots
    5,The shifting talents pool and changing employees experience
    6,Sustainable ,resilient operations
    7,Good technology

    Reply
  155. Avatar OKOAZE DANIEL CHINOSO says:
    4 years ago

    NAME: OKOAZE DANIEL CHINOSO
    REG NO:2020/246577
    DEPARTMENT: ECONOMICS

    1. Make Sure You’re Optimized for Mobile
    More than half of all internet searches and email opens now take place on mobile devices—and that number is only expected to grow. So if your content doesn’t translate well onto a 5-inch screen, your risk prospects hitting delete or closing your page without a second thought.

    To make sure that doesn’t happen, build your client communications for mobile first, and optimize your attachments, like Word documents or PDFs, for performance a phone or tablet.

    2. Personalize Your Content
    The ability of content marketing, like social media or email campaigns, to engage new audiences and close sales is well established. That’s why 90 percent of B2B marketers use it.

    To take yours to the next level (as in six times higher transactional rates), try introducing personalization.

    Relevant, personalized content sprinkled throughout the buyer journey keeps your brand top of mind. And it helps you develop relationships with existing clients, increasing upsell, cross-sell, or even resell opportunities.

    Keep in mind, for the most accurate personalization, you’ll need to keep your company’s CRM data clean and up-to-date.

    3. Take Your Marketing Vertical
    It can be tempting to cast a wide net—to try to reach anyone and everyone at once. But wide-range, horizontal marketing is too shallow. To catch more prospects, you’ve got to go deep into the right spaces.

    To go after your priority accounts and clients, focus your marketing and development on the executives and decision makers in the verticals that make sense for your unique offering. This is especially true for B2B companies with clients occupying specific business sectors or industries.

    4. Explore Innovative Technology
    In today’s ultra-connected world, emerging technologies are popping up in every market, helping businesses in every kind of industry create better solutions for their clients.

    Investing in tech that makes your clients happier is a no brainer, especially when you consider it’s six times more expensive to replace a client than it is to hang onto them in the first place.

    But remember, new technology doesn’t necessarily have to be customer facing to delight them. A new CRM or project management platform that makes your team more productive can have just as much impact, if not more.

    Indeed, improving client relationships is at the center of many business development trends, including CRM automation.

    In the end, the key is to focus on the innovations that add convenience and value to your clients.

    Reply
  156. Avatar Obelu Victoria Obianuju says:
    4 years ago

    Name. Obelu Victoria Obianuju.
    Reg number. 2020/242907.
    Department. Css economics and philosophy.
    The ten trends shaping the future of small business
    Making the move online. Having an online presence has gone from a nice-to-have to a must-have. …
    Low contact and cashless. …
    Distributed work. …
    Continuity planning. …
    Less splurging, more sharing. …
    Volatile demand. …
    Local first. …
    Health front and centre.

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