Answer to Question #278816 in Economics for nicole

Question

Suppose you will incorporate the topic of Socioeconomic Factors to the current/future business in the Philippines, 

1. Assess the economic state of our country based on the information you can gather from various media.  What are the economic factors that will affect the operations of the business? How?  

2. How will you persuade the public to patronize the business? What strategies will you incorporate?  

3. How will you utilize the technologies that we have now to offer better products or services to the customers? 

Answer 1

1. The Philippines has been one of the most dynamic economies in the East Asia Pacific region. Average annual growth increased to 6.4% between 2010-2019 from an average of 4.5% between 2000-2009. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances. Business activities are buoyant with notable performance in the services sector including business process outsourcing, real estate, tourism, and finance and insurance industries. The Philippine economy has also made progress in delivering inclusive growth, evidenced by a decline in poverty rates and its Gini coefficient.

2. Types of promotional strategies include traditional and online advertising, personal selling, direct marketing, public relations and sponsorships and sales promotions.

3. Technology improves customer service by speeding up communications, increasing convenience, providing self-serve options and allowing for targeted marketing campaigns.