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5 microeconomics research paper topics you should consider before starting your writing
- Topic 1: The Decision Making Process.
- Firms that are just starting up use the decision making process to determine if their product is not only viable in the economy, but also that it is realistically priced, can be produced within the budget and there is opportunity for growth.
- Generally the small start-up business will not have sufficient data to accurately make a projection to help with the decision making on their pricing policies and market growth.
- Established firms use the same microeconomics concepts to regulate their viability in the economy; realism of their prices based on cost of raw materials and production; scope for future growth.
- The reasons why new business have such a high failure rate. If a new business can success and not fold within the first year it has overcome its first hurdle. It now has to last five years to be truthfully called successful.
- What are the qualities of a successful ‘new business’? A good business plan does not necessarily mean accurate projection of the market economy, but it means that that the plan included alternatives should the company encounters difficulties i.e. such as poor sales.
- The business has potential for success but the motivation and sustainability of the owner has dwindled.
- Planning - beyond the initial startup. Look at advertising, marketing, premises, insurance and the actual cost of employees. Also consideration that the business may need a financial injection beyond the initial costs.
- Supply and Demand. Just because there is a market for the product now, will there still be a market for it in the future? Will the initial product saturate the market and demand ceases? Can the product be improved or can other products be designed?
- Competition? What is out there in the market? Look very carefully at your targeted consumers?
- Market research. Ask customers, ask potential customers about their needs. Look at profiles of companies that that have produced some really good products but was the product designed for the consumer or to please the producer?
- Look at the competition, why are they successful? Very difficult to find out about their pricing and outlays, but what are the ‘holes in the armor’ of the competition?
- Business knowledge may be the key. Look at company profiles where companies have started for scratch and become very successful, what do they have in common?
- Negotiating, communication and people skills.
- Meeting challenges, and be willing to talk to employees, wholesalers, lenders etc.
- Knowledge of the market.