Pricing and competitiveness may be impacted by shifting market factors, according to the Enterprise Bureau
The ongoing changing trends in the economy and geopolitics is likely to have a significant effect on customer satisfaction, Executive Director of Enterprise Bureau, Ethel-Ann Komlaga, has revealed.
There is therefore the need for a re-adjustment as a business to stay ahead of the market.
Speaking to Joy Business after the EB connect 2023 edition on market dynamics for competitive positioning, she admonished businesses to take advantage of the trend to capitalise on the advantages of data in order to excel.
“We realized that there is a change in trends which is affecting marketplace dynamics. So what we have to do as a start-up business or entrepreneur is to adjust and make necessary reviews that will meet the ongoing trend”.
“We as Enterprise Bureau which also believes in data for business growth have decided to bring on board a very experienced marketing lecturer to help our small businesses and entrepreneurs to understand the dynamics and how to operate along those lines”, she added.
The EB Connect series is looking at innovative ways to support Micro, Small and Medium Businesses to overcome the current economic environment confronted with.
Ethel-Ann Komlaga also said the issue of marketing dynamics have been a challenge for some Ghanaian start-apps who struggle to meet the changing needs of customers.
“This is part of reasons for the EB connect 2023 edition focusing on market dynamics and competitive positioning organised by the Enterprise Bureau”, she explained.
Former Marketing Lecturer at the Methodist University, Samuel Kofi Affum, encouraged businesses to constantly analyse their customers to understand their needs.
Some of the participants also expressed their willingness to participate in subsequent EB connect series to upscale in their field of operations.