Fiscal policy refers to the use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions. These include aggregate demand for goods and services, employment, inflation, and economic growth.
During a recession, the government may lower tax rates or increase spending to encourage demand and spur economic activity. Conversely, to combat inflation, it may raise rates or cut spending to cool down the economy.
If you made an effort to try and answer some of the questions of last week in relation to the context and resources of your business, you will have a basic idea about what your most important activities are, who your main clients are and what your image is. You will also have a better idea about how your business is organised and what competencies are missing. You are on the way finding out where you are now. Later in your strategic planning you will define where you want to be and how you will get there. You may have found out that apart from attending to your core business activity, you found yourself engaged in quite a few side activities. Managing these side activities in fact demand a lot of time, energy and resources from yourself and your workers. As a result, there is less time for the main business than necessary. There is a lack of focus in your business. The image your business has built up as a result of this is not so encouraging. What others say is that you are into all sorts of things. They wonder if you know what you are doing. You also found out that your workers don’t really know what is expected from them. You never made job descriptions and expected results are not defined. They work hard, but not necessarily towards the same goals. You also don’t really know what the financial situation of your business is. The accountant maintains the financial records alright but is not able to summarise the information for you to have a good insight and make decisions accordingly. The business is not organised in an efficient and effective way, while some essential skills are missing.
Next, we will look into a number of questions that will help you get more information and insight into your customers and the competition.
c. The business and its customers:
1. What is the size of your share of the market in your business sector? Define the size of your market share in terms of numbers of customers or financial value.
2. Can you divide the market into distinct market segments? For example, can you divide customers easily into groups like age, background, geographic location, gender? If so, list them.
3. What factors influence demand in each of the market segments?
4. Are there any cycle patterns in the workload for the business for example seasons, fashion, trends?
5. Over the past year, which new clients did you get, and which clients did you loose? Find out how new customers come to know your business and why customers leave. You will need a record of who your clients are.
6. How do you market your products and services? How does this work? What else could be done?
7. What developments are expected in the market over the next few years? What are the future trends and how will this affect your business? What new services might be needed?
d. The business and the competition:
1. Who are the main competitors for each of the market segments you identified above?
2. What are your impressions of the competitors’ image, size, range, distribution, strengths, and weaknesses?
3. Who are the most successful competitors and why are they successful?
4. Are there likely more competitors to enter the market? Who are they?
5. Why do clients come to you instead of the competition? Consider your image, price, service, marketing, location. Ask your clients.
6. Why is the business successful? What is the competitive advantage?
7. What would be possible threats for future success?
It is important that you don’t try to find the answers to these strategic questions all by yourself. Choose some of your key workers and encourage them to come up with there own answers and discuss responses together. This will deepen and enrich your insights and enhance the teamwork in your business as well. Don’t try to pull the cart all by yourself. Remember that Together Everyone Achieves More. You will also need to get information from your customers. A customers’ record, indicating their names, address, telephone, email and some space for their remarks will be very helpful. A small questionnaire inquiring about what it is they are looking for, what their opinion of the business is, how they see the quality of services, price and location will help you get insight in your competitive advantage or disadvantage.
I encourage you to continue getting the information you require to know where your business stands, in order to be able to plan for the future. Next, we will look into the business products, its stakeholders and the workers.
Ton Haverkort
As it is well known, American singer and songwriter Taylor Swift is an influential figure in popular culture and the subject of widespread public interest. Taylor Swift is one of the world’s best-selling music artists with estimated global sales of 200 million records. Seven of her albums have opened with over one million pure sales in a week. She has appeared on lists of history’s greatest artists from publications such as Rolling Stone, Billboard, and Forbes and is the only artist to have been named the Time Person of the Year-2023.
Her accolades include 14 Grammy Awards, a Primetime Emmy Award, 40 American Music Awards, 39 Billboard Music Awards, and 23 MTV Video Music Awards; she has won the Grammy Award for Album of the Year, the MTV Video Music Award for Video of the Year, and the IFPI Global Recording Artist of the Year a record four times each.
Taylor Swift has taken the world by storm to become one of the most popular artists in the past few years. Commanding the loyalty of millions of fans, she joined the Billion-Dollar club recently, with a net worth of about $1.1 billion in April 2024.
This wealth has mostly been gathered through her music catalogue, record sales, concert tour ticket sales and streaming deals. Swift is also one of the few artists who has made the most of her wealth through her main occupation as a singer and performer, rather than ancillary businesses such as fashion lines, beauty brands, restaurant chains, property and similar. As such an iconic artist, Taylor Swift also has a significant economic impact on the cities which host her concerts, especially European ones, which typically get fewer dates and locations than their American counterparts.
In recent years, a novel economic paradigm has emerged, captivating the attention of policymakers, economists, and business leaders alike. Dubbed “Swiftonomics,” this innovative framework, inspired by the work of economic theorist and entrepreneur Taylor Swift, is reshaping how we think about economic growth, consumer behavior, and market dynamics. While it might sound unconventional, Swiftonomics is grounded in insightful principles that reflect both contemporary trends and timeless economic truths.
In analyzing the origins of Swiftonomics, Swiftonomics finds its roots in the cultural and economic phenomena surrounding Taylor Swift, whose career trajectory and business acumen have become a case study in modern economic strategy. Swift’s ability to transform her music into a multi-billion-dollar empire offers a unique perspective on market influence, consumer engagement, and brand loyalty. Her approach to managing her brand and business ventures provides a fresh lens through which to view economic principles.
Here, it is imperative to analyze the core principles of Swiftonomics in which brand loyalty and emotional capital is the first one. Tommy Soesmanto, Senior Lecturer in Economics and Statistics in Griffith University stated that one of the cornerstones of Swiftonomics is the emphasis on brand loyalty and emotional capital. Taylor Swift’s fan base, known as “Swifties,” exemplifies how deep emotional connections can drive consumer behavior. Swiftonomics posits that modern economies are increasingly influenced by emotional capital in which consumers are not just buying products; they are investing in brands that resonate with their personal values and aspirations. According to Tommy Soesmanto, this shift highlights the importance of emotional engagement in driving economic activity.
Innovation and adaptability is the second core principles of Swiftonomics. Taylor Swift’s career is marked by continual reinvention and adaptability. Diego Andretta of Catholic Investment Club stated that from country roots to pop stardom and beyond, her willingness to evolve has kept her relevant and influential. Swiftonomics applies this principle to the broader economy, suggesting that innovation and adaptability are crucial for long-term success. In a rapidly changing world, businesses and economies that embrace change and continuously innovate are better positioned to thrive.
The third core principles of Swiftonomics is Data-Driven Decision Making. Swift’s strategic use of data to understand her audience and tailor her approach is a key aspect of Swiftonomics. Dipika Rao of Global Business noted that this principle advocates for data-driven decision-making in economic strategy. By leveraging data analytics to gain insights into consumer behavior, preferences, and market trends, businesses and policymakers can make more informed decisions, optimize their strategies, and drive economic growth.
The essence of Community and Inclusivity is the fourth core principles of Swiftonomics. Taylor Swift has consistently used her platform to advocate for social causes and foster a sense of community among her fans. According to Dipika Rao, Swiftonomics underscores the importance of inclusivity and community engagement in economic practices. Building inclusive environments and supporting social causes can enhance brand reputation, strengthen customer loyalty, and contribute to a more equitable economy.
Another key principle of Swiftonomics is the focus on experiential value. Taylor Swift’s concert tours are not just performances; they are immersive experiences that create lasting memories for her fans. In the economic realm, this translates to creating products and services that offer meaningful experiences rather than just transactional exchanges. Experiential value can drive consumer satisfaction, brand loyalty, and repeat business.
The application of Swiftonomics principles can be observed in various sectors. For instance, Barclays Bank stated that in retail, companies are increasingly focusing on creating personalized experiences and emotional connections with customers. In technology, firms that prioritize innovation and adaptability are leading the way in shaping the future. Furthermore, organizations that use data analytics to drive decisions are achieving greater success and efficiency.
To conclude, Swiftonomics represents a paradigm shift in economic thinking, blending traditional principles with modern insights derived from the world of entertainment and branding. By emphasizing emotional capital, innovation, data-driven decision-making, community, and experiential value, this new economic framework offers a compelling approach to understanding and navigating the complexities of today’s market. As the world continues to evolve, Swiftonomics provides a fresh perspective on how we can create more dynamic, inclusive, and resilient economies.
Muzikawi is excited to announce the release of the “Sounds of Shadey Ashendye” album, featuring six talented women from the Amhara region, including Emebet Mekonnen (aka Shadey), Aster Welde, Sara Mamo, Awetu Eyasu, Talem Addis, and Mekides Zewdu. The album, focusing on the Shadey, Ashendye, and Solele celebrations, was released on Tuesday, August 20th, 2024, on Muzikawi’s YouTube channel and all digital streaming platforms.Â
This unique album, featuring eight tracks with lyrics and melodies in the public domain, is dedicated entirely to showcasing cultural traditions that have been underrepresented.
Shadey, Ashendye, and Solele are annual celebrations held from August 22nd to 27th in the Waghemra Sekota, Lasta Lalibela and Kobo areas of the Amhara region. These festivities, deeply rooted in ancient traditions, mark the end of the Filseta fasting season observed by Orthodox Christians. During the celebrations, communities come together to share resources, with wealthier individuals providing meat, butter, milk, and other provisions to less fortunate neighbors. If a girl does not have an appropriate dress for the occasion, others generously lend her their finest clothing.
During the celebration, groups of girls and women visit the church, singing and removing pieces of Ashenda (papyrus) from their waists to lay them on the church floor as a gesture of gratitude and prayer for the coming year. They also travel from home to home, singing traditional songs. While  Shadey, Ashendye and Solele are primarily a celebration for girls, boys also participate, dressing well, protecting the girls from the winter floods, and even considering potential future partners.
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