An economic system is the way of production through to consumption of goods and services of an economy. Alternative Economic Futures are the organizational arrangements and process through which the society makes decisions on productivity and consumption.
For the Larson Inc. to remain competitive within the market for the next 5years, it must change its product differential techniques. First and foremost, the company is performing poorly with Larson Inc products under achieving because of poor marketing strategy which not captured the attention of the America marketplace.
For customers to fully acknowledge the presence of a new product rigorous marketing advertisements and ads must be used to sensitize on the new product, but Larson Inc. has remained reluctant on this area, use a serious tone to its commercials has impacted negatively on the future of the products thus comedic tone should be included in the advertisements so as to provide the much required customer attention that is lacking.
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The packaging should be changed to grab the attention of potential buyers; in fact packaging grabs the consumer's attention and instils product recognition. Larson Inc. should thus aim to use modern and unique packaging designs. The manner in which a product is packaged promotes its quality and reliability.
Finally, Larson Inc. should step up the frequency and availability of advertisements, it should as well diversify and use other channels of advertisement such as the multiple media outlets, television commercials and print advertisements for optimal recognition. If a product is featured frequently it becomes more familiar leading to consumer comfort which translates to increased profitability.
In conclusion, for Larson Inc. to remain competitive within the market place it should consider alternative economic futures as the only way to outdo its competitors otherwise remaining with the old way of marketing, packaging, and low frequency in advertisements will result to low sales and may be faced out of business within the next five years.
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