Economic Time

Paper Summary:

Economic time is the universal expression for markets, products or organizations that explains the speed by which economic value grows and decays. This paper compares the different types of economic time zones that companies may have. It also describes required management strategies and leadership characteristics needed to compete in the market by emphasizing renewal of products, services or organizations.

Outline:
Introduction
Standard-Cycle Economic Time
Fast-Cycle Economic Time
Slow-Cycle Economic Time
Transforming Economic Time
Conclusion

From the Paper:

"There are 3 main economic time zones: standard-cycle, fast cycle and slow cycle. They are also used to define characteristics of competition of an industry. Managers should be aware of which type of economic time zones their organizations have, so that they can take required actions to create value sustainability and profitability as long as possible. Because convergence is an unavoidable period for a new product no matter how slow it occurs. It can be slowed down but it is impossible to stop. Renewal of products, services or organization is a crucial matter to sustain value. Another critical point is the alignment. Alignment means that customer needs or requests should be matched with the goal of organization. Otherwise, all the effort might be vain. Strong alignment should be one of the basic goals of organizations."

Sample of Sources Used:

• Renewable Advantage, Creating Your Future through Economic Time, Jeffrey R. Williams, 1997

More papers on Economic Time:

• Essay # 83927 : "The International Economic Order"
• Analytical Essay # 123745 : "Time Value of Money"
• Article Review # 23802 : "Time to Kill"

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