Reflection of Economic Concepts that Impact Noja Power Company - Economics Assignment Help

Assignment Task:

 Introduction

With rapid changes in technology and also the market structures, economics which concerns with production, consumption and how to transfer wealth thus plays a great role in today's markets, it has much in common with social and behavioural sciences such as sociology, psychology and also the natural sciences such as physics (Paulsen, M. B., & Toutkoushian, R. K. (2006). The field is usually broken into two major parts; macro-economics and micro-economics. Micro-economics evaluates the decision making policies for small structures within the economy, and macro-economic examines problems at their combine and complex levels. A better understanding of economic concepts could lead to many interventions and choices relating to businesses thus helping more informed students to make clear and right decisions regarding businesses. In this essay, I will discuss how various economic concepts has impact Noja Power one of a global market organization.

 Executive Summary

This being a document that summarizes the bigger picture that a reader could see about an organization (Beetham, H., et al. (2009). Noja Power is a firm with different offices servicing in an all-time zone on earth, including two campuses in Brisbane Australia and Brazilian manufacturing campuses are very active in producing the Australian campus worked in two shifts a day for the entire year, consistently to produce the required outputs. The Brazilian campuses have been commissioned successfully and thus put in place the parallel production line which is expected to produce double output, this year. There have been gradual changes to the electricity utility customers, with an ongoing large-scale distribution of renewable energy, at first, the electricity grid was transporting power in one-way but now are required to control the two-way power flow, with customers emitting energy during the day and importing it during the evening. The developed solutions can now help customers to manage the bidirectional flow of power, in partnership with the Energy Queensland and supervisory contribution from the Australian markets operators (AEMO) successfully bring The Australian renewable energy agency (ARENA) project in 2019. The firm has maintained the Iso9001 credentials in the provision of a system that will continually increase its capacity of outputs. Noja firm has been well situated such that it can easily meet the demand from the energy utilities and private enterprises for medium voltage intelligent switchgear.  The economic concepts are seen in the company structure that consists of the Board of directors, sales and marketing, research and development and quality and services all these parts work immensely together to provide quality outputs, its engineering production teams work on improving the efficiencies to optimize the manufacturability, consistency and reliability. Its global market plan consists of all the compressed analysis of every Noja office around the world and its operations; from the analysis, the global market plan summarizes its strategies in operations so that the company could meet its goals. The company’s long and short term goals are 20% growth per annum, global market share for load break switches: 1% by 2022, Employee retention 90%, marketing: % turnover per annum 2%. The above goals come from the recent market shares, positions and competitive environment analysis. The company works to fulfil its objectives through careful planning and deployment as it strives to be the world leader in medium Voltage pole mounted switchgear, by offering customers with the right solutions with their innovative products, unrevealed services across the time zone. Economic theories such as agency and transactional-cost analysis have been used in the internal operations of the company (Perrow, C. (1986). Agency theory has focused on the problems between the employer and employee, and transactional-cost analysis has focused upon the need to eliminate market contracts by in cooperating suppliers and distributors of the Noja Power firm.

 Background Information

Noja Power is an organization that deals with the provision of electricity all over the world, with its core products being a major asset in the development of a nations' electrical infrastructure, therefore, markets for reclosing are subject to saturation and stagnation as initial development quotas are met and greenfield installation demands taper off. The concept of cooperate social responsibility (CSR) can be traced back to 19th century with its major considerations being the economic factors of a company, (He, L. J., Chen, et al. (2015). The cooperate social responsibility (CSR) related activities are helpful to Noja Power company to gain economic benefits (Friedman, 2000) as it evolves. Reclosers are proven as effective for safety, reliability and fundamental; in the cycle, there is the major adoption phase where costs saving seen by the deployment of reclosers' leads to a rapid large scale of deployment of the products, the demand of the product are high. Making it best for Noja Power Company to secure business at a major adoption phase, markets having a large volume of reclosers may be under maintenance while business in the major adoption market should be taking into consideration as it could easily result to the largest company growth. With the company’s core beliefs being as from the inception it is the company’s commitment to unrivalled services worldwide, with its department of quality and services executing a pleasing record in the training and service support events all over the globe.   

 Critical Analysis

Economists have tried to predict and control consumers' behaviours over the centuries (Hursh, S. R. (2008).an adequate science of behavior should be able to supply a satisfactory account of a markets and consumers’ behavior from past to present thus constituting the data of economics. However, economic theory is not, as yet, derivable from current behavior principle; a complete behavioural account could profitably adopt and borrow from economics (Hursh, S. R. (2008). The economic concept is relevant to behavior analysis. The macro-environmental situation analysis takes into consideration the global market through some academic frameworks so that it can assist in the strategic market planning. The market size analysis is always a big challenge to most industries, products do not share total values of required switch gears, with various countries having different rules governing network topography defining switchgear requirements. There are many assumptions made during estimation of a country’s switchgear market, such assumptions include power and energy is a basic requirement to all countries around the globe, the larger the country’s gross domestic product (GDP) the greater the power and energy requirement and vice versa, and also that switch gears are required for a network. Making use of the ratio of known market share and the gross domestic product of a country it is possible to estimate an extrapolation of how much a given country spends on Automatic circuit reclosers. The estimated global market size will now be given by; Taking into consideration the Noja Power products range from pole-mounted reclosers, pole-mounted sectionalisers, pole-mounted switches and ground-mounted reclosers. We will estimate as follows; 

• Pole Mounted Reclosers – 65,000 units = ~$611.38M

• Pole Mounted Sectionalisers – 100,000 units =~ $1,000M

• Pole Mounted Switches – 300,000 units =~$1,500M

• Ground Mounted Reclosers – No estimate. Low values

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