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Management Accounting: Mid-Market Innovators

   

Added on  2020-10-05

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MANAGEMENTACCOUNTING
Management Accounting: Mid-Market Innovators_1

3. Literature reviewAccording to Michael (2017), various sources have been taken into consideration tounderstand the concept of mid-market innovators and their recent trends. To understand how themid-market innovators have developed a market for themselves in a cut-throat competition. According to Popescu and Wu (2007) , middle market comprises of small and middleenterprises having an employee strength between fifty to one thousand and a turnover between$10 to $500 million. The pricing approaches used by such companies include dynamic form ofpricing that changes according to supply and demand of the customers. It has also been observedthat these companies tend to focus on maximization of customer experience and leanerorganisational structures.According to Kaplan and Atkinson (2015), allocation of funds needs to be done carefullydue to limited availability of finances to these innovators. Due to advent of technology, the mid-market innovators are not able to invest much in these and may end up using old technology formany years in their operational functions across the organisation. Freshness of skills and qualityof goods and services offered stand high on the priority scale as compared to their counterpartsthat include large businesses. The success of middle-markets has been attributed mainly to thesmarter choices made by them. While answering the question, which are the major foundationsfor companies to build loyalty and trust?- it has been observed that 60% of the executives ofmid-sized companies see increased focus on customer experience as their priority. There areeight major challenges are faced by these companies- recruiting and retaining talent,maintenance of healthy and accountable work culture, executing strategies to achieve goals,increasing top-line earnings on a year-on-year basis, beating competition, increasing marketshare, communicating effectively, securing financial resources and achieving economies of scale.5. FindingsIn this analysis middle market only focus on the quality and the customer satisfactionwhich is very important for any business. Because large organisation run their business for thepurpose of profit. Small business used cheap quality material to build products because of theshortage of funds. Middle market set their prices according to demand of products and the supplyfulfil by the market. Company always clear with it's goals and vision which is going to help
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