Local Economic Development Essay Example | Topics and Well Written Essays - 500 words - 127

Local Economic Development - Essay Example Local economic professionals also have a role to play to ensure that the community groups that are formed do not only focus on poverty alleviation, but also on economic development. This includes making the community members pioneers of entrepreneur skills and job creation for other members. Economic professionals also have to provide assistance to local community groups in terms of access to technology and capital support and creating a link between private and public institutions of the community. The North Texas area will impact marketing as a place for establishing the new business. This is because a new environment is going to be created in this area, which means that customers in this area will have different wants and needs compared to customers from the other areas. As such, new businesses will be formed to satisfy the needs of customers in this environment. These include food, shelter, and clothing. Therefore, entrepreneurs and business people dealing with such items will fo cus on delivery of the items and ensure that the local people do not suffer from lack of such items. The response to this challenge will involve conducting a market analysis of this new area. This will entail determining the various needs of the people, conducting the feasibility study of the area, and establishing whether the area will provide sufficient market for new products and services. Results of this analysis will aid in making decisions as to whether to establish new businesses in the area or not to establish such businesses. Dallas is a city in North Texas, which uses good urban planning policies and regulations that enhance the attainment of sustainable economic development (Federal Reserve Bank of Dallas 1).