NJEDA

New Jersey Economic Development Authority

             In order for the “New Jersey Economic Development Authority (EDA)” to solve the communication problem, which is bureaucracy involved before a company is granted funding, the organization has to communicate with the following key publics in urban areas of New Jersey.

 

Manufacturers

           Most of the New Jersey urban areas pose as the best locations where manufactures prefer setting their businesses. Various advantages associate with the preference of locating manufacturing firms in urban areas of New Jersey. Some of these advantages include the fact that these areas are in close proximity to highly developed network. This network comprises of air, rail, seaport facilities and major highways. Moreover, the urban areas have an advantage of having a well-educated and talented workforce (Federal Writers' Project of the Works Progress Administration for the State of New Jersey, 2007). These are some of the examples contribute most of the manufactures in preferring conducting and setting their firms in the New Jersey urban areas. The consumers of manufacturers are either male or female mostly between the ages of 25 to 75. The consumers are well-educated adults and financially stable. Within this demographic profile one main mindset that demonstrates the psychographic profile of the can be identified. The profile is that the consumers require guarantee that all their expectations will be met in time. Moreover, the manufactures motivate their consumers by giving them quality products. The local banks in New Jersey accept to lend money to most of the manufactures but they charge high interest rates.

          Most of the manufactures get funding from various recognized organizations especially when starting a new business or in need of making improvements. One of the organizations that help the manufactures is “Jersey Economic Development Authority”. EDA being a governmental organization has been having a strong relationship with the manufactures for the past several years. However, there have been claims that the organization is involved with bureaucracy before a company is granted funding. In order for the organization to improve its reputation within the next one year, it has to create a strong communication relationship with the manufactures.

Primary and secondary messages

Primary message: We are ready to assist with financial support in order you may have a strong resource base and find it easy to expand and take advantage of the insider position. Secondary messages

• In order to be successful in your business operations, EDA is ready to offer financial support that will put you in a position to compete in terms of access to resources. Most of the difficult situations that face manufactures include access to resources notably money and expertise. Therefore, EDA will always be there to help you.

• We are ready to reduce the interest rate on any amount of funding that you may take from us. This will play a significant role in loosening the burden of making the payments.

• The period of payment of the funding will be negotiable. This will provide an opportunity for making all the necessary arrangements in your firms and hence have ample time of making the payment.

Technology/Life Science Companies

          Tech/Life Science Companies play a significant role in helping firms and other organizations to make critical business decisions. Most of these companies are located in New Jersey urban areas where they have a wide range of market opportunities. Moreover, apart from helping firms and organizations in making critical decisions, these companies help people in forming manufacturing firms and assist in guiding them through all phases of the corporate life cycle. In most cases, customers of technology and life science companies are middle-aged groups of between 25 and 50 years. These customers only expect better services in order to come back in future. This is the reason that makes the tech/life science companies try to maintain their position of being financial stable. In order for the tech/life science companies to manage conducting their business and enlarge them, they require funding sometimes. The companies have been requesting funds from EDA without major difficulties for the past several years. However, the issue of bureaucracy involved before they are granted funding has destroyed the relationship of these companies with EDA. Most of the local banks that also offer funding to these companies have been taking advantage of this situation. Therefore, EDA have an obligation of building its reputation through communication in order to have a chance of funding these companies (Krizner, 2006).

Primary message: We are ready to provide all the assistance you may require that include finances and production facilities below-market rent in order to help in achieving all your targeted goals.

Secondary messages

• EDA is ready to offer economic incentives under that state’s Business Incentive Program (Shankar, 2008). The program is of significant importance because it will reimburse all companies for state income taxes paid by their employees (Shankar, 2008).

• EDA is ready to offer financial assistance for all companies that would like to open new branches or make expansions in their operations (Shankar, 2008). Already three-life science companies have benefited from this move and all others are welcome (Shankar, 2008).

• EDA is ready to offer any company up to $1000, 000 in order to assist in making any required improvements (Shankar, 2008). This money is targeted to help life-science companies in buying the recommended equipments and meet all work expectations.

Small/Mid Sized Businesses

             Most of the small and midsized business prefers locating in urban areas where they are able to get an opportunity of meeting many customers. The minorities who most of the times do not have extra source of income own many of the small and midsized businesses. In most of the time, people between the ages of 19 to 45 years are the one who run these businesses. This means that they are young people who do not have large financial capital. Some banks offer funds to the small business but with many requirements and high interest rates. Therefore, in most cases, they depend on various organizations for financial assistance in order to improve their services and enlarge their businesses (For start-ups and small businesses -- Clearing up the website dilemma, 2010). The relationship of EDA with these businesses has not been very strong because of the bureaucracy involved before they are granted funding. Therefore, EDA has to act as fast as possible and build its reputation in order to benefit through offering services to most of these types of businesses.

Primary message: We will be able to meet all your requirements that entail financial and resources assistance in order to assists you expand in your business operations. This forms the primary message and is the basis on which financial and resource assistance is accorded to business enterprises to heighten their operations.

Secondary messages:

•All small businesses have the advantage of getting financial assistance from EDA. The assistance will include the large expansion of banks that can participate in a state-supported lending program (Kitchenman, 2011).

• The EDA board has made some changes that include combining the preferred and Participating Lenders program into a new Premier Lenders program (Kitchenman, 2011). This will increase the number of banks that can manage to receive expedited loans approvals from 15 to 44 (Kitchenman, 2011).

• EDA has also made significant changes where there is an increase for credit that can be guaranteed from $ 250,000 to $500,000. In EDA, we believe this will help all small business to improve their operations (Kitchenman, 2011).

References

Federal Writers' Project of the Works Progress Administration for the State of New Jersey. (2007). New Jersey, a guide to its present and past. Murrieta, CA: U.S. History Publishers.

For start-ups and small businesses -- Clearing up the website dilemma. (2010). Hudson Valley Business Journal, 21(43), 24.

Kitchenman, A. (2011). New EDA aid available for small businesses. Njbiz, 24(51), 2.

Krizner, K. (2006). New Jersey invests in technology, life sciences companies. Expansion Management, 21(5), 44-46.

Shankar, P. (2008). N.J. Lures Companies. (cover story). Njbiz, 21(37), 1.