Integrating technology, market strategies, and strategic management in agricultural economics for enhanced productivity

Authors

  • Eyitayo Raji Independent Researcher, Chicago, USA
  • Tochukwu Ignatius Ijomah Independent Researcher, Australia
  • Osemeike Gloria Eyieyien FDM, UK

DOI:

https://doi.org/10.51594/ijmer.v6i7.1260

Abstract

This paper examines the integration of technology, market strategies, and strategic management in agricultural economics to enhance productivity and sustainability. Technological advancements such as precision farming, IoT, AI, drones, and biotechnology transform agricultural practices by enabling data-driven decision-making, resource optimization, and enhanced efficiency. Market strategies, including strategic market positioning and digital marketing, leverage these technologies to meet evolving consumer demands and expand market reach. Strategic management principles ensure that these technologies and strategies align with long-term goals, fostering innovation and resilience in agricultural enterprises. The implications of this integration are significant for stakeholders across the agricultural sector. Farmers can benefit from improved yield stability, reduced input costs, and better risk management through technology adoption and strategic planning. Agribusinesses gain competitive advantage by enhancing product differentiation, optimizing supply chains, and reaching global markets via digital platforms. Policymakers are critical in facilitating this integration through supportive policy frameworks that promote innovation, digital infrastructure development, and sustainable agricultural practices. The future of integrated agricultural economics hinges on overcoming challenges such as the digital divide, data security, and regulatory complexities. Collaboration among stakeholders is essential to harnessing the full potential of technology while ensuring equitable access and addressing environmental and social impacts. The agricultural sector can achieve sustainable growth, enhance food security, and mitigate climate-related risks by embracing a holistic approach that integrates technological innovations with strategic management principles.

Keywords:  Technology Integration, Market Strategies, Strategic Management, Agricultural Economics, Sustainability.

Published

2024-07-06

Issue

Section

Articles