Chapter 2: Economics - McGraw-Hill Introduction to Business

[VIDEO] How TGI Fridays Became a Shell of Its Former Self

November 22, 2024

In the 1980s, the casual restaurant chain TGI Fridays skyrocketed to success thanks to its singles-bar atmosphere and talented bartenders who performed tricks while pouring drinks. As the company expanded, however, it rebranded into a family restaurant, starting a long decline for the once-promising brand. This video looks at the rise and fall of TGI Friday’s, which finally filed for bankruptcy this month after a long search for a savior.

Questions:

How did TGI Friday’s change after it rebranded from Continue reading →

Marketing, Franchising, Entrepreneurship, Product Development, Branding, Promotions, Product Distribution, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 5: Forms of Business Ownership, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

Slowing Inflation Means a Slightly Cheaper Thanksgiving This Year

November 21, 2024

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Although consumers have had to contend with high food prices throughout 2024, families across the country will at least pay less for Thanksgiving dinner next week than they did last year. According to the American Farm Bureau Federation, the average cost of Thanksgiving for 10 people will amount to $58.08, or about $5.80 per person. That marks a 5 percent drop from 2023. The decreased cost is good news for families who have faced high food prices over the last Continue reading →

Product Development, Pricing, Transportation, Product Distribution, Agriculture, Thanksgiving, Holidays, Food & Drink, Supply & Demand, Labor costs

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Companies Cut Back on “Endless Options” Strategy

November 19, 2024

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Hormel makes 71 different kinds of pepperoni. In addition to the widely popular original pepperoni slices, grocery shoppers can also choose diced, thick-sliced, mini-sliced, low-sodium, low-fat, turkey pepperoni, and more. The spin-offs may not sell as well as the original, but they do help to attract customer attention for the overall brand. More products mean more shelf space at stores, which gives customers more opportunities to find and buy Hormel products. The company also hoped this strategy would make shoppers Continue reading →

Marketing, Operations Management, Product Development, Branding, Promotions, Retail, Supply chains, Packaging, Product Distribution, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

Boeing’s Problems Continue as Strike Ends

November 15, 2024

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When workers at Boeing went on strike in September, it was just one of many serious problems the company faced in 2024. Starting in January, a door plug tore off of one of its planes at 16,000 feet, leaving a massive hole and causing an emergency landing. As a result, Boeing pled guilty to criminal fraud charges and must allow federal monitors to oversee future plane construction. At the same time, airlines around the world are impatiently waiting for Continue reading →

Human Resources, Manufacturing, Product Development, Transportation, Product Distribution, Air Travel, Strikes, Supply & Demand, Labor unions

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 10: Motivation, Chapter 11: Human Resource Management, Chapter 12: Labor Management and Unions, Chapter 14: Product and Price, Chapter 15: Distribution

Soaring Chocolate Prices Impact Businesses around the Globe

November 8, 2024

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A few weeks ago, we looked at how rising cocoa prices led to price increases for chocolate just before the Halloween season. The video below examines this global issue in great detail, from the struggles of cocoa farmers in Ghana to the effects of rising costs both on independent operators and major candy producers like Mars Wrigley.

Questions:

What are some of the issues affecting the livelihoods of Ghanaian cocoa farmers?
How are independent businesses like Li-Lac Chocolates responding Continue reading →

Nobody Knows What to Do with Bankrupt Redbox’s Rental Kiosks

November 5, 2024

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Redbox launched its video rental kiosk business back in the early 2000s when the industry was still dominated by chains like Blockbuster. While brick-and-mortar stores charged $2 to $5 per night, customers could rent movies at Redbox for just $1 since the kiosks were much cheaper to maintain than physical locations. Customers also liked that Redbox operated 24/7, functioning more like a vending machine than a retailer. By 2007, the company had more U.S. locations than Blockbuster. Redbox peaked in Continue reading →

Rising Costs and Reluctant Customers Hurt Music Festivals

October 29, 2024

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With sunny weather, beautiful views, and lots of open space, California is one of the country’s most popular settings for music festivals. Thousands of people travel to the Golden State every summer to attend dozens of festivals — including Coachella, the most-attended annual music festival in North America. However, it’s getting more expensive to run a music festival in California as the cost of living keeps going up. Prices for transportation, accommodations, labor, and refreshments have skyrocketed above the typical Continue reading →

Marketing, Entrepreneurship, Promotions, Entertainment, Pricing, Music, Product Distribution, Supply & Demand, Inflation

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

[VIDEO] Why Walgreens And CVS Are Shutting Down Thousands Of Locations

October 24, 2024

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Walgreens and CVS stores are common sights on American street corners, but in the coming years there will be significantly fewer of them around. The video below takes a detailed look at the recent struggles faced by U.S. pharmacy chains as they plan to shut down thousands of locations nationwide.

Questions:

Why are Walgreens and CVS closing thousands of stores over the coming years? What are some factors that have contributed to their problems?
How can entrepreneurs help prevent “pharmacy deserts”?

Chocolate Prices Are Scarily High This Halloween

October 22, 2024

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For millions of Americans, Halloween is all about eating candy. And there’s no variety of candy more beloved than chocolate. According to national surveys, the average American’s favorite Halloween candy is a chocolate treat like M&Ms, Snickers, or Reese’s Peanut Butter Cups. But this year, you may notice less chocolate in your family’s trick-or-treat stash. That’s because cocoa prices are at record highs after three years of poor crops. The price of cocoa has doubled since the start of 2024 Continue reading →

Marketing, Product Development, Promotions, Supply chains, Packaging, Product Distribution, Agriculture, Halloween, Holidays, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

U.S. Port Strike Ends Quickly but Could Come Back

October 11, 2024

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Over the last few months, companies around the globe kept a close eye on American ports as a key union agreement neared its expiration date. The International Longshoremen’s Association, a union representing 50,000 members, demanded wage increases that met resistance from management. Unable to reach an agreement, the union went on strike at the beginning of last week.

But not for long. Just three days after longshoremen at East and Gulf Coast ports walked out on their jobs, employers represented Continue reading →