Chapter 6: Entrepreneurship - McGraw-Hill Introduction to Business

How Tariffs Could Change Popular Korean Skincare Products

April 15, 2025

Korean beauty products have exploded in popularity in the U.S. thanks to their high quality formulas and affordable prices. Brands like Laneige, Cosrx, and Innisfree are now household names, especially for their sunscreens and serums that use cutting-edge ingredients not available in American-made skincare. In 2024, the U.S. imported $1.7 billion worth of cosmetics from South Korea—more than even France. But that could change fast. Under a new trade plan, these imports could be hit with a 25% tariff. Business Continue reading →

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

[VIDEO] Why Costco Went All in on Kirkland

April 4, 2025

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In 1995, Costco took a big risk by creating its own private label, Kirkland Signature, to compete against name brands in numerous product categories. As this video explains, though, the warehouse retailer’s gamble paid off handsomely. Kirkland earned more than $86 billion in sales last year, and now other retailers are following Costco’s lead by expanding their own private labels.

Questions:

What are some advantages that private label products give to retailers? What are some drawbacks?
Why did Continue reading →

Marketing, Product Development, Branding, Retail, Pricing, Product Distribution, Supply & Demand, Costco

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

23andMe Files for Bankruptcy, Raising New Privacy Concerns

April 2, 2025

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In October, we examined the uncertain future of 23andMe, a company that helped popularize direct-to-consumer genetic testing. On Sunday, the company filed for bankruptcy and announced the resignation of its founder, Anne Wojcicki. The bankruptcy raises urgent questions about the privacy of sensitive DNA data provided by more than 15 million customers. Since the data isn’t protected by health-privacy laws, it’s unclear what that would mean for people who have used 23andMe. For example, insurance companies could buy and Continue reading →

Ethics, Product Development, Startups, Security, Product Distribution, Privacy, Health care

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Demand from Young People Opens New Market For Hand Sanitizer

March 6, 2025

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Hand sanitizer is one of the products that saw a dramatic spike in consumer demand during the pandemic, with sales peaking at $52 million each week in July 2020. The increased demand should have led to big business for Andrea Lisbona, who moved to the U.S. in 2018 to launch her hand sanitizer brand called Touchland. But the pandemic also upended the global supply chain, which meant she could not get the packaging and materials she needed to ship her Continue reading →

Marketing, Entrepreneurship, Product Development, Branding, Promotions, Supply chains, Product Distribution, Supply & Demand, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

[VIDEO] Cheesemakers Worry about Brie Mold Going Extinct

March 4, 2025

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To produce fine French cheeses like brie and camembert, you need milk, time, and one especially important ingredient: mold. For decades, farmers around the world have produced cheese by cloning the mold Penicillium camemberti, but now some are worried that it could become extinct. Along with providing an in-depth look at how brie and camembert are made, this video examines the ways that some cheesemakers are responding to the uncertain future of their business.

Questions:

Why are brie and Continue reading →

Operations Management, Global, Entrepreneurship, Product Development, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

American Consumers Are Eating a Record Amount of Meat Sticks

February 27, 2025

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Meat sticks have come a long way since the invention of the Slim Jim in 1929. Sales of the savory snack topped $3 billion in 2024, a jump of 10 percent compared to the previous year. More than 40 million households buy them annually, making meat sticks the fastest-growing category in snacks. These days, meat sticks come in all sorts of styles: short or long, fat or slim, snappy or soft. They’re made with bold flavors like jalapeno, taco, teriyaki, Continue reading →

Marketing, Entrepreneurship, Product Development, Product Distribution, Food & Drink, Trends, Supply & Demand, Pandemic

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

How E-commerce Made In-Store Shopping Worse

February 25, 2025

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Although online shopping has been the norm for decades, oftentimes consumers still want to visit a physical store. Whether it’s trying on different sizes, comparing colors and styles, or simply browsing, there are some shopping activities that people prefer to do in person. When the pandemic upended supply chains, retailers responded by cutting back on the amount of inventory that went out to individual stores. Instead, they centralized inventory at distribution centers to make it easier and cheaper to respond Continue reading →

Marketing, Operations Management, Entrepreneurship, Retail, Product Distribution, E-commerce, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Fake Online Reviews Become More Common with AI

January 22, 2025

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When online reviews first started in the late 1990s, shoppers used them to compare their purchases with each other instead of relying on the seller’s description or an expert recommendation. Directory sites like Yelp and Trustpilot grew their user bases by incentivizing contributors to leave authentic reviews for restaurants, doctors, and just about any public-facing business. But online reviews created a new problem: fake reviews. Businesses hired brokers to recruit people to write false reviews — either positive ones to Continue reading →

Marketing, Ethics, Entrepreneurship, Social Media, Product Distribution, Artificial Intelligence, AI, Product reviews

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media

[VIDEO] How Shopping Malls Are Being Transformed Into Apartments

December 11, 2024

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After decades of decline, many American malls are continuing to struggle as former anchor stores like Macy’s, JCPenney, and Sears either close locations or go out of business entirely. With lots of open space on their hands, at least 192 malls are experimenting with housing in an attempt to bring life back to dying retail spaces. The video below explains the logistics of mall-based apartments, which can be located close to restaurants and shops but also lack basic amenities like Continue reading →

Marketing, Entrepreneurship, Product Development, Retail, Product Distribution, Malls, Supply & Demand, Housing

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

Jaguar Hopes Brand Overhaul Will Attract New Customers

December 6, 2024

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The luxury car brand Jaguar started in England in 1922 as a shop that built sidecars for motorcycles. When the British government stopped rationing steel at the end of World War II, the company was then able to purchase enough supplies to produce eye-catching sports cars. Flashy Jaguar vehicles went on to dominate international motorsport in the 1950s, giving the brand a global reputation as athletic and glamorous. But even as Jaguar grew to become the preferred automaker of the Continue reading →

Marketing, Global, Product Development, Branding, Promotions, Cars, Transportation, Electric cars, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion