Chapter 14: Product and Price - McGraw-Hill Introduction to Business

New Players Flocked to Golf and Tennis in 2020

March 16, 2021

The pandemic took a major toll on entertainment and recreational facilities as everything from theaters to gyms were forced to shut down or drastically alter their operations. Although golf courses and tennis courts initially closed in March and April 2020, they soon reopened and welcomed all sorts of new players looking for socially distanced outdoor activities. From June to December 2020, rounds of golf in the U.S. grew by 75 million compared to the same period in 2019, representing a Continue reading →

Product Development, Marketing, Sports, Promotions, Entertainment, Coronavirus, Pandemic, Contactless service

Chapter 1: Taking Risks and Making Profits, Chapter 6: Entrepreneurship, Chapter 8: Organizational Culture and Structure, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media

How the Pandemic Changed Drive-Thrus and Takeout

March 9, 2021

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As dining rooms closed across the country in 2020 because of the pandemic, restaurants started focusing their efforts on takeout and drive-thru orders. Many companies added new technology and logistical plans for their takeaway operations that will likely remain in place after the pandemic is over. For instance, Starbucks sent employees with hand-held devices through lines of cars to gather orders quickly and will continue to do so for the foreseeable future. New Chipotle locations will feature “Chipotelanes” where customers Continue reading →

Fast food, Marketing, Product Distribution, Operations Management, Food & Drink, Artificial Intelligence, Product Development

Chapter 1: Taking Risks and Making Profits, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media

[VIDEO] Behind Costco’s Treasure-Hunt Shopping Strategy

March 5, 2021

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The wholesaler Costco is one of the most successful retailers in the country due in large part to its unique approach to doing business. This video looks at the strategies that Costco uses to keep prices low while still offering many items in bulk.

Questions:

How does Costco’s membership plan drive its business?
Why are items at Costco kept on pallets rather than laid out neatly on shelves like in supermarkets?

Operations Management, Promotions, Retail, Product Distribution, Marketing, Costco

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

Google Will Stop Selling Ads Based on Browsing History

March 4, 2021

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In recent years, tech giants like Google have faced increasing scrutiny from international legislators and privacy advocates for tracking users across the Internet. Companies take this information and use it to personalize advertising based on someone’s previous browser history. Faced with building opposition to these potentially invasive practices, Google announced this week that it would stop using and investing in tracking technologies.

“If digital advertising doesn’t evolve to address the growing concerns people have about their privacy and how Continue reading →

Regulation, Marketing, Advertising, Ethics, Mobile, Google, Digital advertising

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter A: Business Law

Digital NBA Trading Cards Sell For Thousands of Dollars

February 23, 2021

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In February 2020 during a regular season NBA game, Lebron James performed a two-handed windmill slam dunk that he afterwards said was a tribute to the late Kobe Bryant. A clip of James’ dunk placed side-by-side with a nearly identical one of Bryant’s from 2001 quickly went viral and can be easily found from multiple sources on YouTube. Then again, you could also do what social media entrepreneur Jack Settleman did in January: pay $47,500 for a clip of the Continue reading →

Economics, Marketing, Pricing, Ethics, Product Distribution, Entrepreneurship, Blockchain, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Reddit, Rocket Mortgage, and Cheetos Win Big with Super Bowl Ads

February 9, 2021

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Despite the circumstances surrounding the pandemic, this year’s Super Bowl managed to hit some familiar notes as Tom Brady lifted the trophy for a seventh time and companies once again spent big on high-profile ads. According to USA Today’s Ad Meter, the night’s big winner was Rocket Mortgage, whose two commercials featuring comedian Tracy Morgan took the top spots in the annual poll. Amazon and M&M’s humorous ads took third and fourth while Toyota’s uplifting spot featuring Paralympian Jessica Long Continue reading →

Super Bowl, Marketing, Sports, Promotions, Entertainment, Advertising

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

GDP in 2020 Dropped to Lowest Point Since World War II

January 28, 2021

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Last year, the U.S. economy shrank by 3.5 percent as Americans had their lives turned upside down by the coronavirus pandemic. This made 2020 the worst year for growth since 1946 when the economy contracted by more than 11 percent in the immediate aftermath of World War II. It’s also the first time since 2009 that GDP has contracted over the course of an entire year, although the economy did begin to recover in the latter half of 2020.

“There Continue reading →

Pandemic, GDP, Product Distribution, Federal Reserve, Coronavirus

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 20: Money and Financial Institutions

Budweiser Will not Air Ads During this Year’s Super Bowl

January 26, 2021

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For more than 30 years, the Budweiser clydesdales have marched across millions of American television screens during the annual Super Bowl broadcast. This year, though, the horses will stay in the stable as Budweiser instead donates a portion of its marketing budget to a public service campaign. The Anheuser-Busch company has joined a $50 million effort by the Ad Council to combat misconceptions about Covid-19 vaccination.

Other major brands like Coca-Cola, Audi, and Hyundai are also choosing not to Continue reading →

Pandemic, Sports, Promotions, Entertainment, Advertising, Super Bowl, Marketing, Coronavirus

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

Taco Bell Brings Back Potato Items after Customer Outcry

January 21, 2021

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At the start of the pandemic, fast food chains like Taco Bell suddenly had to close their dining rooms and serve all customers via drive-thrus. Many of these companies altered their menus to increase efficiency so that the lines of cars would move as quickly as possible. For instance, Taco Bell got rid of items like the Mexican Pizza and Nachos Supreme to reduce its packaging needs while also ditching all potato items so that it could keep its ingredients Continue reading →

Product Development, Fast food, Marketing, Taco Bell, Operations Management, Product Distribution, Social Media, Partnerships, Food & Drink, Coronavirus, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 5: Forms of Business Ownership, Chapter 9: Production and Operations Management, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Caterers Struggle as Events Stay Small and Sparse

January 19, 2021

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The food service industry has been hit especially hard during the pandemic as restaurants and bars try to stay afloat with fewer customers. But while the struggles of the nation’s eateries have received a lot of attention, catering companies have suffered just as much behind the scenes. With restrictions in place that keep gatherings small, not many people need caterers to provide food for their weddings or office parties. As a result, catering companies across the country are laying off Continue reading →

Supply & Demand, Marketing, Coronavirus, Entrepreneurship, Pandemic, Product Distribution, Food & Drink

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