Entrepreneurship - McGraw-Hill Introduction to Business

How the Global Tech Outage Affected Businesses Big and Small

July 24, 2024

Over the weekend, businesses around the world scrambled to recover after a faulty software update caused one of the biggest IT outages in history. The Texas-based cybersecurity firm Crowdstrike released a security update last Thursday that was supposed to protect computers from malware and cyber attacks. Instead, the flawed update caused Microsoft Windows to crash and impacted more than 8.5 million computers. The global tech meltdown disrupted nearly every aspect of society, especially healthcare and transportation. Hospitals canceled procedures, and Continue reading →

Product Distribution, Crisis management, Operations Management, Information Technology, Global, Entrepreneurship

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

[VIDEO] American Brands Lose Market Share to Locals in China

July 17, 2024

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China has long been a lucrative market for American companies looking to win over the country’s more than 1 billion consumers. But while brands like Nike and Starbucks have thrived in China for decades, their age of dominance could be coming to an end thanks to a new wave of domestically owned firms. The video below explores how companies like Anta and Luckin Coffee are appealing to younger consumers who seem less interested in Western products than past generations.

Questions: Continue reading →

Product Development, Branding, Marketing, Pricing, Global, China, Entrepreneurship, Product Distribution

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Paramount Merger with Skydance Creates New Hollywood Powerhouse

July 10, 2024

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Over the last few years, the rise of streaming video has created many problems for the old-school movie studios that once dominated Hollywood. Paramount, for instance, enjoyed more than a century of success as it produced huge film franchises like Top Gun and Mission: Impossible while owning major television networks like CBS, Nickelodeon, and MTV. But Paramount struggled as customers shifted away from movie theaters and traditional cable packages and toward streaming services like Netflix and Amazon. The company tried Continue reading →

Hollywood, Mergers, Paramount, Product Development, Management, Entertainment, Marketing, Streaming, Entrepreneurship, Product Distribution

Chapter 1: Taking Risks and Making Profits, Chapter 5: Forms of Business Ownership, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

How Rent the Runway Lost Over 90 Percent of Its Value

June 14, 2024

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The fashion startup Rent the Runway seemed destined for long-term success when it launched as an industry-disrupting force in the late 2000s. As this video shows, though, not even a $1 billion IPO could save the company from established competitors and the impact of a global pandemic.

Questions:

How did the pandemic affect Rent the Runway’s business?
What advantages do established competitors like Urban Outfitters have over startups like Rent the Runway?

Marketing, Entrepreneurship, Product Development, Promotions, Product Distribution, E-commerce, Supply & Demand, Pandemic

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, Bonus Chapter B: Technology and New Media

Spending on Scent: The Appeal of Costly Candles

June 12, 2024

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Although some consumers are becoming wary of the rising cost of fast food, there’s one product that a growing number of people are willing to splash extra cash on: candles. Over the last year, Americans have spent $222 million on candles at upscale department stores and beauty retailers as well as online outlets. Sales of candles that cost more than $75 have increased by 25 percent, representing a small but expanding segment of the market. For instance, the singer Continue reading →

Product Development, Marketing, Product Distribution, Entrepreneurship, 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, Chapter 16: Place and Promotion

Discovering New Ideas by Reaching out to Customers

May 8, 2024

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Business is all about giving the customer what they want, but sometimes it can be difficult to figure out exactly what that is. Some brands get to know their fans by giving them a platform that directly asks for their input, providing companies with much-needed ideas while customers feel included in the development process. For example, in 2008 Lego launched its initiative Lego Ideas where builders submit original designs to be evaluated among a wider community of enthusiasts. If an Continue reading →

Product Development, Marketing, Branding, Entrepreneurship, Entertainment, Lego, Product Distribution, E-commerce

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, Bonus Chapter B: Technology and New Media

Zara Attempts to Rebrand as a Luxury Fashion Line

May 3, 2024

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The fashion company Zara became a multi-billion dollar force in the industry thanks to its unique ability to churn out stylish clothing at low prices. Of course, critics of the Spanish firm would not likely call its business model “unique”: Zara has long been accused of ripping off its designs from luxury fashion houses. Those days might be in the past, however, as the company looks to reinvent itself as a high-end brand working with some of the world’s top Continue reading →

Ethics, Branding, Entrepreneurship, Fashion, Zara, Management, Marketing, Global

Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 7: Management & Leadership, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion

New Law Could Potentially Ban TikTok in the U.S.

May 1, 2024

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A few weeks ago, we examined TikTok’s uncanny ability to provide entrepreneurs with major marketing opportunities at the expense of brand control. The potential downsides of the latter became clear last week when President Biden signed a bill into law that could ban the social network in the U.S. Under the provisions of the bill, which passed both the House and Senate with considerable support, TikTok’s Chinese parent company ByteDance has 270 days to sell the app to an American Continue reading →

YouTubers Sign Multi-Million Dollar Deals with Investors

April 24, 2024

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In 2009, five students at Texas A&M University began posting videos to YouTube where they would sink seemingly impossible basketball shots with ease. Their channel Dude Perfect developed a massive fanbase in the years that followed, boasting more than 60 million subscribers and over 17 billion views. This huge audience attracts both marketers and investors alike: along with earning millions annually through ads on YouTube, Dude Perfect recently signed a deal with the financial firm Highmount Capital. Reports indicate that Continue reading →

Product Development, Marketing, Entertainment, Entrepreneurship, Advertising, Social Media, Product Distribution, YouTube

Chapter 1: Taking Risks and Making Profits, 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] Major Hotel Chains Provide Big Branding Power

April 10, 2024

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With tens of thousands of locations worldwide, hotel chains like Hilton, Marriott, and Hyatt dominate the global hospitality industry. But as the video below shows, these companies often don’t own the properties that bear their names. This report from the Wall Street Journal explains how Marriott and others license their brands to independently operated hotels, who then benefit from widespread recognition as well as customer reward programs.

Questions:

Why did hotel chains like Marriott and Hilton move away from Continue reading →

Travel, Marketing, Product Distribution, Entrepreneurship, Hotels, Branding, Promotions

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