Product Development - McGraw-Hill Introduction to Business

[VIDEO] Inside the Consumer Reports Test Lab

May 11, 2018

If a consumer is curious about the quality of a particular product, there are plenty of websites where they can read endless reviews from both satisfied and dissatisfied customers. For a more scientific perspective, however, they can turn to Consumer Reports. The video below details how this 82-year-old nonprofit organization rigorously tests products to see if they live up to the claims put forth by their marketing campaigns.

Questions:

Why do you think Consumer Reports purchases all of its products Continue reading →

Marketing, Ethics, Product Development, Consumer Feedback, Product Testing, Consumer Reports

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 13: Marketing, Chapter 14: Product and Price, Bonus Chapter B: Technology and New Media

Ford Suspends Production of F-150 after Fire at Factory

May 10, 2018

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Modern factories depend on high-tech concepts such as automation and computer-aided manufacturing in order to operate as efficiently as possible. Despite these advancements, though, even the most state-of-the-art facilities can fall victim to unforeseen setbacks that halt production completely. At Ford, for instance, the automaker announced yesterday that it will temporarily stop making its popular F-150 trucks after a fire at a supplier’s factory damaged critical components.

The incident took place last week at a facility that serves as Ford’s Continue reading →

Operations Management, Human Resources, Manufacturing, Product Development, Transportation, Ford, Layoffs

Chapter 1: Taking Risks and Making Profits, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 14: Product and Price

How the Free Video Game ‘Fortnite’ Makes a Fortune

May 8, 2018

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Since the release of Fortnite Battle Royale last summer, the video game has grown from a modest success into a global phenomenon with more than 40 million active players. At one point in March, 3.4 million people were playing Fortnite at the same time, making it by far the most popular video game currently on the market. The concept behind it is simple enough: 100 players parachute onto an island to fight until there’s only one person or team left Continue reading →

Product Development, Entertainment, Pricing, Innovation, Product Distribution, Video Games, Fortnite

Chapter 1: Taking Risks and Making Profits, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

7-Eleven Plans to Provide Healthier Food Options

May 2, 2018

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Famous for its sugary Slurpees and Big Gulp soft drinks, 7-Eleven allows people to grab a quick snack and get back on the road without a second thought. Although this business model has served the chain well since the 1940s, recent changes in consumer behavior have executives worried that 7-Eleven could be falling behind its competitors. According to the leading trade association of the convenience industry, the nation’s more than 155,000 convenience stores sold $53.3 billion worth of prepared foods Continue reading →

Marketing, Franchising, Food, Product Development, Retail, 7-Eleven

Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 5: Forms of Business Ownership, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution

Making Things Insta-Worthy on a Tiny Budget

April 30, 2018

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American millennials’ tastes have turned many markets on their heads. From choice of food to the ways companies structure leadership, this large generation makes its preferences known. One trend companies are considering is how millennials tend to prefer amazing experiences rather than accumulating “things.” How can companies adapt traditional products and services to appeal to millennials?

As we know, people of all generations share experiences from travel, life events, and plain everyday life on social media. However, to earn Continue reading →

Marketing, Social Media, Product Development, Demographics, Millennials, Hotels

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] How Coca-Cola’s Bottle Got Its Curves

April 27, 2018

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In the early 20th century, the Coca-Cola Company was quickly growing in popularity both with American consumers as well as imitators who hoped to duplicate the soft drink’s success. This very brief video looks at how Coca-Cola fought off the copycats by designing a distinctive bottle that it still depends on to this day.

Questions:

Besides making things harder for imitators, how did Coca-Cola’s bottle redesign help the young company’s brand?
Do you think Coca-Cola would have grown to be Continue reading →

Marketing, Food, Product Development, Promotions, Packaging, Coca-Cola

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

Is Your Dog Ready to Go Meatless?

April 26, 2018

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Americans spend roughly $30 billion each year on food for their dogs. As millennials have grown to be the top dog-owning demographic, they’re changing the way our furry friends eat. The growing trend, at first created for humans and now for pets, is to increase foods’ nutritional value while also keeping food sources environmentally sustainable.

American dogs are the fifth highest consumers of meat in the world. In addition, pets are responsible for 64 million tons of greenhouse gasses each Continue reading →

Entrepreneurship, Food, Product Development, Innovation, Sustainability, Synthetic Meat, Pets

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, Bonus Chapter B: Technology and New Media

Farmers Find a New Purpose for Alpacas

April 3, 2018

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With their fuzzy frames and quizzical expressions, alpacas might be one of the world’s goofiest looking animals. Of course, these llama-like creatures have much more to offer than just their funny faces. Alpaca fleece ranks as one of the finest textile materials available, similar to sheep’s wool only warmer and without any prickliness. In the 1990s these key qualities fueled a boom in alpaca fleece production that also encouraged many Americans to purchase their own animals for breeding. Once called Continue reading →

Economics, Marketing, Entrepreneurship, Product Development, Innovation, Agriculture

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

How Streaming Apps Could Backfire Against TV Networks

March 29, 2018

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The runaway success of Netflix has proved to many media companies that the future of entertainment lies with streaming content. After all, why pay around $75 a month for cable when you can instantly access thousands of titles on Netflix for a fraction of the cost? This thinking has led to the creation of dozens of streaming services, ranging from big players like Hulu and YouTube TV to more specialized operations like the apps for Food Network or the WWE. Continue reading →

Product Development, Entertainment, Innovation, Netflix, Streaming, Television, Disney, Product Distribution

Chapter 1: Taking Risks and Making Profits, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Bonus Chapter B: Technology and New Media

Ebook Sales Have Been Slumping since 2015

March 16, 2018

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As we saw yesterday with the sad state of Toys ‘R’ Us, the last few years have not been kind to brick-and-mortar retailers. The rise of online commerce has encouraged an increasing number of consumers to do their shopping at home, leaving many companies worried that they could be the next to go under. But while this is a new feeling for some, others like independent bookstore owners have had to deal with such fears for a long time. Continue reading →

Entrepreneurship, Product Development, Retail, Innovation, Product Distribution, E-commerce, Books

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