B101 final paper PDF

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Final paper reviewing stocks...

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ms Having no prior knowledge about business before taking this course, there were many impactful moments that took me by surprise. Being an entrepreneur or pursuing a passion project through business can be a cut-throat career. I have a newfound respect for those that take risks and pour all of their energy into hard work to be successful- especially if it something they are passionate about. Primarily, the most surprising concepts that stuck out to me were the impact of technology, the difficulties of going global, decision and resource-making, and being prepared. Technology has such a large impact with how business is done. It affects how companies run their business, the market and what successfully sells, and even communication. What surprised me the most about technology in business is that in order to succeed in your business, you have to be on top of the technological advances and able to adapt and implement that into your plans. For example, it is uncommon to do sales door-to-door nowadays where it might’ve been the basis of business in the sixties. Instead of selling vacuum cleaners straight to your consumers, companies have made it the consumer’s responsibility to search for their product and possibly order it on the internet. In doing so, this leaves a blind spot for the company: how do we get word out about our new and improved vacuums? Well, the answer lies, once again, with technology. Virtual ads can be put on social media, emails, or website cookies, and even television commercials can be made. Eventually, the message was received and now your consumer wants to purchase this vacuum. How do they do so? They could go through the process of driving to the store, purchasing the product, coming home and putting it together, or they could order it on the company website. This ensures shipping to their house and all they have to do is wait a few days. With middle-man companies like Amazon or Fed-Ex, the majority of the population would rather order products and skip the process of going out and searching and/or buying it in person. As a society, we have become accustomed to instant gratification where if we see something we like, we want it immediately or as fast as we can get it! Thus, if a company doesn’t offer these other options of selling through technological devices, it is unlikely that they will make much profit. Companies also have to take into account time management and how technology can prove to be more productful. For example, the phrase, “don’t have a meeting for what could have been an email.” Lots of communication nowadays is very fast-paced and immediate through text, calls, or email. Instead of traveling for in-person conferences, people can attend call conferences. Employees are still present at the meeting but it takes away travel time, etc, and can in essence prove to encourage more production. Moreover, technology and advancing a company along with it can easily create more profit. Speaking of profit, most companies have the goal of going global. This would provide them with a larger consumer population and increase overall profit. However, what surprised me

most about this chapter was that companies have to take into account what each location prefers and resources available to those locations. For example, I had the opportunity to travel abroad last summer. While in France, my friend and I noticed that McDonald’s menus varied from country to country. We were able to purchase macaroons regularly in Paris but compared to Pennsylvania (or the rest of the U.S), you won’t be able to find that on a menu. This is because McDonald’s franchise is catering to specific populations. Macaroons are sold in France because that is a popular, regular item whereas that item would not sell in Pennsylvania. Likewise, depending on how certain items are made or what ingredients are within, it may be easier to obtain those ingredients in France. South France has many farms and naturally grown materials readily available for McDonald’s to contract there whereas those same ingredients or specifically grown materials may not be made in Pennsylvania. This brings me to my next topic: making smart business decisions in regards to resources. Just as discussed above, it is much wiser to accommodate resources needed closer to your place of business. This avoids expensive transport, excessive labor, and avoidable fees. With that being said, it is also important in this time to remain ethically knowledgeable. Consumers would rather purchase from companies that are ethically responsible and display good morals. One of the examples discussed in class was Hugh Jackman’s coffee company, Laughing Man. Although the company outsources their ingredients (because coffee beans grow in particular areas of the world), they make sure that these areas of labor are well taken care of. This is an ethical decision being made because they would rather help impoverished areas in placement of using cheap labor or endorsing poor working conditions. Their mission statement even says: “THE LAUGHING MAN FOUNDATION SUPPORTS COFFEE FARMING COMMUNITIES BY INVESTING IN PROGRAMS THAT CLEAR THE WAY TO HEALTH, GROWTH, AND SUCCESS FOR COFFEE FARMERS AND THEIR FAMILIES.” Topics like this can, and should be, very important to consumers who care about where their products come from and how they are made. Other examples of this include animal testing, child labor, organic ingredients, and much more. Another ethically and politically involved company is Ben & Jerry’s where they create flavors for certain political causes and donate those proceeds directly to the foundations. The last topic of this essay is being prepared. I’m including this topic more so due to the impact of COVID-19 among businesses but also a broad spectrum that companies must have emergency planning. This can be looked at on a small scale- such as sole proprietorships who are liable for many accidents and should have emergency funding and plans in place. Large companies, such as Apple or Google, employ people specifically in the case of a scandal and need immediate media consultation for apologies and discussing their plan of action to fix an issue. Although it is borderline impossible and unlikely to prepare for a pandemic, sometimes things can happen out of left field and the better prepared a company is, the more likely they will succeed. Certain mistakes can cause trade issues, contact disbursements, negative media

coverage, and much more. All of this can affect profit- especially how consumers view a company. Moreover, what I’ve learned from this business class that in order to succeed in life- you have to be able to adapt, think outside the box, and be responsible for your actions. All of these can relate to business but can also be applied on a more personal level. I don’t really see myself creating my own business but this class has definitely prepared me for everything and has helped me look at issues from perspectives other than my own. It is important to be a creative problem solver and to remain empathetic and optimistic in all areas of work. If you apply yourself, you will see results....