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Supply & Demand

Supply & Demand. Economic Indicators. The Business Cycle. Economic Cycles. Economic Systems. Mixed Economies. Comparing Economies. The Global Business Environment. Business Management February 21, 2012. It’s Just Good Business….

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Supply & Demand

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  1. Supply & Demand

  2. Economic Indicators

  3. The Business Cycle

  4. Economic Cycles

  5. Economic Systems

  6. Mixed Economies

  7. Comparing Economies

  8. The Global Business Environment Business Management February 21, 2012

  9. It’s Just Good Business… Effectiveness is when a business is doing the right things. Efficiency is when a business is doing the right things well.

  10. Ways to Achieve Effectiveness • Focus attention on customers’ needs • Use marketing research • Provide excellent customer service • Offer high-quality goods and services • Total Quality Management (TQM) – commitment to excellence that is accomplished by teamwork and continual improvement of work procedures

  11. Ways to Achieve Efficiency • Specialization • Experts for assigned tasks • Mass production • Technology & Innovation • Building faster with lower cost • Reorganization • Empowering employees • Redesigning work & work flow

  12. Business Perspectives Consider Quality and Price

  13. Priorities of Consumers Best quality product Lowest price possible

  14. Priorities of a Business Lowest cost production Sale at the highest price (most profit) possible

  15. What would your behavior be in each scenario? Average American (Jan-Feb) Average Foreign Consumer (Mar-Apr) Small American Business (May-Jun) Large American Business (Jul-Sep) Foreign Business (Oct-Dec)

  16. Case #1 A discovery by a small American business will enable it to sell a new two-person car for $3,900. The car runs for 1,500 miles before requiring a four-hour battery charge. Sales of the new vehicle are expected to be brisk worldwide.

  17. Case #2 The batteries in the new, inexpensive car described in Case 1 have become popular around the world. However, the batteries are leaking acid, which washes into the soil and waterways. The acid is damaging crops, killing fish, and making water undrinkable.

  18. Case #3 Because of bad times, 25 percent of all full-time workers in America are laid off. Those who are working are not getting any pay raises. People without jobs are desperate.

  19. Case #4 Many of America’s truck and van divisions of car firms may have to close because foreign firms have figured out how to make popular brands that sell for less.

  20. Reasons for Entering International Trade

  21. International Trade Improve profits Lower production costs Keep pace with competitors Declining sales at home Few trade restrictions Personal reasons: knowledge of culture, desire to travel, etc.

  22. Trends in Business

  23. Consumers support companies who care! Green marketing Social responsibility Give back to the local community Health-conscious Employee benefits

  24. Demographics

  25. Importance of Demographics Refers to statistics that describe a specific population • Examples include: • Age • Income • Gender • Marital Status • Ethnicity • Education • Occupation

  26. Shifts in Demographics • Businesses should be concerned with the effect of demographics on: • Demand for a product or service • Methods of advertising

  27. Summary Economics Global business Trends in Business Demographics

  28. BIG PICTURE Thursday laws & regulations, business plan Monday start business plan project, test review packet Wednesday review game, TEST on Characteristics of Business, Economics, the Global Marketplace, Trends & Demographics, Laws & Regulations

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